5^-^ 


oiiioii>oiiioi!!Oiiic:jiiioiiioiiioiiioiiioiiicViiio 


CLY\PP&COMPANyi 

B-ANKERS 


0 


Leading  American  EXcHAiMOES 


SoUyeHir 


Ex  IGtbrtH 


SEYMOUR   DURST 


-^  '  'Tort  nuwv    ^m/ftrjam.  oj^  Je  MatAatant 


When  you  leave,  please  leave  this  book 

Because  it  has  been  said 
"Sver'thing  comes  t'  him  who  waits 

£y(cept  a  loaned  book." 


Avery  Architectural  and  Fine  Arts  Library 
Gift  of  Seymour  B.  Durst  Old  York  Library 


(^LAPP    &   (^OMPANY 


BANKERS 


AND 


COMMISSION    MERCHANTS 


MILLS    BUILDING,    OIM'OSIIE    NEW    YORK    STOCK    HXCIIANGH,  IN     I HH    ULAKT    OF    THE    BANKING    CENTRE 
ENTRANCES:   35    WALL   STREET,     is    BROAD   STREET   AND   55    EXCHANGE   PLACE 


WEEKLY   MARKET   LETTERS 


VALUABLE  INFORMATION  and  COMPARISONS 


Leading  American  Exchanges 

1895 


ISSUED  MARCH,   1896 


BREVITY  IS   MERIT 


NEW   YORK 


FERRIS    BROTHERS,    PRINTERS.    384  TO   330    PEARL  STREET 


'T'HE    seventy-two  million   inhabitants  of  the 
-*       United  States,  aggregating  wealth  estimated 
at  seventy-two  billion  dollars,    produce  annually 
values  equal  to  about  eighteen  billion  dollars,  or, 
say,  twenty-one  per  cent   gross  profit  on  entire 
investment. 


Entered  accordin<j  to  Act  of  Cont;ress,  in  the  year  1S96,  by  Clape-  &  Company,  New  York, 
in  tlie  Office  of  tlie  Librarian  of  Congress,  at  Washington.  D.  C. 


THE  production  of  silver  in  all  countries  in  20 
years  ending  Dec.   31st,    189s,   is  reported 
$2,200,^54,918.     That  of  gold  at  $3,085,216,201. 
Total  coin  value  of  gold  and  silver  produced  in 
the   world    since  the   United   States   Centennial, 
$5,283,771,119.    The  United  States  leads  all  coun- 
tries in  i8qs  with  production.  Silver,  $46,000,000; 
Gold,  §47,000,000. 


Jjfrtl^iZ^JeMa'fri/f,//yJ^!or€j 


0  W   CLAPP 
DWIGMT  0  CLAPP 


^^^';^^$^*^^^^^' ' 


BRANCH  ornccs.  C/ 

27  7  BROADWAY.   icORCnAnecns&T  > 
621  BROADWAY  i cable  builoinoi 
753   FIFTH  AVE  -  corneb  5»'- st  • 
MERCANTILE  EXCHANGE  'huosona  harrison  sts.) 


.yr^.^/y^    March,  1§96 


In  presenting  this  third  volume  of  our  annual  Souvenir  we  desire  to 
call  your  attention  to  the  fact  that  the  Exchanges  and  Clearing  Houses  of  the 
World  lead  all  other  business  organizations  in  the  variety,  volume  and  ac- 
tivity of  their  transactions.  Those  of  New  York  and  Chicago  lead  all  others. 
Through  their  agency  and  improved  methods  ''the  money  of  account''  is  vastly 
increased.   The  markets  they  furnish  are  the  broadest  and  best. 

The  act  of  investing  means  the  transfer  of  standard  funds  into  some 
form  of  property  or  representative  of  property.   The  range  of  investments  has 
practically  no  limits  except  those  of  property  forms.   The  act  of  changing 
any  one  of  the  various  forms  of  money  into  property  or  its  equivalent  is  no 
different  in  the  case  of  the  man  who  pays  all  the  money  at  once  and  intends 
to  keep  the  property  or  its  equivalent  permanently,  than  in  that  of  the  per- 
son who  buys  to-day  and  sells  to-morrow. 

The  most  secure  investments  are  dearer  in  times  when  profits  are  low, 
and  less  secure  investments  relatively  higher  when  profits  are  large.   The 
banker  may  be  the  investor's  agent  for  any  kind  of  trahsfer  of  funds  into 
property  or  of  property  into  funds.   All  the  questions  that  properly  arise  in 
considering  the  availability  of  one's  agent  are,  like  those  connected  with 
the  investment  itself,  matters  of  judgment  and  experience. 

The  banker's  province  is  to  keep  the  customer's  funds  safe,  and  in- 
stantly convertible;  to  furnish  full  information  of  facts  connected  with  mar 
kets  or  properties,  and  such  suggestions  as  experience  enables  him  to  offer. 
In  operating  through  agents  who  furnish  these  facilities  the  customer  has  many 
opportunities  to  reap  profit. 

We  gratefully  acknowledge  indebtedness 
streets,''  ''Duns  Review,''  ''The  Cincinnati  . 
Age,''  ''The  Engineering  and  Mining  Journal,'' 
letin,  '  '  '  '  The  New  York  Clearing  House,  '  '  '  '  ""' 

''J.  E.  Beerbohm's  Corn  Trade  List,''  London,  

tistician  of  the  Government  Bureau  of  Agriculture,  Mr.  Worthington  C.  Ford, 
Chief  of  Bureau  of  Statistics  of  the  Treasury  Department,  Mr.  £.  P.  Preston, 
Director  of  United  States  Mint;  Commissioner  of  Census  1§90,  Mr,  Jas .  H. 
Eckels,  Comptroller  of  the  Currency;  and  other  Washington  officials.  The 
Secty.  of  the  Interstate  Commerce  Commission,  the  Secretaries  of  the  various 
Exchanges,  ''Produce  Exchange  Reporter,''  Messrs.  Dan  Talmage's  Sons,  Messrs. 
Dow,  Jones  &  Co.,  ''Poor's  Manual,''  The  Actuary  of  the  Mutual  Life  Ins.  Co., 
of  New  York,  Eames'  History  of  the  Stock  Exchange,  the  press  and  other  friends. 

Words  and  figures  set  forth  in  these  pages  in  a  daily,  weekly,  monthly 
and  yearly  record  will  serve  to  convey  the  facts  of  1§95  to  the  men  who 
follow  in  the  footsteps  of  the  financiers  and  merchants  of  that  year.  The 
wise  man  investigates  the  past  as  a  guide  to  the  future.  The  busier  the  man 
the  greater  the  need  for  compact  reference  books.   ''The  Leading  American 
Exchanges  of  l§95-&  ''  is  dedicated  to  the  business  men  of  the  United  States 
with  the  best  wishes  of 

Yours  Sincerely, 


to  the  ''Chronicle''  ''Brad- 
Price  Current,''  ''The  Railway 

The  Chicago  Trade  Bul- 
The  Corn  Trade  News  ,  '  '  Liverpool , 
Mr.  Henry  A.  Robinson,  Sta- 


i895— OUTLOOK— 1896. 


Strong  as  the  current  of  a  mighty  stream. 
That  shifting  oft  flows  onward  to  the  Sea; 

So  moves  again  the  tide  of  restless  time 
To  goal  for  man  that's  full  and  wide  and  free. 


to^ 


Endowed  with  courage  won  by  conquering  woes, 
.Mo  darkness  serves  our  faith  to  overcast 

With  doubt  or  dim  preception  that  the  truth, 
Will,  lifted  high,  prevail  o'er  all  at  last. 

For  finite  wisdoms  substitute,  we  may 
Depend  on  love  that's  never  felt  the  test ; 

That  calls  its  dormant  powers  into  play, 
But  trembling  waits  the  bidding  for  its  best. 

The  mighty  secrets  hid  behind  the  veil 
Will  in  this  space  we  enter  now  with  fear 

Be  worked  with  golden  thread  on  sea  and  sky 
That  peace  may  reign  in  all  this  hemisphere. 


Pfttt/at^'"- 


^4  ' 

[■jH:ii  'A-'iij^i. 

1 

M„li,l,IJiJ.I:I.IJi^f.'...^ 


-■«■■  1«   ■».TW.-. 


.#' 


t_:iiM>iii  • 


TICKETS  OF  1858  TO  1871,  INCLUSIVE,  WERE  IN  MY  SAFE  DURING  THE  CHICAGO  FIRE  OF  OCT.  8  AND  9,  1  87  1 .  THEREFOnE  DIICOLOREO -0.  W.  CLAPP. 


CLAPP    &    COMPANY'S   OFFICES,    MILLS    3UILDING,    NEW   YORK 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK.  ANNUAL  RECORD. 


from  Abstracts  in  Annual  Reports  of  Comptroller  of  Treasury. 


STATES  AND 
TEKRITOniES. 

Popnla- 

lion. 
Ian.  l,"Jfl 

Capital, 
all  Hanks. 

■3 

1.2 

0 

^  -  3 

a* 

00 

so 

fc-  «  C 

►*5 

4)73 

It 

■AO 

3 

Total 

National 

Itank 
C.pllal 
by  Mates, 
Oct.  31, '95; 
by  clIleH, 
Sept.'28,'9.5. 

National 
liank 

Circula- 
tion 
OutHtand- 
Uig. 

U.S. 
HondH  In 

eXCCHHof 

Circula- 
tion, 
Sept.28,'lt5. 

Total  Coin 

and  t;.  H. 

Treasury  1 

Certili- 

cateH  for 

Cotii, 
Sept.'28,'95. 

S    2 

III 

£>     a. 

■s  . 

0  ,; 

g? 

0  * 

Hi 

a 
?3 

S<i6,(IOO 
3tll,l)l)(l 
XW.tKHI 

2.(>7r>,()(H) 

■l!Hi,;)05 
.■W2.(KK) 
Wl.(KH) 

$92.4r>5..355 
.'W..574,«01 
51,095,(>.S5 

877,149,02(1 

'ii4,"22'(i,'321 
22!),343,5«2 

$138.83 
22<i.5;i 
1.5:1.11 
328.02 

;i77.'5.5 
279.35 

?4I.6'2 
43.51 

.51.. 52 

Pi).:« 
ii'i.'iio' 

1.86.67 
182.99 
98.92 
165.28 

i86.'7'2' 
177.68 

98 
60 
68 
287 

"&'l 

98 

16 
10 
19 
19 

'"6 
16 

82 
50 
19 
•268 
55 
M 
82 

?11, 121,000 
5.9S0.(KI0 
7.010,(NNI 
97.017,50<l 
.5'2,'i50.(KIO 
1H,.5:17,050 
•22,491,070 

f5.0.59.iK^3 
3..597,0«7 
3,-257. 1-25 

31,511,706 

8,:«)0,7H3 

$2.831.1.50 
2,-i5(i..5')0 
1,963.(MKI 

12,066.6-25 
6..5ir7,(K(0 
5,I8-2..5(K) 
4,185,(XK1 

$1,115.1180 

61l),ir29 

«.-.7..5:!7 

4.651.172 

10,761. ■260 

l.lOl.liOli 

2.8ra,778 

11.75 
i:t.!X) 

11. .56 
11.10 
9.51 

8.-2!) 
10..55 

2.45 
6.-25 
1.86 
2..>5 
1.9:1 

2.93 1  z.x,  1 

.5.98 
2.W 
5..'>.5 
3.98 

;i.io 

3.61 
5.13 

2.78 

New  Kampshlre 

Vermont 

Mas.iaclinHotls 

iiuston 

4.<XI 
3.79 
2.76 
3.21 
1.93 

0.H8 
0..3I1 
1.81 
1.27 
0.31 
0.'28 

2..57 
■2.<17 
2,^27 
1.88 
2  17 

Con  noetic  11 1 

1.98       2.86 

2.53 

*Di vision  No.  1 

S.aiW.IHH) 

1,483,1.5-1,8.55 



675 

86 

589 

163,1.56,fao 

59,^2-29,(l09 

•29,H7,770 

ll,<Mi(.,I62 

..- 

.... 

-... 

.... 

New  Vork 

New  YorkCi»y 

Alhany         

6,M,-,000 
l.llWi,4:« 

l.ai(l.(X10 
l.KfidUO 
.'>,.S(il,(K)(l 

i,a.')0,iioo 

275.0W) 

1,9.58,82.3,314 

298.74 

'is.'ito' 
112.81 

90.56 

'48.'3!i 
62.77 

112.16 

'24.'4'2' 
13.22 

468 

'116 
476 

131 

"ii 

3:14 

50 
6 
5 
102 
412 
40 
29 

87.i:Ki.OliO 

.50,9.VI.(KKJ 

1,.5.50,(KK) 

i,:«2,ooo 

14,385,n(X) 
71.^2:i.3,129 
•22.015,0(K) 
11,909.4'25 

35,623,.5-22 

"4,"!>(i6''527 
27,609,870 

9.471.210 
14,717..5<K) 
100,(KK) 
392,000 
2,331,663 
7,972,892 
5,175,fl«K) 
l,737,OIX) 

5,8^29,8.3S 
.50,741,468 
777,^206 
674,775 
3.076..586 
8,169,.590 
11,385,082 
4,  l-20,.549 

1.5.(M 

18.27 

V.\}i\ 
16.44 
13.78 
1-2.75 
13.17 

3.63 
3.62 
1.70 
3.42 

2.88 
2.76 

1.83 

6.47 
7.75 
9.03 
8.a5 
5.67 
4.'22 
5.^26 

1.60 
1.73 
1.46 
1.54 
0..52 
0.75 
0.64 
0.69 

4.1M' 
.5.17 
7.03 
6.;r2 
7.37 
6.05 
5.02 
6.-5.3 

2.67 
•2.-54 
1.99 

Hrdoklvn 

N  e w  .1  cr^cy 

I'eun  sv  1  vai'iia 

Philaaelpliia 

2.66 

145.229,.3.55 
661,176,381 

2.97 

2.:« 
2.^22 

1.-22      4.73 

2.16 

*D1  vision  No.  2 

H.aw.ooo 

2,76o,229,ft50 

1,060 

212 

8-18 

17.5,7.54,189 

68,199,819 

19,778,793 

17,076,014 

.... 

.... 

.... 

---- 

.... 

Pelawaro 

Maryland 

180,000 
1,095,(K)0 
5;i!i,:i.').i 
•2*1.1100 
■21*0,000 
1,722,0(K) 
»».i,(K)0 

17,115,474 
116.679,287 

95.81 
106.56 

'io'i'-i 

"2«."l2 
29.42 

42.(iti 
54.92 

'56."»'7' 

'i2.'3'»' 
12.82 

21.23 
44.19 

"o.'tifi' 

18 
71 

"is 

".5.3 
39 

"'3 

5 
"ii'i 

8 

18 
68 
•22 
13 
11 
37 
31 

2,i:«,985 
17,051.900 
13,213.^.'U0 
•2.8^27.II00 
2.175.000 
4.796,:«I0 
3,.303,000 

7I7,9(i.5 
5,1.59,.591 

"i,'6:(7,356 

'i,'iKi2','339 
],116,:t8.S 

:130,8(K) 

I,(K)8.7.5n 

1,(W5,(KKI 

•2(KI,000 

215.-100 

1,061, .5lXI 

:):i.5,7.5o 

3-23.192 
fWH,802 

3,'257,962 
2(H,991 

1,410,875 
8.59.623 
513,.jO0 

12.76 
14.62 
11.03 
14.43 
1.3.64 
15.^21 
1.5. 16 

1.60 
1.68 
1.32 

'I'.'i'o 

1..50 
1.57 

3.65 
5.75 
2.75 
5.49 
6..57 
0.(X) 
4.. 57 

0.60 
1.20 
1..51 
0.51 
0..39 
1.'25 
l.'M 

6.91 
5.99 
5.42 

2.87 

2.:»4 

2.  in 

District  of  Columbia 

22,843,260 

8.43      2.8fi 
5.83      2  01 

Vlrsluia 

West  Virginia 

4-1,973,759 
24..570.210 

6.47       2.:W 
7.72      2.6.3 

*DlvisionNo3 

4,116,000 

226,311,990 

199 

32 

167 

30,1 15,^215 

10,0-23,6.39 

2,9.36,800 

2,.591,108 

.... 

.... 

.... 

1 

1  ,t><)0,0(K) 
1,105,000 
1,!X>0,000 
70,000 
475.000 
1,625,000 

1  ,:t.')0.0()o 

l.ltKMKX) 
2r5,000 
2,445,000 
1,290,000 
1,9,>5,000 
200,000 
1,81)0,000 

16.1,>l,i»76 
16..5U7,137 
36,3-27,234 

9..5fi 
13.89 
18.53 

"ii.'ii 

7.49 
10,21 
34.10 

'27.94' 
6.!K) 
41. .36 

■22.'l2' 

4.96 
5..S8 
5.39 

"3.'4'2 
6..30 
2.24 

20.65 

'24.';«' 

2.fH 
17.22 

'i3.'52 

O.M 

5.28 
0.69 

"i'&l 

'  '2.'9'7' 

"o.'m 

3i 
20 
42 

"•25 
38 
15 
27 

'262 
14 
108 

"77 

7 
4 
13 

'"7 
12 
5 
6 

"48 
5 
32 

"29 

27 
16 
29 

2 
18 
26 
10 
21 

9 
214 

9 
76 

7 
48 

2.7IR.OOO 
1,918,000 
3,660,000 
750,000 
1,48.5,000 
3,585,000 
75£,000 
3.735,000 
2,900,000 

22,.52;),090 
1, ■2-20,000 

13.1:M.4(X) 
3,601  ,.500 
8,425,000 

8.30.067 

510,473 

1,143,504 

"'368,668 

1, •206,8-23 

249,.5;i2 

-   1,.349,S92 

'5,"l'o(),'0'29 

•279,916 

4,7.56,9:14 

"i,"2>9','l'41 

168.7.50 

1:12.7.50 

317,.500 

2.000 

.58,7.V) 
4:t9..5(K) 

•25.(HX) 

.50.(KK) 
4.50.000 
4.50,917 
900.(XK) 
^•2-i6.n2.5 
6^25.(K>0 

85,490 

413.:«75 
242.663 
443,577 

80.(XX) 
184,809 
6-28,448 
100,1.50 
1.59.115 
1.6.36,0.51 
2,<W<.ii.")y 
142.731 
819,ir>3 
7-25,846 

i,:}-ii,:i.52 

17.99 
17. .55 
17.63 
12.15 
:S0.69 
14..58 
17..55 
19.15 
•24.34 
19.15 
16.13 
13.IK) 
13.34 
18.68 

7.46 
5.01 
2.15 
5.35 
5.40 
4.86 
.3.81 
2..50 
8.68 
3..54 

1.81 

2.42 
2.13 

7.6-2 

fi.o:! 

7.^24 
S.03 
3.84 
13.43 
6.06 
7.'20 
7.09 
8.01 
6..53 
5.92 
3.76 
4..56 
5.22 

0,.58 
•2.11 
2.01 
1.66 
1. 14 
1.42 

i.;t7 

1.47 
2..54 
l.:i.5 
0.88 
1.09 
1.^28 
1.36 

3.92  1    2.51 

South  Carolina 

3.16      :i.iri 
7.41       2.W 

l.:«)  :    2.41 

8,9tM,137 
12.170,409 
13,788..573 
40,085,366 

10.72  I    -2.67 

Alabama 

Mi».sl8alppi 

•2.^24      •2.^22 
.5.17  1    '2,13 
8.09'    2.14 

New  Orleans 

5.11  1    ^2.13 

Texas 

Arkan.sas 

Kentucky 

68.314.801 
8,!I02,.529 
80,874,t>19 

7.73 

5.:J7 
4.48 

2.  •26 
9.49 
3.04 
2.12 

Tennessee 

41,801,101 

2.29 

■X-Divlelon  No.  4 

i7,or»,ooo 

314,480,912 

662 

108 

494 

63,16-2,100 

17,121,979 

3,864,682 

7,131,045 

-... 

...- 

.... 

-  — 

Ohio 

3,882,000 

sia.ooo 

345,000 
2,28<I,(X)0 
4,200,000 
2,050,000 
2,350,000 

300,000 
1,939,000 

250,000 

260,144,427 

67.01 

36.59' 
77.98 

'58.'4'o' 

'i'j.'w 

42.11 

"ii.'K 

43.43 

ir'H 

10.56 

"i.'7'9" 
14.83 

'".'69" 

349 

'iss 

299 

'm 

'm 

101 

"69 
79 

"74 

"« 

248 
13 
12 
114 
2^20 
21 
94 
6 
SI 
5 

45,W.5.338 
8,400,000 
9..300,000 
]4.:f72,000 
38,696.000 
20.900,000 
13.4:1-1,000 
3,(iOO,(KX) 
10.7.55,000 
3.-250,000 

15,714,986 

"5,".52"l','obo 
7,3^22,015 

'4,'!io"3','3'97 

"2,'759,'076 

4,497,515 
2,812.000 

620,000 
1,989,5.50 
1,462,750 

600,000 
1,260,7.50 
1,0.50,000 

459,7.50 

470,000 

4,884,6-36 
1,801,,374 
l,907,6ft3 
4,720,234 
4,194,701 
20,10.5,993 
1,916,214 
1,-269,192 
1,86-2,698 
2,2,89,312 

15.38 
16.13 
11.75 
16.47 
16.07 
16.^25 
16.32 
10.86 
16.96 
21.19 

3.09 
3.65 
0.74 
2.68 
•2.22 
2!»6 
3.'21 
1.32 
2.85 
3.27 

4.06 
5.14 
■3.91 
.5.30 
5.79 
I    6  22 
5.99 

i.ia 

6.36 
10.25 

1.91 
2.05 
1.64 
1.68 
1.36 
1..50 
0.96 
0.30 
1.42 
2.08 

5.72 
5.29 
.5.46 
6.81 
6.70 
5..57 
6.16 
7.61 
6.3:1 
8.59 

2.41 
2.91 

Clevelauil 

'"83,'8(mVi'43 
327,528,672 

•2.51 

Indiana 

Illinois 

Chicago 

Mifhifcan 

2.89 
3,01 
2.24 

137,256,639 

2.75 
2,99 

^Viscon  xin      ............... 

96,327,597 

3,71 

Mllwaukeo      .......... 

2.12 

^Division  Ko5 

14,fi61,000 

905.061,478 

.  .....r 

1,121 

364 

757 

1-22.902,338 

36,r20,474 

9,670,315 

17,.578.483 









Iowa 

2,025,000 

75,(X)0 

l,6tiO,000 

l.Vi.OOO 

ia->,ooo 

2,970,000 
tia3.837 
150,000 
60,000 

i,.5yo,(x)o 

1,490,000 
5.5,1.54 
160,000 

129,549,017 

6.3.97 
'66.'4'9' 

'i^.'i's' 
41.22 

21.27 

'so'.ii 

'26.'42 

"ii.'is' 

21.70 

18.37 

"e.'o's 

2.35 
'm 

■i22 

'216 

166 

67 

"si 

"55 

"95 
49 

108 
3 
78 
5 
8 
67 
8 
8 
2 
121 
117 
3 
9 

13.510,000 
700,(100 

14,995,000 
3,800,000 
5,200,000 

19,115,000 
9,400,000 
3,.5.50.000 
1,(XX).IXI0 

10.512,000 

12,115.000 

8.50.nOO 

4,1.50,000 

3,865,399 
'2,'ll9','7'69 

'2,'sj'3','4'e9 

*2,8'l'2','8i50 
2,661,494 

545,875 

102,000 

147,800 

2,000 

"'ii'o',3bo 

2,000 

""so'.ijoo 

4;i8,7-25 
50,650 

'"ii'o'.ixx) 

1,893,.394 

113,-244 
1,1.54,887 
1,047.4:« 
l,9.>s,!»51 

4.5O.66I 
2.682.610 
1,162,913 

•271,N51 
1,4:16,413 

6<W.078 

92,.597 

1,780,9-23 

16.83 
16.42 
16.  .52 
12.(^2 
21.08 
1.5.65 
15.90 
22.48 
18.93 
lfi.N3 
16..84 
18.01 
16.47 

2.07 
4.79 
3.15 
5.14 
14.^27 
2.^24 
2.60 
4.01 
7.10 
3,-59 
4.-52 
3.80 

6.39 
6,32 
6.18 
3.98 
4.86 
5.96 
6.85 

iO.62 
7.51 
685 
7.89 

m  90 

1..50 
1..53 
1.98 
1..5.5 
1.32 
1.45 
1.41 
0.88 
1.78 
1.46 
1.23 
1.18 
0.91 

6.87 
3.78 
5.21 
1.97 
0.63 
6.00 
4.99 
6.97 
2.  .51 
4.93 
3.20 
2.30 
2.95 

2,89 
2,10 

108,531,729 

2  11 
2  14 

"Minneapolis        ..  ..... 

1.54 

179,679,465 

2,82 

1.98 

2..52 

St  Josepli 

Kansas 

Nebraska 

Lincoln        .  ........... 

5,594,376 
61,412,529 

2.1c 
2.06 
0.88 

9.36  i    9.15 

*DivlsionNo.6 

9,7.3.5,000 

484,767,116 

848 

297 

551 

70,207,000 

13,702,981 

1,293,3.50 

5,603,433 



....  1  .... 





.... 

546,0(X) 
45,000 
1,. 392.000 
.3110.000 
3S8.0(X) 
67,000 

40,689,777 

1.113.913 

2.S9,:MS,.S74 

"i7,V2iB,:i23 
2,328.910 

74.53 

24.75 

207.87 

"44.91' 
34.76 

60.22 
20.08 
19.46 

'31  .'92' 
22.25 

i62.'69' 
'  6.23 

65 
3 
48 

"42 

8 

-    20 
1 
17 

""7 
3 

45 
2 

31 
2 

35 
5 

6.9.37,000 
•282,000 
7.6'25.00O 
2.5<X),000 
3,495,000 
400,000 

l,4.'*6,-237 

52,401 

1,6-13,918 

"'68'6'.5.32 
93,710 

2»>1,500 

'"eiisioo 

"'"2','3flO 

.500 

4,0.5:1,512 
40,9<r7 
1.770,.533 
1,75.5,195 
l,2!).5,0-29 
131,100 

22.13 
16.78 
18.:« 

14.40 
21.02 
24.13 

6..51  ilO  .-..1 

1.-58 
1.21 
0.60 
0.10 
0.51 
0.38 

3.68 
2.76 
6.83 
8.43 
3.43 
11.37 

2.14 

Nevada..--.- 

5..55 
4.80 
2.40 
10.45 
1.61 

7.26 
6.04 
3.47 
6.63 
10.77 

2.95 

CalHomia 

San  Francisco 

Orejion 

3.00 
.3.03 
•2. -23 

Arizona -.... 

2.:t8 

*DivisionNo.  7 

2,4.38.000 

:«0.<I07,.V27 

166 

48 

118 

18,739,000 

3,9«r2.798 

,s,s9.:ki(| 

7,291,147 









North  Dakota 

Slli.OOO 
522.(XIO 
126.000 
217,000 
173.000 
2.55,000 
575,000 
91,0U) 
145,000 
201.000 

10.731.196 
11.3!»7.413 
3..>s,s.:!«3 
22.7.S7.211 
3.(H4.!»90 
10.7-27.848 
2:t,4M,477 
3.9S5.9.53 
1..5.57.170 
1,397,235 

33. '.W 
21.83 
2S.48 
105  01 
21.07 
42.07 
40.81 

43..sn 

10.73 
6.95 

io!91 
22.33 
8,8.72 
16.92 
21.75 
26.12 
32.52 
7.05 
5.85 

"s'ii 

0.40 
9.15 
4.45 

42 
53 
14 
44 

15 
17 
77 
15 
7 
8 

10 

20 
3 

•18 
7 
6 

31 
4 
2 

32 
33 
11 
26 
8 
11 
46 
11 
5 
8 

2,185,000 

2,110,000 

T25,000 

4,166,000 

650,000 

2,100,000 

6,0O.5,(KX) 

860.000 

•2.50,000 

446,^200 

548,516 
600,827 
171.3.57 
8-13,019 
336,192 
801, .365 
1,411.977 
210,719 
.'i6,740 
12:i.:i.5<> 

32,7.50 
&i,500 

""l'3',950 

1.52,.5O0 

462..500 

1..500 

2.5,000 

5()0 

255,-572 
302,.574 
246,899 
1,018.297 
160,885 
.V23,9<,7 
975,9a8 
•206.987 
•2-<.687 

18.31 
J.5.99 
21.45 
29.17 
26.79 
13.31 
I.3..53 
16.67 
■m  i« 

3.49 
5.01 
4.85 
19.68 
9.73 
3..30 
6.46 
5.47 
2.80 
1.47 

7.86 
8.99 
8.70 
12.74 
10.70 
4.49 
6.92 
7.80 
10.43 
8..39 

2.  To 

2.44 
2.09 
2.^23 
1.71 
1.10 
1.7.5 

o!l6 

4.77 
0.14 
5.46 
5.34 
4.13 
3.81 
0  95 
1.05 
11.13 
14.86 

1  02 

1.10 
2.79 

O.fO 

New  Mexico............... 

4  02 

l-tah 

19.72 

Washington 

3.82 

Wvomiuj; 

1.70 

Oklahoma             

2.30 

33,780  1  24.88 

O.CT 

♦  Division  No.  8 

2,(i2l,00l) 

ft3,282,l»6 

292 

101 

191 

19,497,000 

5,1.56.0»r2 

7.>3,-2IXl 

3,7.53,.5.56 

1  .... 

.... 

.... 

.... 

.... 

Total  rniUnl  States 

69,S>.>I,000 

?<i,653,195,42l 



1 ,« 

1,308 

.3,715 

1663,533,792 

«213,510.7G1 

$68,674,210 



.— 

-.. 

...- 

-.. 

.... 

♦  DiTlsion  footings  do  nut  include  Cities  named. 
B 


CLAPP    &   COMPANY,  BANKERS  &  BROKERS  NEW  YORK,  ANNUAL  RECORD. 

Aggregate  Jiesources  and  Liabilities  of  the   National  Banks  of  the    United  States  as  cotiipiled  from  abstracts 

of  the  Comptroller  of  Currency,  covering  the  December  statement  of  years  named. 


Resources. 


Loans  and  discounts 

Overdrafts 

v.  S.  Bonds  to  secure  circulation 

U.  S.  Bonds  to  secure  U.  S.  Deposits 

U.  S.  Bonds  on  hand 

i'remiums  on  U.  S.  Bonds 

Stocks,  Securities,  etc 

Banking  HcJuse  furniture  and  lixiures 

Other  Real  Estate  and  Mortgages  owned 

Due  from  National  Banks  (not  reserve  agents).. 

Due  from  State  Banks  and  Bankers 

Due  from  approved  reserve  agents 

Checks  and  other  cash  items 

Fxclianges  for  Clearing  House 

Bills  of  other  National  Banks 

Fr.ictional  Paper  Currency,  Nickels  and  Cents.. 

Total  Specie 

Legal  lender  notes 

U.  S.  Certificates  of  Deposit  for  Legal  Tender. 
Five  percent.  Redemption  Fund  with  Treasurei 

Due  from  U.  S.   Treasurer 

Clearing  House  Loan  Certificates 

Current  expenses 

Premiums  paid ^ 

Total 

Liabilities. 

C.ipital  stock  paid  in 

Surplus  Fund 

Undivided  prnfits,  less  expenses  and  taxes  paid. 

National  Hank  notes  outst.mding 

State  Bank  Notes  on  tsi  and ing 

Due  to  other  National  Banks 

Due  to  State  Banks  and  Bankers 

Dividends  tmpald 

Individual  deposits 

L'.  S.  deposits 

Deposits  of  U.  S.  Disbuising  Officers 

Notes  and  bills  rediscounted 

Bills  payable 

Lialiiliiies  i.ther  than  those  above  stated 

Clearing  House  Loan  Certificates 

lotal 


1895.  1894. 

December  13th.    December  19th. 


3,706  Banks. 


2IO,< 

IS.: 


$2,020,961,792.53 
20,537,345.04 
470,500.00 
,358,000.00 
,655,900.00 
340.04 
383,321.52 
,697,728.91 
574,482.13 
007,238.63 
341,627.38 
002,116.01 
,939,318.30 

557.507.77 
114,290.00 
925,289.14 
712,410.23 
209,423.00 
440,000.00 
194,625.78 
744,071.85 


16,698,: 
IQ3.: ' 
78,1 


131.' 

33.; 

203,1 

12,1 

86,; 
17. 

206,; 
99.: 
3». 

9.- 


3,737  Banks. 


1893. 
December  19th. 


3,787  Banks. 


,974,623,974.28 
17,289,149.17 

195,735.950.00 
15,051,000.00 
20,76(1,350.00 
16,130,000.69 

«97.328,354.c9 
75,400,976,70 
23,258,812.77 

124.798,322.39 
30,962,557.31 

234.33'. 340.54 

13,051,055.46 

80,869,302.29 

18,522,596.00 

885,072.59 

218,041,222.75 

i'9.Si3.472-oo 

37,090,000.00 

8,542.386.94 

1,289,077.14 


$3,423,534,328.26  $3,423,474,873.11 


1895. 


$656,926, 

246,177. 

94,501, 

185,15', 

63, 

302,721. 

'67,303, 

1.091, 

1,720,550, 

9.699, 

4.0591 

".359. 

20,492, 

3,405. 


245.00 

563.53 
758.19 
344.00 
504.50 
578.57 
,670.19 
869.14 
241.03 
120.46 
468.83 
77».49 
304.21 
889.12 


1894. 


$666, 
244 
95- 
169 

334, 
180, 

I, 

'■695, 
10. 

3, 
7i 


,271,045.00 
i937.>79-48 
,887,436.80 
337.071.00 
66,290.50 
619,221.24 
345,566.56 
130,390.38 
,489,346.08 
151,403.66 
865,339.58 
682,509.06 
471,551.05 
220,523.72 


|i 


,853,827, 
'7-747, 

204,809, 
14.436 
3,049 
13,806, 

159,7-19 
73.642, 
18,679, 

108,265, 
28,682, 

212,630, 

I3.5'9i 

7'.943i 

2i,497i 

988, 

251,253, 

131,6261 

3',255, 
8,876, 
2,029, 


,179.68 
,590.27 

,;!  50.00 
.000.00 
.000.00 
,470.18 
.363-92 

,3'4.I4 
,746.39 
,460.7s 
,998.64 
,636.30 
,016.51 
,'65.75 
,840.00 
602.57 
,648.43 
■759-00 
,000.00 
,042.25 
141.92 


$3,242,315,326.70 
1893. 


$681,8 

245.739 
100,288 

'79973 

75 

298,805 

'5'.3I3 

1,217 

'.539-399 

'0,391 

3.469 

",465 

14,388 

2.973 


,960.00 
,602.09 
,668.05 
,150.50 
,059.50 
,834.56 
7I5-25 
903.99 
,795.23 
,466.00 

398.77 
546.18 
362.94 
863.64 


1892. 
December  9th. 


3,784  Banks. 


December  2d. 


3,692  Banks. 


1890. 
December  19th. 


3,573  Banks. 


$2,166,615,720.28  $2,001,032,625.05 


166,449,250.00 
15,321,000,00 
4,148,600.00 

'53,648,180.71 

88,221,052.25 

142,623,106.36 

34,403>23i.75 

204,948,159.79 

'6,755,332.09 

110,522,668.49 

20,488,781.00 

893,909.83 

209,895,260.76 

102,276,335.00 

6,470,000.00 

7,282,413.90 

1,268,405.03 

14,204,970.25 
13,913,289.71 


153,838,200.00 
19,186,500.00 
4.279.750.00 

128,440,959.39 


84,049, 
124,827, 

32.425 
196,319, 

'7939 

108,243, 

20,225, 

837, 

207,898 

93,854- 

8.765, 

6,682, 

',047, 


316.90 
,315.25 
,379.39 
,537.81 
,023.04 
483.92 
,104.00 
i'75.54 
034.75 
,354.00 
,000.00 
280.10 
,684.»8 


13,079.136.79 
14,695,279.96 


$3,480,349,667.15,  $3,237,866,210,07 


1892. 


$689,698, 

239,931 

114,603, 

145,669 

74 

323.339 

160,778 

1,308, 

',764,456 

9,673, 

4.034, 

'5,775, 

9.n8, 

1,688. 


017.50 
,932.08 
,884.5: 
49')'Oo 
,176.50 

.449.03 
,117.18 

,'37.97 
,177.11 
349.92 
240-37 
,618.63 
249.82 
.817.56 


■$3,423, 534,328.26  $3,423,474,873.11  $3. 242,315. ^^6■  70  $3,480.349.667.19  $3,237.866,2io.o7'$3,o46,938,82;.59  $2,9 -,3,676,687.23 


1S91. 


$1,932,393,206.08 

139,688,150.00 

27,858,500.00 

2,075,600.00 

116,609,301.40 


78,060, 
I". 573 

28,434, 
160,220, 

15.057^ 
88,818, 
18,832, 

755. 

190,063, 

82,177, 

5.760, 

6,069. 

',093, 

13,395. 

'3.434. 

14,568, 


,490.13 

,147.08 

,882.79 

,682.79 

,481,84 

299.11 

,221.00 

021.82 

,206.20 

126.00 

,000.00 

110, 

947.04 

249.00 

642  44 

760.03 


$3,046,938,825.59 
1890. 


$677,356, 

228,221 

100,116, 

'34.792 

74 

393,480, 

'49.334 

'.503 

1,602,052 

14,478 

3.955 

16,325 

7,994 

1,178 


,927.00 
,530.3' 
,263.56 
873.25 
118.50 
.956.07 
,721.20 
.539.69 
766.59 
542.9' 
227.37 
642. S9 
514.30 
586.43 


$657,877,225.00 

214,965,633.67 

111.772,985.42 

123,038,785.50 

77,328.50 

253,082,126.32 

121,438,255.50 

1,167,262.71 

1,485,095,855.70 

24,922,263.36 

4,456,472.43 
25,598,405.72 
11,501,225.76 

11,949,000.00 


December  nth. 


3,326  Banks. 


$1,811,686,891.57 

'43.434,700.00 

41,681,000.00 

3,740,350.00 

"'.344.480.32 


70,694, 

118,206, 

28,143, 

164,889, 

15, '34, 

103.719, 

20,388, 

720. 

171,089. 

84,490, 

9.045, 

6,276. 

I.239i 


.'9'-37 
.354.91 
,681.23 
,765.16 
,700.19 

.453-43 
1807.00 
.462.37 
,458.10 
,894.00 
,ooo.co 

,659.40 
,867.01 


11,902,368.22 
15,847,602.85 


$2,933,676,687.23 


$617,840,164.67 

198,508,794.14 

87,050,091.86 
126,039,541.30 

81,006.50 

267.'59.449-09 

'23,713,409.48 

1,289,651.13 

1,436,402,685.65 

39,224,588.51 

4,672,950.14 

15.723,378." 

5,970,976.65 


THE  NATIONAL  BANKING  SYSTEM  OF  THE  UNITED  STATES. 

IN  ACCOUNT  WITH  CREDITORS,  AS  IF  THE  ENTIRE  SYSTEM  WERE  IN  LIQUIDATION. 
An  analysis  of  the  above  statement  of  condition  on  December  ijth,  iSg^. 

Debit. 


Amount  due  Banks  and  Bankers $470,025,248.76 

Amount  due  from  Banks  and  Bankers 367,350,982.02 


Amount  due  U.  S.  and  Disbursing  Offices $13,758,589.29 

U.  S  Bonds  to  secure  U.  S.  Deposits 15,358,000.00 


National  and  State  Bank  Notes  outstanding $185,214,848.50 

U.  S.  Bonds  to  secure  circulation 210,479,500.00 


U.  S.  Certificates  for  Legal  Tenders,  Treasurers'  balances,   5J{  Re- 
demption I'und,  U.  S.  Bonds  and  I'remiums 

Due  depositors  and  others 1,756,900,074.99 

Specie,  Legal  Tenders  and  National  Bank  Notes  and  Exchanges  for 

Clearing  Houses 409,593,631.00 


Ctedit. 

$102,674,266.74 

$1,599,410.71 

25,264,651.50 
67,732,937.67 

$1,347,306,443.99      Balance,        $1,355,383,710.85 


$1,449,980,710.73 

Balance  Liabilities,  above  quick  assets  and  offsets 

Loans  and  Discounts $2,020,961,792.53     $2,020,961,792.53 

Liabilities  brought  down 67.5^  of  Loans  and  Discounts..   1,355,383,710.85 


Balance, 


Balance  of  Loans  and  Discounts  above,  after  paying  all  liabilities  in- 
cluding Deposits,  Bills  payable,  Rediscount,  etc $665,578,081.68 

Stock  Securities,  Real  Estate,  Buildings,  Mortgages,  Fixtures,  Over- 
drafts, Checks  and  Cash  Items,  all  of  Speculative  value $332,057,485.04 

Capital  Stock  paid  in $656,956,245.00 

Surplus  and  undivided  profit 340,679,321.72 


$2,020,961,792.53 


$1,449,980,710.73 

$1,355,383,710.85 

665,578,081.68 

$2,020,961,792.53 


1997,635,566.72 


$997,635,566.72 


The  central  reserve  cities  are  New  York,  Chicago  and  .St.  Louis.  The  other  reset  ve  cities  are  Albany,  Baltimore,  Brooklyn,  Boston, 
Cincinnati,  Cleveland,  I)es  Moines,  Detroit,  Kansas  City,  Lincoln,  Louisville,  Milwaukee,  Minneapolis,  New  Orleans,  Omaha,  Pliiladelphia, 
Pittsburg,  St.  Joseph,  St.  Paul,  San  Francisco,  Savannah  and  Washington.  5,023  National  Banks  have  been  organized  since  the  fust  certificate 
of  authority  June  20,  1863.  Only  4  have  gone  out  of  existence  by  expiration  of  corporate  existence.  51  15anks  went  into  voluntary  liquidation 
in  1895.  Receivers  were  appointed  for  36.  Aggregate  reset  ve  Oct.  2,  1894,  of  $402,894,682,  decreased  to  $340, 103,996  Sept.  28,  1895, 
against  $289,254,850  July  12,  1893. 

10 


:CRAPH^ 

■E  orrici 


JR  CABLES,   a, 
0  CABLES. 


STOCK  EXCHANGE,  12  AND  14  BROAD  STREET. 

Merchants  met  at  Ko.  22  Wall  Street,  in  1791,  to  buy  and  sell  revolutionary  currency,  called  "  siiinplaster  ; "  May  17th,  1792,  tliey 
organized,  meeting  under  a  button-wood  tree  at  No.  70  Wall  Street.  'I'ransactions  were  in  pounds,  shiliinjis  and  pence.  From  1793  to 
1817  the  lontine  Coffee  House  at  Wall  and  Water  Streets  was  headquarters  and  called  "  Merchants'  Exchange."  In  1817  they  adopted 
a  constitution  as  the  "  New  York  Stock  and  Exchange  Hoard."  In  1820  twenty-nine  members  each  paid  S25  annual  dues,  and  located  May 
1st,  1827,  in  Merchants'  Exchange  Building  at  Wall  Street  and  Hanover  Square.  Chamber  of  Commerce  occupied  same  rooms. 
Later  they  raised  the  initiation  fee  to  Si, 000.  Morning  sessions  were  secret.  Tlie  first  railway  stock  (.Mohawk  and  Hudson)  was 
listed  in  1830.  December  15th,  1835.  they  were  burned  out,  and  December  19th  opened  at  No.  8  Broad  Street.  P'roni  iS3t')  to  1842 
members  met  at  No.  43  Wall  Street,  and  from  1S42  to  1S54  at  "  New  Merchants'  Exchange  Building.  The  Bourse  in  same  building  iiad 
about  twenty  members,  who  disbanded  in  1848.  From  1854  to  1856  the  Exchange  met  on  the  top  floor,  corner  William  and  Beaver 
Streets,  moving  in  1S56  to  "Lord's  Court,"  entrance  Nos.  25  William,  53  Beaver  Street  and  50  Exchange  Place,  where  chairs  were  first 
pre-empted.  Members  pledged  themselves.  May  nth,  1S61,  not  to  deal  in  any  securities  of  any  States  seceding  from  the  Union.  About 
100  members  attended  daily  and  soon  commissions  were  reduced  from  ^  to  ^  per  cent.  January  29th,  1863,  they  changed  title  to 
"  New  York  Stock  Exchange,"  raising  initiation  fee  to  $3,000  in  1S64.  December  gth,  1865,  th.e  Exchange  rented  No.  12  Broad  Street 
from  the  "  N.  Y.  S.  Ex.  Bldg.  Co."  Tickers  were  first  introduced  in  1S67.  In  1861  ami  l562  gentlemen  met  in  basement  of  No.  23 
William  Street,  called  "Coal  Hole,"  to  buy  and  sell  stocks,  etc.  They  moved  in  1863  to  "Gilpin's  News  Room,"  corner  Exchange 
Place  and  William  Street,  and  were  known  as  "  Open  Board  of  Brokers."  March  6th,  1864,  they  organized  as  "  Open  Board  of  Stock 
Brokers,"  securing  ten  years'  lease  at  No.  iS  Broad  Street,  nearly  opposite  to  our  office.  October  1st,  1864,  Reed  &  Bloodgood  established 
a  Gold  Room  at  William  and  Beaver  Streets,  tickets  $200.  October  14th  it  became  the  "  New  York  Gold  Exchange."  May,  1865,  the  Gold 
Exchange  moved  to  No.  14  New  Street,  disbanding  May  ist,  1877.  The  New  York  Stock  Exchange  leased  the  room,  continuing  the 
Gold  Room  to  January  Ist,  1S79,  finally  exchanging  with  the  Mining  Exchange  and  using  it  as  a  Board  Room.  Speculators  met  nightly 
from  l36i  to  1S64  about  the  Fifth  Avenue  Hotel,  and  at  "  Gallagher's  Evening  Exchange,"  on  Twenty-fourth  Street.  From  1789  to  1S69 
street  trading  was  general.  About  December,  1865,  the  use  of  the  "  long  room  "  in  the  New  York  .Stock  Exchange  Building  resulted  in 
its  discontinuance.  April,  1867,  the  Stock  Exchange  established  a  Government  Bond  Department,  admitting  173  outside  persons  as 
members,  who  later  joined  the  Exchange  May  ist.  l86g,  paying  $1,000  each.  May  loth  the  New  York  Stock  Exchange  and  New  York 
Open  Board  of  Stock  Brokers  consolidated,  and  354  members  of  the  Open  Board  of  Stock  Brokers,  representing  $250,000,  joined  the 
New  York  Stock  Exchange,  raising  membership  to  1,060.  The  National  .Stock  Exchange,  known  as  "Erie  Boaril."  was  organized 
February,  1869,  and  discontinued  in  September.  November,  1879,  forty  memberships  sold  for  $13,000  each,  and  in  iSSi  the  building  was 
enlarged  to  63x138  feet,  at  total  cost  of  $1,227,365,  and  memberships  were  limited  to  1,100.  The  largest  day's  business  was  February  20th, 
1S93,  when  sales  were  1,473.953  shares.     ^^Sfe  Slock  Exchaiii;/  picture  and  Iransactions,  p<i^e2^'^. 

11 


VIEW    OF    WALL    STREET    {MILLS    BUILDING    ON    THE    LEFT). 

The  name  Wall  Street  was  given  by  the  Dutch  burghers,  who  built  a  stockade  or  wall  in  1CS7  on  the  north  side  of  the  street  to 
protect  citizens  from  being  attacked  by  Indians.  The  British  were  forced  to  evacuate  November  25th,  1733.  The  First  Congress  of  the 
United  .States  met  in  Federal  Hall,  on  Wall  Street,  in  17S9,  assuming  the  war  debts  of  the  Federal  States.  'I'he  city's  population  was 
then  about  25,000.  The  Hank  of  the  United  States  was  chartered  in  1791  for  $10,000,000.  The  only  chartered  bank  i[i  Xew  York  then 
was  the  Hank  of  New  York.  A  severe  panic  occurred  from  1814  to  1817.  In  1816  the  Government  created  a  branch  bank  at  30  Wall 
Street  (present  site  of  the  United  States  Mint),  with  $35,000,000  capital.  There  were  si.xteen  banks  in  the  city  in  1827,  and  about  175,000 
people.  December  l6th,  1835,  New  York's  greatest  lire  occurred,  causing  a  loss  of  about  $18,000,000  and  destroying  648  buildings.  In 
1837  Jackson's  administration  caused  a  general  suspension  of  specie  payment.  Si.xty  New  York  banks  suspended,  owing  $150,000,000, 
and  merchants'  liabilities  increased  tne  aggregate  to  $440,000,000.  It  was  said  "  they  were  all  in  the  same  boat  and  paiti  or  collected  but 
one  cent  on  the  dollar."  Lawyers  alone  being  benelited.  .Many  States  repudiated  their  debts  or  defaulted  payment  of  interest.  In  1857 
the  Ohio  Life  and  Trust  Company  failed.  Abraham  Lincoln  was  inaugurated  March  4th,  1861.  February  8th,  1861,  the  Confederate 
States  were  organized  at  Montgomery,  Ala.  April  I2th,  l86l,  Sumter  was  fired  on  ;  first  blood  shed  was  at  Baltimore,  April  igth.  Specie 
payment  was  suspended  by  New  York  banks  December  23th,  and  generally  in  the  United  States  December  30,  1861.  January,  1862,  gold 
sold  at  premium  and  was  listed  on  the  New  York  Stock  E.Kchange.  February  l8th,  1863,  the  New  York  Legislature  passed  a  bill 
prohibiting  the  loaning  of  money  on  gold  or  foreign  exchange.  March  3d  following.  Congress  practically  prohibited  the  loaning  of  gold, 
and  June  17,  1864,  practically  prohibited  the  buying  or  selling  of  gold  for  any  designated  future  delivery.  The  penalty  being  imprison- 
ment, a  heavy  fine,  or  both.  Gold  at  once  advanced  from  about  190  to  about  280.  Congress  repealed  the  law  July  2d,  1864,  when  gold 
was  selling  around  2S7  to  300.  March,  1865,  Congress  taxed  sales  of  gold.  General  Lee  surrendered  to  General  Grant  April  gth,  1865. 
November  following  tne  United  States  began  issuing  gold  certificates.  President  Lincoln  was  shot  by  the  actor.  Booth,  April  14th,  1865. 
In  May,  1866,  and  afterwards  the  Government  advertised  for  bids  or  proposals  from  gold  buyers,  when  having  a  surplus  in  the  Treasury. 
The  New  York  Gold  E.xchange  was  organized  in  1867  as  a  Clearing  House  for  gold  transactions  made  on  the  Gold  F.xchange.  Black 
Friday  was  September  24th,  1869,  gold  opening  about  145,  sold  at  162 J^  and  closed  135.  Gould  attempted  the  "corner,"  which  was 
prevented  by  a  bank  examiner  appearing  at  the  Tenth  Nation.il  Bank,  preventing  further  loans  on  gold.  A  receiver  was  appointed  for 
the  Gold  Exchange  Hank,  which  was  unable  to  clear  about  $410,000,000  of  contracts  and  favored  a  few  firms  while  losing  $520,000. 
The  Gold  Exchange  suspended  dealings  for  a  week  and  clearings  for  several  weeks.  The  world's  greatest  fire  was  at  Chicago,  October 
8th  and  gth,  1871  ;  Boston's,  November  loth,  1872.  Jay  Cooke  failed  September  l8th,  1S73  ;  New  York  banks  practically  suspended 
payment  forty  days,  and  the  New  V'ork  Stock  Exchange  ten  days.  Specie  resumption  took  place  January  ist,  1879.  Garheld  was  shot 
July  2d,  iS8t.  Grant  &  Ward  failed  May,  1884.  Clearing  Mouse  Certificates  were  then  issued  for  $24,915,000.  The  Baring  Brothers 
failed  November  15th,  1890.     New  York  banks  then  issued  $16,645,000  Clearing  House  Certificates. 

The  total  shrinkage  in  United  States  values  since  Cleveland  was  inaugurated  March  4th,  1893,  has  been  about  double  the  cost  of  the 
civil  war  from  l86l  to  1865.     New  York  banks  issued  Clearing  House  Certificates  in  1893  for  $41,490,000. 

Trinity  Churcli  on  Broadway  faces  the  head  of  Wall  Street ;  Queen  Anne  gave  the  land  ;  the  present  building  is  the  third  one  and 
was  begun  in  1839  and  completed  in  1S46,  at  a  cost  of  over  $500,000.  The  Trinity  Church  property  is  reported  to  be  more  valuable  than 
any  other  church  property  in  the  world. 

13 


llllcchh)  HDaihct  Xcttcr. 


No    409. 


Copyright.  1»94,  by  Clapp  Jt  Cotnpun^. 

O.  W.  Clapp. 

DWIQHT  O.  CLA^f 


CLAPP    &    COMPANY, 

JSanhcis  m\b  JBrohers, 
miLLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Baanch 
Officei: 


277   BROADWAY,  Corner  CHAMieRi  St. 
671    BROADWAY,  Broadwm  Central  Hotei. 
753  FIFTH  AVENUE,  Corner  68tm  8t. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
LoNQ  Distance  Telephone. 


New  York,  Thursday  Morning,  December  27,  1894. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    B%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customers. 


BANK  STOCKS  FOR  SALE. 


Shares. 


50  Merchants'  National  Bank.  Dunkirk,  N.  Y. 
70  Fredonia  National  Bank,  Fredonia,  N.  Y. 
2'3  American  Savings  Bank,  Detroit,  Mich. 
35  Fresno  National  Bank,  Fresno,  Cal. 
40  State  Bank,  Elmira,  N.  Y. 
100  City  National  Bank,  Norfolk,  Va. 
12  First  National  Bank,  Texarkana,  Texas. 
10  First  National  Bank,  Kendrick,  Idaho. 


Shares. 

25  City  National  Bank,  Tyler,  Texas. 

20  Kearney  National  Bank,  Kearney,  Neb. 

50  People's  Bank,  Greenville,  S.  C. 

50  American  Exch'ge  Nat'l  B'k,  Detroit,  Mich. 

20  First  National  Bank,  Madison,  S.  Dak. 

10  Brownwood  Nat'l  Bank,  Brownwood,  Texas. 

30  Commercial  Bank,  Albany,  Ga, 

20  First  National  Bank,  Palouse,  Wash. 


A  fall  description  of  any  issue  furnished  on  application. 


They  keep  coming,  and  they  all  speak  fair  of  our  Souvenir. 


Tour  Boovenlr  "  Leading  American  Exchanges  "  contains  mncli 
useful  information.— Cashier  National  Bank  of  Commerce,  Cleve. 
land,  Ohio. 

Your  liandsome  and  valuable  souvenir  I  assure  you  Is  apprecia. 
ted.— Cashier  Ganett  County  Bank,  Oakland,  Md. 

We  take  gi-eat  pleasure  in  i-eading  tlie  many  valuable  statistics, 
etc.,  in  your  souvenir  of  1893.— Cashier  City  Bank,  Buffalo,  N.  Y. 

Yonr  souvenir  of  1893  is  very  nicely  executed,  and  we  shall  prize 
It  higliiy  as  a  reference  book.— Pi'csident  Fii-st  National  Bank,  Cher* 
okee,  Iowa 

Your  souvenir  of  18931s  very  Interesting.  We  take  great  pleas- 
nre  in  its  examination.— Secretai'y  United  States  Savings  Bank,  New 
York. 

Your  souvenir  of  "  Leading  American  Exchanges"  is  very  com- 

Srebensive  and  valuable.— Casuier  Capital  National  Bank,  Gutbtie, 
>ka. 

We  are  much  plea.sed  with  your  handsome  issue  of  valuable  in- 
formation.—Cashier  Manhattan  Co.  Bank.  New  York. 

We  feel  certain  of  being  able  to  use  your  beautiful  volume  on 
foreign  exchange  to  om*  great  advantage.— Kopperl  &  Co.,  Bankers, 
ObicaKO,  IlL 

Your  book  ia  a  valuable  addition  to  the  library  of  onr  Board  of 
Trade.— Secretary  Belfast  Board  of  Trade,  Belfast,  Maine. 

Your  beautiful  and  valuable  souvenir  la  vei7  much  appreciated 
by  both  tbis  Bank  and  the  Norwich  Board  of  Trade,  both  of  which 
I  npresent.— Treasui-er  Dime  Savings  Bank,  Norwich,  Conn. 


We  value  your  beaufiful  aonvenir  Tmy  hlgrbly.— Cashier  Com- 
mercial  Bank,  Syracuse,  N.  T. 

Your  book,  "Leading  American  Exchanges,"  contains  a  vast 
amoimt  of  Information,  and  will  be  valuable  as  a  book  of  reference, 
—f  resident  Midland  National  Bank,  Kansas  City,  Ma 

Youi-  souvenir  book  has  been  placed  where  onr  customers  can 
have  the  benefit  of  it,  and  we  wish  you  the  success  in  your  bnsineas 
that  you  deserve.— President  Denver  Savings  Bank,  Denver,  CoL 

Your  "  American  Exchanges  "  is  certainly  a  valuable  book.— 
Crshier  Missouri  National  Bank,  Kansas  City,  Ma 

Your  lx)ok,  "  Leading  American  Exchanges,"  Is  a  most  valuable 
one,  and  comes  to  us  in  an  attmctive  fonn,  and  in  onr  opinion  is  a 
necessity  in  every  business  office,  and  assui-ed  to  have  a  wide  circu- 
lation.—Cashier  Fli-st  National  Bank,  Cape  Girardeau,  Miss. 

Your  souvenir  book  la  a  very  full  and  complete  compilation,  and 
a  valuable  addition  to  a  banker's  libiai-y. — Secretary  Chattanooga 
Savings  Bank,  Chattanooga,  Tcnn. 

Your  souvenir  book,  "  Leading  American  Exchanges,"  la  a  most 
complete  book  of  reference  ;  a  library  in  itself  of  financial  facts  and 
figures,  and  chaiucteristic  of  a  thoixjughly  enterprising  firm. — Pres- 
ident Waco  State  Bank,  Waco,  Tex. 

Yonr  book,  "Leading  American  Exchanges,"  is  a  rerv  interest- 
ing volume,  and  abounds  in  valuable  information. — Bryant  H. 
Hodges,  Broker,  Ocala,  Fla. 

Your  souvenir  for  1893  in  arrangement  is  admirable,  and  we  ap* 
preciate  it  as  a  ready  referanceonsurpassed.— Cashier  First  National 
Bank,  Davenport,  Iowa. 


4^ 

H 
X 

> 
O 

m 

o 
o 
z 

H 

> 

Z 
CO 

a 

> 

r 
-< 

m 
o 
O 

3D 
D 

w 

O 


r 
m 
> 

D 

Z 

o 
m 
o 

X 

> 

z 
o 
m 
w 


TTie  Second  Edition  u  nearly  exhonuUd.    Copie*  viO  be  delivered  applieanti  free  uptn  receipt  of  TW  DoUare. 
KB£P  OUK  LfiTTSBS.     PORTFOLIO  FOB  FUiLNO  FOB  WARDED  APPLICAliTS  FBEB. 


ClAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKIY  MARKET  lETTER.  ' 

Financial  Outlook.  ; 

The  government  of  the  people  has  found  a  new  verdict  in  its  own  favor,  and  against  all  forces 
which  made  for  its  defeat  in  the  year  just  closing.  A  strength  only  exercised  when  under  the 
charge  and  in  the  stress  of  its  greatest  weakness  is  in  the  case  of  the  Republic  not  further  weakened 
by  attacks  which  serve  to  disclose  its  power.  The  forces  which  oppose  reactionary  movement  and 
which  are  the  cause  of  progress,  and  its  effect  as  well,  cannot  be  eliminated  from  American  politics 
or  finance  as  long  as  they  protect  industry,  promote  invention  and  foster  enterprise  to  supplement  a 
quality  and  quantity  of  natural  resources  and  educated  manhood  no  where  else  equalled.  Neither 
official  or  partisan  error  can  long  defer  judgment,  which  is  as  certain  to  be  right  in  the  end  as  were 
and  are  the  evils  of  incompetency  sure  to  meet  in  the  future  as  in  the  past  the  just  rewards  of  folly. 
The  year  entered  its  time  limits  hampered  with  an  un-American  policy,  which  found  full  expression 
only  to  meet  deserved  rebuke.  It  closes  mid  frantic  efforts  of  a  waning  anti-Federal  administration 
to  create  a  currency  monopoly. 

Stocks  and  Bonds. 

Bonds. — The  railway  and  miscellaneous  bond  sale  of  1894  are  likely  to  closely  approximate  those 
of  1893,  which  were  nearly  352  millions.  (Including  100  million  Governments,  the  total  will  consid- 
erably exceed  records  of  last  year,  and  may  equal  that  of  1892,  which  was  the  largest  since  1886.) 
Defaults  and  foreclosures  have  been  about  normal  as  to  the  number  and  the  values.  There  is  a  more 
hopeful  feeling  for  the  future,  with  supplies  less  numerous  and  idle  money  plenty. 

Railway  Stocks. — The  1894  stock  market  was  about  25  per  cent,  less  in  volume  than  1893, 
prices  realized  showing  an  average  gain  of  about  5  per  cent.  The  aggregate  earnings  of  all  railways 
m  the  American  system  may  show  a  net  decrease  for  the  year  of  about  5  per  cent,  as  compared  with 
the  total  of  1893.  There  are  indications  that  renewed  distribution  of  merchandise  in  1895  may  keep 
earnings  at  fair  proportions  until  another  crop  arrives.  The  gross  earnings  of  54  roads  for  second 
week  in  December  show  slight  gain  over  last  year,  and  reports  from  136  roads  for  ten  months 
show  decrease  of  $79,583,589  gross,  and $30,150,932  net,  or  decrease  of  16.84  per  cent.  A  great  deal  of 
attention  is  likely  to  be  paid  to  the  reorganization  of  Reading,  Atchison  and  the  Northern  and 
Union  Pacific  roads,  and  progress  is  no  doubt  being  made.  St.  Paul's  recent  statements  are  not 
improved,  but  the  Granger  roads  are  not  likely  to  have  to  further  reduce  their  dividends.  Western 
Union  and  Manhattan  appear  doing  very  good  business. 

Industrials. — Sugar  and  Tobacco  methods  of  manipulation  are  as  mysterious  as  those  by 
which  they  are  able  to  pay  3  per  cent,  quarterly  on  the  par  value  of  their  inflated  stock.  Madam 
Rumor  claims  their  manipulators  have  arranged  to  keep  these  stocks  active  in  1895,  even  if  it  costs 
hundreds  of  thousands  of  dollars  to  do  so.  Distillers'  Company  appears  trying  to  get  rid  of  bad 
leases,  management  and  distribution  methods,  and  willing  to  hold  more  profitable  business.  Appar- 
ently insiders  are  moderate  buyers,  and  about  ready  or  willing  the  stock  should  double  in  value  when 
Congress  adjourns.  Cotton  Oil's  business  seems  to  be  favorable  to  the  stock.  Cordage  has  passed 
its  worst  stages  of  depression,  and  may  do  better  in  new  hands  if  it  stops  selling  goods  in  competition 
with  its  own  creditors.  General  Electric's  business  methods  are  not  yet  above  suspicion.  It  is  a  long 
time  before  electricity  will  supercede  steam  on  trunk  lines.  We  favor  selling  it  on  strong  spots. 
Chicago  Gas  is  still  surrounded  by  hints  of  possible  changes  and  mysteries  about  competing  com- 
panies.   We  think  the  stock  more  likely  to  decline  than  advance. 

Cotton. 

According  to  Secretary  Hester  the  average  amount  coming  in  sight  in  the  first  four  months  of 
each  of  the  past  fourteen  crop  years  was  about  72 . 2  per  cent,  of  the  crop  grown.  Southern  spinners' 
takings  to  December  21  as  316,327  bales  against  316,337  bales  last  year,  while  Northern  spinners 
took  1,297,753  bales  against  869,148  bales  same  time  in  1892.  The  American  stocks  at  ports  and 
interior  towns  is  reported  December  21  at  1,778,163  bales,  an  increase  over  last  year  of  100,340  bales. 
33.77  per  cent,  of  1891  crop,  33.21  per  cent,  of  1892  crop,  and  33.41  per  cent,  of  1893  crop  came  in 
sight  after  Dec.  21.  On  this  basis  we  look  for  this  crop  to  equal  9,500,000  bales.  The  Texas  move- 
ment to  date  shows  about  63.8  per  cent,  increase  over  last  year.  Exports  have  been  more  than  23 
per  cent,  larger,  nearly  85  per  cent,  going  from  four  Southern  ports,  ^.nd  about  55  per  cent,  from 
Galveston  and  New  Orleans.  The  Chronicle  reports  up  to  December  21  3,356,790  bales  of  cotton 
were  brought  into  sight  this  year,  or  over  20  per  cent,  increase,  or  1,283,850  bales  over  1893  and 
660,500  bales  more  than  to  December  18,  1891.  Visible  supply  is  about  116,000  bales  larger  than  the 
average  the  past  three  years.  Great  Britain's  exports  of  manufactured  goods  has  been  about  14  ^ 
larger  than  1893.  Southern  spinners,  according  to  the  Manufacturer's  Record,  have  about  $105,000, - 
000  invested  in  cotton  mills,  containing  70,000  looms  and  3,000,000  spindles,  and  are  "  sending  the 
mills  to  the  cotton  instead  of  the  cotton  to  the  mills."  The  growing  of  corn  and  other  food  stuffs, 
and  the  using  of  cotton  seed  and  sweet  potatoes  for  fattening  purposes,  is  but  the  beginning  of  an 
era  to  broaden  and  make  self-sustaining  the  cotton  planters  of  the  South.  It  will  tend  to  lessen  the 
acreage  and  increase  the  yield  per  acre,  encourage  emigration  from  colder  climates  where  living 
expenses  are  double  and  incomes  from  wheat  and  corn  growing  less  and  more  uncertain.  Many 
farmers  South  are  now  in  much  better  circumstances  than  Northern  farmers,  especially  those  West 
of  the  Mississippi  River.  We  believe  it  is  "the  season"  that  often  makes  a  large  cotton  crop  rather 
than  a  large  acreage.    The  past  year  has  few,  if  any,  equals.    On  an  average,  in  the  eleven  cotton 

10 


CIAPP  ft  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

States,  email  planters  doing  their  own  work  have  secured  double  compensation  to  that  secured  by 
Northern  farmers,  even  on  a  basis  of  five  cent  cotton.     We  believe  the  consensus  of  opinion  is  that 

E rices  will  advance  before  spring.  Perhaps  it  is  so  considered  because  large  holdings  are  in  strong 
ands,  who  design  carrying  it  to  midsummer  if  necessary.  Northern  capital  is  attracting  more 
cotton  toward  Northern  spinners  and  storage  centres  the  past  thirty  days  than  any  time  before  this 
year.    Cotton  was  never  lower,  and  should  merit  investment  buying. 

Wheat. 

Primary  receipts  for  the  calendar  year  1894  will  likely  be  about  164,000,000  bushels,  against  193,- 
000,000  bushels  in  1893,  and  267,000,000  bushels  in  1892.  and  218,000,000  bushels  in  1891,  or  nearly  27 'A 
per  cent,  under  average  of  three  preceding  years.  The  decrease  in  the  amount  of  winter  wheat 
marketed  since  June  30,  1894,  has  been  about  18  per  cent,  as  compared  to  either  of  the  previous 
two  years  same  time.  The  spring  wheat  movement  has  increased  about  9  per  cent,  over  1893,  yet  it 
has  been  30  per  cent,  less  than  same  time  in  1892,  the  aggregate  being  slightly  less  than  in  1893  and 
about  38  per  cent,  less  than  in  1892.  Total  primary  receipts  from  June  30  to  December  31  in  1894 
will  likely  be  about  119,000,000  bushels,  against  119,000,000  in  1893,  and  191,000,000  same  time  in  1892, 
and  172,000,000  in  1891,  or  about  26  per  cent,  less  than  average  during  last  six  months  of  three  pre- 
ceding years.  78,000,000  bushels  were  received  in  same  time  in  1890.  The  average  for  the  six  years 
(1884  to  1889  inclusive)  was  about  80,000,000  bushels.  It  maybe  that  since  the  "Farmers'  Alli- 
ance advice  hold  your  wheat "  letters  were  sent  out  with  the  effect  of  disastrous  loss  to  farmers, 
the  growers  may  have  gone  to  the  other  extreme  and  rushed  their  invisible  surplus  into  visible  sup- 
plies at  storage  centres,  thus  apparently  creating  an  impression  the  world's  yearly  crop  is  in  excess 
per  capita  of  that  from  1885  to  1890,  when  average  values  were  nearly  double  those  recently  prevail- 
mg.  We  believe  visible  supplies  now  outrank  invisible  stocks  as  compared  with  former  seasons. 
In  short  growers  now  place  their  crop  yearly  on  the  "auction  block  "as  soon  as  possible.  Low 
grades  now  command  almost  contract  prices.  Winter  wheat  sections  are  drawing  supplies  from 
primary  centres.  The  live  stock  consumption  in  North  America  will  likely  equal  one-seventh  the 
production,  and  in  Great  Britain  and  many  parts  of  Europe  the  percentage  fed  to  stock  is  estimated 
by  their  authorities  at  a  higher  figure,  or  about  20  per  cent,  of  their  crop. 

The  United  Kingdom  visible,  and  that  in  their  farmers'  hands,  is  now  conceded  to  be  78,500,000 
bushels,  against  36,476,000  bushels  a  year  ago,  or  96,;^52,000  two  years  ago.  Russian  shipments  since 
Aug.  1  have  been  about  10  ^  less  than  ours.  Argentine  shipments  about  18>4  ^  less  than  U.  S.  India 
reports  indicate  most  of  their  wheat  has  gone  forward.  Reports  from  South  America  greatly  vary 
indicating  season's  crop  now  being  cut  will  be  six  per  cent,  more  than  that  grown  last  season  ; 
others  claim  it  will  be  20  per  cent.  less.  Our  foreign  advices  indicate  the  year  1894  is  closing  with  a 
better  outlook  for  grain  values,  and  that  buyers  will  have  an  inning. 

Corn. 

Exports  to  date  have  been  about  one-eighth  less  than  last  season.  The  world's  crop  appears  about 
three-quarters  that  ordinarily  grown.  Consumption  must  be  supplied  from  other  grains.  Visible 
supplies  are  liberal  and  will  likely  continue  so  while  prices  range  so  near  those  of  wheat  and  rye. 
Fall  feed  everywhere  is  considered  fairly  good ;  winter  delayed  and  consumption  by  live  stock 
lessened  in  consequence.  The  free  marketing  of  hogs  and  cattle  and  all  other  live  stock  has  also 
curtailed  consumption.  The  movement  from  farmers'  hands  in  Illinois  continues  liberal ;  also  in 
the  Southern  corn  belt,  where  corn  has  now  become  a  staple  product.  Shipments  are  reported  from 
the  South  to  Nebraska.  Wheat  is  being  more  freely  fed  in  sections  where  corn  was  short.  These  new 
features  will  likely  prevent '  the  transferring  of  corn  and  other  grain  across  county  lines.  We  per- 
ceive no  reason  to  expect  higher  prices  to  prevail. 

Oats. 

The  visible  supply  of  oats  is  nearly  three  times  as  great  as  last  year  and  probably  not  in  excess 
of  shippers'  wants.  The  exports  for  five  months  ending  with  November  were  only  245,132  bushels, 
against  5,381,001  bushels  same  liuie  in  1893.    We  see  no  cause  for  radical  changes  in  values. 

Provisions. 

Receipts  of  hogs  at  all  packing  points  continue  unusually  large  and  average  weight  less  than 
last  season.  Too  many  pigs  and  sows  are  being  sent  forward  to  admit  of  a  large  movement  in  1895. 
Exports  of  lards  and  meats  continue  on  a  liberal  scale.  Chicago  stocks  are  not  large.  Values  are 
about  20  to  25  per  cent,  less  than  those  prevailing  soon  after  the  corn  crop  was  considered  a  failure. 
Packers  appear  willing  to  allow  the  market  to  drag  along  at  about  recent  levels  until  most  of  the  hogs 
are  marketed,  then  may  aid  an  advance  as  they  often  do  in  the  latter  part  of  packing  seasons.  We 
think  conservative  buying  of  May  provisions  in  early  January  will  likely  lead  to  handsoms  gains. 
Packing  at  Chicago  from  October  27  to  December  22  was  524,000  greater  than  same  time  in  1893. 
Total  packing  to  December  21  indicates  an  increase  over  last  season  of  61  per  cent,  in  the  number  of 
hogs,  and  equals  3,275,000  hogs  against  2,030,000  last  year  same  time. 

With  compliments  of  the  season,  we  are  yours  truly,  CLAPP  &  COMPANY. 

17 


CLAPP  ft  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER. 


Quotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  December  26,  1894,  and  tor  December,  1893. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EBKLT 

Sales. 


500 

2o5 
195.195 

T94 

920 
8,388 

470 

615 

7CS4 

2.ii66 

I&.:ill 

30.255 

4S.S67 

374 
6.296 

200 

io,iyi 

743 
400 

6.D35 
9J3 
522 
bOO 
67.221 
2u.2S7 
325 

8,bo2 
3C6 

S,075 

l.OOO 
S,416 
2.300 
8.760 
200 


8.954 
8,517 
492 
1.818 
8.010 
8.650 

'665 

i.m 

1.365 

8.4C0 

490 

100 

48,860 

769 


1.010 
2,185 
1040 

650 
1,250 

100 
10,012 
9,2:5 
6.646 

300 

615 

18.288 

1.810 

420 


Capitai 

Stock. 


$20,237,100 
10.198,600 
86,773,000 
86.773,000 
17,900.000 

102  000.000 
25,000,000 
15.000,000 
22.48H.000 
60.805.400 
82  262,700 
24,885,800 
46,027,261 
25.923,900 
46,156.000 
18.5.59.360 
89,054,907 

«,335  iro 

20,500,000 
10,000,000 
35,430,060 
26.200,000 
80.000.000 
83,650.000 
85.000.000 
30,469,700 
85,000,000 

8,000.000 
60.000,000 
10,000,000 
11,840,000 
11,840,000 
49,466.500 
52,800,000 
80,000,000 
18,738,204 
18,000.000 
47,844.100 
47,436,576 
14,9C5,400 
14,904,000 
89,428.300 
77,427.000 
19,809,000 

6,000,000 
58,119,982 
10.173.000 
39,767,200 
49,000,000 
86,140,181 
80.000,000 

8,500,000 
40,426,861 
86,000,000 


118.958,170 

19,8.50,000 
38.710,900 

6.600  000 
60.888,500 
83,837,098 
20,166.000 
17,813  800 

7,113,550 
28,000,000 
24.000,000 
94,820,000 
10.000.000 

4,500,000 


DivrDEHi)  Record. 


Pays  3po  J-D 

Pays  3pc  O-J-A-JT.... 

Pavs  3J<;pc  J-.J 

Pays  3pc  F  M  A-N... 
Paid  5Hpc  in  1888... 

Pays  2Hpc  M-N 

Pays  IMpu  F-A 

Pays  If^pc  F-M-A-N. 


Pays  IMpc  il-JS-D.... 
Pays  IJ^pc  M-J-S-D.... 

Paid  2pc  A-0 

Pays  7  PC  Per  Annum. 
Pays  Ipo  F-M-A-N 


Pavs  3dc   J-D 

Pays  mpc  M-J-S-D. 
Pays  l^po  F-A 


Pays  2pc  M-J-S-D 

Pays7pc  per  annum. 
Fays  1J4PC  M-J-S-D.. 
Paid  Ipc  May  1893.... 
Paid  ],Wpc  Jan.  1803. 
Paid  2pc  AufTt  st  1893. 
Pays  l^pc  F-M-A-N. 


Pays  2i^pc  M-S. 


Pava  IKpc  F-M-A-N.. 

Pays  3pc  FA 

Paid  2pc  August  1893.. 
Pays  l^pc  J-A-J-0... 
Paid  2pc  August  1894. 


Paid  3pc  1891 

Paid  Ipc  July  1894... 
Pays  ]?ipc  M-J-.S-D. 
Pays  1J4PC  J-A-J-0. 


Paid  IMpc  Nov.  1898. 


Paid  Ipc  April  1892.. 
Paid  Ipc  in  1887.... 


Pays  2pc  F-M-A-N. 


Paid  Ipo  in  1887... 
Pald'8J^po"in"i884! 


Pays  IMpo  J-A-J-0. 
Pays  Ipc' F-M-A-N '. '. '. 


Naubs  of  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd . 
Am.  Sugar  Refining  Co.. 
Am.  Sugar  Refining  Co  Pf 

American  Tobacco  Co 

Atcliison.Topelja  &  S.  Fe, 

Baltimore  &  Ohio 

Canada  Southern 

CentralofNew  Jersey .... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul. . . 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic,  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  Cin.,  Chic.  &  St  L. 
Col.,  &  Hock'gCoalA  Iron 
Consolidated  Gas  of  N.  Y. 
Delaware.  Lack'a  &  Wn. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co.. 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. . 
Lake  Erie  <fe  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Micb.  So'n. . 
Louisville  &  Nashville.... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mis.souri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd 

N.  Y.  Cent'l  &  Hudson  Riv 
N.  T.  Lake  Erie  &  West'n 
NYAN  E  tst  CO  cti  all  in  pd 
N.  Y.  <fe  Northern  Pfd.. 
N.  Y  Ontario  &  Western 
N.  Y.  Susq.A  W'n  Pfd.., 

North  American  Co , 

Northern  Paeifio 

Northern  Pacific  Pfd..... 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Eransville 
Philadelphia  4  Reading.. 
Pullman's  Palace  Car  Co. 
Rich  &  W  P  Ter  5th  inst  pd 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Tenn.  Coal.  Iron  &  R  R  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  A  Nor.  Mich 

Union  Pacific 

Union  Pac.  Deny,  ifc  Gulf. 
United  States  Rubber  Co. 

tl.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred  

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie  . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  dayi 619.440 


COTTON   STOCKS. 
World's  visible.!  AllU.S.P'tsI  Liverpool.  |  Afloat. 
1S941     4  564.61)6  b.       1,229.102  b.    1,078  000  b.    871  000  b. 
18931    4  468,190  b.    |  1,166  938  b.l  l,14JO0O  b.'  901.000  b. 


y.  T. 
Cotton 
Ex. 


December. 
January. . . 
February.. 
March. 


WHEAT. 

I  U.  S,  Visible.  I 
1891  89.07ru00  Bush. 
1893|  80  026,000       "     I 


Stock  N.  Y.  I  Stock  Chicago. 
12  242  745  Bush.  26  280.000  Bush. 
18,610  195    "       I  I9,?11.000      " 


N,  York  I  December. 
Wheal.  iMay 

C°"    •^Mly!.'".^"- 


CORN. 
I    IT.  S.  Vlilble.    I 
1894     8  8;U.000  Bnsb. 
1893i    7.289.000       "     ( 


Stock  N.  Y.     I  Stock  Chicago. 

1  882,350  Bush.     2  014  000  Bush, 

448,870       "     I     2.255  000       " 


Chicago  1  December. 
Wheat.  1  May.. 
Corn      J  December, 


OATS 

I  U.S.  Visible.  I 
1894  8.060  000  Bush. 
18931     3  811000       " 


Oats. 


Stock  N.  Y.  I  Stock  Chicago.  I""*"  •  • "  ]  Sfy^™''®'"- 
1.689.059  Bush.  1  604  000  Bu8h.L„  .  iJanuarr' 
1.613,795       "     I       739,000       "     F""^*"' 1  May.  ....!! 


STOCKS  OF  CONTRACT  PROVISIONS,  CHICAGO.ir  „,^       I  January 
I  Pork.         I  Lard.  I  Ribs.  l^^^^-JMay 


62.384  Bbls. 
18.412 


18,284  T08. 
2  040 


ir.936.T90  Lbs. 
8.461.400 


Ribs . . 


( January. 
IMay. 


Thursday. 
Dec.  20. 


24?4 
70 


90^4  90J4 

95!^  '  95> 

■i%  45 

63%  63J^ 

501^  60M 

93^  82% 

17%  17H 

72  n% 

7'iM  71; 

.68)4  5;i 

120  120 

82^4  61% 

33  83 

98  97% 


39%    39 
135%  132% 

126^  126^ 

33^    83% 

9H      8H 

35%    85% 

102      101^ 


25       26 

73'  72% 
138      136% 

58^  53!^ 
105%  104^ 

98       06 


8794  87?i 

38%  86 

99%  WVi 
10%      9J4 

329i  88 

i5%  15% 


22       819^ 

8«      i?* 

W/b    18!* 

154%  154% 


Friday. 
Dec.  8L 


91%  89% 
91%  91% 
96%  96 
4%  4% 
'"•'  63^ 
60% 


61 

93«  93% 

:i?*  71% 

71%  nhi 

6S%  68% 

120  120 

62%  62% 

98%  97?4 


89%    89 
133%  iZi 

126%  1C6^ 

83W  33% 
<M  8'>), 
35%    M% 

'l«    "i 
6S       879ft 
85%    25 

78"     78 
187%  xsnvi 

f>SW    58% 
106%  104% 


1^ 


1^ 


il»  iVA 

44%  42 

r«  ri% 

IS  u 


x87%    86% 
im    10% 


180.166 


558  6,47 

5.57  651 

5.6.'  6.55 

60M  69% 

62%  62% 

51%  61% 

53%  52% 

.54%  68?i 

mi  58%' 

45%  46% 

49%  49 

29  29 

32%  82 

i;.80  11,77 

12,15  12,10 

6.S5  6,80 

7.10  7.05 

5.92  5,87 

6,13  6,10 


27%  86% 

S3  88 

99%  99% 

ICVfe  10% 

32%  8i% 

15%  i5% 

4 


16        W/k 
154%  164% 


19 

17 
8*i 
8« 


189i 
16% 

9% 

2 


12%  12% 
3%      85, 

44^  44 
Sh      8 

106  12% 

\m  i8« 

87%  86i>i 

1094  )0H 

42%  41% 


160.413 

6,43  5,40 

6.48  5.42 

6.50  5,45 

6  66  6.50 


6,80  8,77 

7  02  6.97 

5.^0  5,80 

6,07  6  08 


Saturday, 
Deo.  82, 


90«    8^ 


S3?i  63« 

61  51 

17%  i7% 

71%  71% 

71%  71-- 

68%  57?i 

1-20  120 

62%  6lH 

83  83 

r,%  97% 


l.U   183 

l609i  160?6 
!•«%  K5% 
33   83 
10    *.. 
84%  83% 


85«  8554 

78  ■  78 
137%  137% 

53%  63% 
'04%  104% 


27   ««% 


99%  89% 
9%  9% 
82       81% 


m    8% 
i7%   ifl 

i59i   i^^ 

l54%  154 


\f%    18 
16%    16 


Monday. 
Deo.  34. 


98%  B.3% 

17)4  17% 

71%  7!% 

78  7156 

58  67% 


62 


61% 
98"     97% 


138      132% 
162%  lal 

io%    '994 
81%    83% 

8i^8l^ 


'87%  137% 
53%  53% 
104%  104% 


27%  26J^ 

8S%  SS 

999i  09 

10  IC 

82%  82% 

15%  16% 


IS   li 


18%  18% 

15%  15 

99i  9% 

t  8 

li«  i:9i 


44«  44%  46  4494 

~'^  'H  7M      6^ 

m  ia5«  12  11'% 

'.'.'.'.  i89<  18% 

87%  86%  87^4  87 

1094  l<'9i  VH  lOM 

41%  41%  ._  ..'^ 


63,872 


5.44  6,41 
5,48  6,44 
5.58    5,49 


70,417 


59%    6996 
6296    62% 
52%    52 
5294    82% 

59% 
624* 
5194 

62% 

59% 
62% 
5194 
52 

539i    58% 
6f4    68 
46%    46 
49       48% 

5396 
58% 

5896 

68 

29%    29% 
32       81% 
l:.70  11  57 
12.06  11.95 

29       2« 
3196    31% 
1155  11.52 
11  85  11.90 

6.76 
702 
680 
8.0-i 


OLD  PORK. 

1894 bbls. 

1898 bbls. 


WHEAT  AND  CORN  ON  PASSAGE. 
Wheat-1894.  30.S56.000  bn.       Com    1894,   4  o8^.  000  bo. 
1893,  83.160.000  bu.  im.   6  160.000  bB- 


8.78 
6.97 
877 
6,00 


H 

0 

p 

H 

u 


Tuesday. 
Dec.  85. 


Q 

n 

H 

> 
01 
I 

Ij 
> 


H 

Q 

H 

(? 

t^ 

Q 
f 
0 
8 


Wed., 
Deo.  86. 


84  8194 

69  69 

89%  8S94 

90  90 

96%  96 

4%  3% 

50%  50^ 

93  90% 

17%  17. 

71%  7096 

72%  72 

57%  6996 

6i%  61% 
33   83 
97%  S696 

8996  89 
5%   5% 
1^  188 

124"'  125% 

ii96  ioi4 

3;%  ,3396 
102%  102V4 

8^  2594 

7i%  7i" 

53V4  h\u. 
1C494  '04)4 
98%    98% 


2694  269i 

87%  89% 

84%  84 

99%  99 

99i  9% 

82  81% 

15%  15% 

896  896 

i.,  8% 

1796  1796 

21J6  21% 

i«%  15^ 

158%  153% 


I59j    1594 

9%      9% 

ii%   ii% 


45 

7 
ll« 

6 


44% 
5% 
8% 
6 


189i    1396 
86%    86 
1096    10 


166  082 

6,4a  6.41 

5.48  5.43 

552  5.47 

6,57  6  61 

60%  60k 

6296  62% 

62  S3 

62%  62 

54  5394 

6396  5S 

4594  44% 

4896  4794 

29%  29V4 

31%  31»6 

11.55  ll.'2o 

11  92  11  02 

6.72  6  fii 

0  97  6  ir 

5,75  5  67 

6.02  5.87 


15% 
42 


l3Wi 
15Ji-i 
16% 


6,66 
5,7J 
5.77 
6.79 

61 
65 
56% 
54% 


47*i 


3,40 
6.41 
6.<4 

6  49 

59V4 
62A 
51% 
62 


o4 


50: 


29% 
32% 


3196 
1185 
11,68 

6.62 
6.87 
5.C7 
5.87 


Range  for 
Dec.    1893. 


31  28% 

6994  60 

8^%  7896 

85%  81% 

82%  63 

82  9% 

v^.  ^^ 

117%  112 
*)%     14% 
81%    73% 
69%    5996 
66%    56% 
121%  116 
71%     62% 
40%    32% 
10694     !7 
13994  139% 
3996    8496 
»96      7% 
132      124 
l'i8%  15:9i 
136%  127% 
849^    8O94 
30)i     1896 
89%    8;% 
|07      100 
694      < 
94%    89 
16%    15 
17%    14% 
69       61% 
l29      119% 
53%    3994 
l-'a%  120% 
l02%    96% 
27!^    22 
6%      6% 
27%    20% 
28        21 
71        63 
l03%    97% 
16        13% 


32 
594 


994 
5 


1.%     14% 
49        41 


8% 

4 


2lH  18% 

16%  13" 

7  M 

21'/6  17 

396  2% 


19 
14 


*1%    89% 


8 

17% 
92% 
15% 
54% 


12% 
81 
12% 
47 


6.04  7  40 

8.09  7  40 

8.18  7  58 

8.28  7  61 

eS94  65 

74H  6911 

46  U\i 

47A  48% 

64%  59% 

70%  6496 

36ii  34  A 

41%  37% 

28%  27% 

31%  2996 

13.10  1205 

18.17  12.16 

8.12  7.42 

7.90  7.32 

6.S5  6.17 

!  6  90  6.86 


INDIAN  SHIPMEMTS  OF  WilEAT. 

Past  week I8O.OOO  bu.       April  1,  I8:i4.  i..  late...    9,920,000  bu. 

Same  week  1898,..  840.000  bu.       Same  period  18M 1  r.280,000  b«. 


.A60M  labUt  Compile*  and  Copyrighted  hy  OlapP  and  Company  Send  for  Portfolio  and  file  our  Letters  fur  reft. 


TRncchli?  nParftet  Xcttcr. 


No.  410. 


O.  W.  CLAPP. 
DWIQHT  O.  CLA^r 


CLAPP    &    COMPANY, 

Banhers  anb  Brohers, 
iniLLS    BUILDING,    IM.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRB 


Bkanch 
Officu: 


277  BROADWAY,  Corner  CMAMiEBi  St. 
671    BROADWAY,  BnoAow«»  Central  Hoteu 
753  FIFTH  AVENUE,  Corner  68th  »t.. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Tblephone. 


New  York,  Thursday  Morning,  January  3,  1896. 


Financial  Outlook. 

The  financial  giants,  industry  and  economy,  hail  the  dawn  of  1895  Tvith  courage.  The  shadows 
of  the  night  are  not  easily  renewed  in  the  light  of  day.  Public  funds  or  private  purses  are  not 
endangered  by  making  good  dollars  better  or  more  plenty,  or  fixed  charges  lighter.  American  man- 
ufacturers, farmers  and  planters  are  not  worrying  over  quality  of  dollars  so  much  as  quantity  of 
Erofits.  Uncle  Sam's  dollar  is  still  better  than  its  distribution  or  its  distributor,  but  all  can  and  will 
e  improved. 

Straws. — Recent  reports  indicate  wages  are  about  16.33  per  cent,  greater  than  in  1893,  and  21.77 

f)er  cent,  less  than  in  1893.  About  14,692  failures  in  1894  show  liabilities  of  about  167X  millions  or 
ess  than  half  those  of  15,242  failures  in  1893.  Merchandise  imports,  $436,021,173.  Duties,  $88,231,102. 
Net  gold  exports  78  millions,  silver  34  millions.  United  States  Sub-Treasury  received  $1,209,058,- 
614.42,  payments  were  $1,142,764,301.74,  the  gold  withdrawn  was  $116,560,903.    Silver,  $10,767,639. 

Stocks  and  Bonds. 

Bonds. — About  $134,785,000  new  issues  were  listed  on  New  York  Stock  Exchange  in  1894,  the 
last  six  months  showing  increase  over  first  half.  Total  old  and  new  issues  $259,884,600.  Over  90  per 
cent,  of  the  new  issues  were  on  Southern  railways.  Government  bond  syndicate  sold  about  10>4 
millions  around  119.  Choice  bonds  in  good  demand.  Questionable  in  excessive  supply.  Only  1 
per  cent,  of  municipal  bonds  issued  in  past  four  years  failed  to  pay  interest. 

Railway  Stocks. — The  Chronicle  reports  $327,231,063  securities  listed  on  New  York  Stock 
Exchange  since  July  1.  Total  for  1894,  $510,997,603,  showing  a  gain  over  1893,  yet  less  than  half  in 
1890,  and  more  than  twice  those  of  1885,  which  were  less  than  any  year  since.  New  stock  listed, 
$36,616,253.  Total,  $251,193,003.  The  new  mileage  up  to  October  1  was  barely  1,000  miles,  but 
increased  during  the  last  quarter  of  the  year  to  from  1,761  to  1,919,  according  to  different  authorities, 
and  was  about  smallest  actual  building  in  any  year  since  the  war.  The  St.  Paul  Railway  decreased 
gross  earnings  16  per  cent.  Atchison  decreased  to  December  15  about  175^  per  cent.  Indications 
point  to  reorganization  and  assessment.  Louisville  earnings  to  third  week  in  December  shows  only 
5.1  per  cent,  decrease  compared  with  1893.  Missouri,  K.  &  T.  and  Texas  Pacific  and  Norfolk  & 
Western  show  gains  over  1893.  Southern  Railway  a  small  decrease.  Eastbound  tonnage  was 
2,862,070  tons,  against  3,281,280  tons  preceding  year. 

The  Railway  Age  says  38  roads  were  placed  in  the  hands  of  receivers,  involving  mileage  7,025, 
bonds  $196,247,000,  stock  $199,144,000,  total  $395,791,000  ;  against  74  roads,  29,340  miles,  and  total  of 
securities  of  $1,781,046,000  for  1893.  42  roads  were  sold  in  1894,  representing  5,643  miles,  $164,216,000 
in  bonds,  $154,783,000  stocks,  or  a  total  of  $313,999,000.  The  number  was  exceeded  only  four  times 
in  twenty  years,  mileage  equalled  only  once,  and  the  securities  involved  were  more  than  any  year 
except  1886  and  1887. 

The  pending  pooling  bill  means  renewed  protection  and  revenue  to  railways,  and  lends  especial 
encouragement  to  the  competitive  Granger  stocks  and  the  Trunk  lines.  Commercial  agency 
reports  are  on  the  whole  more  favorable.  Coupon  payments  will  bring  one  hundred  millions  to  the 
Street.    Total  sales  of  listed  stocks  at  Stock  Exchange,  32,968,690  shares. 

Industrials. — We  look  for  Sugar  and  Tobacco  and  Distillers'  stocks  to  be  manipulated  freely 
in  1895.  Chicago  Gas  reports  good  earnings.  We  prefer  expecting  a  lower  price.  General  Elec- 
tric's  methods  are  lacking  confidence,  though  3.7i^  profits  are  claimed  for  stock.  Cordage  statement 
due  Jan.  9th.  Lead  and  Cotton  Oil  are  fairly  well  managed  and  may  do  better.  T.  C.  and  I.  reports 
are  favorable,  and  friends  predict  a  25  or  50  <i  advance  this  winter.  Pacific  Mail's  friends  are  more 
talkative.  We  look  for  continued  activity  in  the  Industrial  Stock  Exchange  market,  which  is  quite 
a  different  thing  from  developing  industries.  Total  sales  of  unlisted  stocks  at  Stock  Exchange, 
16,307,046  shares.  ,y 


CLiPP  &  COMPANY,  BANKERS  AND  BEOKEES,  NEW  YOEK,  WEEKLY  MAEKET  LETTEE. 


Total  Sales  during  1894  of  each  of  214  Stocks  listed  on  N.  Y.  Stock  Exchange,  with  comparisona. 


Sales. 

Adams  Express 8,360 

Albany  &  Susquehanna..  123 

Alton  &  Terre  Haute 6,689 

do.                    pr*f.  800 

American  Coal 685 

American  Cotton  01) 169,828 

do.                     pref.  44,530 

American  District  Tel. ...  8.133 

American  Express 5,891 

•Am.  Sugar  Refining 8,745,835 

•  do.                     pref.  186,374 

Am.  Tel.  &  Cable  Co 8,295 

•American  Tobacco 885,087 

do.                    pref.  21,834 

Atch.  Top.  &  Santa  Fe...  858,-398 

Atlantic  &  Pacific 16,890 

Baltimore  &  Ohio 55.84:} 

•Bay  State  Gas 84,9i5 

B.  &  O.  Southwn.  pref.  300 

do.                       new  1,7G8 

Belle.  &  South.  HI.  pref. .  800 

Boston  Air  Line  pref 45 

•Brooklyn  Elevated 190 

•  Brooklyn  Traction 137 

Brunsnick  Company 1,580 

Buffalo,  Roch.  &  Pitts.  ..  1,715 

do.                    pref.  125 

Bur.  Ced.  Rap.  &  Nop....  43 

Canada  Soutb.^m 88,872 

Canadian  Pacific 19, 1 78 

Cedar  Falls  &  Minn 1,600 

Central  Pacific 12,561 

Cent.  &  So.  Am.  Tel 327 

Chesapeake  &  Ohio 286,539 

Chicago  Gas 8,964.930 


Chicago  Stock  Yards. . 

do.  pref. 

Chicago  &  Alton 

Chicago  &  Eastern  III. . . . 

do.  pref. 

Chicago  &  Northwest. . . . 

do.                    pref. 
Chicago,  Bur.  &  Quincy. .  3.079,641 
C.  C.  C.  &  St.  Louis 169  134 

do.                     pref.        2.716 
Chic.  Mil.  &  St.  Paul 4,906,038 

do.  pref.      29,425 

Chic.  Rock  1.  &  Pacific... 
Cleveland  &  Pittsburgh.. 
Col.  Coal  &  Iron  Devel... 
Colorado  Fuel  &  Iron. . . . 

do.  P""*^'- 

Columbus  &  Hock.  Coal. 

dn.  pref. 

Col.  Hock.  Vftl.  &  Tol. . . . 

do.  pref. 

Commercial  Cable 

Consolidated  Coal 

Consolidated  Gas  Co 109,424 

Delaware  &  Hudson 195,913 

Del.  Lack.  &  Western. . . .  100,791 
Denver  &  Rio  Grande. . . .      10.682 

do.  pref.      98,511 

Des  Moines  &  Fort  Dodge       4,260 

do.  pref.  428 

Distilling  &  Cattle  Fdg, .  .3,071,688 
•Duluth,  So.  Sho.  &  Atl..  ],.W0 
•         do.  pref. 

aEast.  Tenn.  Va.  &  Ga. . . 
6        do.  1st  pref. 

do.  2d  pref. 


770 

15 

8.885 

950 

2,104 

710,022 

10,887 


547,011 

1,279 

7,567 

18,346 

945 

17,633 

10 

87,767 

1,363 

155 

790 


1,2.30 

27.859 

4,553 

19,6.57 

18,8.i6 

a36 

8,.540 

7.925 

4,145 

209 


Edison  Elec.  ni.  of  N.  Y. 
Edison  Elec.  HI.  of  Bkn., 
Erie  Teleg.  &  Telephone. 
Evans.  &  Terre  Haute... 
Flint  &  Pere  Marquette.. 

do.                     pref. 
General  Electric 1 ,230,9  .'3 

do.              pref 70 

Great  Northern  pref 10,193 

Green  Bay  &  Win.,  t.  r...  80,154 

do.            pref.  t.  r.  9,536 

Harlem .5.33 

Homestake 8.767 

Houston  &  Tex  as 600 

Illinois  Central ." 83,156 

do.          leased  lines  107 

Int.  Cond.  &  Insulating..  1.986 

Iowa  Central 44,947 

do.         pref 18,365 

Kanawha  &  Michigan 1,560 

Keo  <t  Des  Moines  pref..  69 

Laclede  Gas 76.353 

do.        pref 16,495 

Lake  Erie  &  Western ....  49,451 

do.                     pref.  S0,9:J4 

Lake  Shore 146,372 

Long  Island 12,.')02 

•Long  Island  Traction...  147,337 
Louisville  &  Nashville....  1,059,384 

Louis.  Evans.  &  St.  Louis  155 

Louis.  New  Alb.  &  Chic..  29,0S8 

do.                     pref.  31,0.54 

Louis.  St.  Louis  &  Texas.  500 

Mahoning  Coal  R 500 

do.                 pref...  :54 

Manhattan  Beach 600 


Last, 

\89A.Adv.Dec. 

140  2      .. 

155  11       .. 

22  15%  .. 

150  171^  .. 

90 

28^4  '.'.      6k 

61J^  6H  .. 

40  ..       .. 

112  ..       .. 

81  896  .. 

84  6      .. 

86  7      .. 

70     sm  .. 

90      19J|  .. 
9^  ..      5% 
1       ..       .. 

67)^  ..      6!^ 

"8  'an :: 


101 5i  .. 
19      .. 


859 

17 
8« 

90 
53!4 
6'A 
25 

m 

13 
26 

64H 
16i4 
71)4 
134H 
88 
12% 
53'J 
5 

„'^ 
81  li 

108 
104 
2K 


827;^ 

85 

..       2>s 

56% 

56'.^ 

..         k 

118 

116 

8      .. 

61W 

63% 

..,     Ih 

164)^ 

14« 

c^  .. 

7 

11 

4 

26 

22H 

3^  .. 

75 

70 

5       .. 

6 

8X 

..      3!,^ 

80 

62^4 

..     22!-, 

17% 

18^ 

..       Ik 

60 

60 

150 

81« 

27 

*H  .. 

131 

124 

7      .. 

1269^ 

130 

..    m 

1609^ 

161« 

..    k 

83'^ 

9 

2M  .. 

80Ji 

m .. 

6^ 

6 

..     K. 

84 

86 

8      .. 

10 

83 

..     13 

4^ 

5^ 

..      1 

13 

13 

llVi 

M 

11      .. 

'U% 

12 

7%  .. 

13 

99V| 

low  .. 

101 

IH  .. 

1"^ 

101 

lOH  .. 

61!^ 

40' ' 

48 

..       8 

1694 

8S 

..      8^4 

44!^ 
34^ 

55 
83^ 

..    10).. 

70 

88 

..      18 

102^ 

100 

2M  .. 

m 

M^ 

..  im 

3 

..     12M. 

848   11 
10«  6^  .. 

8^ ::  6k 

88)^  1^  .. 
32)4  81   .. 

o\4  ..     .. 

22%  8J6  .. 

10  ..       1% 

12  1       .. 

16  11       .. 

691^  U%  .. 

14H  l*i  .. 

62  9K   .. 

I20M  14U  .. 

99  ..       11 

i'^H  '9K  •• 

0)4  ..    4K. 

8K   ..  1% 

34%  ..  li% 

m  ..  1% 

100        8  . , 

105      . .  1 

4K  ..  8 


Open-  High-  Low- 


Manhattan  Con  ,,....,.. 

Maryland  Coalj:-ef 

•Metropolitan  Traction.. 

Mexican  Central 

Michigan  Central; 

Mich.-Penin.  Car  Co.  pref. 
bMinneapolis  &  St.  Louis 
b         do.  pref. 

Minnesota  Iron 

Missouri  Pacific 

Missouri,  Kansas  &  Texas 
do.  pref. 

Mobile  &  Ohio 

Morris  &  E^ssex 

Nashville,  Chat.  &  St.  L. 
•National  Lead  Co 

*  do.  pref. 

National  Linseed  Oil 

National  Starch 

do.  1st  pref. 

do.  3d  pref. 

New  Central  Coal 

New  Jersey  Central 

New  York  Central 

(/New  York  &  New  Eng. 
New  York  «S:  New  Haven 
New  York  &  North,  pref 
New  York,  Chi.  &  St.  L.. 

do.  1st  pref. 

do.  2d  pref. 

New  York,  Lack,  &  \V... 
N.  Y.,  Lake  Erie  &  W.... 

do.  pref. 

N.  Y.,  Sus.  &  Western. .. 

do.  pref. 

Norfolk  &  Southern 

Norfolk  &  Western 

do.  pref. 

North  American 

N'orthern  Pacific 

no.  pref. 

Ohio  Southern 

Ontario  Jlining 

Ontario  &  Western ' 

Oregon  Improvement.... 
Oregon  Railway  &  Nav., 
Oregon  Sh,  L.  <S  Ut.  N... 

Pacific  Mail 

Pennsylvania  Coal 

Peoria  &  Eastern 

Peoria,  Decatur  &  Ev.... 
Pittsburg.  McKeesj).  &  Y. 
Philadelphia  <S:  P.eadiiig.  1,. 
Pierre  I^>rillard  pref.... 
Pitts.  &  Western  pref... 
Pitu.,  Cin.,  Chi.  &  St.  L. 

do.  pref. 

Pitts.,  Ft.  Wayne  &  Chi. 

do.  sp, . . 
Pullman  Palace  Car  Co.. 
Quicksilver 

do.  P""^' 

Rensselaer  &  Saratoga., 
cRicbmond  &  West  Point    I 

do.  pref.  t.  r. 

Rio  Grande  Western 

Kome.  Watertown  &  Og. 

St.  Louis  Southern 

St.  Louis SvUth western.. 

do.  pref. 
St.  Paul  A  Duluth 

do.  pref. 
St.  Paul  &  Omaha 

do.  pref. 

St.  Paul,  Minn.  &  Man... 
Silver  Bullion  Certificates 
Southern  ,S  Atlantic  Tel. 

Southern  Pacific I 

/Southern  Railway 1 

/        do.  pref. 

Tennessee  Coal  &  Iron  . . 

do.  pref. 

Texas  Pacific : 

Texas  Pacific  Land  Trust 
Toledo  &  Ohio  Central. . . 

do.  pref. 

Tol.,  Ann  Ar.  &  N.  Mich. 
Third  Avenue  Railroad.. 

Union  Pacific 

Union  Pac,  Den.  &  Gulf   ' 
United  States  Cordage  . . 

do.  pref. 

do.  gtd.. 

United  Stat  M  Express  . . 

Utica*  Black  River 

United  States  Rubber  . . . 

do.  pi'ef. 

•United  SUtes  Leather. . 

•  do.  pref. 

United  R.  of  N.  J 

Wabash 

do.  pref. 

Wells-Faigo  Express. . . . 

WestiTii  Union  Tel 1, 

Wheeling  &  Lake  Erie  .. 

do.  pref. 
Wisconsin  Central 


15  179i 

176  181 

iH  im 

12)^  85 

15  10% 

110  117 

95H  96 


14%      10 


34^ 

14 

62J4 


75         76 
594      11^ 


Last, 

1893.  Adv.Dee. 
\239i  ■•  iSH 
60      ..    10 


66 


111  1179i  87V4 

98)^  10-46  95V4 

10  32Mi  39i 

185  197  178 

5           6  5 

14«  1694  13 

66  75)^  62 

30  34)^  25 

11014  117^  llOU 

14)^  18%  9}| 


17H   ..   sa 


140      iO 
162U    ..    1 

1%  M 
12^  194 
170      11 

2%  13 


4% 


45^  33^ 

99  80 

12H  8 

«<%  62^ 


'i^      ^^      1^ 


114H 

::  r 

105 

6      .. 

78H 

..    0^ 

20% 

..     1% 

i4H 

i%  ." 

60 

7H 

29?  .. 

10 

..    iH 

40 

75 

■  •       •• 

5% 

..   ^ 

185 

2^  .. 

18 

:;?g 

228W  7]^  .. 

6H  ..   a 

13H      H  .. 

131  ..  24 

82%  4%  .. 


1 


•  Unlisted,     a  Including  Ist,  3d  and  all  as.sessments  paid.     0  Including  2d.  '!d  and  all  assessments  paid,      c  Including  trust  receipts,  2d,  Sd  and  all  nriBM 
mantapald.     d Including  trust  receipts,  Ist,  2d.  3d  and  all  instaliiieu<^  paid,     e  Including  trust  receipta.  1st,  Sd,  8d,  4tb  and  6tb  instalmenU  r   " 

/Including  sales,  both  Usted  and  unlisted,  and  when  Issueo. 
20 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Cotton. 

The  total  movement  from  first  hands  since  September  1  has  exceeded  that  of  any  previous,  season 
same  time  since  1891.  Secretary  Hester  says  09.48  per  cent,  of  the  crop  came  in  sight  before 
December  28.  On  this  basis  this  crop  will  equal  about  9,728,000  bales.  We  think  the  concensus  indi- 
cates this  crop  will  be  nearer  ten  than  nine  million  bales.  That  the  January  movement  will  have 
much  to  do  in  dictating  values  the  coming  GO  days,  and  if  under  800,000  bales,  sentiment  will 
likely  be  bullish  ;  if  about  or  over  1.000,000  bales,  it  is  quite  possible  the  bears  may  depress  the 
market  to  the  minimum  point  readied  last  fall.  The  world's  visible  is  about  four  per  cent, 
in  excess  of  that  four  years  ago.  The  stock  in  America  about  6  per  cent,  larger.  The  Texas 
movement  to  December  28  has  been  1,458,799  bales,  against  871,725  bales  last  year,  or  507,074  increase 
or  about  G'3J4  per  cent,  in  excess  of  that  of  1893,  same  time,  and  based  on  crop  of  2,059,000  bales  in 
1893,  appears  to  indicate  a  crop  of  about  3,400,000  bales  of  same  weight  as  1893.  The  Chronicle 
reportecf  Texas  bales  up  to  December  1st  3.8  per  cent,  heavier  than  last  year,  or  average  of  539.50  lbs. 
The  December  movement  was  about  325  in  excess  of  December,  1891,  and  in  sight  to  date  more  than 
450,000  bales  in  excess  of  1891.  Spinners  everywhere  are  reported  as  having  large  stocks  and  ample 
margin.  Conditions  are  almost  tne  reverse  of  those  a  year  ago.  Then  March  cotton  was  rangmg 
around  8  cents  per  pound,  or  about  $12  per  bale  more  than  present  prices,  thus  adding  to  the 
planters'  revenue  about  $5  per  acre.  Sales  of  spot  cotton  on  tne  New  York  Cotton  Exchange  last 
year  were  200,834  bales,  against  421,000  bales  in  1893  and  345,000  bales  in  1892.  Of  futures 
30,308,000  bales,  against  56,032,000  bales  in  1893  and  44,414,000  in  1892. 

Wheat. 

Transfers  of  wheat  in  Chicago  from  oflScial  to  unofficial  supplies  will  prevent  increase  in  the 
maximum  visible  of  December  24,  1894,  and  may  create  bull  sentiment.  Primary  receipts  appear 
falling  off  about  in  proportion  to  export  clearances.  Country  millers  in  the  winter  wheat  belt  con- 
tinue reporting  a  large  amount  of  winter  wheat  fed  to  live  stock  and  inability  to  secure  ample 
supplies  to  keep  their  mills  running.  Private  elevators  in  Chicago  and  the  Northwest  probably 
never  held  as  much  wheat  as  at  the  present  time.  Invisible  supplies  appear  below  recent  averages 
at  this  season,  and  possibly  no  larger  than  March  1.  The  Northwest  appears  closely  drained  bv  millers ; 
their  markets  are  practically  the  highest  in  North  America,  freights  considered.  Manitooa  prices 
prevent  shipments.  The  Argentine  wheat  crop  has'  been  and  is  being  damaged  by  rains.  Aus- 
tralia is  in  the  midst  of  the  harvest.  The  French  Bulletin  des  Halles  claims  the  last  crop  is  10 
to  12  ^  less  than  estimates,  mainly  because  the  quality  was  poorer.  Their  live  stock  feeding  is 
greater.  Their  stocks  of  wheat  at  importing  cities  is  low,  and  Great  Britain's  supplies  are  small. 
Their  markets  continue  stronger  than  most  others.  English  offerings  of  home-grown  wheat  small. 
Ocean  freights  are  dull.  Great  Britain  is  liable  to  lead  an  advance  in  the  world's  market  and 
become  an  aggressive  buyer.  We  believe  the  foreign  demand  the  coming  00  days  will  likely  control 
values,  and  crop  prospects  later  on  govern  the  world's  markets. 

Corn. 

Late  cables  report  the  Roumanicin  crop  about  40  millions  less  than  in  1893.  That  eight  import- 
ing corn  countries  of  Europe  imported  the  past  fiscal  year  about  135  million  bushels  of  corn,  the 
United  Kingdom  taking  70  millions  ;  Germany  about  half  as  much  ;  France  more  than  10  millions  ; 
Holland,  Austro  Hungary,  and  Belgium  about  14  million  bushels.  Our  visible  continues  large. 
Corn  growers  appear  convinced  higher  prices  will  prevail,  and  appear  inclined  to  economize  in  con- 
6umj)tion  in  a  way  that  may  thwart  their  efforts  to  advance  values. 

Provisions. 

The  marketing  of  hogs  continues  in  ex.cess  of  expectations.  Iowa  leads  the  corn  States  in  num- 
bers. Pennsylvania  the  North  Atlantic  coast  States,  and  Georgia  the  Eastern  Southern  States.  We 
think  marketing  has  been  too  free  to  continue,  and  believe  more  pigs  and  cows  have  been  sold  from 
the  farm  than  usual,  and  supplies  later  on  will  fall  short  of  expectations.  Export  clearances  con- 
tinue large ;  Chicago  stocks  equal  to  average  supplies.  Sentiment  bearish,  packers  in  control, 
speculation  light. 

Total  packing  to  December  27  was  3,665,000  hogs,  against  2,230,000  last  season.  At  Chicago,  to 
December  29,  l,303,0UO,  against  827,000  last  season  same  time 

Yours  cordially,  CLAPP  &  COMPANY. 


SPECIAL    NOTICE. 

This  Letter  and  the  fifty-two  preceding  ones  will  he  hound  with  other  valuable  statistics  in 
book  form.  "  Clapji  &  Company's  Souvenir  of  18^4^"  is  a  detailed  statistical  record  of  ''  Lead- 
ing American  Exchanges"  and  United  States  finances,  commerce,  banking  and  production.  It 
can  be  secured  on  receipt  of  three  dollars. 

Plefise  allow  a  neighbor  to  keep  this,  and  you  send  for  another. 


CIAPP  &  COMPANY,  BAIfKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatioDs  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  January  2,  1895,  and  tor  January,  189i 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  If.;  P.  &  S.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wkeklt 
Salm. 


8,420 

677 

74,2.S2 

146 

2.408 

1.700 

8.715 

599 

29.389 

1.411 

27.797 

85.365 

60.545 

389 

6,220 

9S8 

16.258 

•413 

450 

1,123 

2..348 

4.591 

310 

86.840 

9.004 

873 

100 

1.530 

800 

400 

1.162 

970 

8.245 

4.688 


1470 
8,820 

4,805 
7.130 
2.500 


665 


210 
800 
550 

83,853 
861 


1,260 
425 
810 
200 

2,231 

6,m 

6.421 
8,932 
109 
600 
6,284 
2,210 


Capitjlx 
Stock. 


$20,237,100 
10,198,600 
36,773,000 
86,778,000 
17,900,000 
102  000,000 
25,000,000 
15,000,000 
22,488,000 
60.805,400 
82,282,700 
24,885,800 
46,027,261 
25,923,900 
46,156,000 
18,559,860 
39,054,907 
22,335  170 
20,500,000 
10,000,000 
35,430,060 
26,200,000 
30.000.000 
23,650,000 
35.000.000 
30,459,700 
2.5,000,000 

8,000.000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18,738,204 
13,000,000 
47,844.100 
47,436,576 
14.905,400 
14,904,000 
89,428,300 
77,427,000 
19,809,000 

6,000,000 
68,119,982 
10.173,000 
89,767,200 
49,000,000 
86,140,131 
20,000,000 

8,500,000 
40.426,361 
86,000,000 


118.861,170 

19,8.5U,000 
38,710,900 

6,500.000 
60,868,500 
83,837,093 
80.166,000 
17.813  800 

7,113,550 
28,000,000 
24,000,000 
94,820,000 
10,000,000 

4,500,000 


DlTIDINS  RiCOBS. 


Pays  3po  J-D 

Pays  3pc  0-J-A-J 

Pays  Si^pc  J-J 

Pays  3pc  FMA-N.... 
Paid  5Mpe  in  1888.... 

Pays  2i^po  M-N 

Pays  IMpc  F-A 

Pays  l^po  F-M-A-N.. 


Pays  1J4PC  M.J-S-D..... 

Pays  l^pc  M-J-S-D 

Paid  2pc  A-0 

Pays  7  PC  Per  Annum.. 
Pays  Ipc  F-M-A-N 


Pavs  3pc   J-D 

Pays  l?ipo  M-J-S-D.... 
Pays  IJ^pc  P-A 


Pays  2po  ]J-J-S-D 

Pays7pc  per  annum... 
Fays  IJipc  M-J-S'-d.... 

Paid  Ipc  May  1893 

Paid  li^pc  Jan.  1893... 
Paid2pc  Aug.  stl893... 
Pays  i"4pc  F-M-A-N. . . 

pajg'2j^po*M-s.";;ii;; 


Pays  IJ^po  P-M-A-N... 

Pays  3pc  FA 

Paid  2pc  August  1893. . . 

Pays  li^pc  J-A-J-O 

Paid  2po  August  1894.. 


PaidSpo  1891 

Paid  Ipc  July  1894 

Pays  I9ipc  M-J-SD... 
Pays  IMpc  J-A-J-O... 


Paid  l^po  Not.  1898.. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2po  F-M-A-N. 


Paid  Ipc  In  1887. 


Paid  S^po  In  1684. 


Pays  l^pc  J-A^-0. 


Pays  Ipc  P-M-A-N. 


Naues  or  Stocks. 


American  Cotton  Oil. . . 
American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  8.  Pe. 

Baltimore  &  Odio 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &StPanl... 
Chicago  MU.  <fc  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific. .. 
Chic,  St  Peal  M.  &  Omaha 
Chicago  &  Northwettern . 
Chicago  &  Northw'n  Pfd. 
Clere.,  Cin.,  Chic,  &  St  L. 
Col..  &  Hock'g  Coal  &  Iron 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del..  &  Hudson  Canal  Co. 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co.. 

General  Electric  Co 

Great  Northern  Pfd 

GreenBayW&StPTr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. . 

Lake  Erie  &  Western 

Lake  Erie  &  Western  Pfd 
Lake  Shore  <fc  Mich.  So'n. . 
Louisville  <fe  KashTille.... 
Manhattan  R'yConsol... 

Michigan  Central. .  

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co.  

National  Lead  Co  Pfd . . . 
N.  Y.  Cent'l  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
NYAN  E  tst  CO  cU  all  in  pd 
N.  Y.  &  Northern  Pfd.... 
N.  Y  Ontario  &  Western. . 
N.  Y.  Susq.  &  W'n  Pfd.... 

North  A  merican  Co 

Northern  Pacific 

Northern  Pacific  Pfd. 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  EransTille 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Rich  &  W  P  Ter  5th  inst  pd 
Sliver  Bullion  Certificates 

Southern  Pacific  Co 

Tenn.  Coal.  Iron  ARRCo 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Dnion  Pao.  Denr.  &  Gulf. 
United  States  Rubber  Co. 

U,  S.  Cordage  Co 

IT.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lak«  Erie . . . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days i29,723 


COTTON  STOCKS. 
World's Tisible.lAllU.S.P'tsI  Llyerpool.  I  Afloat. 
1«94|    4  826.751  b.       1,«56.74«  b.    1,170  000  b.   861  000  b. 
18931    4  614.002  b.    I  I,2S2  .351  b.|  1.282  000  b.l  794.000  b 


CoVtoi  Jan.&Feb. 
Eu.  Feb&M'ch 
^''-      iM'ch&Apri 


WHEAT. 
I    U.  S.  Vi.sible. 
189J   8S.66I.000  Bush. 
1893|  81.294,000       "     | 


Stock  N.  Y. 
12  016  051  Bush. 
15.261 2il     " 


Stock  Chicago. 
26  481.000  Bush, 
11,?60.000      " 


y,  rort  I  Deo  &  May 
Wheat.  /May  A  July 

CO™- ^s;^ Jul? 


CORN. 
I    U.  S.  Visible.    I 
1894     9  U30.000  Bush. 
18931  11.4i6  000      " 


Stock  N.  T. 
1  850,276  Busb. 
1,817,012      "    1 


Stock  Chicago. 
2-.363  000  Bush. 
6.04S  000      •' 


OATS 

I  U.  S.  Vlsibje.  I 
1694  9.062  000  buH). 
Id93|     6  341  UOO 


Stock  N.  Y. 
1.691.536  Bush. 
1,653,788      " 


Stock  Chicago, 
1  678  000  Bush. 
2.555,000      " 


Chicago  I  Deo  &  May 
Wheat.  IMay&Jnly 

C'>-°-lMryt?lg 

i  Dec  &  May 
j  May  &  July 
(January. 
iMay.  .... 


Oats. 
Pork. 


STOCKS  OK  CONTRACT  PROVISIONS,  CHICAGO 
I  Pork.         I  Lard.  I  Ribs 

'.^        62.384  Bbls.  18  284TCS.      ir.9n6,-90  Lbs 

16931         16.412      "      I  2  040     "      |    3,461.400     '' 


Lard. 


J  January. 
iMay. 


OLD  PORK. 

1894 bbls. 

1693 bbls. 


Rlbs...]Ja^°ua«7. 


WHEAT  AND  CORN  ON  PASSAriH 
^''"'-Z^  fri^-Z  ll-      °*'"    i«9<  ??72.ooo  bu. 

1893,  27.51,0.000  bu.  1893     5  161.000  bu. 


Above  Table,  Compiled  and  Copyrighied  by  Clapp  and  Compa- 


INDIAN  SHIPMENTS  OF  WHEAT. 

Past  week 180.000  bu.       April  !,  1894,  to  date,. 

Same  week  1893,..  840,000  bu.       Same  period  1893 


9,920,000  ba. 
J  7.i20,000  bu. 


22 


Met%d  for  Portfolio  and  file  our  Letters  for  reference. 


UGlecf^I^  fIDarhet  letter. 


No.  411. 


Copyright,  t$9M,  by  Clmpp  Jt  Cotnpmng, 

O.  W.  Clapp. 
DwiQHT  O.  Clapp 


CLAPP    &    COMPANY, 

Banherg  anb  Brohevs, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE   THE    NEW    YORK    STOCK   EXCHANGE,    IN    THE    HEART    OF   THE    BANKING    CENTRE. 


BRANCH 
OFFICE!  : 


277   BROADWAY,  Cohner  Cmambehs  8t. 
671    BROADWAY,  Broadw«i  Central  Hoteu 
753  FIFTH  AVENUE,  Cornm  58th  8t. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
[jOttO  Distance  Telephone. 


New  York,  Thursday  Morning,  January  10,  1895. 


We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-toivn  banks.  The  local  bank  should  ahvays 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    3^  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


Financial  Outlook. 


Government  credit  is  our  sure  defense  against  international  financing.  Dollars  are  only  equal 
when  each  is  convertible  into  any  other.  Retiring  the  greenback  might  renew  liquidation,  in  which 
the  stern  law  of  survival  would  have  no  mercy,  and  our  present  co-operation  be  only  a  name.  The 
United  States  Government  cannot  afiford  to  lay  foundations  for  refusing  gold  payments  on  any 
paper  in  use  as  money. 

Straws. — There  were  263  textile  mills  erected  in  1894  against  279  in  1893  ;  New  York  and 
Pennsylvania  leading,  the  Carolinas  following.  The  income  tax  of  18G3  to  1873  averaged  about  30 
million  per  annum.  Tax  collections  reached  highest  point  in  18G6,  bringing  $73,535,000.  Estimates 
ior  1895  generally  exceed  $40,000,000.  The  1894  anthracite  coal  production  was  41,206,833  tons,  or 
only  2.6^  less  than  average  of  two  preceding  years.  Dun's  reports  indicate  recent  average  prices 
of  commodities  were  4.96  jg  lower  than  in  188G,  4.03  ^  less  than  August  10,  1893,  and  only  68.73  %  of 
averages  of  1860.  Failures  of  1894  involved  $172,992,856  against  $246,779,889  in  1893.  The  three 
preceding  years  the  average  was  about  $166,000,000.  European  banks  gained  204  million  dollars 
specie  in  1894.  Our  specie  exports  in  1894  were  $110,433,033  ;  National  debt  increase  was  $86,452,038. 
The  Government  sold  one  hundred  million  of  bonds  for  gold  in  1894,  increasing  the  interest  account 
about  3  million  per  year. 

Stocks  and  Bonds. 

Bonds. — Eight  industrial  bonds  show  an  average  gain  of  about  4^  in  1894  over  1893.  Fifty- 
eight  railroad  bonds  increased  about  3  i,  increases  being  about  4  to  1  of  decreases.  The  Chronicle 
reports  sales  of  349  million  railroad  bonds  at  73.2  against  about  352  million  in  1893  at  74.2  ;  of  State 
bonds,  40.6  against  60.2  last  year ;  of  bank  stocks,  175.1  against  154.2  last  year.  We  look  for  better 
legislation,  credit  and  markets. 

Railway  Stocks. — Stock  sales  on  the  New  York  Stock  Exchange  in  1894  were  49,075,032  shares, 
of  par  value  of  $4,821,876,020,  averaging  $62.2  per  share,  against  sales  in  1893  of  80,077,839  shares,  of 
par  value  $7,550,440,205,  averaging  $60.3  per  share.  Dun  computes  60  active  stocks  were  worth  2j^ 
less  December  31  than  January  1,  1894.  25,375  miles  of  railroad  passed  into  receivers'  hands  in  1893, 
3,334  miles  in  1894.  Total  of  28,709  miles,  involving  $1,886,629,520  indebtedness.  Poor's  Manual 
reports  total  liabilities  $11,443,888,892  and  total  mileage  175,441.     Mexican  roads  are  the  only  ones 


4^ 

H 
X 

> 

o 

m 

o 
o 
z 

H 
> 

Z 
CO 

o 
> 

r 
-< 

:)0 

m 
o 
o 
:o 

D 

CO 

o 


r 
m 

> 

o 

z 
o 

m 

X 

o 

DC 
> 

z 
o 
m 

CO 


KEEP  OUR  LETTERS.     PORTFOLIO   FOR  FILING  FORWARDED  APPLICAKIS  FREE. 


CLAPP  &  COMPANY,  BAITKEES  AND  BROZEES,  ITEW  YORK,  WEEKLY  MARKET  LETTER. 


that  show  gains  in  earnings  in  1894.  Pacific  roads  show  decrease  of  27.1^.  Coal  roads  a  decrease  of 
24.6^.  Grangers  19.2^.  Southern  16.3^.  Total  average  decrease  16.5^.  June  showed  20.4^  decrease 
or  the  largest  of  any  month ;  the  last  five  months  the  average  monthly  decrease  was  only  .21^. 
December  gained  5^.  Grangers  roads  show  a  loss  of  13.0^.  There  appears  a  growing  opinion  that 
we  are  passing  through  the  worst  of  the  long  depression,  and  a  bull  movement  will  be  started  in 
early  spring,  and  that  the  foundation  is  being  laid  now  ;  that  the  chapter  of  accidents  favors  inves- 
tors and  tho  bulls  ;  that  the  bears  have  abandoned  their  raiding  methods.  An  examination  of  our 
January  4  letters  in  1894  and  1895  discloses  the  fact  that  in  the  calendar  year  1893  only  9  stocks  out 
of  915  listed  on  the  New  York  Stock  Exchange  scored  an  advance,  while  103  advanced  in  1894  and 
30  maintained  their  valuation,  and  only  81  declined  out  of  214.  Railway  men  generally  look  for 
improved  earnings  in  1895.  Investors  rather  than  speculators  are  likely  to  frequent  Wall  Street  the 
coming  six  months. 

Industrials.— Sugar  sold  at  75^  in  January,  1894,  114^  in  August,  82^  to  94^  in  December ; 
in  no  month  was  the  fiuctuation  less  than  $7.50  per  share.  Tobacco  ranged  from  69^  in  January  to 
104^  in  September,  and  in  December  from  90  to  99.  Chicago  Gas  ranged  from  58^  in  January 
to  79^  in  July,  and  in  December  from  68fi  to  74^.  Distillers  from  20 j4  in  January  to  28}^ 
in  March,  and  in  December  from  7^  to  11^.  General  Electric  from  30^  in  January  to  A8}t  in 
March,  ranging  from  33X  to  36^  in  December.  National  Lead  ranged  from  22  in  January  to  44;^ 
in  September,  ranging  from  36 5^  to  41  in  December.  Cordage  in  January  (with  two  assessments 
paid)  sold  at  17^  with  all  assessments  paid  in  April,  at  21  >4  to  25^  in  June,  in  December  from  5>4 
to  93-4.  U.  S.  Rubber  sold  in  January  at  30  to  38>4,  in  May  to  42^  in  August,  and  ranged  in  Decem- 
ber from  41)4  to  45)4.  The  records  of  all  are  likely  to  improve  in  1895,  being  active  factors  in  specu- 
lation. 

Cotton. 

1,276,959  bales  more  cotton  was  marketed  from  September  1  to  January  1  than  in  1893  ;  1,934,608 
bales  more  than  in  1892  ;  514,557  bales  more  than  in  1891,  and  1,012,755  bales  more  than  in  1890.  Last 
season  nearly  27)4  per  cent,  came  into  sight  after  this  date.  It  seems  to  be  conceded  as  much  will 
come  this  season.  On  this  basis  the  1894  and  1895  crop  will  likely  be  from  9^  to  10  milhon  bales  of 
500  pounds  each.     The  December  movement  was  the  largest  in  the  history  of  the  trade. 

The  following  record  from  page  253  of  our  Souvenir  of  1893,  plus  the  1894  movement,  will  appear 
in  our  ]894  Souvenir  to  be  out  in  early  February. 

Record  of  all  cotton  that  has  come  in  sight  monthly  and  yearly  for  dates  and  years  named ; 
also  exports  to  same  dates  : 


SEASON'S  KECKIPTS. 

1804-6. 

1893-4. 

1892-3. 

1801-8. 

1890-1. 

1889-00. 

1888-9. 

1887-8. 

1880-7. 

1885  0. 

1884-J. 

Sept.  1  to  Sept.  30 bales 

6.54.191 

511,273 

522,552 

826,932 

860.274 

655,770 

430,209 

824..369 

434,8:18 

4a5.552 

413,836 

Sept.  1  to  Oct.  31 " 

2,7.')5.418 

2,144,096 

1.987,619 

2,85.3,137 

2,5.S4,033 

2.279,418 

1,932,498 

2,41:1,1.35 

1,767,739 

1,840,422 

1,722.947 

Sept.  1  to  Nov.  .3C " 

4,935,428 

3,830,547 

8,454,085 

4,781,017 

4.2fX),014 

8,912,446 

8,445,107 

4,053,041 

8.:i47,278 

8,2S9,855 

8,113,849 

Sept.  1  to  Dec.  31 " 

6,886,978 

5,467,0:J9 

4.745,390 

6,403,492 

6.845,243 

5.481,867 

4,985,923 

5.39:1,912 

4.81.5,045 

4,778,4:17 

4,474,2.53 

Sept.  1  to  Jan.  31 " 

6,158.507 

5,301,761 

7,155.519 

6,810,706 

6,251,890 

6,752,489 

5,9,34,183 

5,477,699 

5,320.2.30 

4,987.440 

Sept.  1  to  Feb.  28 " 

... 

6,51.3,615 

5,714.365 

7,914,531 

7.431,257 

6,722,515 

6,272,092 

6.303.796 

5.027.984 

5,799.821 

5,279,193 

Sept.  1  to  March  31 " 

. .. 

6,798,625 

6,0:0,785 

8,848,547 

7,866.588 

6,918,540 

6,014..54:l 

0.540,250 

B.  1.50. 198 

0.100,977 

5,472,096 

Sept.  1  to  April  30 " 

• . . 

7,032,.5.36 

6,209.480 

8.614,901 

6,188,018 

7,036,419 

6.744,209 

6.671, :177 

6.2.54.7H8 

6,280,574 

5,.5.50,(lO7 

Sept.  1  to  May  .31 " 

Sept.  1  to  June  30 " 

7,178,012 

6.347,991 

8,807,5.30 

8,377,045 

7,097,3-35 

6,802,0'.»2 

0.7H.3,.521 

6,;i0S.207 

6.400,396 

5..589,ilH0 

7,a30,581 

6,433,146 

8,914,2:32 

8,487,764 

7,141.320 

6,8:15,687 

6.a54.514 

6.:145,125 

0.440,018 

5,000,109 

Sept.  1  to  July  31 " 

• .. 

7,385.480 

6,507,396 

8,978.429 

8,538,075 

7.168,825 

6,869,020 

6,911,145 

6,36:1,716 

6,457,006 

5,001, .3:16 

Sept.  1  to  August  31 ... .     " 
EXPOKTS. 

7,527,211 

6,717,142 

9.038,707 

8,655,618 

7,313,726 

6,935,082 

7,017,707 

6,513,623 

6,550,215 

5,009,021 

Bept.  1  to  Sept.  .30 " 

654,191 

1.51,325 

171,306 

201,046 

354,950 

205,603 

167,745 

246,813 

149,.321 

111,685 

116.822 

Sept.  1  to  Oct.  31 " 

2,755,418 

870,479 

8:«,721 

1,049,897 

1.248,503 

1,152,750 

755,167 

1,088.015 

728.091 

701,569 

664,972 

Sept.  1  to  Nov.  30 " 

4,93.5,428 

1,807„568 

1,740,484 

2,133,950 

2,141,962 

2,ia3,9.59 

1.597,979 

1,847,280 

1,414,299 

1,384,420 

1,4.58.900 

Sept.  1  to  Dec.  31 '• 

6.886,678 

2,770,416 

2,:124,929 

8,100..559 

8,016.845 

2.994,868 

2,431,929 

2.498.556 

2,296,109 

2,031  ,.593 

2,297,227 

Sept.  1  to  Jan.  31  " 

3.620,.520 

2,769,.5G8 

8,758.804 

3,758,2.53 

8,589,1.38 

8,011,702 

8.087,073 

8,0.36,761 

2.52:1,048 

2,840,045 

Sept.  1  to  Feb.  28 " 

4,111,995 

8,060,330 

4,390.492 

4,364,571 

4,019,829 

8,480,316 

3.479.249 

3.450,820 

2,910.861 

8,132.535 

Sept.  1  to  March  31  ....     '• 

4.478.423 

8,.385,C40 

4,825,875 

4,785,817 

4,431,173 

4,016,125 

3,797,493 

3,9.30,031 

3,249,950 

3,864,719 

Sept.  1  to  April  30 " 

4,78-3,762 

8.695,297 

5,221,383 

5,236,139 

4,640,.307 

4,836,595 

4.062.238 

4,131.130 

3.508.016 

3,.^51,0^1 

Sept.  1  to  May  31  " 

5,013,172 

8,999,093 

5,503,901 

5.4.51, 8!te 

4.742,486 

4,52:1,606 

4,287,328 

4,20;i.044 

8,861,091 

8.0G0,:141 

Sept.  1  to  June  30 " 

5.15.3,442 

4,177,803 

5,098.209 

5,048,500 

4,802,037 

4,614,000 

4.431,046 

4,243,558 

4,097,100 

8,777,621 

Sept.  1  to  July  31 " 

5,2;J7,335 

4,3aS,088 

5,803,000 

5,731,498 

4,8X5,000 

4,68:1.309 

4.572.3.35 

4.319,646 

4,240,466 

3.854,216 

Sept.  1  to  Aug.  31 " 

5,334,433 

4,402,890 

5,864,921 

6,790,634 

4,916,847 

4,742,745 

4,627,502 

4,458,326 

4,343,991 

8,939,495 

Spinners  North  and  South  are  reported  running  on  full  time,  and  fair  margins  of  profit.  India, 
China  and  Japan  show  signs  of  an  increasing  demand.  Manchester  reports  are  more  flattering  ; 
about  20  million  pounds  of  yarn  were  exported  in  December,  against  16,508,000  for  December,  1893, 
and  for  the  calendar  year  1894,  238,452,100  pounds,  against  206,601,600  in  1803.  Cloth  exports  were 
6,313,452,100  yards,  against  4,653,501,300  yards  in  1893.  General  manufacturing  business  is  reported 
in  better  condition.  The  crop  has  been  grown  under  most  favorable  weather  conditions  on  record. 
A  year  ago  Southern  railways  were  busy  transferring  guano  to  planters  who  agreed  to  pay  7c.  for 
cotton  to  be  grown  in  1894.  Now,  little  or  no  fertilizer  material  js  being  transferred  or  sold.  Guano 
manufacturers  are  now  offering  to  pay  5>^  cents  for  cotton  in  1895  in  payment  for  fertilizer  material 
to  be  delivered  this  spring.  Cotton  and  cotton  goods  the  world  over  are  at  near  minimum  prices. 
Many  think  the  worst  positions  of  credits,  finances  and  prices  have  been  passed  and  that  any  change 
will  be  for  the  better.  It  is  certainly  true  "  when  things  get  to  their  worst  they  mend."  The  visible 
supply  at  Northern  ports  is  small ;  exports  continue  on  a  liberal  scale.  Investors  appear  confident ; 
bears  not  aggressive ;  sentiment  appears  to  favor  higher  prices. 


:;4 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Wheat. 

The  Price  Current  predicts  wheat  exports  this  crop  year  will  be  about  125  million  bushels.  We 
predict  clearances  will  be  nearer  150  million  bushels.  The  following  tables  from  our  Souvenir,  now 
m  preparation,  give  primary  receipts  for  season  to  end  of  each  month,  and  exports  monthly  and 
for  the  past  10  years. 

Record  of  monthly  receipts  of  wheat  from  June  30,  1884,  to  December  31, 1894,  at  primary  points, 
in  quantities  nearest  to  even  millions  of  bushels  : 


1894-6. 

181)3-4. 

1802-3. 

1801-2. 

1800-1. 

1880-00. 

1888-9. 

1887-8. 

1880-7. 

I886-*. 

July 

15,000,000 
37,000,000 
CO.OOO.OOO 
87,000,000 
10.5000,000 
11J,000,000 

14,000,000 
28.000,000 
53,000,000 
81,000,000 
104,000,000 
119,000,000 
128,000.000 
135,000,000 
144.000,000 
151,000,000 
157,000,000 
164,000,000 

20,000,000 
56,000,000 
94,000,000 
1.37,000.000 
166,000,000 
191,000.000 
208.000.000 
219.000.000 
231.000.000 
244.000,000 
255.000,000 
205,000,000 

18,000,000 
48,000,000 
82,000.000 
116,000,000 
1.50,000,000 
172,000,000 
185,000.000 
197,000,000 
213,000,000 
224,000,000 
2;«,000,000 
248,000,000 

8,000,000 
21.000,000 
32,000,000 
49,000,000 
60,000,000 
78.000.000 

a5,ooo,ooo 

9I,0(X).000 
100,000,000 
10H,000,000 
11.5.000,000 
124,000,000 

8,000,000 
21.000,000 
86,000,000 
57,000,000 
78,000,000 
90,000,000 
95.000,000 
100,000.000 
106,000.000 
112,000,000 
120,000,000 
124,000,000 

8,000,000 
23,000,000 
37,000.000 
52.000,0(JO 
(3.000.000 
70,000,000 
73,000.000 
77,000,000 
81,000,000 
85,000.000 
89,000.000 
92,000,000 

12,000,000 
23,(X)0,000 
30,0f  (0.000 
52,(KJ(J,000 
70,000,000 
82.0(JO,000 
80,000,000 
91,000,000 
97,0(JO,00O 
104.000.000 
109,000,000 
115,000,000 

18,000,000 
27.000,000 
44,000,000 
59,000,000 
73,000,000 
84,0O0.0fJO 
92,000,000 
97,000.000 
104,000,000 
109,0OO,0(JO 
118,000,000 
128,000,000 

6,000,000 

August 

14,000,000 

September 

24.000,000 

40,000.000 

52,000,000 

Deceniher  

61,000.000 

65,000.000 

February  

69.000,000 

March 

74,000,(JOO 

April 

78,000,000 

May 

82,000,000 

June 

88,000,000 

Record  of  exports  of  wheat  and  flour  for  ten  years,  compiled  from  Government  reports 


June 
June 
June 
June 
June 
June 
June 
June 
June 
June 
June 
June 


30  to  July  31 

30  to  August  31 

30  to  SepteuibiT  .30. 
;»  to  October  31  . . . 
30  to  November  30  . 
30  to  December  31  . 
30  to  January  31  ... 
30  to  February  28.. 

30  to  March  31 

30  to  April  30 

30  to  May  31 .... 

30  to  June  30 


1804-6. 


11.803.678 
2«.44(i.-.iS0 
38.887.813 
5:^901.719 
6.5.908.900 
77,700,000 


1893-4. 


18,786,127 
41,198,760 
60,174.407 
73,862,672 
86,691,241 
97,414,6.54 
110.097,537 
120.216,738 
132,769,317 
144.19.3,343 
156,618,364 
105,622,233 


1892-8. 


13,720,154 
33,253,385 
51,279,876 
71,907.435 
89.7,''3,.547 
107.277..589 
121,320,604 
134.398,415 
148,866,6:« 
161,149,298 
175,780,065 
192,453,818 


1891-2. 


J3,C!)4,899 

40,064,481 

65,801,566 

a5,471,612 

106,176,9.32 

129,266,:«)0 

149,448,8:M 

ir.4,704,6.58 

I80.:«n,3i0 

194,095,4.56 
210,8:37,538 
225,765,812 


1890-1. 


7,892..5.32 
]7,3;.'0.647 
22,7:38,7:32 
30,:310,414 
37,488,-3.55 
47,102.067 
56,257,6.55 
64,049.270 
74,645,478 
85..518,427 
95,758,  .546 
106,181,316 


188D-90. 


7,1 11, .501 
18,731.251 
26,923,400 
30,280,9:35 
44.695,899 
56,-323,402 
64,:320.750 
73  697,519 
&3.775,173 
93,688,088 
102,.573,:374 
109,430,517 


1888-9. 


7,010,509 
18,051  ,.555 
28.080,914 
35,ai9,914 
41,18:3,950 
48,2-17.400 
54. .504. .594 
59,0!I0,724 
64,9-12,177 
70,752.908 
77..58:3,0:30 
83,938,329 


1887-8. 


16,:387.992 
35.451,0.33 
46,4.58,467 
54,400.044 
63,006,503 
72,467,081 
79.9.'<7.941 
89.309.791 
98,874..520 
106,131,742 
112,]46,:303 
118.388,922 


1880-7. 


10,91-5,113 
20,674,0:37 
40,9:34,214 
.52,008,004 
64.:5:38,9.50 
70,565.798 
89,449,055 
99,753.222 
112..549,940 
123.372,671 
1:35  605,061 
151,785,441 


1885-0. 


6,288,000 
12,021.000 
18.3-37,148 
2-5,845.977 
31,182,66:3 
.33,804,743 
35,480,:382 
4:3.117,-597 
49.481. .502 
57,9;t4.0r>l 
69,492,9:35 
82,201.731 


QovernmeDt  corrected  totals. . 


191,916,635 


225,666,311 


106,181.316 


109,430,466 


83,601,000 


119,625,344 


153,804,870 


82,505,793 


The  three  large.st  primary  markets  are  Mimieapolis,  Chicago,  and  Duluth  and  Superior. 
and  32,:399,00O  bushels. 


Their  receipts  in  1893  were  respectively  55,758,000.  35,:J53,000 


Russian  crop  reports  are  better  than  last  year;  there  the  recent  exports  are  much  larger.  Great 
Britain's  cereal  crop  in  1894  is  now  considered  larger  than  in  1893  ;  her  stock  of  wheat  and  flour 
January  1  was  reported  only  13,415,000  bushels  against  28.860,000  January  1,  1894.  France  claims 
home  productions  equal  consumption.  India's  crop  falls  short  of  expectations.  Argentine  move- 
ment continues  large  ;  Australian  shipments  equal  expectations.  Crop  reports  from  South  America 
and  Europe  are  generally  good.  Drought  in  our  winter  wheat  belt  was  severe  last  Autumn  ;  ordin- 
arily this  would  mdicate  a  poor  prospect  for  1895  crop.  Nearly  all  recent  reports  indicate  increased 
feeding  of  wheat  to  hogs  and  live  stock.  One  live  stock  firm  estimating  10  wheat  and  corn  States 
fed  ^/i  of  their  wheat  crop.  Cash  wheat  here  is  within  one  cent  of  wheat  for  May  delivery.  Minne- 
apolis reports  cash  wheat  at  a  premium  over  May  delivery. 

Corn. 

The  commercial  corn  States  show  the  largest  shortage.  It  is  estimated  there  is  but  59^  as  much 
corn  in  farmers'  hands  as  January  1,  1894,  The  last  crop  was  probably  the  smallest  in  a  decade.  It 
was  the  third  small  crop  in  succession,  and  possibly  500,000,000  bushels  less  than  the  average  con- 
sumption was  the  past  ten  years.  The  average  crops  of  1893-4  were  probably  250,000,000  bushels 
less  than  the  previous  five  years'  average  consumption.  The  cotton  belt  never  grew  a  better  or 
larger  crop.  We  perceive  no  reason  to  look  for  much  further  decline  in  values,  and  believe  any 
radical  change  in  speculation  is  more  liable  to  put  May  corn  above  50  cents  than  much  bSlow  45  in 
Chicago. 

Oats. 

The  visible  continues  increasing.  Consumption  continues  at  the  minimum  point.  Fall  and 
winter  feed  is  fairly  plenty.    Speculation  light ;  if  aggressive,  think  it  would  cause  lower  prices. 

Provisions. 

Liverpool  stocks  are  large ;  exports  continue  liberal,  A  live  stock  house  thinks  January  1 
there  was  but  59  per  cent,  as  many  hogs  in  the  country  as  a  year  previous  ;  that  the  summer  run  of 
hogs  will  only  be  7'"'  per  cent,  as  large  as  in  1804,  and  of  cattle  but  58  per  cent.  Chi(^ago  December 
hog  receipts  averaged  2G  pounds  less  than  in  December,  1803.  The  average  weight  there  for  1894 
was  233  pounds,  against  24(>  pounds  in  1893.  The  average  price  of  hogs  has  been  above  last 
season.  Pork  for  May  delivery  ranges  about  a  dollar  a  barrel  lower  than  last  January.  Sentiment 
has  been  bearish  ;  speculation  light.  We  think  conditions  now  favor  buying  rather  than  continue 
making  short  sales.    Packing  November  1  to  January  3  was  3,890,000  hogs,  against  2,485,000  hogs. 


Very  respectf ullj, 


CLAPP  &  COMPANY. 


25 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qaotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  January  9,  1895,  and  tor  January,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weeklt 
Sales. 


1.400 

1541459 

2.785 

6.176 

3.231 

8,981 

830 

41. 997 

3.809 

84.285 

lOl.i'TS 

89,257 

677 

16,120 

815 

e9,5G0 

271 

8,523 

S.7'i\ 

1.705 

2.485 

732 

18.405 

9,205 
450 
100 
815 

8,575 
205 
476 

4,030 
12,655 

5,728 
100 
204 

81,130 
7.305 
962 
1,489 
2,610 
2,979 

8.505 
970 
415 

1,505 
277 
450 

10.017 


1,702 

2,318 

488 

505 

615 

4^400 
4,813 
8,245 
370 
1.626 
7,164 
8,310 


Capital 
Stock. 


120,237,100 
10,198,600 
86,773,000 
86,773,000 
17,900,000 

102,000,000 
25,000,000 
15,000,000 
22,488.000 
60.805,400 
82.262,700 
24,885,800 
46,027,261 
25,923,900 
46.156,000 
18,559,360 
39,054,907 
22,335  170 
20,500,000 
10,000,000 
85,430,060 
26,200,000 
30.000,000 
23,650,000 
85.000.000 
30,459,700 
85,000,000 
8,000.000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18,738,204 
13,000.000 
47,844.100 
47,436.5';5 
14.905,400 
14,904,000 
89,428,.300 
77,427,000 
19,809,000 
6.000,000 
58,119.982 
10.173,000 
39,707,200 
49,000,000 
30,140,1.^1 
20,000,000 
8.500,000 
40,420,301 
36,000,000 


118.858,170 
li),8.')0,000 
38,710,900 

6,500.000 
60,868,500 
a3,837,093 
20.166.000 
17,813.300 

7,11.3,550 
88,000,000 
24,000,000 
S4,«0,000 
10,000,000 

4,500,000 


DiviDKKD  Record. 


Pays  3pc  J-D 

Pays  3pc  0-.J-A-J 

Pays  3)^pc  J-J 

Pays  3pc  F  M-A-N 

Paid  514PC  In  1888 

Pays  2i^pc  M-N 

Pays  mpc  P-A 

Pays  l%po  F-M-A-N... 


Pays  I^pc  M-J-S-D.... 
Pays  IJ^pc  M-J-S-D.... 

Paid  2pc  A-0 

Pays  7  PC  Per  Annum. 
Pays  Ipc  F-M-A-N 


Pavs  8pc   J-D 

Pays  19^po  M-.J-S-D. 
Pays  ij^pc  F-A 


Pays  2pc  M-J-S-D.... 
Pays  7pc  per  annum. 
Pays  Ifjpc  M-J-S-u.. 
Paid  Ipc  May  1803,... 
Paid  l^pc  Jan.  1893. 
Paid2pc  Auffust  189'3. 
Pays  l^pc  F-M-A-N. 

Pays'2i4pc*M.S."!.';!! 


Pays  l^pc  P-M-A-N.. 

Pays  .3pc  PA 

Paid  2pc  Aupust  1893. . 
Pays  IHpc  J-A-J-O... 
Paid  2pc  August  1894. 


PaidSpc  1891 

Paid  Ipc  July  T804 

Pays  l9;ipc  M-J-S-D... 
Pays  li^pc  J-AJ-O... 


Paid  IMpc  Nov.  1893. 


Paid  Ipc  April  1892., 
Paid  Ipc  lu  1887..., 


Pays  2pc  F-M-A-N.... 


Paid  Ipc  In  1887... 
Pai'd"3i4p'c"in"i884! 


Pays  l^pc  J-A-J-O.,.. 
Pays  Ipc  P-M-A-N '. '.'.'.'.'. 


Naugs  of  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd . 
Am.  Sngar  Refining  Co- 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  S.  Pe. 

Baltimore  &  Ooio 

Canada  Southern 

Central  of  New  Jersey 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul. . . 
Chicago  Mil.  &  St  Paul  Pfd 
ChicaKO,  R.  I.  &  Pacific. 
Chic,  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  Cin.,  Chic,  &  St  L. 
Col.,  &  Hock'gCoal  &  Iron 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co. . 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  <fe  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western,  , 
Lake  Erie  &  Western  Pfd 
Lake  Shore*  Mich.  So'n.. 
Louisville  &  Nashville.... 
Manhattan  R'yConsol... 

.Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd . . . 
N.  Y.  Cent'l  &  Hudson  Riv 
N.  Y,  Lake  Erie  &  West'n 
NY&N  E  tst  CO  cts  all  in  pd 
N.  Y.  &  Northern  Pfd... 
N.  Y  Ontario  &  Western.. 
N.  Y.Susq.  &W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Rich  &  W  P  Ter  5th  inst  pd 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Tenn.  Coal.  Iron  &  R  R  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  &  Gulf. 
United  States  Rubber  Co. 

U,  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred  

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie, . . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 704.935 


COTTON,  in  ba  es. 
I  World's  visible. 
1895  4  881.672 

1M94|  4  615.742 


Total  in  slghtt-|  Total  Exports. 
7,03'3.754  3,642,262 

5,6.30,718       I        2,876.198 


«•  y    f January., 
■'■    I  February. 
Cotton  j  March. 

( April  .  ... 


WHEAT,  in  bushtls. 
I    U.  S.  Visible.     .Primary  rec'ts* 
)8;!5         87.886,000  116,413.000 

18'.u|        79  953,000         I     119,000  000 


Total  Exports. 
77,700.000 
97,414,654 


^J>-»]j"ui^:.: 
Co™ -]jX.: 


CORN,  in  bushels. 
I    U,  S.  Visible. 
1K05         10  072.000 
18941  9.526  000 


Primary  rec'ts* 
41.5fi0,000 
102,564,541 


Total  Exports. 
27.881  000 
29.652.983 


Chicago  1  May.. 
Wheat.  I  July.. 

c«--IJ'u7y;, 


OATS,  in  bushels. 

I    U.S.  Visible. 
189B  8.126  000 

18941         8  £86  000 


N.Y.  Stocks, 
1  499  883 
1.688.252 


Chgo.  Stocks. 

1  3^9  000 

648,000 


Oat«. 
Pork. 


1895 
1894 


LARD-tcs,  I  CHICAGO  CONTRACT  STOCKS. 

World's  vis.  PORK-bbls,  LARD  tes.  1  RIBS-lbs. 
180.836  105,676     ,  81,705        27.727,584 

141.510    I  27,614     I  2.111     I     6.705,744 


Lard. 
Ribs, 


(May 

(July 

J  January. 
IMay 


January. 

May 

January. 
May 


Thursday, 
Jan.  3, 


23>6  23 

88Ji  sh]4 

91  90^ 

98^  98 

4ki  4Ja 

63^  6i 

49^  49 

88M  85>« 

17  17 

7094  69)4 

7i%  71^ 

56J^  5i% 

81H  60^ 

32H  81% 

39"'  885^ 

129"  12694 
X59V6  159H, 

126  125^ 

10^  9->i 

3494  31 


81%    81% 
26^    26 

?i"     71" 

13594  134H 

■'3%  5-% 

105  104 

95  S5 


2rt94  26% 

37M  3V'% 

84^  &1H 

»8J4  97H 
994     99i 

32^  82 

159<  159^ 


i6%     t6% 
■2lH    8I>« 

1294     12% 


Friday, 
Jan.  4. 


83J6    83 


89  ^i 
91 

98^ 
4?2 
63!^ 
49!^ 
8:k 
17 
71 

73% 
56 

117^ 
6I94 


91 

97% 
4M 
62!4 
4% 
fi% 

i: 

im 

72)4 
55% 
117 
61^ 


96H    85k 
38H    SiH 


128 
15894 

ioy4 
io-.y4 

26Ji 
16 


53% 
104H 


12; 
158% 

34i< 

99^ 

3.39:i 

102V4 

8ih; 

8d« 
16 

136 

104M 


8694  26% 

3794  86M 

«>4%  d4H 

9S  98 
»^      9^» 

32}i  82Ji 


40!^    40!^ 
8H      3H 


1294     12% 
154      154 


1894  IfiH  l»H  19M 
1594  15^  1514  J5V6 
9M  9^4 

11%    Ilk  Ilk  11 


4394  43« 
8V2  7% 
13k    12 


M        n% 

87        86% 
K'k     lOj^ 


171,01? 

5,46  5,44 

5.48  5,46 

5.52  5  49 

5.56  5.54 

62%  62 

63Vt(  6294 

51%  51k 


r,7%  67% 

b8n  67ti 

47%  47% 

47^  47J4 

81H    81k 

11.40  11,37 
11,72  11,60 


4494  43^ 

8H  6H 

13K  11H 

i394  iik 

87  86% 

1094  10k 


115.279 

6.54  6.46 

5..>5  5.47 

5.61  5,51 

5  64  5.57 

62^  02V6 

629i  6294 

Sm  51k 


57%  57k 

58%  58 

4:%  47k 

47%  47« 

31%    80^ 

i:.52  11.52 
11.92  11.62 


6,77  6,72  I  6,85  6.85 

6.95  6.90     7  10  6.90 

5.72  5,72  I  5.82  5,62 

5.95  5.90  I  6,07  5  92 


.Saturday, 
Jan.  6. 


23%    23% 


8794 
91k 

4k 
63 

87 

17H 

70lb 

73% 

5.i% 


86% 
91 

96% 

4k 

61H 

85% 

70% 
72% 
55k 


61>4    61% 


959i 
88" 


81k 

:o% 

84 


9,5% 
87% 


84% 

lOVl; 

8394 


815i    81k 


!6 
70% 

53" 

101% 


16 
70J^ 

6294 

104% 


2194  2:94 

26*  24 

37  85 

84k  6iH 

98  9b 

32%  82% 


17M 
12% 


16% 

15% 

«k 


44k 
694 
Ilk 

13% 

87 

11 


17k 

1294 


18 
15% 
9k 


Monday. 
Jan.   7. 


n% 

98 
4% 
6IH 
49Hi 
90^ 
1794 
71k 
75 

56% 
117 
61% 


90k. 
9694 
4k 
61% 
4'J% 
8«J^ 
17% 
70H 
7394 
55% 
1W4. 
60% 


95%    91 
144H  I44H 

3b%  srk 


li7% 

159 

U6k 

10% 
34k 


127 

158% 
126 


33% 


87       26% 


53% 
105% 


52K 
101% 


24%    22% 
i&'ri    36 


10%    10 
8294    32k 


15% 

4094 

3% 

2:% 

1894 


I8k 
15 
9k 


44%    44% 

694-  •• 

Ilk  ••■ 

....  6 

13%  1394 

86%  87k 

U     I  10)4 


15% 

40k 

3% 

3% 

s'lli. 

129i 


18 
14% 

9k 
8k 


44 


6 

13% 

8694 
10% 


67.806 


143.910 


5.54  5-50  6.51  6,49 

5.55  5.53  5.52  5  50 
5,00  5,56  556  5  53 
5.t>5  5,60  5  61  5.59 

6211  62%  63,\  em 

63%  63%  03%  6.'94 

51%  61k  51%  51% 


58%  67%   58%  6794 

59%  HM    69k  58% 

48  47k    48  4<% 

47%  47     I  4;%  47 

31%    80%   81       8094 

1158  U.47   11.55  11.52 
1185  11.80  11.32  11.75 


Tuesday. 
Jan.  8. 


23%    23 


8794 
90k 
97% 
4k 

4994 

90 

1?% 

71W, 

74k 

66 

oik 

9594 
38% 


68% 
90k 
98 
4% 

4994 

91k 

\7% 

7.% 

7b 

56% 

6i% 

96 

38% 

129'     128' 
160      1j9 
126k  I'Ok 
84k    84k 
lt>%    10k 
84%    34% 

1%     i% 

27%    27% 


5i%  53 

I05k  104% 

22k  22k 

2394  22^ 

37k  36% 

99'  9S% 

SS'  82k 

15%  15% 

40%  40 


894 


154      154 


18%     18% 
15%     15 


12% 


41% 
7% 
18 


87k    87% 
109i     1094 


86716 

6,54  6,54 

5  64  5,J1 

5.59  5  56 

5,64  5.61 

63k  62% 

63%  6,'% 

51%  51% 


665 
7.06 
580 
6.05 


I 

6.82  '  C  92 

7  00  7.10 

5  80  I  5  8; 

6,02  '  6.y7 


6  87 

7  00 

5  82 

6  00 


58%  57% 

59%  58% 

'!794  47% 

47k  47 

81       80% 

n'es  1165 

12,00  11,80 


692 
7,10 
5  85 
6.10 


6,35 
7,02 
5.85 
6.02 


Wed., 
Jan.  9. 


23%    23k 

90%    87% 

9894  ^^ 

4%  4% 

6i94  ^61!^ 

49k  4^}4 

91  90 

17%  17k 

71%  71 

77  7494 

S6%  56 

6i94  61% 
3294  3^9^ 
95%    S5k 

38%    8794 

I.iik  I'JOH 
161%  lOOK. 
128%  l2dk 

16%    10 

34%    ;i4k 

!03      102><, 


27%  27% 

72  72  " 

I37k  'J6% 

53%  •'^2% 

10494  lOl 

22i^  22k 

24%  23% 

3:k  3094 

9-H  98% 

10  10 

3294  8294 

18  '  15% 

41k  ^^^4 


4 

17% 


13%    28 
154      154 


1894    18% 


44% 
7% 


13%  13% 
87%  87% 
10%     10 


120  207 

5.59  5,56 

5.59  5..57 

5  61  6  61 

5,67  6C5 

63,',  68% 

0<A  63 

51%  51% 


58%  57% 

59i*  58% 

47%  47% 

47k  4r% 

31        8094 

li.'w  11.67 
1197  1192 

6.90  6  90 

7.10  702 

5,90  B  90 

6,10  6.05 


Range  for 

Jan.   1895. 

to  date. 


23%  23 

68  67)4 

90%  86% 

91%  90k 

<>!>%  96^ 
4%      4k 

63%  61% 

4994  49 

31k  ^4% 

1794  !7 

71%  69% 

77  71k 

66%  54H 

118  116% 

til  94  60% 

.13  31% 

9094  94% 

144%  144^, 

39  37^ 

I3ik  12694 

161%  158% 
C3%  125% 
34k  34% 
l(H  ••% 
3494    33% 

103      l02k 
1%      1% 
83        81% 
27%    26 
16%     16 
72        70H 

!37k  l34% 
53%    52% 

105%  I04 
95  95 
22%    2194 

8694  22% 

37%  36 

34%  8*94 

99  97^ 

10%  9% 

33  32 

18"  i5% 

41%  40 

3%  3% 

4  8% 

18  16% 

22  21k 


13%     12% 
154      154 


19k     18 

1594    14^ 


9k      , 

2%  2 

11%  n 

45"  43% 

8%  0% 

13%  Ilk 


6 
13% 


87%    8ii% 
11        10 


5.59  5.44 

5,6U  5.46 

5.05  6.49 

5.69  6  54 

03k  61% 

6.!%  62!^i 

52%  5Ik 


58%  67% 

59k  57% 

48%  47k 

48  47 

8194    80% 

11.67  1130 
12.00  11,60 

6  98  6.72 

7  10  6  90 
5.00  5.G7 
6  10  5.90 


Range  for 
Jan.    1894. 


29%  2694 

69  63 

84%  75% 

8.%94  7994 

77  69% 

12%  9i2 

69  67 

51k  47 

11694  111 

18%  16% 

77%  73k 

67k  -^894 

60%  54k 

11H%  116 

6894  61% 

3n  32% 

10494  !7 

140  135% 

37%  31 

7k  4% 


127%  1;.'2% 
36      129k 


170% 


32k  30 

27%  2u!4 

38k  30% 

103  100 
5    4 

93k  89% 

10',*  15 

1594  13% 

6r9i  63 

128  ll.-<94 

47%  40% 

124  11,S% 

99  96 

25%  2294 

81%  18% 

iil4  22 

74%  68 

lOM  9,094 

15%  13k 
14^      7% 

io%  1494 

45  40 
4k      3% 


5% 
19 
19 

494 
21 


4 

14 

*% 
17% 


17194  162% 
3         2 


67 
80 
14% 

7 

5% 


20%     17k 
6%      4% 
41        36 


7%      6 

14%  I2V4 

86>4  80% 

13%  12k 

50k  47 


8.11  7. 55 

8.21  7  55 

8,30  7  63 

8.3S  7  71 

73,«,  6811 

74%  70% 

45%  44 


689^  63% 

69%  64% 

39V6  87% 

3994  88% 

31k    2!> 
30        27% 
13.65  12  47 
14.00  12.52 


8,30 
8,0,> 
7.00 
7  18 


7.47 
7.40 
6,37 
6.45 


1R95 
,894 


OLD  PORK,  Chga.-btls. 
buls. 


WHEAT  on  Pdssag 
32,320.000  bush. 
81,3*4,0JO    '■ 


CORN  on  pHssage. 
6,450.000  busu. 
4,424,000    " 


Russian  Sbipmte.  for  wk. 
2. 688. 000  busb. 
1.090.824 


Indian  Shipmts.  for  wk. 
192.000  bush. 
440,000     ■ 


Argentine  Sbpts.  for  wk. 
bush. 


t  ainoe  Aug.  31.   ♦  Since  June  30,  Compiled  and  Copj>righted  by  CLAPP  &  COMPACT,  BANKERS,  MILLS  BUILDING,  NEW  YORK. 


milcchlv)  flDarhct  Xctter. 


No.  412. 


Copyright,  180S,  by  Clapp  S  Company. 

O.  W.  Clapp. 
DwiQHT  O.  Clapp 


CLAPP    &    COMPANY, 

Banhei'8  anb  Brohei'8, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Branch 
Offices  : 


277   BROADWAY,  Corner  Chamber*  St. 
671    BROADWAY,  Broadway  Central  Hoteu 
753  FIFTH  AVENUE,  Corm  r  58th  St. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Telephone. 


New  York,  Thursday  Morning,  January  17,  1895. 


We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  loire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    B%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


BANK   STOCKS. 


50  shares. 


.  City  Bank Minneapolis,  Minn. 


20  "  First  National  Bank Palouse,  Wash. 

10  "  First  National  Bank Kendrick,  Idaho. 

70  "  Fredonia  National  Bank Fredonia,  N.  Y. 

20  "  Salamanca  National  Bank Salamanca,  N.  Y. 

25  "  American  Savings  Bank Detroit,  Mich. 

35  "  Fresno  National  Bank Fresno,  Cal. 

50  "  State  Bank Elmira,  N.  Y. 

50  "  City  National  Bank Norfolk,  Va. 

12  "  First  l^ational  Bank Texarkana,  Tex. 

25  "  City  National  Bank Tyler,  Tex. 

20  "  Kearney  National  Bank Kearney,  Neb. 

50  "  People's  Bank -. Greenville,  S.  C. 

30  "  Commercial  Bank Vancouver,  Wash. 

60  "  White  City  State  Bank White  City,  Kan. 

35  "  Commercial  Bank Albany,  Ga. 

10  "  First  National  Bank Albany,  Ga, 

20  "  Arlington  National  Bank    Arlington,  Oregon. 

15  "  First  National  Bank Carthage,  Mo. 


4^ 

H 
I 

> 
o 
m 

o 
o 
z 

H 
> 

z 

D 

> 

r 
-< 

:o 
m 
o 
o 

30 
D 
03 

O 


r 
m 
> 

D 

Z 

o 
m 

X 

o 

X 

> 

z 
o 
m 


KKEP  OUU  LETTiilKS.     P0BTF0L.10  FOB  PlLliiG  FOKVVAKDED  APPLICANTS  FKEE. 

27 


2         CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Money  is  an  agreed  medium  which  makes  practicable  the  exchange  of  things  desired.  The  pro- 
ducing power  of  the  entire  country  is  behind  its  legal  tender  and  National  Bank  notes.  No  paper 
money  has  value  under  a  competitive  system  that  does  not  promise  to  deliver  some  time  a  physical 
product  of  labor.  The  only  product  ever  yet  accepted  as  such  basis,  has  been  that  acknowledged  by 
the  people  of  that  time  as  the  best. 

Straws. — There  are  1,033,719,908  acres  of  public  land  surveyed  and  unsold.  Unsurveyed  public 
lands  equal  about  782,704.480  acres.  Alaska  contains  309,529,600  acres  not  included.  The  land  of 
Uncle  Sam  exceeds  in  value  the  Government  debt  January  2,  1895,  or  $1,654,375,379,  which  includes 
all  our  paper  money  and  bond  issues. 

Stocks  and  Bonds. 

Bonds. — The  Bond  market  is  strong  and  healthy  ;  the  demand  for  money  increases,  and  supply 
of  new  municipal  bonds  decreases.  It  is  claimed  that  the  municipal  indebtedness  of  the  various 
cities  of  the  United  States  did  not  increase  more  than  1  per  cent,  from  1880  to  1890.  Bond  sales  on 
the  Exchange  about  one  million  per  day.  Municipal  bond  sales  for  December  were  reported  as 
$13,486,334,  and  for  1894  $117,167,225  against  $77,421,273  in  1893.  Bank  stocks  dull,  especially  South- 
ern and  Western. 

Railway  Stocks. — Earnings  of  194  roads  in  1894  show  11  >^  per  cent,  decrease  as  compared 
with  1893.  The  Chronicle  estimates  the  decreased  earnings  of  all  roads  in  1894  will  reach  $130,000,- 
000.  Granger  roads  continue  viewed  as  good  property,  and  are  respected  for  their  good  manage- 
ment. St.  Paul  has  many  loyal  friends.  Burlington  was  considered  a  splendid  purchase  around  par 
for  many  years.  Rock  Island  will  hardly  decrease  its  dividend.  Louisville  &  Nashville  English 
friends  continue  loyal,  and  buy  the  stock  on  all  breaks  ;  they  look  upon  the  property  as  good,  and 
earnings  likely  to  increase,  as  the  South  continues  increasing  her  products.  All  and  each  of  their 
crops  last  year  were  above  the  average.  Western  Union's  earnings,  dividend  and  capital  each  ex- 
ceeds those  of  the  New  York  Central ;  it  is  an  independent  property  with  but  one  rival.  Missouri 
Pacific  may  have  hard  lines  until  reorganization.  Union  Pacific's  loan  may  be  adjusted  by 
Congress  later  on  ;  there  is  some  public  sentiment  favorable  to  foreclosure.  Northern  Pacific  will 
likely  go  into  bankruptcy  before  it  is  any  good.  Atchison  earnings  appear  improving.  Coal  roads 
are  not  earning  or  being  managed  satisfactory  to  all  interests. 

Industrials. — Sugar  Company  stock  will  not  be  disturbed  by  adverse  legislation  or  its  old-time 
manipulators  ousted  from  control  if  they  can  help  it.  Gas  control  is  too  good  a  thing  to  milk  the 
market  with  to  be  allowed  to  slide  into  other  or  Western  hands  and  be  consolidated  with  competitors. 
Some  Distillers  shareholders  are  evidently  determined  to  own  a  larger  interest  at  present  figures,  or 
less  at  higher  prices,  and  in  any  case  to  get  new  management  if  possible.  General  Electric's  finan- 
cial improvement  is  thought  by  some  to  be  a  matter  of  book-keeping,  but  its  friends  are  apparently 
faithful.  Cordage  is  and  will  remain  the  black  sheep  until  its  affairs  are  put  into  better  shape. 
Lead  manipulation  appears  at  a  low  ebb,  and  its  oflficials  are  not  talking.  The  spring  may  bring 
encouragement.  Cotton  Oil  people  are  quiet,  but  no  doubt  its  management  is  "  sawing  wood,"  The 
industrials  are  likely  to  show  more  activity,  and  be  as  "gamey  "  in  the  future  as  in  the  past. 

Cotton. 

European  cotton  manufacturers  are  reported  as  doing  the  largest  amount  of  business  on  record. 
Their  shipments  to  India  and  China  exceed  all  previous  seasons.  Silver  was  never  lower.  Some 
Colorado  shipments  reported  direct  to  China.  Spinners  everywhere  are  reported  as  well  supplied 
with  cotton,  and  have  a  fair  margin  to  continue  running  their  mills.  New  Hampshire  and  Massa- 
chusetts mill  men  are  negotiating  to  transfer  a  large  proportion  of  their  output  to  the  cotton  belt, 
and  only  turn  out  choice  goods  in  the  East ;  evidently  the  consumptive  demand  equals  8>4  million 
bales.  We  think  that  the  present  average  crop  estimates  indicate  a  yield  of  from  9>4  to  93^  million 
bales.  Planters  are  striving  to  curtail  production.  Their  number  appears  too  numerous  to  "  pan  out 
an  income  "  much  better  than  the  "  hold  your  wheat "  circular  did  some  years  ago  in  the  spring  wheat 
belt.  We  still  believe  cereal  products  in  the  South  will  be  more  largely  cultivated,  and  thereby 
reduce  cost  of  cotton  production.  We  look  for  the  spinning  industry  to  double  in  the  cotton  belt  the 
coming  three  years.  Sixteen  States  now  produce  cotton  against  but  ten  a  few  years  ago.  Florida 
now  grows  about  one-third  of  the  Sea  Island  cotton,  and  about  half  as  much  as  Georgia.  Cotton 
factors  are  not  as  ambitious  to  assist  planters  as  in  previous  seasons.  Previous  advances  have  proved 
precarious.  It  will  not  debar  renters  from  going  to  the  Limit  of  their  credit  in  again  planting  all  the 
cotton  they  can,  even  if  five-cent  cotton  means  63  per  cent,  loss  on  average  prices  prevailing  two 
years  ago.  Galveston  and  New  Orleans  have  received  over  three  million  bales  of  cotton,  or  about 
as  much  as  all  our  spinners  ever  used  in  a  single  season.  It  is  surmised  cotton  factors  in  the  South 
and  European  merchants  are  short  perhaps  three-quarters  of  a  million  bales  of  cotton  in  this  market, 
where  there  is  only  about  100,000  bales  fit  for  delivery  on  contracts  ;  that  the  long  interest  is  well 
concentrated,  believing  the  decreased  acreage  and  small  use  of  fertilizers  will  fully  offset  the  large 
surplus.    These  conflicting  interests  are  waiting  events ;  neither  are  aggressive. 

28 


CLAFF  &  COMFANT,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Wheat. 

Seaboard  receipts  of  wheat  and  flour  in  1894  were  150,986,997  bushels,  against  183,730,409  bushela 
in  1893,  and  213,028,021  bushels  in  1892.  Chicago  received  of  wheat  and  flour  44,020,299  bushels  in 
1894,  against  50,280,548  bushels  in  1893,  and  70,002,549  bushels  in  1892.  New  York  wheat  stocks  are 
now  less  than  two  years  ago,  and  only  about  two-tliirds  as  large  as  one  year  ago.  Chicago  received 
since  July  1  about  13  millions  more  wheat  than  they  shipi)ed.  Their  total  stock  in  store  and  afloat 
exceeds  30  million  bushels,  against  about  22  million  bushels  a  year  ago.  The  December  Government 
report  claims  there  was  34,882,430  acres  of  wheat  that  produced  13.2  bushels  per  acre,  or  400,207,410 
bushels  ;  that  the  farm  value  per  bushel  was  49.1  cents,  aggregating  a  total  value  of  $225,902,025, 
and  that  the  crop  was  above  an  average  one,  yet  below  the  average  for  the  years  1890  to  1894  inclu- 
sive. The  value  of  wheat  crop  on  the  farm  is  annually  only  about  10  %  of  all  farm  products  ;  this 
year  is  about  9  <^.  Exports  for  the  calendar  year  1894  were  145,949,074  bushels,  against  182,103,700 
bushels  in  ls93.  Argentine  reports  exports  for  their  crop  year  or  calendar  year  1894  as  55,152,000 
bushels.  Chili  and  other  South  American  countries  will  likely  make  total  South  American  exports 
about  05  to  70  million  bushels,  against  about  35  million  bushels  in  1893.  Five  years  ago  South 
America  was  an  importer  of  wheat.  It  is  reported  they  are  now  loading  new  wheat  for  export. 
Russia  reports  exports  as  55,704.000  bushels  since  her  crop  year  began,  August  1,  against  45,400,000 
bushels  last  season  same  time.  India  has  exported  only  about  10  million  bushels  since  her  crop  year 
began,  April  1,  against  about  18  million  bushels  the  previous  season,  and  over  26  million  bushels  for 
the  9  months  ending;  December  31,  1892.  The  world's  visible  supply  January  1,  as  given  by  the 
Daily  Trade  Bulletin,  was  227,975,000  bushels  wheat,  against  232,005,000  bushels  a  year  ago,  and 
237,420,240  bushels  January  1,  1892.  Continental  stocks  January  1  were  about  29  million  bushels, 
against  about  40  million  bushels  a  year  ago.  Great  Britain's  visible  supply  January  1  was  estimated 
as  77,114,000  bushels,  against  82,462,000  bushels  a  year  previous.  No.  3  cash  wheat  in  Chicago  com- 
mands about  the  same  price  as  No.  2  wheat  for  May  delivery.  Cash  wheat  here  is  but  a  small 
premium  over  May.  We  are  practically  on  an  export  basis.  English  and  Continental  markets  have 
been  advancing.  There  is  a  good  demand  for  Spain,  Portugal  and  West  Indies.  Sentiment,  specu- 
lation and  statistics  appear  mostly  arrayed  on  the  bull  side  of  wheat. 

Corn. 

The  December  Government  report  says  the  yield  per  acre  was  19.4  bushels,  the  lowest  since  1881, 
when  it  was  but  18.6  bushels  per  acre  ;  that  the  acreage  planted  was  76,000,000,  and  that  harvested 
but  62,582,000  acres,  drought  and  hot  winds  being  the  cause.  The  yield  was  but  1,212, 7^0,000 
bushels  and  worth  $554,719,000.  The  Orange  Judd  Farmer  claims  to  have  reports  from  every  State 
and  predicts  the  corn  crop  equaled  1,443,000,000  bushels  ;  that  the  South  harvested  a  good  crop,  yet 
it  was  generally  poor.  Rigid  economy  in  its  use  is  practiced.  Primary  receipts  of  corn  have  been 
about  44  million  bushels  against  105  millions  last  year.  It  seems  to  be  conceded  the  crop  east  of  the 
Mississippi  River  is  70  to  75  millions  larger  than  1893.  Exports  28  million  against  about  31  millions 
last  season.  The  visible  is  now  larger  than  a  year  ago.  Chicago  has  several  million  bushels  of  low 
grade  corn  practically  worth  as  much  per  bushel  as  contract  grades,  yet  selling  6  to  7  cents  under 
contract  grades,  which  are  in  small  supply. 

Oats. 

The  December  Government  report  makes  the  October  area  27.023,553  acres  ;  yield  per  acre,  24.5 
bushels.  Crop  002,080,928  bushels,  valued  at  S214,810,920,  or  about  as  much  as  the  wheat  crop.  Rye 
crop,  area  1,944,780  acres,  producing  20,727,615  bushels,  worth  613,394,470;  of  barley,  3,170,002  acres, 
producing  01,400,405  bushels,  valued  at  $27,134,127;  of  buckwheat,  789,232  acres,  producing  12,008,200 
bushels,  valued  at  $7,040,238  ;  potatoes,  2,737,973  acres,  producing  170,787,338  bushels,  valued  at 
$91,520,787;  hav,  48.321,272  acres,  producing  54.874,408  tons,  valued  at  $408,578,321;  of  tobacco, 
623,103  acres,  producing  406,678,385  pounds,  valued  at  $27,760,739. 

Provisions. 

Exports  of  provisions  the  past  week  fell  short  of  last  year  about  10  i.  There  are  many  indica- 
tions the  hog  movement  will  soon  fall  off.  The  Chicago  stock  of  pork  is  about  four  times  as  large 
as  a  year  ago  ;  of  lard,  more  than  fifteen  times  as  much  ;  of  ribs,  nearly  five  times  greater.  (Ex:- 
amine  fourth  page  of  our  letter  for  statistics.)    Packers  still  appear  in  control  of  values. 

Packing  from  Nov.  1  to  Jan.  10  was  4,315,000  hogs,  against  2,700,000  corresponding  period  last 
season.    The  estimated  packing  this  season  will  exceed  7,000,000,  against  4;885,000  last  year. 

Very  respectfully,  CLAPP  &  COMPANY. 

Note. — Will  mail  applicants  our  Blue  Book  containing  statistics  of  railway  securities ;  our 
'•  Cotton  Facts,"  giving  statistical  record  ot  the  cotton  movement  to  date  ;  our  Red  Book,  giving 
grain  and  provision  statistics.  29 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Quotations  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  January  16,  1895,  and  tor  January,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  \T.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wbbklt 
Sales. 


700 

4U0 

157,978 

646 

4.191 

4,637 

1.756 

1.361 

19.466 

600 

22.630 

190.684 

50,425 

100 

81602 

750 

16,907 

l^S^O 
loO 
319 

i.:m 

11.218 

1.870 

8:^.795 

13.601 

"266 
2  023 
1,810 

100 

250 
1.515 
19670 
6.449 

115 
1.116 

4^286 
2.5B7 

240 
8.584 

760 
4,790 

2G0 

205 

550 

1  529 

8,0!.H) 

100 

19,310 

'266 

10000 
l.MO 
2,3.30 

812 

375 
8,084 

256 
1,123 
2.213 
2,000 

200 
2.500 
9.825 
3.145 
1,875 


Capital 

Stock. 


120,237.100 
10.198.600 
36;7r3,000 
36.773,000 
17,900,000 

102  000,000 
25,000,000 
15,000,000 
22.488,000 
60.805.400 
82.262.700 
24,885.800 
46,027,261 
25.923,900 
46.156,000 
18.559,360 
39,054,907 
22,335  170 
20,500,000 
10,000,000 
35,430.060 
26,200.000 
30.000.000 
23.650,000 
35.000.000 
30,459,700 
25,000,0(10 
8,000.000 
50.000.000 
10,000,000 
11,840,000 
11,840,000 
49,466..5O0 
52,800.000 
30,000,000 
18,738,204 
13,000.000 
47,844.100 
47,436.576 
14,905,400 
14,904,000 
89,428,300 
77,427,000 
19,809,000 
6,000,000 
58,119,982 
10.173.000 
39,767,200 
49.000.000 
36.140,131 
20.000,000 
8.500.000 
40.426,361 
36,000,000 


DiyiDEND  Eecokd. 


Nauks  or  Stocks. 


Pays  .3pc  J-D 

Pays  3pc  0-.I-A-J 

Pavs  ,3!^pc  J-J 

Pavs  3pc  FMA-N 

Paid  .5!4pc  in  1888 

Pays  2iipc  M-N 

Pavs  IJ^pc  F-A 

Pays  IJipo  F-M-A-N... 


Pavs  IMpc  M-J-S-D 

Pays  IJ^pc  M-J-S-D 

Paid  2pc  A-O 

Pays  7  PC  Per  Arnium.. 
Pays  Ipc  F-M-A-N 


Pavs  3i;c   J-D 

P;iys  is^pc  M-.I-S-D. 
Pays  IJ^pc  F-A 


Pays  2pc  M-.T-S-D 

Pays7pc  per  annum 

Fays  I9^pc  .M-J-S-D 

Paid  Ipp  May  1893 

Paid  lK>pc  Jan.  1893.... 

Paid  2pc  AiifTi  St  1893 

Pays  V4PC  F-M-A-N.... 


Pays  2^pc  M-S. 


Pays  IHpc  F-M-A-N.. 

Pays  3pc  F  f 

Paid  2pc  Aiu  ntt  IK93. . 
Pays  li^po  .)-A-.J-0... 
Paid  2pc  August  1894. 


Paid.3pc  1891 

Paid  li)C  July  1804... 
Pays  1?4pc  M-J-.S-D.. 
Pays  IJ^pc  J-A-J-O.. 


Paid  IHpo  Nov.  1893. 


T'aid  Ipc  April  1892. , 
Paid  Ipo  in  1887..., 


Pays  2po  F-M-A-N. 


118.858,170 
19,8.50,000 
38.710,900 

6,500.000 
60,868J500 
83,837,093 
80.166,000 
17,813  800 

7,113,550 
88,000,000 
24.000,000 
94,820,000 
10.000,000 

4.500,000 


Paid  Ipc  in  1887. 


Paid  3^pc  in  1884. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 

Am.  Sugar  Refining  Co 

Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  S.  Fe 

Baltimore  &  Ooio 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  StPanl... 

Chicago  Mil.  &  St  Paul  Pfd 

Chicago,  R.  L  &  Pacific... 

Chic,  St  Paul  -M.  *  Omah» 

Chicago  &  Northwestern. 

Chicago  A  Northw'n  Pfd. 

Cleve.,  Cin..  Chic,  *  St  L. 

Col.,  &  Hock'g  Coal  &  Iron 

Consolidated  Gas  of  N.  Y. 

Delaware.  Lack 'a  &  W'n. 

Del..  &  Hudson  Canal  Co 

Denver  &  Rio  Grande  If  d 

Distilling  &  Cattle  F.  Co. . 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

I  aclede  Gas  Co.  of  St  L. . 

lake  Erie  <fe  Western.   . 

Lake  Erie  <fe  Western  Pfd 

Lake  Shore  A  Mich.  So'n. . 

Louisville  &  Nashville.... 

.Manhattan  R'yCousol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexicaa  Central 

Mis.souri  J'acifio 

National  Lead  Co 

National  Lead  Co  Pfd . . . 

N.  Y.  Cent'l  Jfe  Hudson  Riv 

N  Y.  Lake  Erie  A  West'n 

NYAN  E  tst  CO  ctj  all  in  pd 

N.  Y.  &  Northern  Pfd.... 

N.  Y  Ontario  A  Western.. 

N.  Y.  Susq.  A  W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  A  Evan.sville 

Philadelphia  A  Reading.. 

Pullman's  Palace  Car  Co. 

Rich  A  W  PTerSth  inst  pd 

Silver  Bullion  Certificates 

.Southern  Pacific  Co 

Tenn.  Coal.  Iron  &  R  R  Co 

Texas  A  Pacific 

Tol.  Ann  Arb.  A  Nor.  Mich 

Union  Pacific 

Cnion  Pac.  Denv.  A  Gulf. 

L'nited  States  Rubber  Co. 

TJ,  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

,  Wabash 

I  Wabash  Preferred  

Pays  IHpo  J-A-J-O I  Western  Union  Tel  Co... 

'Wheeling  A  Lak«  Erie 


Pays  Ipc  F-M-A-N. 


Wheeling  A  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 722.544 


COTTON,  in  ba  es. 
I  World's  visible. 
1895  4  847.651 

1894|  4601.614 


Total  In  slghtH  Total  ExporU. 
7.238.4-9  3.P2;i,774 

5,763,154        I        3.113,6;J7 


^  Y    f January.. 

■    I  February. 

CotHm  1  March.  ... 

(April 


WHEAT,  In  bushels 
I    U.  S  Visible.     iPrimary  rec'ts* 
1895         ^e.Slh.l'CO         I     117,791.000 
189l|        804.34,000  I     119,000  000 


Total  Exports. 
79,900.000 
97,414,654 


^''^-^•^jui^:. 
co™-]ju7y:. 


CORN,  in  bushels. 
I    U.  S.  Visible. 
1895        11 081.000 
18941        ll.£10  000 


IPrimary  rec'ts* 
43  022.000 
102,564,541 


Total  Exports. 
28.090  000 
29.652.983 


Chicago  t  May.. 
Wheat.  (July.. 


OATS,  in  bushels. 
I    U.  S.  V-ible. 
1895  8.663  000 

18941         8.9:3  000 


N.  Y.  Stocks, 
1  Sj-i  313 
1.088  0!J3 


Chgo.  Stocks.  J0a<«----1 


1  294  000 

843.000 


Pork. 


May 

July 

J  January. .. 
I  May.  ...... 


1895 
1894 


LARD-tcs.  I  CHICAGO  CONTRACT  STOCKS. 

World's  vis.  PORK-bbls,;  LARD-tcs.  ;  RIBS-lbs. 
180,836  105,676  31,705       27.727.5S4 

141,510    i  27,614     I  2.U1     I     6,705.744 


Lard. 
Ribs . 


I  OLD  PORK,  Chgo.-bbls.  i 
1895  . , .     boU. 

18941  ....        " 


11.55 
12,00 

6.87 
7.10 

1  May li  6,07 


J  January. 

(May 

( January. .. 


Thursday. 
Jan.    10, 


■ii\i    23^4 

^%  89M 
91J4  91V4 
93 

63 


9H% 

4^4 

6.1 

5C!4    49^ 
91^    90% 


78 


709'4 
7rt« 
5656     55% 


6IJ« 

Si 

95J4 


la    i.>8 

35H    84^4 


27« 


13? 
52Ji 
105 


2r« 


137 

5i% 
104% 


23?i  8:}14 

37H  86?4 

mi.  im 

33"  82^ 

15^  isH 

13M  18« 


60       00 
I8H    lh« 


n 


ml  1 


<4^    44« 
TH      6^4 

io«     »H 


879?    87V6 

l('^  10 


122  976 

5.57  5,54 

5  58  5,54 

5.63  6  58 

5.67  5.62 


Friday. 
Jan.    11. 


83><    im 


91 

9l?i 
99 
^^ 
63^4 
50 
929i 
17^ 
78 
78V4 
56^ 


90<4, 

9m 

98H 
4?^ 
63H 
50 
90V4 
im 
71 
76« 
56 


62%    6\% 
33        8:j 
96%    85% 


161M  16!M 
131%  12SV, 
35        34H 

im    10 

34^    83% 


84        88 
2:«    27« 

:i%  7i% 

I37?i  137 
53%    .'<3% 

m%  1U5 

23"     22% 


24 
37M 

93% 
10^ 
33 


23H 
87 

98% 
10^ 

mi 


a     ii^A 


8% 
17?i 


17^ 
22 


ISM    18% 


I8H 
15% 


44M 
7H 
IOJ4 

10% 
41% 


18% 
14)4 


44% 
6% 
lOH 

i8% 
87 
lOVi 
41% 


150,161 

5.59  6.55 

5..i9  5.54 

5  62  5.58 

6  66  6.63 


63%  6.?  6.34<  &iy* 
O.'JVi  63V4  63%  63% 
51%    51%    52%    51% 


58% 
5914 
48% 
47% 


5«% 

479i 
47% 


81%    81% 


59%  bm 

4a%  47% 

4T%  47% 

31%  80% 


Saturday, 
Jan.    12. 


23%    23 
90%    60° 


98% 
4% 
62% 
49% 
93?i 

im 

56% 


98% 
4% 
62% 
49% 
9lk 

71% 

75->ft 
56% 


62?i  62U' 

33%  3.3H 

96^  96 

88%  88' 


lb.3%  159 
132      130% 


1094 
84 


84%    84% 


539i 
105% 
95 


53% 

io.->% 

95 


86% 

9H% 

10 

83% 

i5% 

17% 
22% 

13% 

i5% 

18% 
15% 


iS^4 

85% 


10 
83 

15% 
42% 

17V6 
2S% 

15% 
16 


11%    11% 

44^    44i 
7  6J 


Monday. 
Jan.    14. 


90% 
91% 
99 

62% 


67T^ 
89% 
91% 
98>>^ 
4% 
62% 


94       93 


72% 
X74% 
56% 


71% 
72% 
56}J 


63%  62% 
33%  3.1% 
97        98k 


:3I%  131 
164  162 
133 

35 

11% 

84% 


\3m 

3S 

10% 

83% 


\%      1% 
87       86 


Tuesday. 
Jan.    15. 


23       23 

mi    89% 


98% 
4% 

49% 
i92 
17% 

n% 

72% 
57% 

63% 

90% 


35?i 
11% 
34% 


98% 
4% 

49^4 
91k 
17% 
71M 
70% 
56 

mi 

95% 
<»% 


85% 
lOH 
34% 


87        87 

fr%  ij% 

16%     I6i4 

l38      13R 

54%    5.?%  _55%    545^ 


106%  105)^  I06 
22%    22%    23 


24% 

3r% 
99" 

83% 

ie" 
43 

'^. 
22% 


18 

15% 
9% 


23% 
36?^ 

98% 

88 

i5% 
42H 

3% 
8?i 

22% 

12% 


17% 
15V4 
9% 


41%    44% 


10% 


14    I   .... 
87%   88 
10%    10% 
...      41% 


87% 
10% 
39% 


77,851 


164,465 


5,54  6'54  5.57  5,56 

5.54  5.54  5.58  5  51 

5,59  5.58  5  62  5  58 

6,t>3  6,62  6  63  6.63 


63% 

63%        ^ 
{58%    61^ 


63%  ti% 
63%  63% 
52%    61!K4 


58%  68%  58%  58% 

59%  5S%  59%  f>i% 

48%  47%  48%  47% 

47%  47%  ...  . 

31%  81  81%  80% 


11,55  l:.50  11  50    11  50  11.50   11.57  1!.57 
11,80   11.82  11.75   1182  11.80   11.87  1180 


6.«2 
7.00 
5.82 
6.00 


682  6.83 

7  02  6.97 

580  .5.80 

6,02  5.97 


24% 
36% 

99" 
10% 
32j| 

16% 


17% 


23^ 
86% 

9«% 
10% 
82% 

16% 


17% 
22% 


13%     13% 


18 
15% 

?^ 
11% 


6% 
10% 

6% 
14% 

88 

:o% 

41% 


17% 
16 

?^ 
11% 


6% 
10% 

10 

89% 


112  394 

5,54  6,53 

5  54  5.53 

5.58  5.56 

5.67  5.64 

62%  62% 

63%  62% 

51%  51% 


5!>%  57% 

58%  58% 

48  47^4 

47%  47% 

80%    80% 

1 1  40  1 1  ?d 
11,75  11,57 


6  85  6.86  6  87  6  85     6  80  8,78 

7  00  6  97  7.05  7  02  6.07  6.87 
5  82  582  585  58515  12  6.72 
6.02  6,C0  6.07  6  02  I  5.97  6.67 


Wed.. 
Jan.    16. 


23  28 

89%  89' 

98%  97^ 

4%  4% 

63%  62^4 

49%  49% 

91%  im 

7!%  7m 

li  70% 

5^  t6% 

6.3%  62% 

mn  33V^ 

93%  S6% 


l64%  163% 
I3II4  l31% 


10% 
34% 


fi7% 
27% 


139% 
54% 

:c6 


37 

84% 

9"% 


10% 
34J4 


87% 
27% 


l.W 
^4% 
105% 


37 

81% 

9lt% 


82%    82% 


18% 

42% 

8% 

ir% 

22% 

8% 
12?6 


16% 
42% 

8% 
17!^ 
22% 

3% 
12% 


15%    M>M 


18% 
15% 


18 
15% 


11%    11 


44% 
7 


U% 

67% 
10% 
40% 


44% 
6% 


11% 

10 

40H 


96  197 

5..52  5.S2 

5.54  5.53 

5.60  5  56 

6.61  6  60 

63%  62% 

6-'%  62% 

51%  51% 


58  67% 

58%  58% 

47T6  47% 

47%  47% 

31        80% 

li.'26  11.15 
1150  1185 

6  68  6  62 

6  82  6.77 

5.62  5  62 

5.82  5.75 


Range  for 

Jan.   189£ 

to  date. 


23%  2.3 

68  67% 

9!  86% 

91%  90!4 

Otf^*^  96% 

4%  AVi 

63%  61% 

50%  49 


34 

17% 

72% 

78^4 


84% 

1  J 

69% 
70W 


57%  54'-i 
US  116% 
63%  60^ 
33%  31% 
97  94% 
144%  144% 
39  37H 
4%  4% 
)31M  126% 
164%  IfS-"; 
1:33  125% 
•35%  34% 
11%  9% 
35%  33% 
103  102!^ 
1%  1% 
87%  81% 
27%    26 


16% 
72 


16 

70  V< 


139%  |34% 

55%  52H 

106%  |04 

95  95 

28  21^4 

26%  22% 

37%  36 

34%  83% 

99%  97^ 
10%      9% 

33%  32 

16%  i5% 

43  40 
3%        3% 

4  3% 

18  10% 

22%  21% 

3%      3% 

m  12% 

154  *  l64 

15%  13% 

60  60^ 

19M  17% 

15%  14^4 

9%      9% 

2%      15^4 

11%  11 

45  43% 
8%      6% 

li%      9>4 
B^      6 

14%  13% 

88  «t% 

U  10 

41%  89^ 


5,5*  B.44 

5.60  5.46 

5,65  5.49 

6.69  654 

63%  61% 

6J%  62% 

52%  iWA 


58%  f>~M 

hm  57% 

48%  47% 

48  47 

81%    80% 

11.67  11  15 
12.00  11,35 

692  6.62 

7  10  6  77 

5.90  6  62 

J6.10  5.75 


Range  r<>< 
Jan.   1891 


29%  265, 

69  68 

<*4%  75^i, 

85%  79J:; 

77  69Jt 

12%  «^ 

69  67 

51%  47 

116%  111 

18%  16% 

7<%  73^ 

67%  58% 

60%  54J4 

ns%  116 

68%  61% 

88  82% 

104%  i7 

HO  135% 

3774  81 

7^4  4% 

127%  122v| 

"0%  I6II4 

136  li9% 

32%  30 

i'%  20% 

38%  3C% 

l03  100 

6  4 

93.^4  89% 

16%  15 

15g  13% 

67%  63 

i:?,,  iif^ 

*'\i  40% 

\li  118% 

99  96 

25%  22% 

•iiii  18% 

ay*  22 

74%  68 

l01%  95% 

15%  13% 

14%  7% 

icH  14% 

45  40 

<^  8% 


5% 
19 
19 


4 
13% 
14 


4%        3% 
21         I7U 

lT'«  162% 
i        i 


67 
20 
14% 

7 

5% 


■m  i7v: 

6%       4% 
41        86 


7%  6 

14%  12% 

86%  80% 

i;3%  12^ 

50%  47 


8.11  7  55 

8.21  7  55 

8.30  7  63 

8.33  7  71 

73  A  6BJI 

74%  70% 

15%  44 


69%  64% 
39^1.  37M, 
39%    88% 

8!%     29 
80         27'/^ 
13  «5  12  47 
14.00  12.52 

8.30  7.47 

8.05  7.40 

7.00  6.37 

7.18  6.45 


WHEAT  on  passage. 
8.3,440,000  bush. 
81,864,000    " 


CORV  on  passage. 
5.280,000  bush. 
4,680,000 


Russian  Shipmts.  for  wk. 
8  960.000  bush, 
1'090,824 


Indian  Shipmts.  for  wk. 
800,000  bush. 
1,140,COO 


Argentine  Sbpts.  for  wk. 
bush. 


t  Since  Aug.  31.  •  sinwi  June  80.         Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKEKS,  MILLS  BUILDING,  NEW  YORK 


mUecftlv)  flDarhct  Xctter. 


Copyright,  1808,  by  Clapp  Jt  Co-mpany. 


N4t>.  413.  O.  W.  Clapp 

DwiQHT  O.  Clapp 

CLAPP    &    COMPANY, 

SSanhers  anb  Brohevs,  "^ 

MILLS    BUILDING,    N.   Y.  o 

m 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE.  Q 

OPI'OiJtTE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.  Q 

z 

(  277    BROADWAY,  Corner  Chambebs  St.                                                                                                                                           PRIVATE  TELEGRAPH   WIRES.  ^ 

Bbamcm     Ig-,^    BROADWAY,  Broadway  Central  HOTIU                                                                                                                         CABLE  ADDRESS:  "  OZRO."  Tj 

OFnwa:   (  ^gg  FIFTH  AVENUE,  Corn  r  58th  St.                                                                                                                        LONQ  DISTANCE  TELEPHONE.  ^ 

New  York,  Thursday  Morning,  January  24,  1895.  ^ 


We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,   Bonds, 


o 


Cotton,  Grain  and  Provisions.  |> 

Our  private  wire  facilities   are  unsurpassed  to   all    New    York,    Chicago   and    Western  p" 

Exchanges.      Close  relations   to   important   interests   enable  us   to   give   early    and   valuable  "^ 

information.  ^ 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  ^ 

delivery.  O 

Margin  deposits  may  be  made  with  local  out-of-town  banks.     The  local  bank  should  always  ^ 

wire  us  at  once,  at  our  expense,  stating  amount  that  has   been  placed  to  our  credit,  and  for  ^ 

whose  account,  thus  allowing  us  to  fill  customer's  order  promptly.  ^ 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 

r 

=  m 

> 


BANK   STOCKS    FOR   SALE.  o 


z 

o 


o 

X 

> 

z 


10  shares National  Bank  of  Republic Chicago,  111. 

19  "  National  Bank  of  Rondout Rondout,  N.  Y. 

100  "  Moorhead  National  Bank Moorhead,  Minn.                            n 

40  "  Salamanca  National  Bank Salamanca,  N.  Y.                           ^ 

15  "  First  National  Bank Carthage,  Mo. 

40  "  Arlington  National  Bank    Arlington,  Oregon. 

50  "  City  Bank Minneapolis,  Minn. 

100  "  Everett  National  Bank Everett,  Mich.                                q 

70  "  Fredonia  National  Bank Fredonia,  N.  Y.                              pl 

10  "  First  National  Bank Kendrick,  Iowa.                             CO 

20  "  State  Bank '. Elmira,  N.  Y. 

50  "  City  National  Bank Norfolk,  Va. 

50  "  People's  Bank Greenville,  S.  C. 

50  "  First  National  Bank Fort  Madison,  Iowa. 

K£EP  OUR  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS   FREE. 

31 


2    CLAPP  &  COMPANY,  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Love  of  country  is  the  first  requisite  of  a  statesman.  Those  who  own  other  allegiance  should 
neither  be  excused  or  tolerated.  True  Americans  are  in  no  danger  of  forgetting  the  real  strength, 
or  belittling  the  genuine  progress  of  their  own  people.  The  richest  nation  in  the  world  need  not 
fear  any  permanent  embarrassment  from  over  production,  or  a  temporary  drain  of  coin  through 
foreign  exchanges. 

Straws. — According  to  the  census  of  1890  the  322,638  establishments  that  were  engaged  in  man- 
ufacturing had  4,712,C22  employees  who  received  $2,283,216,529  in  wages,  and  produced  an  aggregate 
•  product  valued  at  $9,372,437,283.  489  fire  insurance  companies  Jan.  1,  1894,  held  assets  of  $331,196,634, 
and  had  a  cash  income  in  1893  of  $178,971,022,  on  riskri  aggregating  $16,400,000,000.  The  fire  losses 
of  the  two  years  1893-  c  are  estimated  as  aggregating  less  than  300  millions  of  dollars.  421  life  and 
assessment  organizations  hud  on  January  1,  1894,  assets  aggregating  $969,978,742,  and  policies  in 
force  aggregating  $12,48' ,803,990.  The  U.  S.  Post  Office  receipts  in  1893  exceeded  by  five  millions 
those  of  any  previous  year.  4,739,194  saving  bank  depositors  had  in  1893-4  aggregate  deposits  of 
$1,739,006,705.  5,838  building  associations  having  1,745,725  shareholders  had  total  assets  in  1893  of 
$450,667,595.  The  savings  banks  show  that  economy  has  resulted  in  substantial  gains  to  many 
classes  during  1894. 

Stocks  and  Bonds. 

Bonds.— First  class  bonds  are  in  demand.  Questionable  municipal  bonds  are  in  liberal  supply 
and  not  easy  to  sell.     Railway  speculative  bonds  are  more  active  and  more  generally  traded  in. 

Railway  Stocks. — Union  Pacific's  net  earnings  from  January,  1893,  to  November  30  shows  33ji 
loss;  Baltimore  &  Ohio  for  1893  about  20^  loss,  the  last  half  of  1894  showing  great  improvement. 
Milwaukee  &  St.  Paul,  Rock  Island,  Burlington  and  Northwest  are  all  first-class  lines,  but  show 
gross  decreases  that  are  very  large.  Louisville's  earnings  first  week  in  January  are  almost  as  good 
as  last  year,  and  Texas  Pacific,  Missouri,  Kansas  &  Texas,  the  three  Mexicans,  the  Southern, 
Norfolk  &  Western,  and  other  Southern  lines  of  less  prominence  show  favorable  gains,  making  them 
fairly  active  trading  stocks.  The  Northern  Pacific,  Reading,  Atchison  and  Union  Pacific  receiver- 
ships are  a  heavy  drag  on  the  confidence  of  investors.  Renewed  confidence  in  Government  finances 
may  soon  give  the  market  a  better  tone  and  more  strength.  The  country  is  gradually  resuming  all 
its  usual  activities,  in  spite  of  all  handicaps,  and  is  showing  a  healthy  power  to  throw  off  those  ele- 
ments that  stand  in  the  way  of  its  best  interests.  The  business  outlook  is  certainly  more 
encouraging  than  otherwise,  and  the  prevailing  industry,  economy  and  thrift  will  again 
bring  activity  in  the  various  speculative  circles.  Stocks  are  again  selling  around  their 
low  averages  for  the  panic  and  liquidation  period,  and  the  combination  of  small  grain  tonnage  in 
the  Northwest  and  a  constant  ill-advised  agitation  of  the  currency  question  at  Washington  appears 
against  them,  but  it  will  be  remembered  that  new  winter  crops  are  doing  well,  and  spring  wheat 
sowing  is  not  so  very  far  away,  and  two  disastrous  corn  crops  not  likely  to  come  together,  while  the 
53d  Congress  expires  March  4,  1895. 

Industrials. — Distillers  protective  committee  appear  to  be  giving  confidence  to  holders,  who 
now  predict  a  90  ^  advance  in  the  stock.  Fears  of  sugar  legislation  appears  dying  out.  Stocks  of 
refined  sugar  are  growing  less.  Further  manipulation  will  likely  make  a  higher  market.  Chicago 
Gas  seems  getting  into  stronger  hands  who  predict  it  is  but  a  question  of  time  before  it  sells  at  par. 
General  Electric  continues  buying  its  own  securities  and  losing  confidence  in  the  street.  Cordage 
appears  to  have  no  friends  while  its  backers  are  disgusted.  Lead  stockholders  point  to  large  cash 
holdings  and  a  good  business. 

Cotton. 

The  total  visible  supply  is  about  300,000  bales  in  excess  of  any  previous  January^  at  this  date, 
and  equals  consumptive  needs  to  July  1,  1895.  Neil  &  Co.  are  again  reported  predictmg  a  10,250,000 
bale  crop.  Texas  exterior  receipts  to  date  are  about  67  ^  in  excess  of  last  year.  Exports  continue 
large.  Supplies  here  are  unusually  small,  being  about  127,000  bales,  or  about  double  those  of  Nov- 
ember 5;  a  year  ago  there  were  221,000  bales;  two  years  ago  300,000  bales.  The  amount  that  is  likely 
to  appear  in  sight  this  month  is  about  925,000  bales,  or  over  20  ^  in  excess  of  January,  1802,  the  big 
crop  year,  and  raising  the  amount  in  sight  to  about  7,900,000  bales.  January  port  receipts  will  likely 
exceed  those  of  any  previous  January  by  6  or  7;^,  and  be  larger  than  January,  1892.  Holders  by 
speculators  and  investors  are  numerous  all  along  the  line  from  planter  to  spinner.  The  factor  has 
but  few  reasons  to  congratulate  himself.  Spinners  with  modern  and  new  machinery  are  reported  as 
able  to  secure  handsome  profits,  buying  cotton  at  5  cents  per  pound  and  selling  the  cloth  at  2>4c.  per 
yard.  This  pressure  appears  inducing  inventive  genius  and  careful  workmanship  to  make  further 
advances  and  encourages  the  drifting  of  the  cotton  industry  from  New  England  to  the  South. 
Estimates  are  out  that  14  Southern  cotton  States  in  1894  grew  a  larger  cereal  grain  valuation  than 


CLAPP  &  COMPANY,  BANKEES  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


the  Government  report  estimated  the  cotton  crop  to  be  in  1S03-4  for  all  the  Southern  States.  Evi- 
dently the  South  is  <?aining  at  the  expense  of  New  England,  and  determined  to  regulate  their  own 
industry  and  cereal  food  products  to  offset  tariff  reform  methods.  Tliese  clianged  conditions  may 
create  a  speculative  and  stimulating  influence  in  tlie  States  determined  to  reduce  the  cotton  acreiige 
in  18f»5.  The  value  of  cotton  exported  in  1S!)4  was  !?2()(),:J8 1,000  against  $iOi,UH>.02'3  in  1803  and  $'^17.- 
063,558  in  189:J,  while  for  1891  it  was  $577,538,511,  or  the  largest  in  the  history  of  the  trade,  at  an 
average  export  price  of  9. .'37  against  an  average  minimum  price  last  year  of  but  6.54,  or  a  43  j6  reduc- 
tion.    The  price  is  now  about  17^  less. 

Our  Souvenir  for  1894.  containing  daily  cotton  receipts  at  ports  and  interior  towns,  and  valu- 
able statistics  of  cotton,  grain  and  provisions,  will  be  out  next  month,  delivered  free  to  applicants 
on  receipt  of  $3.00. 

Wheat. 

The  London  Corn  Trade  List  reports  actual  net  imports  of  foreign  wheat  and  flour  equal  178,854,- 
608  bushels,  and  larger  than  for  many  years.  Farmers'  deliveries  were  but  3G  million  bushels,  or  the 
h-ast  for  many  seasons.  Feeding  live  stock  was  a  prominent  factor.  The  total  was  214.854,008 
bushels,  against  220,560,000  the  previous  year,  and  231,544,000  the  previous  season.  This  shows  a 
net  deficit  of  12,345,392  bushels,  as  compared  with  only  4,632,000  in  1894,  and  a  surplus  of  8,344,000 in 
1891  ;  more  than  45  per  cent,  of  the  imports  of  1894  came  from  the  United  States  ;  about  18  per  cent, 
from  Russia  ;  17  per  cent,  from  South  America,  and  about  6  per  cent.  from.  British  East  Indies. 
British  America  and  Australasia  each  furnished  about  2  per  cent.  Russia's  rye  shipments  since 
August  1  exceed  25  million,  or  more  than  double  those  a  year  ago,  and  are  nearly  five  times  larger 
than  two  years  ago.  Argentine  Republic  accounts  continue  very  conflicting  ;  their  exports  in  1890 
Avere  about  13  million  bushels  ;  in  1891  about  15  millions  ;  in  1892  about  19  millions  ;  in  1893  about  39 
millions,  and  as  much  for  the  first  half  of  1894  as  for  the  year  1893.  Varied  reports  predict  the  1895 
crop  will  be  from  5  to  20  per  cent,  less  this  season  than  last  year.  Their  exports  last  January  were 
about  1, 1 76,000  bushels  ;  for  February  about  4,320.000  bushels  ;  for  March  about  1,128,000  bushels,  and 
for  April  (which  is  usually  the  largest  export  months  9,390,000  bushels.  Should  their  exports  fall  off 
the  coming  90  days,  England  may  become  an  aggressive  buyer,  even  if  North  America  has  65  per 
cent,  of  the  world's  visible  in  sight.  Millers  continue  paying  about  1  cent,  per  bushel  premium  over 
May  wheat.  Winter  wheat  sections  practically  are  following  the  same  plan.  Cities  west  of  the 
Missouri  River  report  wheat  being  sent  to  country  points  for  feed.  Madam  Rumor  claims  several 
large  lines  of  wheat,  amounting  to  many  millions  of  bushels  held  by  San  Francisco  and  New  York 
parties  have  recently  been  sold  to  prevent  further  loss.  The  Trade  £z</^e^i7i  estimates  supplies  of 
wheat  in  farmers'  hands  January  1, 1895  were  approximately  about  42  million  bushels,  and  in  second 
liands  about  21  million  bushels  more  than  a  year  previous.  Allowing  173  million  bushels  for  con- 
sumption and  seed  to  July  1,  1895,  and  80  million  bushels  for  the  visible  and  invisible  supply,  July  1 
they  find  59  million  bushels  available  for  export  for  the  second  six  months  of  our  crop  year.  Exports 
the  past  three  weeks  average  about  three  million  bushels.  If  the  average  be  continued  clearances 
■would  equal  about  78  million  bushels.  We  still  believe  exports  for  the  crop  year  will  be  about  150 
million  bushels  to  July  1,  1895.  There  were  about  78  millions  to  January  1, 1895.  European  supplies 
are  reported  23  million  bushels  less  than  a  year  ago.  The  world's  visible  is  about  20  per  cent.  less. 
The  price  about  20  per  cent,  less  and  consumption  at  the  maximum.  It  would  seem  as  if  prices  were 
at  last  dragging  near  bottom. 

Corn. 

The  visible  is  near  a  maximum  point  at  this  season  and  from  a  minimum  crop,  with  prices  but 
three  quarters  there  prevailing  when  the  world  first  found  out  America  had  but  two-thirds  or  three- 
quarters  of  an  average  crop  based  on  about  10  years'  averages.  It  appears  as  if  farmers  have 
reserved  corn  supplies  tenaciously  and  sold  their  wheat  and  live  stock  urgently.  Corn  bulls  have 
sold  freely  to  prevent  further  loss.  Shorts  have  bought  about  as  freely.  We,  therefore,  for  the  first 
time  since  October  favor  conservative  purchases  of  May  corn. 

Oats. 

The  visible  is  near  the  maximum  point  and  more  than  double  the  quantity  in  sight  a  year  ago; 
apparently  consumption  is  at  the  minimum  point.  Sentiment  has  been  bullish.  Longs  have  sold 
freely  to  prevent  further  losses  ;  the  short  interest  is  small.  A  small  advance  is  probable  before 
May  oats  sell  at  26  cents  in  Chicago. 

Provisions. 

The  consumptive  demand  is  good.  Exports  are  liberal.  The  country  movement  of  hogs  shows 
signs  of  falling  off.  Average  weights  are  less.  Bulls  have  realized  freely.  Packers  appear  to  own 
their  holdings,  and  not  to  have  made  sales  for  future  delivery  against  same.  Packing  at  Chicago 
from  October  27  to  January  17  was  1,843,000  hogs  against  1,242,000.  Total  packing  at  all  points 
Bince  November  1,  1894.  to  January  17  was  4,770,000  hogs  against  3,130,000  hogs  last  year. 

Very  respectfully,  CLAPP  &  COMPANY. 

Si 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Quotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  January  23,  1896,  and  lor  January,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co  , 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weekly 
Sales. 


1.975 

425 

102,078 

2.145 

5.590 

4,057 

4,025 

2.&J0 

20.196 

3,816 

71  oa^ 

93.»'55 
69.379 

271 
80.871 

900 
84,076 

5,070 

723 
1,503 
3.737 
1,.570 
12,902 
9.352 

550 

823 

1,600 

2.295 

3,328 

2,0;i2 

12,180 

17,470 

166 

2,813 

11.627 
3,830 
1.489 
4.240 
3,805 
4,465 

7.919 
1,324 

483 

520 
9.272 
7.800 

100 
BO  900 

739 


1.561 
4,240 
3.545 

325 
16,863 

150 
2,166 
6.561 
3.645 
1,080 
8,470 
6,t94 
2,690 

20O 


Caktal 

Stock. 


$20,237,100 
10.198,600 
86,773,000 
36.773,000 
17,900,000 
102.000,000 
85,000,000 
15,000.000 
22,488.000 
60.805.400 
82.262,700 
24,885,800 
46,027,261 
25,923,900 
46,150.000 
18.559,360 
39,054,907 
22,335  1;0 
20,500,000 
10,000,000 
35,430,060 
26,200.000 
30.000.000 
23.650.000 
35.000.000 
30,459,700 
25,000,000 

8,000.000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18,738,204 
13,000.000 
47,844,100 
47,4:»,575 
14,905,400 
14  904,000 
89.428,300 
77,427,000 
19,K09,000 

6.000,000 
58,119,982 
10,173,000 
39,767,200 
49,000,000 
36.140,131 
20.000.000 

8.500.000 
40,426.361 
86,000,000 


118.858,170 
19,850,000 
38,710,900 

6,500.000 
60.868,500 
83,837.098 
20.166.000 
17.927  300 

7,265,2.30 
28,000,000 
24,000,000 
94,820,000 
10.000,000 

4,500,000 


DrVXDEND  Becobo. 


Pays  .3pc  J-D 

Pays  3pc  0-J-A-J.... 

Pavs  3Kpc  J-J 

Pays  3pc  FM  AN... 
Paid  ,5^pc  in  1888... 

Pays  2J6pc  M-N 

Pavs  l^pc  F-A 

Pays  l^pc  P-M-A-N. 


Pays  IMpc  M-J-S-D.... 
Pays  li^pc  M-J-S-D.... 

Paid  2pc  A-0 

Pays  7  PC  Per  Annam. 
Pays  Ipc  F-M-A-N 


Pavs  3pc   J-D 

Pays  l>^pc  M-J-S-D. 
Pays  l)^pc  F-A 


Pays  2pc  M-J-S-D.... 
Pays7pc  per  annum. 
Pays  l>4pc  ,M-J-S-i).. 
Paid  Ipc  Mav  1893.... 
Paid  IH'PC  J"an.  ]8<'3. 
Paid2pc  Auff.  stl8fl3. 
Pays  l^^pc  F-M-A-N. 

Pays'2^po'M-S.'.";;; 


Pays  li^pc  F-M-A-N.. 

Pays  3pc  PA 

Paid  2pc  Aufust  1S93. . 
Pays  l^pc  J-A-J-0... 
Paid  2po  August  1894. 


Paid3pc  1891 

Paid  Ipc  July  1894... 
Pays  l?ipc  M-J-S-D. 
Pays  ]i<ipc  J-A-J-0. 


Paid  liiTpo  Nov.  1893. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2pc  F-M-A-N. 


Paid  Ipc  In  1887... 
Paid'sj^po  in'issi! 


Pays  l^pc  J-A-J-0. 
Pays'lpcF-M-A-N.!! 


Kaheb  of  Stocks. 


American  Cotton  Oil.. . 
American  Cott(yi  Oil  Pfd. 
Am.  Sugar  RefiBing  Co. 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  S.  Fe. 

Baltimore  &  Odio 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pac  fie... 
Chic,  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  Cin.,  Chic,  &  St  L. 
Col..  &  Hock'gCoal  &  Iron 
Consolidated  Gas  of  N.  T. 
Delaware.  Lack'a  &  W'n. 
Del..  &  Hudson  Canal  Co. 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co 
General  Electric  Co.... 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  <fc  Mich.  So'n. . 

Louisville  &  Nashville 

.Manhattan  R'yConsol... 

Michigan  Central. .  

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co 

National  Lead  Co  Pfd .... 
N.  y.  Cent'l  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
NY&N  E  tst  CO  ct.>  all  in  pd 
N.  Y.  &  Northern  Pfd.... 
N.  Y  Ontario  &  Western.. 
N.y.  Susq.&W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mails.  S.  Co 

Peoria.  Dec.  &  Evansvllle 
Philadelphia  &  Reading. 
Pullman's  Palace  Car  Co 
Rich  &  W  I'  Ter  .-ith  inst  pd 
Silver  Bullion  Certificates 
Southern  Pacific  Co... 
Tenn.  Coal.  Iron  &  R  R  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Dnion  Pac.  Denv.  &  Gulf 
United  States  Rubber  Co 

U,  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co.. 
Wheeling  &  Lake  Erie... 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  dayi 613. 728 


COTTON,  in  ba'es. 
I  World's  visible. 
1895  4.845.6.^3 

18941  4,617.903 


Total  in  slghttl  Total  Export*. 
7,436,812  4,198.761 

5,933,755        I        8,315.165 


N.  r. 

OoUon 


January.. 
February. 
March. 
April  .  ... 


WHEAT,  In  bushels. 
I    U.  S.  Visible.     .Primary  rec"ts*|  Total  Exports. 
1895         85.58i>.UOO         I     118,991.000  83.404  459 

18911        80  4-34,000         I     121,000  000  100.746  704 


Wheat.  {M«y • 
C«™-]ju7y;. 


CORN 

I    u 

18951 
1894 


,  in  bushels. 
S   Vislbl* 

12  278.000 

13  856  000 


,„  .  I CAfcajo  (May.. 

Primary  rec'ts*  Total  Exports  Wheat.  I  Julv. 

43.820,000  28.751257  L„_       j  May.  . 

104,373,541  81705  183  r^^-'lJuly. 


OATS, 

I   u. 

1895 
18941 


in  bushels. 
S.  Vi.-ible. 
8.424  000 
4  11?  000 


N.  Y.  Stocks, 
1  262  362 
1.08S  068 


Cbeo.  Stocks. 
1  301  000 

843  too 


Pork...ii?''"a'7. 
\  May. , , .  ■. 


1895 

1894 


LARD-tcs. 
World's  vis. 
180,836 
141,510 


CHICAGO  CONTRACT  STOCKS.    L.^j       (January 
PORK-bbls,]  LARD  tcs.     RIBS-lbs.    Lard. ..  ^  ^.t'il'^T. 


105,676 
27,614 


31,705 
2,111 


I  May 

27.?27.584    L,.j^  I  January.  .. 

6,705,744    ^'"'"••■Ulay  .      .. 


Thursday. 
Jan.    17, 


24  2S^ 
6SM  68^4 
69JI    89M 


99 

4% 


649i  63^4 

50?i  50)4 

91H  91 

17>i  17(4 

72  1\% 

r-%  71 

56?4  StiM 

ll9  119 

63?^  63^ 

33!4  S3H 

9o^  90% 


Friday. 
Jan.    18. 


i^yi    8S!^   39>4    88^ 


129^  lim. 
lOOJ^  163^ 
133ii  I32?i 
8596  3596 
11  1094 
34J6    U% 


im\i  132 
M       8594 
11        1094 
3m    319<, 


89^    89!^ 
27       !?7 
ySfA    16 
-»).<    72 

140      13956 
S596    55 

10?96  10594 


23%  2394 

3774  srM 

84H  84(^ 

'046  9J9'4 

10!^  ■  " 
32« 


24^^ 

69^ 

90^ 

92 

99 

65  (^ 
50H 
97^ 
1794 

:2H 

75!^ 
57 

64V4 

34 

97 


24 

69V^ 
89J 
92 
99 
496 

tm 

9194 
KH 
71'/* 
7294 
56^ 

6394 

84 

9694 


90       90 

1796    i7 

74  73!^ 
13994  13'i94 

5596  55^ 
109J4  107)^ 

97        9; 

23        22% 


2496  234 

38  8794 

S4H  84H 

100  lOO 

169^1  10%  lOH 

32%    32%  32% 

16%    1696   "'  '?h 


43  43 

396  iM 

8V4  m 

18  17% 

2896  22% 

I39<  !294 

»57  157 


«H    42% 


Saturday, 
Jan.    19 


24M    24)4 


90)4 

496 
6196 
50)a 
91*6 

1:94 
7194 

75 
5(i96 

63% 


8S96 

92 

98)6 

6496 
50ki 

9196 

1794 

7I»> 
73*1. 
5696 

6% 

96k 


3996   mi 

129      1S9 

132*     132" 
85       85 
!0%     1096 

3496   339-4 


2r96   «M 
7Sk    7S 

55)6     5494 

10694  10«)<. 
23       23 
2394    289^ 


99% 
1096 


9994 
1096 


lS9i    169^4 


18)6    i 

S396    2,)ii    iii.^ 


84  427 

5.60  5,59 

5  59  5.5: 

5.63  5.61 

5.67  5.64 


13)6     12?ii 
156)6  156 


IM6 

167x1. 

996 
194 
im 

44)4 

694 

994 

696 

14>6 

88 

1096 
40% 


13 

1594 

11 

44)4 
6)4 
9H 
69* 

1496 
87% 
1096 

40% 


120.090 

6.60  5.5« 

5.39  5.55 

5  64  5.59 

5  67  5  63 


6296    62)4    62Vi  C2 
62{|i    6i)i    62->6  6-2*i- 
51,-,    5i}4    51)4  5IA 
I  61«  6lk 

58%    .5796!  5796  57M 

5894     58)4 1  58)4  5S)6 

47'^    47)*    47)4  *~Vi 

4796    47       i:%  46% 

80%    30)4    JOM  30)'4 

1!.85  11,20  i:.£2  11 -'2 


mi  12% 


18<4 
1696 


1094 
8)6 
44 


88 
10 


1.594 
996 


Monday. 
Jan.   21. 


24)4 

6994 

90% 

92 

99 

6IH 

50)6 

9094 

Is 

7194 

74)4 
5c^ 

6394 
3394 


24)4 

6994 

894s 

92 

98k 

61)4 

50)4 
8894 
1794 
71M 
7-'% 

sa 

63% 
3:194 
9594 

88 


162      162 
130      12-)^ 

10%    i096 
83%    83 


t'9)^ 
27>4 


8'IW 
27  J4 


1.39)4  139 
5496    53?< 


Tuesday. 
Jan.   22. 


2394 
70 
90)6 
92)ft 
68'4, 
4% 
64« 
.50 
8994 
IDi 
7196 
73% 
5-% 
11S)4 

6.396 

3396 

9594 


2394 
70 

8996 

9194 

9^96 
496 
63)4 
49)4 
88 
I7M 
70% 
Ti-A 
55)4 
1  'MVi 
6296 
3:lK. 
95)1. 


3894   y 

ISb'     129)6 
;36'     128)6 


1094 
84 


10)^ 
339i 


196     IH 


27 

1694 


27 
169* 


54        53)4 


:c6%  10794  '08)4  10794 

2294    2294    2ii^    2296 


23  J6 
3.-96 

99% 
lO-Vi. 
32)6 

ic96 

■396 

I7« 

23)4 


2996 
37)v 

99% 

10 

31% 

1696 
396 

2296 


1294    1194 


i»96 
1594 


1896 
15 


9Vi 

8)6  . 
43)6  *iyi 
....I  694 
....I     9H 

1496  i^96 

8;"4  8?^ 
10   ,  1096 


896    s^ 


4-396 
6)6 
9H 

14H. 

87>4 

9% 


62.825 


110,765 


5.54  5*54  !  6.51  5,49 

5.54  5.53  6.51  5  17 

6,58  6.57  i  5.58  5.52 

5.62  5,60  .  6  61  5.55 

62%  «2    I  82  6096 

62)6  6296  *^2)4  6! 

51  tV    50%  50%  41)6 

51  51     I  60  49H 

5794  5796  sr%  5.')96 

58)4  5S  53)6  56>6 

4796  47  47%  4^Vi 

47  4696  4694  45)6 

-3096  80    I  80%  28J^ 

11  20  11.20  11.05  10.85 


11,60  11,45  11.55  11-40  :u.45  11.42  11.40  11.10 

6,80  6,67  6  70  6.65  6  65  6.62  6  57  6  52 

6.87  6.80  6  87  6.82  '1 8i  6  (*  6.80  6  70 

5.85  5.72  ;  5.67  5.67  |  S.'*  5  65  5  50  5  50 


5.87  5.:7  5,85  5  80  I  ,5.82  5,&:     .5  8<)  5  67  A  72  5.67 


2.3% 
37H 


10 
32 

16)4 
4196 

8W; 

3)6 
1194 


18M 
15)6 
9% 


23« 

3iH 

99)6 

10 

82 

41}4 

'8)6 
17)4 
22H 
8)6 
10)4 


18)6 
15)6 
9 


994   »« 


4396 

696 
996 
6)4 
14)). 
87% 
1096 


43 

696 
894 

6 

1394 

87X. 
10 


137  291 

6,49  5,44 

54?  5.43 

5.53  5.43 

5.55  5.51 

6094  60 

61^4  60)6 

4996  49)6 

4996  49)6 

-^5^6  54% 

50)6  .5594 

45)6  45 

45)4  4496 

29>4  2896 

10  87  10  87 
11,17  11,10 

6  55  6,55 
6.75  6.70 
5  57    5.55 


Wed., 
Jan.   2J 


6%  6894 

9096  89)4 

9194  914 
19594    95% 
496      4)4 

6394  62)6 

49)4  48% 

88%  m 

17  169l 

71)4  7096 

7396  72)4 

5594  t'l''*- 
l;s  lis 

63%  62)4 

9596  S496 

8796  8796 


161  16094 

129  128)4 

ioU  loU 

3.3%  .•).396 


87%    87)6 
2694    25 

73      j\ 
1.3896  *3896 

5394    "3^ 
:08      107)6 

22J4    21% 


2316 
87% 

84), 
9.^ 
10% 
31% 

16)4 
4! 

m 

3)4 
22% 


21 

8596 
84 
9-1% 

99a 

80)4 

i«' 

41 

8)4 

8 

16)4 
22% 


1094     8M; 


18  17? 

16)4  149 

9  69 

9%  '» 


5% 

9 

5% 
14 

57)6 

1096 


696 
8)6 

5% 
1-394 

87)6 
9% 


188,830 

6,45  5.89 

5.45  541 

5.51  5  46 

5,54  5  49 

60)4  5996 

60)6  59iJ 

49)6  4V6 

4S94  49^ 


55)4 
56 
45% 
45)6 


5496 
55)4 
45% 
45 


2996    29)^ 


10.60 
1120 


10,55 
10.70 


650  645 
6  77  6.60 
5.47    5.47 


Range  for 

Jan.    1895. 

to  date. 


24%  23 

70  6794 

91  86)4 

92)6  90)4 

"996  95)s 

6  4)4 

65)6  6l9t, 

5094  48H 

34  84% 

18  1696 

7296  69)6 

78)4  70V», 

57)6  54'A 

113  116%, 

64)4  60)6 

34  31)6 

97  9496 

144)6  144)4 

39)6  37 

494      494 

131)4  12694 

106)6  I58"v 

133)4  125)6 

36  34% 

11%      996 

35%  33 

103  102)4 

196     1% 

flO  81% 


27% 
17% 
74 
140 


26 
16 

70)6 
|34)» 


5596  52)4 

109)4  104 

97  95 

28  2194 

2694  21" 

88  8596 

3494  8394 

100%  97)4 

10%  9)6 

33%  3u% 


17 

43% 

896 

4 

im 

2396 
3)6 
1394 

157 

15% 

60 

I9M 

18% 
99* 
2% 

'^ 
45 
6)6 

^^ 

11 

4196 


1596 

40 

3^4 

8 

15)4 
21)4 

8)6 

8% 
l54 
15^6 
60 

1794 
14)6 
896| 

194 

8;»4 
a 

69ft 

8%: 

6% 
13)6 
8696 

9% 
89)4 


5.60  5.89 

5.69  5.41 

5.65  5.46 

5.69  5.49 

68)4  5996 

63'/*  59!  J 

52)4  *M<^ 

51)6  49>i 

5894  549», 

5996  55^4 

4K9h  45 

48  4496 

3194  8896 

11.67  10  56 

12.00  10,70 

6  92  6.45 

7  10  6  60 
5.90  5.47 


5  72  5.57  I  6.10  3,57 


Range  for 
Jan.   1894. 


2996  2694 

69  63 

0^96  7596 

8594  7994 

77        69% 

U'96     vU, 

69        67 
51)4    47 

11694  til 
1896     16% 
n%    78)4 
67)4    5894 
6096    54)4 

;H)6  116 
6894     61)6 
3«        32)6 

IO494     !7 

140      135% 
37%    31 
7)4      4)6 

12796  I2ri)6 

170)6  161)4 

136  129)4 

32)4  80 

27)6  20)6 

38)4  3096 

l03  100 
5  4 

93.)4  89% 
16%     15 
1594     13% 

6:94  63 

128  Ur^ 

47%  40% 

124  118)6 

99  96 

2596   2294 

iiii    18)4 
•23)4     22 
749*    68 

lO'H   9594 

16%    13)4 
1494      7)6 

i6%    1494 
45        40 


4)6 
5% 

19 

19 

21 


8)6 
4 

14 

394 
17)6 


17194  16296 

3  2 


67 
20 
14% 

7 

5% 


2096   17)4 

6%      4)6 
41        M 


7)6  e 

1496  is<4 

8694  «>% 

1396  12)4 

50>|  47 


8.11  7.S9 

8.21  7  55 

8.30  7  63 

8.33  7.71 

78  A  681 1 

71)6  7096 

45%  44 


6A96  63!^ 

6996  6496 

.39)6  37)6 

3994  88% 

9'M    29 
30   27?< 
1385  12  47 
14.00  12.5:3 

8.30  7.47 

8.05  7.40 

7.00  6.37 

7.12  6.45 


I  OLD  PORK,  Chffo.-bbls. 
1895  ...      bbls. 

18941 


Vi  HEAT  on  passage.    I       CORN  on  p.issage. 
34, 100.000  bush.  I  5,280,000  bush. 

30,480,000     '•  I  5,680,000     " 


Russian  Shipmts.  for  wk.  !  Indian  Shipmts.  for  wk. 

3.400,000  bush.  440.000  busb. 

760,000    "  I  ftlO.fOO    " 


Argentine  Shpts.  for  wk. 

bash. 

1.080  000 


1  Since  Aug.  81.    ♦  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK. 

34 


XKUCChlt)    flI^^^^Ct    XCttCr  CopyngUt,  ISOS,  by  aapp  A  Companif. 

H:  414.  O.  W.  Clapp. 

OwiQHT  O.  Clapp 

CLAPP    &    COMPANY, 

Banhcrs  nnb  ffivohcrs, 


X 


MILLS    BUILDING,    N.   Y.  ^ 

o 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE.  pl 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 

o 

(  277    BROADWAY,  ConNER  Chambers  Si.  PRIVATE  TELEGRAPH  WIRES.  Q 

BiANCM     )  g-,^    BROADWAY,  Broadway  Central  Hoteu  CABLE  ADDRESS:  "OZRO."  ^ 

Offices:    (  j^^  FIFTH  AVENUE,  CoflNEc  68tm  St.  LONO  DISTANCE  TELEPHONE.  ^ 

H 

New  Yoi^k,  Thnrsday  Morning,  January  31,  1895.  ^ 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,   Bonds,      ^ 
Cotton,  Grain  and  Provisions.  (/) 

Our  private  loire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information 


D 

> 


Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  ^ 
delivery. 

Margin  deposits  may  be  made  tvith  local  out-of-toivn  banks.     The  local  bank  should  ahvays  ^ 

ivire  us  at  once,  at  our  expense,  stating  amount  that  has   been  placed  to  oar  credit,  and  for  IT] 

whose  account,  thus  allowing  us  to  fill  customer's  order  promptly.  O 

A  General  Banking  Business  conducted.    3;;  Interest  allowed  on  Average  Daily  Balances,  7J 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers.  ^ 


BANK   STOCKS    FOR    SALE.  ? 

10  shares National  Bank  of  Republic Chicago,  111.  4^ 

50       "      First  National  Bank Arkansas  City.  Kan.  _^ 

8       "      First  National  Bank Brooklyn,  N.  Y.  ^^ 

50       "      First  National  Bank Fort  Madison,  Towa.  ^ 

19  "      National  Bank  of  Rondout Rondout,  N.  Y.  O 

100       "      Moorhead  National  Bank Moorhead,  Minn. 

40  "  Salamanca  National  Bank Salamanca,  N.  Y. 

15  "  First  National  Bank Carthage,  I\ro. 

40  "  Arlington  National  Bank    Arlington,  Oregon.  f"] 

50  "  City  Bank Minneapolis,  Miuo. 

20  "  First  National  Bank Palouse,  Wash. 

10  "  First  National  Bank Kendrick,  Idaho.  ^ 

?0  "  Fredonia  National  Bank Fredonia,  N,  Y.  2 

25  "  ...  American  Savings  Bank Detroit,  Mich.  ^ 

40  "  State  Bank .Elmira,  N.  Y.  PI 

Note.— Our  Annual  Souvenir  Book,  the  "Leading  American  Exchanges,"  will  be  out  about 
March  1st.  It  is  illustrated,  and  will  contain  our  Weekly  Market  Letters  of  1894.  A  complete 
record  of  prices  df  Stocks,  Cotton  and  Grain  for  the  year,  as  well  as  tables  of  great  value  to  Bankers, 
merchants  and  business  men.  A  limited  number  of  copies  will  be  issued.  Delivered  free  on 
receipt  of  $3.00. 

KEEP  OUR  L.ETTEKS.      PORTFOLIO   FOB  FILIJsG  FOK\VAKDEI>  APPLICANTS  FKFE. 

3o 


z 
o 


X 

o 

X 


CO 


2         CLAPP  &  COMPAf     ,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

—  — ' 

Financial  Outlook. 

Friends  of  sound  finance,  good  prices,  and  fair  wages,  will  welcome  any  return  to  conditions 
promoting  them.  Few  are  so  blind  they  cannot  see  danger,  or  so  UE])atriotic  as  to  dismiss  hope. 
National  resources  are  not  easily  dissipated  or  its  credit  easily  destroyed.  The  wealth,  courage, 
enterprise  and  brains  of  the  Republic  are  always  equal  to  its  emergencies. 

Straws. — In  18G1  and  1862,  when  the  country  gave  up  a  gold  basis,  and  went  on  to  a  currency 
basis,  money  at  first  became  scarcer  and  values  declined.  The  reduction  of  currency  and  withdrawal 
of  gold  then  took  place.  In  1879,  when  the  resumption  began,  values  advanced,  the  circulation  of 
money  increased  equal  to  the  amount  of  gold,  that  again  became  a  circulating  medium. 

The  United  States  gold  product  for  1894  as  estimated  by  Wells,  Fargo  &  Co.  was  $45,892,068, 
and  for  ten  years  previous  $303,430,823.  The  silver  product  was  $28,721,014  in  1894,  against  $521,022,- 
000  for  ten  previous  years.  The  value  of  the  copper  and  lead  mined  in  1894  exceeds  that  of  silver. 
The  four  metals  equalled  a  valuation  of  $105,113,479;  Montana  and  Colorado  producing  more  than 
half.  The  Mexican  Republic  produced  for  the  year  ending  June  30,  1894,  $1,425,000  in  gold,  $47,250,- 
000  in  silver,  and  coined  for  the  ten  preceding  years  $10,450,057  in  gold  and  $507,317,921  in  silver. 
The  world's  product  of  gold  in  1894  is  estimated  at  about  170  millions.  The  exports  of  silver  to 
China,  Japan  and  the  Straits  in  1894,  via  London,  were  $40,502,180,  via  San  Francisco  $12,520,678; 
total  $60,022,858. 

Stocks  and  Bonds. 

Bonds. — Realizing  sales  rather  than  an  investment  demand  is  the  feature  pending  further  Gov- 
ernment bond  issues.  Railway  bonds  are  speculatively  weak.  Many  of  them  offer  a  good  induce- 
ment to  parties  desiring  to  combine  an  investment  and  speculative  risk.  Bank  stocks  continue  to  be 
offered  down,  pending  an  unproductive  business  and  fear  of  national  legislation. 

Railway  Stocks. — The  Chronicle  reports  the  average  net  decrease  for  the  first  eleven  months 
of  1894  as  14.95,  as  compared  with  1893.  The  three  Mexican  roads  show  a  gain.  St.  Paul's  earnings 
for  December  increased  $41,!s07  over  December,  1893.  For  the  calendar  year  the  earnings  decreased 
$5,386,057,  as  compared  with  1893.  47  roads  reporting  show  a  gross  increase  of  5.40  per  cent,  for 
third  week  in  January.  Burlington  &  Rock  Island's  friends  both  claim  the  property  and  earnings 
are  at  a  minimum  point,  and  Burlington's  expense  in  1894  is  reported  00.05  ^,  against  71.78^ 
in  1893.  The  earnings  of  the  majority  of  the  roaas  reported  are  now  comparing  favorably  with  Jan- 
uary, 1894 ;  recent  economies  are  assisting  to  better  net  results.  Louisville  and  Nashville  report 
increased  earnings  of  $376,721  since  July  1,  as  compared  with  1893  same  time.  It  is  surnnised  the 
Union  Pacific's  bad  statements  and  foreclosure  is  in  part  to  influence  a  favorable  refunding  bill,  and 
that  the  Northern  Pacific  scheme  is  but  another  master  stroke  to  gain  possession,  and  in  time  use 
the  press  to  good  advantage  for  promoters.  Atchison's  reorganizers  are  reported  proposing  an 
assessment  of  10  per  cent,  on  common  stock  and  4  per  cent,  on  second  mortgage.  Roads  in  receivers' 
hands  will  scarcely  come  to  the  front  again  until  natural  causes  produce  better  crops  and  prices. 

Missouri  Pacific's  stockholders  may  yet  find  more  safety  in  receiver's  hands,  though  there 
appears  little  to  gain  by  it.  Lackawanna's  stock  is  concentrated  and  closely  held,  but  some  selling 
has  been  done  recently.  Western  Union's  stock  is  more  scattered  than  for  years,  and  perhaps 
therein  lies  its  weakness,  even  though  it  earns  more  on  its  capital  than  the  New  York  Central. 
Manhattan's  prospect  for  extension  and  the  talk  of  its  changing  to  electricity  are  encouraging. 
Southern  Railway  should  do  better  ;  it  is  low  enough  and  is  attractmg  investment  buying.  M.  K.  & 
T.,  and  Texas  Pacific,  and  Norfolk  &  Western,  and  Ontario  &  Western  continue  a  good  record. 
When  we  cease  exporting  gold  by  the  ton  we  shall  advocate  purchasing  stocks. 

Industrials. — Sugar  and  Tobacco  each  continues  paying  3  ^  quarterly,  and  appears  to  be  pay- 
ing other  large  sums  not  so  easily  explained.  If  sugar  protection  is  lost  it  will  likely  go  lower, 
otherwise  it  may  continue  its  baits  for  speculators.  Chicago  Gas  appears  strongly  held,  and  more 
likely  to  advance  than  decline  ;  its  friends  predict  par  for  the  stock  in  1895,  others  say  it  is  the 
"  Henrietta"  comedy  of  Wall  Street. 

Distillers. — Wall  street's  so-called  protective    committee    has  been  outwitted   by  western 
officials,  who  have  secured  their  own  appointment  as  receivers  of  a  property  capitalized  at  35  • 
million  dollars  and  recently  selling  at  less  than  three  millions.     It  is  difficult  to  see  now  justice  to 
stockholders  can  be  thwarted  by  such  means.     Like  other  properties  in  receivers  hands  the  stock 
will  likely  pass  from  active  speculation  to  investors  who  are  willing  to  put  up  money  to  reorganize. 

The  National  Lead  pool  claims  recent  sales  were  not  for  their  account,  but  they  have  doubtless 
realized  to  the  detriment  of  their  following.  The  property  and  its  tariff  protection  are  more  or  less 
valuable  if  good  management  prevails.  Cotton  Oil  competition  and  the  depression  in  value  of  its 
product  appears  forcing  a  lower  level  for  the  stock.  When  Congress  adjours  we  look  for  more 
activity  in  the  industrials.  se 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER.  3 


Cotton. 

For  ten  years  past  the  average  amount  of  cotton  coming  in  sight  prior  to  February  1  has  been 
82  8  per  cent  of  tlie  yearly  crop  moved.  On  this  basis  tiie  present  crop  will  not  be  far  troni  'J)i 
million  bales.  The  Texas  movement  continues  large,  or  about  07  per  cent,  in  excess  of  last  season, 
and  to  surprise  cotton  factors,  brokers  and  spinners.  About  9:5  per  cent,  of  all  exnorts  were  cleared 
from  Southern  ports,  and  was  never  exceeded.  British  and  Continental  spinners  have  been  Icadmg 
buyers.  English  markets  are  now  about  30  points  below  an  export  basis.  New  Orleans  is  about  5 
points  below  ours  as  compared  with  previous  ranges,  France  has  about  five  million  spindles. 
Great  Britain's  exports  of  piece  goods  and  yarns  in  1894  exceeded  in  value  2'J7>4  million  dollars, 
or  more  than  for  either  18li:^  or  1893.  The  increase  was  quite  evenly  distributed  to  all  countries. 
New  England  and  Montreal  spinners  have  large  stocks  of  cotton,  and  report  good  dividends 
on  their  mill  investments.  The  world's  visible  is  nearly  5,000,000  bales,  and  the  largest  on 
record  at  this  date,  and  nearly  all  American.  Eighty  per  cent,  of  it  appears  to  bo  in  foreign 
hands,  who  own  it  at  an  expense  of  about  three  i)ence,  against  four  pence  a  year  ago  and  five  and 
a  half  pence  two  years  ago,  and  evidently  consider  it  as  good  property  as  gold  at  a  little  under  i)ar. 
Cotton  planters  and  factors  all  complain  of  low  prices  and  predict  a  less  acreage,  and  look  forward 
to  higher  prices,  when  the  acreage  to  be  planted  in  18'.<5  is  really  known.  Sales  of  fertilizers' 
materials  arc  small  in  comparison  with  previous  seasons.  It  seems  to  be  conceded  the  Cotton  States 
will  grow  more  food  stuffs  in  1895  than  any  previous  season.  It  is  poss.ible  the  entire  cotton  i)lant 
will  be  soon  utilized  with  modern  machinery,  so  as  to  produce  a  revenue  to  the  planter  that  will 
justify  tlie  growing  of  lint  at  recent  quotations.  In  the  interval  higher  prices  for  cotton  are  quit© 
proba'ble,  if  Washington  financial  legislation  encourages  speculation. 

Wheat. 

European  advices  report  the  reserves  of  importing  countries  of  Great  Britain,  France.  Germany, 
Belgium  and  Holland,  as  but  about  one-half  those  a  year  ago.  The  Argentine  crop  is  rep(ji  ted  about 
a  month  late.  India  shipments  the  past  ten  months  are  about  11,004,000  bushels,  against  20,280,000 
bushels  last  season.  Black  sea  shipments  from  August  1  to  January  15,  were  58,504.000  bushels, 
against  61,672,000  bushels  last  year.  It  is  estimated  Europe's  weekly  requirements  will  be  about 
7,600,000  bushels,  against  about  7.000,000  bushels  the  forepart  of  last  year.  Our  primary  receipts 
this  month  are  but  about  half  those  for  January,  1894.  The  visible  continues  decreasing  but  is 
about  5  per  cent,  larger  than  ever  at  this  date.  The  visible  and  amount  afloat  is  10  per  cent,  larger 
than  a  year  ago,  Chicago  elevators  holding  about  three-eighths  of  the  whole  official  visible  supply. 
Minneapolis  wheat  continues  selling  for  May  delivery  about  two  cents  above  Chicago  wheat.  Cali- 
fornia reports  larger  supplies  of  snow  than  ever  before  and  a  greater  promise  of  ample  moisture 
indicative  of  a  large  crop  in  addition  to  ample  supplies  of  old  wheat.  Old  bear  traders  predict  the 
ample  snow  fall  and  severe  cold  weather  in  the  winter  wheat  belt  means  a  good  winter  wheat  crop 
for  1895.  European  weather  reports  are  varied,  and  thus  far  have  had  little  or  no  effect  on  values. 
February  and  March  usually  furnish  many  crop  scares  that  often  cause  sharp  and  surprising' 
advances.  The  recent  sharp  decline  of  cash  wheat  in  Chicago  to  49  cents,  or  lower  than  for  40  yeara 
past,  appears  to  have  furnished  a  good  foundation  for  an  advance.  Certainly  the  price  is  low  enough 
xo  warrtmt  investment  purchases,  regardless  of  any  rumors  about  the  growing  crop  or  knowledge 
about  the  visible  and  invisible  supplies. 

Corn. 

Visible  supplies  continue  large  from  a  small  crop  ;  consumption  has  seldom  if  ever  been  cur- 
tailed as  for  the  past  100  days,  during  which  time  other  grains  were  fed  to  live  stock.  Speculative 
confidence  carried  prices  nearly  50  ^  above  those  now  prevailing  in  the  leading  primary  markets.  ■ 
Liquidation  by  the  unnatural  or  early  bulls  has  been  quite  complete,  therefore  on  general  principles 
■we  favor  purchases  of  corn,  believing  a  natural  reaction  is  in  order,  and  that  au  export  demand  will 
soon  begin  to  deplete  visible  supplies. 

Oats. 

Liberal  receipts  and  a  large  visible  supply  and  sympathy  with  the  decline  in  all  cereals,  made  a 
lower  ma;ket  and  caused  free  liquidation  by  nearly  all  the  bull  interest.  Our  1894  Souvenir  will  give 
details  of  cereals  grown  in  the  different  states  the  past  ten  yt^ars. 

Provisions. 

Exports  continue  on  a  liberal  scale  ;  the  hog  movement  exceeds  the  demand.  Stocks  at  packing 
centres  have  been  accumulating,  and  are  expected  to  be  quite  large  by  February  1st.  Liq;iidation 
appears  to  have  been  urged  on  by  the  packing  interest,  which  still  seems  willing  that  values  should 
decline  to  be  in  line  with  other  food  stuffs.  Packing  to  January  23  was  5,215,000,  against  3,500  000 
hogs  last  J  ear.  ' 

Very  respectfully.  CLAPP  &  COMPANY. 

37 


CIAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qflotalions  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Jannary  30,  1895,  and  lor  Jannary,  189i 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R,  and  Am.  Tobacco  Co  , 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wbeklt 
Sales. 

8,708 

925 

100,150 

1,981 

8,871 

7.416 

1.271 

5.794 

17,0)3 

2,865 

80.647 

66.019 

73,620 

346 

27,125 

3.300 

85.680 

538 

8.175 

300 

1,550 

8,147 

1,525 

1.675 

45.395 

61.780 

150 

1.150 

1,128 

8,965 

450 

1.084 

1,890 

59,»'65 

12,575 

308 

1,020 

14,598 
44,4^6 
7,185 
3,057 
5,700 
10,070 

6.019 

1,625 

1,275 

2,362 

11,625 

2,350 

100 

17,825 

267 


1.640 
6.926 
2.325 

260 
6.683 

100 
1.880 
8,815 
1,592 

790 

6.195 

25.407 

1.085 

935 


Capitai. 
Stock. 


$20,237,100 
10.198.600 
36  773.000 
36  773,000 
17,900,000 
102  000,000 
23,000,000 
15,000,000 
22,488.000 
60.805.400 
82  262.700 
24,885,800 
46,027.261 
25,923,900 
46,156.000 
18,559,360 
39,054,907 
22,3.S5  170 
20,500,000 
10,000,000 
35,4.30,060 
86.200,000 
30,000,000 
23,650,000 
35,000.000 
30,459,700 
85,000,OCO 

8,000.000 
50,000,000 
10.000,000 
11  840,000 
11,«40,000 
49,466,500 
52,800,000 
30,000,000 
13.738,204 
13,000.000 
47,844,100 
47,436,575 
14,905,400 
14904,000 
89,428,300 
77,427,000 
19,809,000 

6,000,000 
58,119,982 
10,173,000 
39,767,200 
49,000,000 
36.140,131 
20.000.000 

8.500,000 
40.426,361 
86,000,000 


na  858, 170 
19,85U,000 
38,710,900 

6,500.000 
60.868,500 
8.;,837,093 
20  106.000 
ir.9M  800 

7,269,680 
28,000,000 
24.000,000 
94,820,000 
10.000,000 

4,500,000 


DiTXDBNi)  Record. 


Pays  3pc  J-D 

Pays  3pc  0-.T-A-J 

Pays  3!^pc  J-J 

Pays  3pc  F  M  AN 

Paid  5J4PC  in  1888 

Pays  2i^pc  M-N 

Pavs  IMpc  F-A 

Pays  l^pc  F-M-A-N... 


Pays  IHpc  M-J-S-D.... 
Pays  li-^pc  M-J-S-D.... 

Paid  2pc  A-O 

Pays  7  PC  Per  AnnQm. 
Pays  Ipc  F-M-A-N 


Pavs  3pc   J-D 

Pays  l^ipc  AI-J-S-D. 
Pays  li^pc  F-A 


Pays  2pc  M-J-S-D.... 
Pays7po  per  annum. 
Pays  l?ipc  M-J-S-D.. 
Paid  Ipc  May  1893.... 
Paid  IK'PC  Jan.  1803. 
Paid  2pc  Auffost  18!i3. 
Pays  IJipc  F-M-A-N. 

PaysSJ^pc'M-S.*.";;! 


Pays  IJ^pc  F-M-A-N.. 

Pays  3pc  FA 

Paid  2pc  August  1893. . 
Pays  l^pc  J-A-J-O... 
Paid  8pc  August  1894. 


Paid  .3pc  1891 

Paid  Ipc  July  1894... 
Cays  l?ipc  M-J-S-D. 
Pays  IHpc  J-A-J-O. 


Paid  IHpc  Nov.  1893. 


Paid  Ipc  April  1892. 
Paid  Ipo  in  1887.... 


Pays  2pc  F-M-A-N. 


Paid  Ipc  In  1887... 
Pai'd'3^pcin"i884! 


Pays  l^po  J-A-J-O.... 
Pays  Ipc  F-ii- A-n! '.'.'.'.'. 


Naues  or  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co  . 
.\m.  Sugar  Refining  Co  Pf. 

-American  Tobacco  Co 

.\tchison.Topeka  &  S.  Fe. 

Baltimore  &  Ooio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  <fc  Ohio 

Chicago,  Bur.  <fc  Qnlncy.. 

Chicago  Gas  Cos 

Chicago.  Mil.  &  StPanl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacillo. .. 
Chic,  St  Paul  .M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  Cin.,  Chic,  &  St  L. 
Col.,  &  Hock'g  Coal  &  Iron 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  <fc  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co.. 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Reo 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  &  We.«tern.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. . 

Louisville  &  Nashville 

Manhattan  R'y  Consol.... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd 

N.  y.  Cent'l  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
NY&N  E  tst  CO  cts  all  in  pd 
N.  Y.  &  Northern  Pfd. . . . 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.&  W'n  Pfd.... 

North  American  Co 

Northern  Pacific  

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec  &  Evansville 
Philadelphia  &  Reading.. 
l'ullman'8  Palace  Car  Co. 
Rich  &  W  P  Ter  5th  inst  pd 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Tenn.  Coal.  Iron  &  R  R  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

L'nion  Pac.  Denv.  &  Gulf. 
United  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 

Wheeling  &  Lake  Erie 

Wheeling  &  Lake  Erie  Pfd 


Thursday, 
Jan.   84, 


■a     33 

9fj^    89k 
92       91)^ 


.^i 


94 

4!4 
6294 
40H  49>^ 
68  87 
1694  '<>9i 
71^  70ji 
TJ.%  U 
SoJi    55M 

9o%  919i 
88>i  zYm 
138J6  128% 


lOH    lOH 
31       83K 


67M    87^ 
25H     25 

71«    71 
13»      !39 
I  54        5JH 
10?«  106J6 

3!i>i    82M. 
84        83 

9'ni  9JH 

10        10 
3)54    31^ 

i«ji   ie' 

41H    A\% 
-■■     Sii 

8 


Total  sales  of  all  Stocks  each  day  and  for  the  six  dayt 815.699 


COTTON,  in  ba'ei. 
I  World's  visible. 
1895  4  896.988 

1894  4,604,901 


Total  In  sighttl  Total  Exports. 
7,722,533  4,457,704 

6,105,2-20        I        8,443,924 


If.  T. 
Cotton 


January. , 
February. 
March. 
April 


WHEAT,  in  bushels. 
I    U.  S.  Visible.     iPrimary  rec'ts* 
1895         ^.665.000  120,.S09.000 

18911        80  265,000         I     182,876  000 


Total  Exports. 
86,305  209 
103.694  064 


Wheat.  ]  *'«y 


Corn. 


July.. 
May. 
July.. 


I  ji 


CORN,  in  bushe's. 
I     U.  S.  Visible. 
1895         12  654.000 
18941        14.406  OUO 


Primary  rec'ts* 
43.615,000 
105,730,641 


Total  Exports. 
33.446  757 
88  570.483 


Chicago  j  May.. 
Wheat.  )  July.. 

c— {J'ury;. 


OATS,  In  bushels. 
I    U.  8.  Vi.sible. 
1895  7.982  000 

1S94|         4  15i  000 


N.Y.  Stocks, 
1  714  300 
1.588  648 


Cbgo.  Stocks. 

1234  000 

844  000 


( May.. 
••■).-  ■ 


O^t^-Uuly. 


J  895 
1894 


LARD-tcs. 

World's  vis. 
180,826 
141,510 


CHICAGO  CONTRACT  STOCKS.    It„„h       (January 
PORK-bbls,;  LARD-tcs.  I  RIBS-lbs.  F^"^*^-' 1  May 

105.676     i  31,705     |  27.727.584     |„:k.         )  JanuaiT.' ! .' 


27,014 


2,111 


5,705,744 


Ribs . . 


IMay. 


3« 

3 
16 
22« 


»ii   eh 


18     im 
8%    en 

bli      5 
8M 


8794    87% 


119.948 

5,44  5,40 

5  46  6,39 

5.51  6.45 

5.54  6.48 


Friday. 

Saturday, 

Jan, 

85. 

Jan.   26. 

2M 

23 

iiH    22J4 

6-% 

6894 

B7>^     67^4 

yo« 

89^4 

90        8SV6 

ai^ 

81VS 

9194    i*i?4 

94 

»3^ 

93        92 

196 

4H 

4>4      * 

?i 

im 

83."    87^ 

1694 

16!^    16^4 

7m 

70^ 

7lia     71 

73!^ 

■1% 

73U    72H 
6555    55M 

5594 

55 

118K  nsH 

6'.'^ 

61'^ 

62?fi    62 

3.% 

82 

»m  3-m 

95^ 

9-lW 

95H    85 

145 

1J5 



3rM 

mi 

"m  "iv* 

128 

128 

127      127 

16094  16OH 

liSii  129 

129       128>6 

34^ 

34H 

•  •.. 

10^ 

9^ 

»^      o*H 

33Ji 

mi 

ZdM   ti% 

m 

1 

as"    25 

... 

«... 

76"      70 

'53^ 

53^ 

53%    5% 

10694 

10696 

10694  105)i 

•  •  •• 

.... 

i'-H  «i?4 

22" 

2!i<i 

21J^    21H 

34^ 

82% 

33        2894 

S3 

8;9i 

81^    79W< 

997^ 

99H 

9994     9994 

9^ 

9H 

994      »94 

31H 

80% 

81        80% 

la" 

15% 

it%    1594 

40V4 

40 

40        89^ 

3VS 

3 

■PA     ih. 

=Kli 

2»^ 

1594 

isy* 

1594    1594 

i294 

22^4 

20      20 

BH 

SH 

9       f94 

157      15? 

is ' 

179-4 

«■    is' 

I5V4 

15i4 



ah, 

m 

m    fA 

an 

BH 

S        0 

42 

8h 

1394 
b7H 


I'M 
87H 


05.113 

5.44  6.43 

5.44  5.41 

6.49  5.47 

5.52  5.50 


60  59V4    &9<4  S8A 

U%  69%   5994  59 

iWA  49^1  49M  46% 

IQYi  49Hi    ii>yi  49 

.'>5%  54M  64H  S3% 

56  55^i  bh\i  54ki 

46V6  45^  45»a  45 

45%  45%  45H  iCA 

39%    89>ij  •>994    29 

10.62  10,35  '10  47  10.37 
10,90  10,57   10.75  10.50 


6.52  6,40 
6.70  6,57 
5.35    5,35 


...I,  5.65    5.50 


6  52  6  45 

6  70  6.60 

5.40  5,40 

5,B0  5  5(1 


Monday. 
Jan.    28. 


22 
67 
9094 
92 
93^4 
4** 
6.3H 

8^ 

71k 
TPA 
56 


21»v 
6694 
89H 
9IV4 
92% 
■*% 
62 


I6V4 
7094 
71% 
55% 


C2%    82 


9594 
14394 

w" 

160^ 
128H 

3t^ 
9k 

83% 
lOu 

^^ 
25 
16 
69 
1.38 
53% 
0694 


95 

14394 
87M 

186H 

!58H 

imi 

9^ 

•29% 
100 
Ik 

67 

2494 

16 

69 
137 

52k 


Tuesday. 
Jan.  29. 


20k 
63^ 
90 
9! 

03% 
4 
61k 
4S94 
6694 
IH% 

7094 

72% 
55% 

117k 
61k 
8214 
95% 

143 
87 

126' 
15&k 
■=i8% 
82% 
9k 


8694 
24k 
1594 
69 
l36k 

5194 


19k 
63k 
89 
90k 
98k 
8'^ 
6lk 
48>« 

mi 

16 

70 

71% 

54k 

117 
60k 
3194 
94k 

143 
<J7 

126 

157  ?i 
128% 

8294 
8 

2894 

i 

86k 
23V4 
1594 

69 
1.36H 


10594  '06       104H 


■ay*  2:94 

21%  20k 

8S>%  2794 

79%  76>4 

9994  99!4 

10  9% 

80k  29k 

i5%  15k 


2%  2k 

16^  15% 

21%  21 

3k  3k 

9%  0 


«k 

4k 

8 

3% 

1394 
87k 

89k 


17% 
14% 
6k 


41% 

5 

8k 


42 
4« 


5% 
13%    13% 
87k    87% 

88       8894 


C2.719 


17k 
It 

8k 
1% 
8% 

41k 

4^ 
8k 

13% 

86*>. 

994 

3Sk 


181,541 


1R95 
1894 


OLD  PORK,  Chgo.-bbls. 
...     bbls. 


5,44  5'44  5.41  5,40 

5.46  5.43  5.41  5  10 

5,51  5,49  5  45  5.4.1 

5,51  hfii  ^  5  49  5.47 

59%  5.^  58k  57% 

59%  58%  59k  5t>% 

4<k  4'tk  49%  48% 

49%  49%  49k  48k 

52% 


54%  53     I  5: 

S'i  53%  fr^  . 

45%  45%  45%  44% 

45%  45     I  4ok  44k 

29%    29k    2994    29 

■    I     -■ 
10  40  10.40   10.35  10.85 
10.80  10.02  10,75  10  57 

6.55  6  55  1  6  57  6  5? 

ii.75  6  70  6.75  6  70 

5  40  5  40  5  35  6 :« 

5.»H)  5,55  '  5.60  5  50 


2194  2i« 

20%  20 

30k  -^"^ 

80  7^ 


994 
30 


9% 
29 


15%    15% 
39       38k 


2% 
8 
16 


2% 
89-4 
15k 


•A'k    20k 

,  S%      8% 
1 54k  '•54k 


14^ 
8k 


8k 
40% 
4% 
8 

5% 
13 

^^ 


17k 
18k 
8k 

'8k 

3k 

8994 

189 

86 

9 

87% 


280  860 


5,42 
5  45 
5.50 
5.63 

58k 
58A 
48k 
48k 

58 
58k 
44% 
44k 


5,40 
6,40 
5.43 
5.47 

67A 

5:% 

4694 
47 

52 
52% 
48k 
4894 


29%    2794 


977 
10,50 


9  77 
9,77 


6.40  6,35 

6.65  6,45 

5  10  5.10 

.5.47  5.10 


Wed.. 
Jan.   30. 


19k  18?4 

90%  89i4 

90k  90k 

93  9^9-4 
894 

61k  61k 

4Sk  48 

68  86 

16k  16% 

71k  70!4 

78k  7194 

5»  64k 

117  115k 

6194  61k 

82k  32 

95%  £4% 

87k  87 

2%  2k 

15994  158 

128k  I28k 

33%  82->4 

31%  xii. 


66% 

86k 

24 

23k 

69 

69 

136k 

'36  ki 

50% 

,49% 

lorw 

lorik 

95 

94^4 

2194 

21k 

21% 

■X)U. 

304* 

29% 

81 

:«*i 

91) 

9.4 

9% 

9% 

2994 

8^ 

15k 

1.191; 

89 

89 

8 

294 

15% 

15k 

0  " 

6k 

'*^ 

:7k 

14% 
8k 

8% 

8k 

40% 

8994 

6 

4% 

bM 

R 

594 

594 

12% 

1294 

86% 
994 

86k 
994 

3794  87% 

185.993 

6.44  5,43 

5.44  542 

5.49  546 

5,52  5  49 

58%  57% 

58%  68^ 

48k  47^4 

48k  47% 

53%  52k 

54k  53% 

44  43k 

4394  43% 

29  28% 

9.ii  9.77 

1002  9.78 

6.H5  6% 

6  55  6  48 

5,05  5  05 

h.il  5,10 


Range  for] 

Jan. 

1895. 

to  date.  1 

24% 

1894 

70 

6-3!4 

9! 

8Sk 

92k 

90k 

g9% 

92 

5 

8k 

65k 

61k 

5094 

48 

94 

84% 

18 

16 

72% 

69k 

liVi 

70k 

57% 

54k 

lli» 

116^4 

64k 

60k 

34 

31k 

97 

94% 

144k  143    II 

39k 

37 

494 

2kl 

)3lk  126    II 

166k 

I57''t 

1.33k  l25kll 

.36 

3294 

11% 

7% 

35k 

2894 

103 

lOO 

1% 

1 

90 

«m 

27% 

23k 

17% 

1594 

74 

69 

Uo 

|34k 

106k 

49% 
|04 

97 

MVi 

2a 

21k 

2694 

20 

38 

2794 

78k 

100% 

j:k 

10% 

»k 

38% 

89 

17 

15% 

43k 

38k 

3% 

294 

4 

•-% 

18k 

16k 

23% 

•20 

3k 

3k 

1394 

8k 

157 

154 

15% 

13k 

6U 

60 

\9H 

17k 

16% 

13k 

9** 

8k 

11% 

8k 

394 

Sk 

45 

S994 

8k 

4k 

IJk 

r% 

«k 

694 

14% 

18% 

(iS 

86 

11 

0 

41% 

87% 

5,60 

6.89 

,5,60 

5.39 

5,65 

5.  S3 

5.69 

547 

63k 
63% 

^It 

52k 

4694 

57% 

47 

5894 
59% 

62 

52% 

4K% 

42k 

48 

4294 

3194 

2794 

10.67 

9  77 

12.00 

9.?2 

692 

6.85 

7  10 

642 

5.90 

5  05 

6.10 

0.10 

WHEAT  an  passage. 
33.8.-*0,000  bush. 
29,038,000    " 


CORN  on  passage. 
4,100.000  busU. 
6,504.000    " 


Russian  Shipmts.  for  wk. 
8.880.000  bush. 
880,000 


Indian  Shipmts.  for  wk. 
318,000  bush. 
400,C0O    " 


Argentina  Shpts.  for  wk. 
.     bush. 
1.160  000 


t  Since  Aug.  81.    •  Since  June  80.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING,  NE'W  YOEK. 

38 


CClCChI\>    flDarhCt    XCttCr.  C^Wght,  l»9M,by  CU,p  a  C.m,.np. 

No.  4 IS.  O.  W.  Clapp. 

DWIQHT  O.  CLAPP 

CLAPP    &    COMPANY, 

Banhcrs  an&  Brokers,  ^ 

MILLS    BUILDING,    N.  Y.  ^ 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE.  > 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.   O 

(  277    BROADWAY,  Corneh  Chambers  St.  PRIVATE  TELEQHAPH  WIRES.  [T] 

Branch    ]  671    BROADWAY,  BnoAowM  Central  Hoteu  CABLE  ADDRESS:  "  OZRO." 

Offices:    |  753  FIFTH  AVENUE,  Corner  58th  St.  LONQ  DISTANCE  TELEPHONE.  /^ 

Neiv  York,  Thursday  Morning,  February  7,  1895.  Q 

We  respectfully  solicit  Commission   orders  for   the    Purchase   or  Sale   of  Stocks,   Bonds,  2 

Cotton,  Grain  and  Provisions.  ^ 

Our  private  wire  facilities   are  unsurpassed   to   all    New    York,    Chicago    and    Western  ^ 

Exchanges.      Close  relations   to   important   interests   enable  us   to   give   early    and  valuable  'Zm 

information.  2 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  f<^ 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.     The  local  bank  should  always  pj 
wire  us  at  once,  at  our  expense,  stating  amount  that  has   been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 


A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


> 


r 
m 


r 
-< 

X 

BANK   STOCKS    FOR   SALE.  o 

60  shares First  National  Bank Arkansas  City,  Kan.  ^ 

50       "      First  National  Bank Fort  Madison,  Iowa.  Zl 

19  "      National  Bank  of  Rondout Rondout,  N.  Y.  O 

100       "      Moorhead  National  Bank Moorhead,  Minn.  C/) 

20  "      Salamanca  National  Bank Salamanca,  N.  Y.  ^^ 

15       "      First  National  Bank Carthage,  Mo.  O 

40       "      Arlington  National  Bank    Arlington,  Oregon.  "H 

50       "      City  Bank Minneapolis,  Minn.  .^ 

35       "      Fresno  National  Bank Fresno,  Cal.  "^ 

60       "      State  Bank Elmira,  N.  Y. 

50       "     City  National  Bank   Norfolk,  Va. 

13       "     First  National  Bank Texarkana,  Texas.  ,.^ 

10       **      National  Bank  of  the  Republic Chicago,  111.  -^ 

Note. — Our  Annual  Souvenir  Book,  the  "  Leading  American  Exchanges,"  will  be  out  about  ^ 

March  1st.     It  is  illustrated,  will  have  352  pages,  and  will  contain  our  Weekly  Market  Letters  of  ^ 

1894,  a  complete  record  of  prices  of  Stocks,  Cotton  and  Grain  for  the  year,  as  well  as  tables  of  great  ^ 

value  to  Bankers,  merchants  and  business  men.      A  limited  number  of  copies  will  be  issued.  ^^ 

Delivered  free  on  receipt  of  $3.00.  ,_, 

Financial  Outlook.  O 

Neither  imagination,  debts,  currency,  nor  patriotism  are  likely  to  become  more  expansive  than  X 

our  beloved  country.     A  commonwealth's  pledges  of  prosperity  should  not  be  redeemable  at  inter-  >> 

national  pawn  shops.     The  approved  method  seems  likely  to  give  this  generation  the  money,  and  let  ^ 

the  next  take  tbe  trouble.    Perhaps  the  twentieth  century  can  afiford  to  pay  the  revenue  reform  bills  ^ 

of  the  nineteenth.  Cj 

Straws. — The  gold  product  for  the  four  years  ending  December  31  was  valued  at  33  per  cent.  fT] 

more  than  the  silver,  yet  the  latter  weighed  20  times  as  much.     The  gold  product  of  the  United  W 

States  in  1893  and  1894  was  $78,948,279;  January  1,  1893,  the  circulation  was  $412,970,960.  The  Treas-  * 
ury  then  held  S156,CC2,452  (Feb.  1  it  had  but  $42,648,790).  Exports  since  Jan.  1,  1893,  have  been  net 
about  $113,000,000.  Since  Dec.  31,  1894,  $25,880,^09,  against  same  time  in  1892,  $151,797.  It  is  esti- 
mated there  is  now  about  490  millions  of  gold  in  banks  and  individual  hands  in  the  United  States. 
From  June  30,  1893,  to  January  31,  1895,  the  natiovial  debt  increased  $70,640,000,  and  paper  money  in 
the  Treasury  $80,628,000.     Silver  sold  at  about  5  per  cent,  premium  over  gold  from  1863  to  1873. 

KEEP  OUR  LETTERS.     PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS  FREE. 

3y 


8         CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Recently  it  sold  at  the  lowest  point  on  record,  or  say  about  41  per  cent,  discount  under  gold.  Exports 
were  never  larger  for  60  days  than  since  December  1.  Government  interest  rates  continue  harden- 
ing in  proportion  as  the  borrowing  continues  by  the  party  in  complete  control  of  American  legisla- 
tion for  the  first  time  in  35  years. 

THE  WORLD'S  PRODUCTIOM  OF  SILVER,  IN  LONDON  VALUES,  REDUCED  TO  UNITED   STATES  MONEY,  IN  FINE  OZS. 

lS9ltolS94.  lS$6tolS»0.  1831  to  1885.  1876  to  1880.  1871  to  ISIo.  Total  Ozs. 

tTnlted  States 229,830,000  230,980,000  182,900,000  1.57,622,000  121,2(;2,248  922,594,248 

Mexico 162,6<*4,r54  150,519,519  124,002,584  98,433,220  98.289.915  63;i9;«,092 

Australasia 65,940,503  31,148,105  1,26.3,156  562.020  .597,712  99,511,501 

All  other  countries 142,710,378  144.904,121  129.741.799  99,.517,793  7.5,7.12,4.52  592,606„543 

Total  production  4-5  yr.  periods  and  last  4  yrs.,  in  OZS.     601,175,640  557,551,745  437,907,5:«  356,135,033  295,SS2,:127  2,248,651,284 

Total  value  each  period 45:j.i2l,:«4  505,451.435  449,149,150  380,454,054  851,8.32,4.55  2,140.308,4:J3 

Total  gold  production  in  all  countries,  in  OZS 29,810.361  26,6:U600  24,567,749  2G.;M9,0.54  28.026,514  145,386,278 

Total  value  each  period 601,722,216  550,609,780  607.859,593  544.742,374  679,300,492  2,781,204,455 

Africa's  first  large  gold  production  was  in  1887,  the  output  being  28,754  ounces.  In  1894  her  out- 
put was  1,8.37,773  ounces.  Total  to  date,  6,211,677  ounces,  worth  $128,381,370.  In  1888  Australia 
produced  1,344.002  ounces ;  last  year,  1,883.240  ounces.  In  1S.S8  Russia  produced  1,031,151  ounces, 
fast  year,  1,354,085  ounces.  In  1888  the  United  States  production  was  1,604,841  ounces  ;  in  1894, 
2,080.129  ounces.  All  other  countries  in  1888  produced  956,363  ounces;  in  1894,  1,665,000  ounces, 
equaling  a  total  production  in  1894  of  8,820,227  ounces,  against  but  5,175,623  in  1888. 

Stocks  and  Bonds. 

Bonds. — Registered  1904  five  per  cent.  Government  bonds  sold  Jan.  1  at  about  117K  ;  later  at 
114^.  The  Government  interest  rate  appears  increasing  under  experimental  methods.  The  income 
tax  case  is  to  be  tried  March  4  ;  it  is  an  old  method  in  new  hands.  Western  bank  stocks  here  are 
practically  unsalable,  owing  to  the  wide  divergence  in  views.  Railway  bonds,  speculatively  speak- 
ing, are  active  and  firm,  with  good  general  buying. 

Railway  Stocks.— Stock  Exchange  clearances  were  13,593,500  shares,  valued  at  $396,200,000 
against  18,363,000  in  January,  1894,  valued  at  $1,088,600,000  and  28,544,000  shares  in  1893,  valued  at 
$2,064,709,000.  Gross  earnings  of  76  roads  for  the  third  week  of  January  show  2.34$^  increase  over 
1894.  Last  year  the  shrinkage  compared  with  previous  year  was  8.31^  in  corresponding  week. 
Burlington's  balance  of  net  earnings  above  charges  for  interest,  rentals,  etc.,  in  1894  was  $2,800,571, 
against  a  similar  balance  in  1893  of  $3,979,723.  Traders  seem  to  look  for  higher  prices.  Rock 
Island's  gross  earnings  for  1894  were  about  16^  less  than  for  1893.  Its  friends  are  very  bullish. 
Reading's  gross  earnings  decreased  over  12>4^.  Southern  Railway  earnings  in  January  were  about 
the  same  as  last  year.  The  stock  has  many  probabilities  of  doubling.  Louisville  &  Nashville  net 
earnings  in  1894  were  $7,342,614  against  $7,384,248  in  1893.  Norfolk  &  Western  net  in  1894  was 
$2,646,557  against  ?2,833,157  in  1893  ;  receivers  have  been  appointed.  St.  Paul  &  Grangers  generally 
appear  listed  in  little  bull  pools  for  a  February  rise.  It  is  scarcely  possible  Washington  legislation 
and  many  other  outlooks  can  grow  worse,  therefore  "things  must  mend." 

Industrials.— Tlie  Sugar  company  appears  to  be  clear  of  possible  legislation  this  month ;  its 
speculative  officials  appear  anxious  to  advance  the  price.  Distillers  appear  to  have  an  honest  Judge 
not  interested  in  a  trust.  The  property  and  stock  should  do  better.  Cotton  Oil  continues  manipu- 
lated without  attracting  lambs.  Lead,  realizing  by  an  estate  made  an  active  market,  it  may  do  to  buy 
on  a  further  decline.  Cordage  is  lifeless  around  present  prices,  about  one-half  last  year's  assessment. 
General  Electric  continues  the  broncho  of  the  street ;  its  Wall  Street  methods  condemn  it.  Lower 
prices  are  quite  likely.  Chicago  Gas  appears  held  by  strong  parties  that  have  been  its  shareholders 
from  the  start,  making  a  specialty  oi  introducing  new  gas  methods  and  bull  syndicates  in  Wall 
Street.  It  may  eventually  sell  at  par.  Industrials  will  likely  participate  in  any  general  improve- 
ment arising  from  better  government  financiering. 

Cotton. 

The  average  increased  weight  of  the  cotton  coming  in  sight  is  about  twelve  pounds  per  bale,  or 
Zyi  per  cent.,  indicating  the  crop  will  finally  weigh  out  about  250,000  bales  more  than  it  counts  out. 
The  January  movement  exceeded  a  million  bales  and  was  never  larger.  The  supply  the  past  five 
months  exceeded  that  of  last  season  by  about  1,700,000  bales  and  of  the  previous  season  about 
2,600,000  bales.  Exports  increased  about  1,100,000  bales  and  about  1,850,000  bales  over  the  previous 
season.  American  spinners  have  taken  about  460,000  bales  more  than  last  year  and  about  350,000 
bales  over  that  of  two  years  ago. 

Some  sections  report  planters  likely  to  plant  more  acres  this  season,  "  to  make  both  ends  meet," 
than  they  otherwise  would  if  prices  were  higher.  Others  claim  it  will  practically  be  "  suicide  "  to 
increase  the  acreage,  unless  better  prices  prevail.  Others  tell  us  that  when  planters  agree  months 
in  advance  of  planting  season  what  they  will  do  seldom  materializes,  as  immediate  necessities  and 
surroundings  about  planting  time  always  prevail,  regardless  of  previous  meetings. 

New  Orleans  cotton  factors  are  reported  making  a  strong  effort  to  combine  planters'  interest  to 
materially  reduce  the  acreage.  Emigration  into  Texas  may  increase  their  acreage,  as  much  cotton 
is  grown  there  with  white  labor.  Looking  back,  we  think  the  cost  of  production  or  prospective 
increase  or  decrease  in  acreage  generally  fails  to  materialize  to  benefit  those  folks  volunteering  an 
active  part  to  promote  other  people's  business.  Demand,  supply  and  finances  more  generally  dictate 
values.  We  look  for  better  results  to  occur  from  the  effects  of  northern  and  foreign  capital  and 
spinners  entering  the  cotton  belt  to  save  freightage  both  ways,  thus  practically  equaling  a  cent  a 
pound  saving  to  grower  and  spinner.  ^o 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Legislation  in  New  England  appears  indirectly  biiilding  up  the  cotton  belt,  to  the  detriment  of 
nortliern  laborers.  The  large  niovenieiit  of  cotton  from  the  cotton  states  to  Europe,  via  southern 
ports,  uidicates  but  little  cotton  has  left  the  cotton  belt  on  owners'  account,  and  that  spinners  every- 
where are  well  supplied  and  not  now  aggressive  buyers. 

Stocks  here  are  accumulating,  as  well  as  at  other  speculative  centres.  Greeks  and  Germans 
have  been  selling  futures  in  this  market,  while  Liverpool  traders  were  unlocking  their  "siraddlers." 
Manchester  and  Fall  River  out-puts  are  not  in  brisk  demand.  Galveston  and  southern  new  cotton 
centres  continue  reporting  large  receipts  and  few  new  purchases  for  export.  A  more  diversified 
distribution  prevails  than  in  early  autumn. 

New  York  exports  scarcely  equal  8>4  per  cent,  of  all  clearances;  less  than  one-sixth  of  all  exports 
have  cleared  from  northern  ports.  Northern  spiimers  have  taken  less  than  one-sixth  what  foreign 
spinners  took  and  southern  spinners  only  about  8  per  cent,  as  much. 

The  world's  visible  supply  continues  about  93>2  %  American  cotton.  The  speculative  interest 
seems  to  be  long  and  confident,  and  the  market  in  a  condition  likely  to  force  liberal  realizing  if 
lower  prices  prevail. 

Wheat. 

Last  season  the  United  Kingdom  imported  more  wheat  and  flour  than  any  previous  year,  equal* 
ing  180,120,723  bushels,  against  174,590,454:  bushels  the  previous  season,  and  an  average  for  ten  years 
of  157,476,269  bushels.  In  1890  Roumania  shipped  them  8,680,972  bushels,  against  only  250,766 
bushels  last  season.  In  1890  the  Argentine  sent  them  5,245,925,  the  past  season  24,774,004  bushels.  In 
1890  Russia  sent  them  36.192,847  bushels,  last  year  31,314,978  bushels.  In  1890  India  furnished  them 
with  17,008,280  bushels,  and  last  year  only  9,984,904  bushels.  In  1890  Australia  sent  them  5,707,694 
bushels  and  last  year  7,237,847  bushels.  America  furnished  them  last  season  49.29  per  cent,  of  their 
imports,  against  61  per  cent,  in  1893  and  63.78  per  cent,  in  1892,  48.21  per  cent,  in  1891,  41.07  percent. 
in  1890,  and  an  average  for  the  past  ten  years  of  51.67  per  cent.  Their  stocks  are  now  small,  and 
near  the  minimum  pomt  in  a  decade.  Many  people  now  believe  Argentine,  Australia  and  America 
will  not  be  able  to  export  the  coming  year  within  40,000,000  bushels  as  much  as  last  season.  India 
exports  continue  small.  South  America  clearances  are  backward,  owing  to  a  late  and  wet  harvest. 
Australia  is  shipping  very  moderately.  Russia,  Germany  and  Roumania  crop  prospects  are  reported 
deteriorating.  Our  primary  receipts  per  week  are  now  among  the  smallest  in  years.  Exports  con- 
tinue on  a  full  average  basis,  equaling  since  June  30  about  95,000,000  bu.  Contract  wheat  and  rye 
in  Chicago  are  now  about  the  same  price  for  May  delivery.  This  is  the  first  time  this  has  occurred 
since  prices  were  more  than  double  present  quotations  in  the  fall  of  1891,  Cash  wheat  near  milling 
centres  commands  about  May  prices  at  primary  markets,  where  futures  show  scarcely  any  profit  for 
elevator  people  or  carriers,  who  appear  to  own  about  all  America's  cash  wheat,  either  in  or  out  of 
the  visible  supply.  Millers  in  the  winter  wheat  belt  are  paying  primary  market  prices  to  secure 
choice  samples  of  home  growers.  Wheat  merchants  evidently  believe  we  are  close  to  a  good  do- 
mestic and  export  demand  that  will  deplete  the  visible  and  reduce  farmers'  holdings.  In  short,  that 
we  are  on  a  demand  and  supply  basis  as  to  quantity  and  price,  and  that  liquidation  has  been  practi- 
cally complete  and  relative  values  will  soon  again  be  reinstated  as  speculation  broadens  and  Hatch 
Bill  methods  of  depressing  values  disappear.  Weather  markets  are  now  in  order,  in  Russia,  France 
and  our  own  country.  Values  and  carrying  charges  the  world  over  are  practically  at  minimum 
prices.  Sentiment  is  of  a  demoralized  nature,  with  holders  strong  and  millers  growing  aggressive, 
and  higher  prices  quite  likely. 

Corn. 

Realizing  by  all  sorts  of  holders  increased  consumption  in  consequence  of  a  decrease  in  price  and 
cold  weather,  increased  exports  and  a  growing  conviction  among  corn  merchants  that  prices  have 
about  touched  the  low  level  of  the  winter,  is  enthusing  present  holders  and  investors.  In  1880  the 
corn  crop  was  about  25  per  cent,  larger  than  in  1894.  We  look  for  the  bulls  to  again  become  aggres- 
sive and  advance  values. 

Oats. 

Liberal  receipts,  a  large  visible,  with  demand  under  expectations,  has  discouraged  the  bulls  and 
caused  free  realizing  in  speculative  markets.  We  still  look  for  lower  prices,  and  would  advise  short 
sales  on  strong  market  days. 

Provisions. 

Recent  sales  and  shipments  for  export  have  been  unusually  large.  Chicago  stocks  of  provisions 
Feb.  1  were  less  than  expected.  Examine  fourth  page  of  our  Weekly  Market  Letter  for  statistical 
details.  The  average  weight  of  2,550,093  hogs  received  in  Chicago  in  November,  December  and 
January  was  229.13  pounds,  against  1,970,812  hogs  averaging  2o5.39  pounds  the  previous  season 
samev  time,  the  decrease  in  weight  equaling  about  262,000  hogs  of  last  year's  average.  The  January 
average  weight  of  hogs  was  six  pounds  less  than  last  December  and  28  pounds  less  than  for  Janu- 
ary, 1894.  The  total  amount  of  product  on  hand  in  Chicago  is  about  185,513,000  pounds,  against 
157,349,000  pounds  Jan.  1  and  95,319,000  a  year  previous.  The  decline  in  pork  of  $5  per  barrel  and 
other  products  in  proportion  seems  ample  to  merit  taking  the  long  side  of  provisions  at  present 
prices.    Packing  from  Nov.  1,  1894,  to  Jan.  31,  was  5,525,000  hogs,  against  3,795,000. 

Yours  truly,  CLAPP  &  COMPANY. 

41 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qaotalions  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  February  6,  1895,  and  tor  February,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OPPICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wbeklt 
Salbs. 


8,258 

927 

154,900 

1,953 

5.295 

7.024 

420 

2.813 

9.0O8 

3.580 

81.590 

122. 1«0 

91,275 

450 

87.930 

4.6.50 

83,275 

490 

1,885 

1.046 

1.035 

2.296 

1,770 

35.7.35 

74,755 


426 

2.100 

300 

1.119 

1,925 

54  370 

16,029 

1.218 

10.86.5 
22.898 
.3.186 
l.MO 
9.3.50 
8.200 

4  450 

2,570 

554 

1,225 

3.225 

8.350 

535 

11.570 

973 

20.000 

1.772 

13.128 

14.597 

1.300 

4,037 

2.50 

13,089 

851 

2,518 

8,905 

2,861 

1.310 

2,322 

19,260 

900 

1.240 


Capitai, 
Stock. 


$20,237,100 
10.1*8,600 
36  773,000 
36  773,000 
17,900,000 
102  000,000 
25,000,000 
15.000,000 
22.488,000 
60.805,400 
82  262,700 
24,885,800 
46,027,261 
25,923,900 
46,1.56,000 
18,559,360 
39,054,,  907 
22,335  170 
28  000.000 
35,4.30,000 
26,200,000 
35  000,000 
38  000,000. 
35.000.000 
30,459,700 
2.5,000,000 

8,000.000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18  738,204 
13,000,000 
47,844.100 
47,4:i6„575 
14,905,400 
14  904,000 
89,428,300 
77,427,000 
20,000,000 

6.000,000 
58.119.982 
13  000  000 
39,767,200 
49.fli10.000 
39,269,516 
20,000,000 

8,500,000 
40.426,361 
36,000,000 


68.402,900 
125.000,000 
60.000.000 
19,8.50,000 
38,710,900 

6,600.000 
60,868,500 
83,837  J)93 
20.166,000 
17,992  OOO 

7,297,000 
88,000,000 
24.000,000 
94,820,000 
10,000.000 

4.500,000 


DiTISEND  ReCOKD. 


Pays 
Pays 
Pays 
Pays 
Paid 
Paid 
Pavs 
Pays 


3po  J-D 

3pc  O-J-AJ'.... 

3i^pc  J-J 

3pc  FM-AN... 
5Mpc  in  1888... 
2dc  Nov.  1894.. 

ikpc  F-A 

l%pc  F-M-A-N. 


Paid 
Pays 
Paid 
Pays 
Paid 

Paid 
Paid 
Paid 
Pays 
Pays 
Pays 

Paid 
Paid 
Pays 


Ipo  Dec.  1894 

IJ^pc  M-J-S-D.... 

2pc  A-O 

7  PC  Per  Annum. 
J^pc  Feb.  1895... 


2^po  Jan,  1895. 
3K>po  Jan.  1895. 

3pc  in  1893 

2pc  MnT-S-D.,.. 
7pc  per  annum. 
7pc  per  annum. 


IHpc  Jan.  1893. 
2pc  Axis.  St  1893. 
5pc  per  annum. 


Pays  2^pc  M-S. 


Pays 
Pays 
Paid 
Pays 
Paid 


IMPC  F-M-A-N... 

3pc  FA   

2pc  August  1893. . . 

IHpc  J-A-J-O.... 
2pcinFeb.  1895... 


Paid 
Paid 
Pays 
Pays 


3dc  1891 

Jpc  in  Dec.  1894. 

I94rc  M-J-S-D.. 

IMpc  J-A-J-0.. 


Paid  l><ipo  Nov.  1893.. 


Paid 
Paid 


Ipc  April  1892., 
Ipc  in  1887.... 


Pays  2pc  F-M-A-N. 


Paid 
Paid 


Ipc  in  1887... 
3^po  in  '1884! 


Pays 
Paid 


l^po  J-A-J-O.... 
VpcVn"Feb.*i894!!! 


Nahb  or  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  S.  Fe. 

Baltimore  &  Onio 

Canada  Southern 

Central  of  New  Jersey 

Ciiesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  StPanl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic,  St  Paul  .M.  &  Omaha 
Chicago  &  Northwestern 
Chicago  &  Northw'n  Pfd. 
Cleve,,  Cin.,  Chic,  <fc  St  L. 
Consolidated  Gas  of  N,  Y, 
Delaware,  Lack'a  &  W'n. 
Del,,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Distilline  &  Cattle  F.  Co. . 

General  Electric  Co 

Great  Northern  Pfd,  .. 
Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. . 
Lake  Erie  &  Western.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Micb.  So'n. . 
Louisville  A  Nashville... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co 

National  Lead  Co  Pfd... 
N.  Y.  Cent'l  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
NY&N  E  tst  CO  ctj  all  in  pd 
N.  Y.  &  Northern  Pfd.... 
N.  Y  Ontario  &  Western.. 
N.  Y,  Susq.  &  W'n  Pfd.... 

North  A  merican  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Deo.  &  Evansville 
Philadeli)hia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal,  Iron  <fc  R  R  to 

Texas  A  Pacific 

Tol.  Ann  Arb.  4  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  &  Gulf. 
United  States  Rubber  Co. 

U.  S.  Cordage  Co 

XT.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &,  Lak«  Erie  . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 907.458 


COTTON,  in  ba'es. 
I  World's  visible.  I  Total  In  slghttl  Total  Exports. 
IR95  4  9'i2.d48  7,939.144  4,653,658 

l«94l  4,569,124         I        6,247,269        1        8,577,984 


A^  T. 
Cotton 


Jan.  &  Feb 
Feb&M'ch 
M'ch&  Apr 
Apr  &  May 


WHEAT,  In  bushels. 
I    U.S.  Visible.     [Primary  rec'ts*!  Total  Exporti. 
1895         83.376.000  121.149.000  90.535  659 

1894         79.893,000  I     126,-.'28.000        |     105,777,764 


CORN,  in  bushels. 
I    U.  S  Visible. 
1895  12  720.000 

18941         15.352000 


Primary  rec'ts*!  Total  Exports, 
45  512,000  30.389  218 

10?,694,&11         I      85.717.483 


Chicago  ( May.. 
Wheat,  I  July,. 


OATS,  in  bushels, 
I    U,  S.  ViMble. 
1895  7.P63  000 

18941         4  06S  000 


N.Y.  Stocks, 
1  OH  525 
1,469  3:5 


Cbpo.  Stocks. 

1  1S7  000 

99j,000 


Oats. 


J  May 

IJuly.  ... 


1895 
1894 


LARD-tcs. 

World's  vis. 
198.390 
113.697 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls.i  LARD-tcs.  ,   RiBS-lbs. 

127,3117  27,089     j   33.540.494 

69,848     I  6.472     '   11,605,835 


It  arrt      J  J*!"-  •*  May 
^"'^  --I  May  &  July 

)  May  &  July  I 


Thursday. 
Jan.   31, 


•iOM  19 

64  tiM 

9i9^  90 

9S'  92 

4«      8'X 

6i^  61' 

48^  ii' 

88>^  87 U 

169i  \<H 

11%  im 

74%  73H 

56  55 

1169i  116^ 

iiVA  61% 

32!^  82^ 

96>4  90H 

Ssii  87ii 

liioM  !59ii 

U;iK  129K^ 

9  89], 

81>4  &» 


24«    24H 

69' '     69' 
137^  13C56 

51^«    iO% 
loyji  106H 

'mi  « 

32M  W* 

81        80H 
99*<    9M 

mi    9ri 
is      \h\i 

39«    Z'M 


3 

16JI 


15% 


ao«  20 


9 
156 

18' 

9% 


9 

166 

9 


319i  80VS 

14^  UH 

6Vi  8J^ 

9%  'm 

'<\\i  41 

6  5 

m  SH 

6  5% 

13!^  13 

»■:%  66% 

Wa,  9*i 

3r%  87% 


Friday. 
Feb.  L 


«% 
64 
92 
91 

95% 
4Ji 
63 
49% 
89^ 

56% 
117H 
63% 
33^ 
97% 


38%    88>i 

i66v<  lenvt 

129H  12fH 
85        34% 

80}4    28% 


20 
64 

9o^ 

91 

93!^ 
4^ 
63 

i^H 

87'^ 

17 

71% 

74^ 

56 

niM. 

62% 
82% 


Saturday, 
Feb.  2. 


20)4 

9-3  ■ 

97' 
4>^ 


20% 
91% 
94% 


49%    iSM 


17% 
72% 
"6% 
56% 
1I7H 
6355 
33  V6 
9b% 

i^A 

127% 
162H 
129H 

35 
9% 

30% 


17 
72^ 
76 
56% 
117% 
6.% 
33% 
»0% 

88% 
12;% 
162V* 
129H 

85 
9 


88%  88% 
25%  24% 
16        16 

'0%    70  _        .. 

3t%  13K%  138%  I.38K> 
53%  51%  52%  5.% 
109      108      108%  106 


89  69 

25%  25% 

16%  16% 

"•ii  70% 


156.430 


22«  82« 

22%  8iii 

83%  82 

52  82 
'00%  99% 

10%  lOV^ 

3l'%  30% 

16%  i6% 

40%  40 

3%  3% 

3  8 

16%  16!4 

Sl%  20% 

io"  '9% 
.154%  154% 

i:%  i7% 

:o%  9% 

53  «m 

14%  I4H 

8%  8% 

ip%  '9% 

42%  4Z 

b%  4% 

9%  6% 

6  « 

13%  li% 

88%  87H 

10%  9'4. 

a>%  83 

212,209 


5.48 
5  53 
5.56 

55% 
59 
48 
48% 

53% 
54% 
44 
43% 

39 

9'65 
10,10 

6,35 
0.60 
5.00 
5.27 


5.43  8.43 

5,44     5.31  5.44 

6.46     5.54  5.48 

6.50     5.59  6.52 

53       58%  67% 

68%    58%  58% 

47%    47%  47 

4?9i|  47%  47% 

52%]  53%  52% 

53%    54%  53% 

43%!  43%  42% 

43%  I  43%  42% 


22?^    22% 

22%    24 
3d       82 
82%    82% 
iOO       100 
10%    10 


16«     16% 
40        40 


8 

1<% 


8 

16% 


Monday. 
Feb.  4. 


64  64 

93%  nVi 

92  92 

95%  95^-4 

4%  4% 


49% 

89% 

1?% 

72% 

76 

57% 

63% 

3.% 
143% 

38% 
127% 

130% 
34% 
10% 
86 


49 

87% 

16% 

71% 

74% 

56% 

62% 
32H 
96*> 

113V-4 
38 

127% 

129 
34% 

S6k 


22%  22 

io%  "9% 

156  155 

J8  ■  is" 

10%  10 

33%  82% 

15  15 

9     m 
m   1% 

10%  10 


42%  42%    42%  42% 

5%  6%      5%  5% 

9  9 

6%  e% 

13%  13%    13%  18M 

SsV»  87%    88%  87% 

:o%  loh,  :o  10 

39  88%    38%  87% 


25%  25% 

70%  70% 

137%  137% 

53%  51- 

:09%  1>)« 

22%  22% 

22  "  22" 

82%  30% 

6.'%  S2 

16%      9H 

80%  80% 

i«ji  ie" 

89%  89% 
3%  8% 
3%      8^1. 


8  \ 

155  155 

V-m  17% 

10%  9% 

32%  ii 

14%  14% 

9%  9 

"i"  ■«% 


79.539 


189,566 


5.42  S-42  6.48  6,88 

5.48  6.45  5.46  5(1 

5.51  5.48  5.50  5.45 

5,55  5,52  5  54  5.49 

58%  67%  58%  67% 

53%  58%  68%  5o% 

47%  47%  47%  4ri% 

47%  47%  47%  47% 

53M  62%'  53%  52% 

54  53%  64  63% 

4i%  42%  43%  42% 

43%  42%  43%  42% 


Tuesday. 
Feb.  5. 


20  20 

93%  92% 

92V«  92 

66%  95Vk 

4%  4% 


49% 

69 

17 

72% 

75% 

56% 

118 
63% 
32% 
97% 

143V4 
88K 

160% 
•29i« 
35% 

:o 

30 


49M 
88!4 
16% 
71% 
73% 
56% 

118 
63« 
31% 
9.;% 

U3H 
88 

l«0?i 
123% 

34% 
9% 

89k. 


25%  25% 
16  16 
70%  70% 
.18  137% 
53^  hiVA 
109%  107% 


22  21 

31  j!9W 

82%  m% 

9h%  99% 

10%  10 


16%    16 
3t>%    88 


16%    16 
22       22 

9W     '«% 


17%  17% 

10  9% 

32%  81% 

'9"  '8% 

1%  :% 

9%  8% 

8%  3% 


157  721 

5.38  5,35 

5  44  6..3S 

5.46  5  42 

5.51  5.46 

58%  68% 

59%  58% 

47%  47% 

48%  46% 

53%  53 

54%  53% 

44  42% 

41  43 


Wed.. 
Feb.  6. 


93%  92% 

93  92% 

'j6  95% 
4%      4% 

49  "  49 

89  8S% 

17  16% 

7<:%  71% 

75%  7<% 

57  t6% 

6-3%  63% 

32%  32 

97%  SC% 


129%  128 

100%  i50 

35"  85' 
9%      9% 

30  29% 


25%    25% 


I3(<%  137% 
5*  529s 
:C8%   107^4 


22%    21% 

81        29^4 
82%    82 


10% 
■iO 


16  16 
8%      8% 

i6%  16" 

a  a 

10%    9% 

155  155 

60%  60% 

17%  :7% 

\OVi  10 

82%  82 


9%      9)4 


44 

43 

43% 

43% 

fix 

4% 

4% 

4Vi 

9 

8)4 

b% 

8 

6% 

6% 

13% 

13% 

14 

13% 

*m 

87% 

»8% 

80 

10% 

10 

10 

10 

37% 

87% 

37 

86 

111  993 

6,84  5,33 

.5.43  5.3: 

546  540 

5,51  6  45 

59  68M 

5J%  58% 

49!4  47% 

49%  48 

54  53% 

65  54% 

4i.%  43% 

45%  43% 


88%'  -2?%    28%    2?%    26%   28%    28%    28%  28%   29%    28% 

!  ....       I  27%  27%i  27%    27% 

9,C5  ;  9,85    9.77   10  02    9.90    9.92    9.37  10,02  8.95   10  22  10  02 

9,85      :: I  ....  . 


6.35  6.52    6,47  !  6  80    «.65    6  57    6  55  1  6.62    6,57 

6,50     1 

5,00  '  5,17    5,07  6.22    5  15     5  20    6 17    5  23    5.17 

5.15  I  ..       ....I     I  535    5.35 


Range  for 
Jan.   1895. 


6.67    6.60  I 
5,'32    6»| 


24%    18% 

70  62% 

91  86% 

92%  OOVi 

99%  92 

5  3% 

65%  61% 

50%  48 

34  b4% 

18  16 

72%  69% 

76^  70)s 

57%  54« 

119  116% 

64%  60% 

34  31% 

97  94% 

145  143 

39%  37 

131%  126 

166%  157% 

1.33%  125% 

36  32% 
11%  7% 
35%  28% 

103  lOO 

IH  1 

90  81)6 

27%  23k4 

17?!  15% 

74  61» 

140  l34% 

55%  49% 

1C9J^  104 

97  W)4 

23  il% 

26%  ^1 

38  27^4 

64%  76^4 

100)6  ^■** 

10%  «H, 

33%  <9 

17"  15% 

43%  *J8% 

3%  ■'if* 

4  ^% 

18%  Ifl^ 

23%  2U 

3II  3)4 

isg  8% 

157  154 

60  60 

19M  17% 

10%  8% 

37  2<)% 
16?6  13)4 

%  ^^ 

2%  1% 

m  m 

3%  8% 

45  igy^ 

8%  4% 

"H  7% 

6%  5^ 

liH  12% 

8»  86 

11  9 

41H  87% 


5,60  5.89 

5.60  5.39 

5.65  5.43 

5.69  547 

63%  57A 

6j:.fc  67% 

52%  46% 

51%  «7 

58%  52 

59%  52% 

4S%  42Vt 

46  42% 

81%  J7% 

10.6?  9  65 

12.00  9,72 

6  92  6.85 

7  10  6.42 
5.90  5.00 
6.10  5.10 


Ranee  for 
Feb.   1894. 


2i'% 

27 

66-7^ 

66% 

63% 

75% 

85 

«1% 

76% 

71% 

12% 

U% 

71 

69^4 

sm 

49% 

116 

114V4 

18% 

16% 

77^4 

V3% 

66% 

61% 

59% 

55% 

116 

117% 

66% 

65 

3,'< 

35)4 

104%  101% 

140 

13:< 

38% 

85% 

126 

124 

16a%  16';% 

1J8 

l;35 

32% 

29% 

30% 

23% 

40% 

83% 

103 

101% 

5 

5 

94% 

90% 

16 

15% 

15% 

15 

64% 

63 

128% 

125 

47% 

45 

124 

120% 

\mu 

97 

24% 

22 

6% 
24% 

2t^ 

:i0)4 

•25% 

'.0% 

Wl)4 

QG^ 

l'i% 

15)2 

12% 

10% 

5 

6 

16% 

15% 

46 

44% 

4% 

3% 

4% 

iVA 

16% 

16% 

16^4 

16% 

4% 

4% 

22% 

20 

:b9 

105 

23%    22 


16% 

8 

« 


18% 

17 

5% 

5% 

39% 

36 

'7% 

"7" 

14% 

13^ 

85% 

82)4 

13''^ 

12% 

4»% 

47% 

7.83  7  58 

7.9o  7  20 

r.'JS  7  27 

6.05  7  33 

69%  62% 

71%  64% 

41}J  42 

44%  43% 

61%  57% 

65-%  59% 

.38)4  36  k 

39%  87% 

80  2i» 

•28%  27% 

13.05  1185 

12.40  11.97 

7.52  7.02 

7.43  6.95 

6  60  6.17 

6  40  6.-2a 


1895 
1894 


OLD  PORK,  Chgo.-bbls. 
....     bbfs. 


WHEAT  on  passage. 
32.240.000  bush. 
29,400,000    '• 


CORN  on  passage. 
4,OSO.0OO  bush. 
6,672,000    " 


Russian  Shipmts.  for  wit. 
2.8(51,000  bush. 
1,0.90,834    " 


Indian  Shipmts.  for  wk. 
224.000  busb. 

440,000     •' 


Argentine  Shpts.  for  wk. 
bush. 


t  Since  Aug.  31.    *  Since  June  30. 


Compiled  and  Copj/righted  bji  CLAPP  &  COMPANY.  BANKEES.  MILLS  BUILDING.  NEW  YORK, 

4a 


Meehl^  flDarl?ct  Xetter. 


No.  416. 


Copyright,  189S,  by  Clapp  A  Con^vrnm^. 

O.  W.  Clapp. 
DWIQHT  O.  Clafp 


CLAPP    &    COMPANY, 

Bankers  anb  Brokers, 
MILLS    BUILDING,    IM.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE    NEW    YORK    STOCK   EXCHANGE,    IN    THE    HEART    OF   THE    BANKING    CENTRE. 


(  277   BROADWAY,  Corner  Chamseri  St. 
Branch    )  671    BROADWAY,  Broadway  Central  Hoteu 
Offices:   1  753  FIFTH  AVENUE,  Corner  68th  8t 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Telephone. 


New  York,  Thursday  Morning,  February  14,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required,  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


H 
Z 

> 
O 

m 

o 
O 

z 

H 
> 

i 

(/) 

D 

> 

r 
-< 

m 
o 
o 

:o 

D 
C/3 

O 


BANK   STOCKS    FOR   SALE. 

60  shares First  IS  ational  Bank Arkansas  City,  Kan. 

50  "  First  National  Bank Fort  Madison,  Iowa. 

19  "  National  Bank  of  Rondout Rondout,  N.  Y. 

100  "  Moorhead  National  Bank Moorhead,  jMinn. 

20  "  Salamanca  National  Bank Salamanca,  N.  Y. 

15  "  First  National  Bank Carthage,  Mo. 

40  "  Arlington  National  Bank    Arlington,  Oregon. 

50  "  City  Bank Minneapolis,  Minn. 

35  "  Fresno  National  Bank Fresno,  Cal. 

60  "  State  Bank Elmira,  N.  Y 

50  "  City  National  Bank   Norfolk,  Va. 

13  "  First  National  Bank Texarkana,  Texaa 

10  "  National  Bank  of  the  Republic Chicago,  111. 


r 
m 

> 

D 

Z 

o 
m 

X 

o 

X 

> 
z 
o 
m 

CO 


KEEP  OUB  LETTERS.      PORTFOLIO  FOR  FILIKG  FORWARDED  APPLICANTS  FREE. 


43 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Financial  Outlook. 

The  persistent  faith  of  investors  seems  likely  to  secure  the  reward  it  deserves.  Private  hoarding 
of  gold  may  not  prove  profitable.  Business  interests  may  shake  off  the  incubus  of  political  control. 
The  strong,  deep  current  of  National  prosperity  will  carry  all  who  have  faith,  energy,  economy, 
honesty,  skill  and  industry. 

Straws. — For  about  twenty -three  months  the  country  has  suffered  from  a  variety  of  experi- 
ments made  by  a  party  that  for  the  first  time  in  thirty  years  had  complete  control  of  our  National 
Legislation.  Their  success  in  doing  the  right  thing  at  the  wrong  time  and  the  wrong  thing  at  the 
right  time  is  now  historical.  They  have  seemingly  preferred  any  wild  method  to  cover  a  tariff 
reform  deficit  rather  than  foster  home  industries  or  reciprocity  with  foreign  nations.  The  tax  col- 
lected on  foreign  importations  has  not  prevented  buying  gold  on  borrowed  money  at  a  25  per  cent, 
increased  rate  of  interest.  Many  miners  are  now  devoting  their  time  to  digging  gold  rather  than 
silver,  which  never  sold  lower  than  recently  quoted.  The  imports,  exports  and  re-exports  of  Great 
Britain  as  reported  by  the  London  Statist  for  years  named  indicate  their  highest  expansion  of  trade 
was  in  1890.  1891,  and  1892,  and  that  a  slight  shrinkage  in  business  has  been  in  progress  during  the 
past  two  years.    Possibly  their  loss  was  in  American  business. 


U.  K.  Imports 

U.  K.  Exports 

U.  K.  Re-exports 

U.  K.  Total  foreign  trade. 


1894. 


1,985,334.300 

l,a')0,70-J,«0 

Vi81, 714,760 

3,317,751,900 


1S9S. 


1892, 


1,968,030,480  2,059,6;«,980 

l.Oei  ,890,560,1, 10:j,593,220 

280,424,100     313,776,180 


1891. 


1890. 


1S89. 


2,1 10,24.3,2C0,2,044,.563,120  2,0r8,315,8-M 


1,201,561,100 
300,727,080 


3,316,945,140  3,477,004,380  3.618,537,300 


1,280,755.800  1,209,824,100 

314.544,060!    323.957,880 

3,639,867,840  3,612,097,800 


188S. 


1SS7. 


1880. 


1885. 


1,88:1,910,960  1,700,423,220  1,700,314,188  1,802,904,480 
1,139,840,100  l,0rH,5O2.O40:i,6;K,84:j,500  1,0:15,738,900 


311,244,120     288,5:)0,H0,    27:1,297,240 
3,334,tf95,180  3,127,371,400  3,007,179,780 


28:1.624,740 
3,122,268,120 


Stocks  and  Bonds. 

Bonds. — It  is  to  be  regretted  American  citizens  are  apparently  prevented  from  securing  their 
share  of  the  nation's  loan  and  compelled  to  invest  their  millions  in  local  or  other  securities,  or  let  their 
dollars  lie  idle.  The  $62,500,000  4  ^  loan  offered  foreigners  and  a  few  Americans  at  a  3^  basis 
appears  a  good  investment  and  likely  to  discourage  the  buying  of  choice  securities  at  full  quotations. 
Savings  banks  show  increased  deposits  last  January  over  January,  1894.  Commercial  banks  report 
large  balances  and  decreased  earnings.  Consolidation  might  improve  many.  Railway  bonds  con- 
tinue active  and  closely  allied  to  the  speculative  list  of  stocks. 

Railway  Stocks.  —Railway  earnings  show  a  gradual  improvement  is  taking  place,  and  that 
other  economies  may  improve  results.  Sixty  roads  reported  a  gain  of  3.70  ^  for  the  fourth  week 
in  January,  against  a  gain  of  3.34  i  by  76  roads  for  the  third  wee^k.  Northwestern  reports  1894 
earnings  were  but  a  little  over  half  the  dividends  declared,  and  the  net  for  1894  was  $9,008,634, 
against  $10,719,070  in  1893.  Chicago,  Burlington  &  Quincy  earned  in  1894  over  31  million  dollars. 
Rock  Island  traffic  equals  a  million  a  month.  St.  Paul  is  no  small  competitor  or  unworthy  of 
investors'  attention.  Southern  Railway  is  becoming  an  active  stock  that  may  double  this  year,  yet 
be  subject  to  many  small  set-backs.  Missouri,  Kansas  &  Texas  appears  doing  well,  and  likely  to 
prove  a  good  low-priced  stock,  and  its  bonds  desirable  to  purchase  on  weak  spots.  Texas  Pacific 
seems  to  be  becoming  more  speculative.  Atchison  earnings  and  physical  conditions  are  reported 
better.  Its  Wall  Street  friends  appear  apathetic.  Building  and  running  railroads  by  order  oi  court 
is  a  new  feature  in  railroading,  which  113  railroads  are  or  may  be,  more  or  less,  indulging  in.  Lack- 
awanna and  Jersey  Central  may  come  nearer  to  each  other  if  the  coal  traffic  continues  profitable. 
Western  Union  may  not  earn  good  dividends,  as  in  years  past;  its  reserves  are  low,  and  its  record 
may  be  broken.  Stocks  are  generally  low,  and  better  financial  tidings  will  quite  likely  cause  a 
general  improvement. 

Industrials. — Sugar  stock  may  improve  when  Congress  quits  agitating  the  tariff.  The 
sugar  planter  looks  discouraged.  It  is  likely  to  continue  one  of  the  "bronchos  "of  the  Street. 
Chicago  Gas  in  new  and  original  hands  should  advance;  its  new  officials  and  owners  have  successful 
records.  General  Electric  has  not  yet  recovered  the  needed  confidence  to  make  it  an  investment 
stock.  Distillers'  stockholders  appear  hopeful.  Since  officials  took  refuge  in  the  court  we  think  well 
of  the  property,  but  don't  like  to  buy  a  law  suit.  Cordage  may  now  do  to  buy  if  one  does  not  fear 
assessments.  Cotton  Oil  may  do  to  buy  when  Congress  adjourns.  Rubber  is  reporting  large  divi- 
dends, and  carrying  large  amounts  to  working  capital.  Industrial  methods  in  Washington,  at  the 
plants,  and  in  Wall  Street  continue  evasive  and  hard  to  follow. 


Cotton. 

Texas  reports  an  increased  crop  of  70  ^,  and  a  possible  yield  equaling  the  crop  of  any  other 
five  cotton  States,  and  more  than  was  grown  in  America  in  1871  and  1872.  Up  to  Feb.  8th  8,7.04,435 
bales  came  in  sight.  Exporters  took  4,818,977  bales.  Southern  and  Northern  spinners  1,985,474  bales. 
The  visible  supply  then  was  410,000  bales  larger  than  a  year  ago,  and  648,390  bales  larger  than  the 
same  date  in  1893.  Weekly  receipts  continue  from  30  to  50  per  cent,  in  excess  of  those  a  year  ago. 
The  world's  visible  is  233,800  bales  larger  than  at  this  date  from  the  big  crop  in  1891  and  1892.  The 
last  Government  report  says  the  proportion  of  lint  to  seed  is  32.9  per  cent.    The  average  d.i*<?  of 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


closing  the  pickin<?  was  December  4.  Quality  of  present  crop  is  slightly  above  an  average.  Total 
crop  based  on  Government  report  is  9,U88,0U0  bales;  80.9  per  cent,  was  marketed  prior  to  Febru- 
ary 1.  Judging  from  previous  averages,  we  figure  the  crop  as  likely  to  be  about  9.700,000  bales. 
June,  18'J4,  tlie  Government  estimated  the  acreage  to  be  19,737,G41,  and  November  1  the  lint  to  be 
191.7  lbs.  per  acre,  indicating  a  crop  of  7,000,000  bales.  On  this  basis  the  Texas  crop  would 
finally  be  about  three-quarters  as  much  as  has  already  come  in  market.  Secretary  Hester 
reports  Texas  crop  marketed  to  February  8  as  about  a, 800,000  bales.  We  estimate  the  final 
count  in  Texas  will  indicate  a  yield  of  about  3,500,000  bales  of  500  lbs.  each.  Secretary  Hester 
reports  the  average  cotton  coming  in  sight  the  past  three  years  prior  to  February  8  was  ^2.80  per 
cent,  of  the  average  crop  marketed.  On  this  basis  we  look  for  the  final  count  to  indicate  a  yield  of 
9,750,000  bales.  Planting  will  likely  begin  in  early  March  ;  little  or  no  preparation  has  been  made 
to  date.  We  believe  continued  low  prices  the  next  six  weeks  will  have  more  effect  in  reducing  the 
acreage  than  anything  else.  We  believe  the  present  season's  acreage  was  not  less  than  20  per  cent, 
in  excess  of  the  Government  report,  and  that  the  lint  yield  will  exceed  200  lbs.  per  acre  and  the 
final  crop  will  exceed  9.500,000  bales.  Europe  appears  to  be  cloyed  with  cotton.  Manchester's 
absence  of  business  is  conspicuous.  Sentiment  continues  bullish.  Speculators  are  generally  long, 
based  on  the  theory  that  cotton  is  selling  below  cost  of  production,  that  planting  will  be  very  much 
less,  and  that  spinners  will  continue  liberal  buyers. 

Wheat. 

The  invisible  is  conceded  by  many  to  be  less  than  the  visible.  The  Trade  Bulletin  reported  the 
world's  stock  decreased  in  January  10,080,000  bushels,  5,600,000  being  in  Europe  and  the  balance  in 
this  country.  That  Europe's  visible  February  1  was  20,000,000  bushels  less  than  a  year  previous  and 
ours  11,1^0,000  bushels  more. 

Our  visible  is  about  30,^  larger  than  a  year  ago  Chicago  has  about  ^  of  it.  Their  receipts  of 
winter  wheat  from  June  30  to  January  1  were  35,339  cars,  and  of  spring  wheat  021  cars.  About  half 
of  the  world's  visible  is  in  North  America.  Winter  wheat  millers  continue  reporting  a  good  demand 
at  prices  prevailing  at  primary  centres. 

Minneapolis  and  Duluth  prices  range  about  two  cents  above  those  prevailing  in  Chicago.  India 
reports  decreased  acreage.  The  Buenos  Ayres  Stcuidard,  December  28,  reported  the  Argentine  crop 
likely  to  be  about  02,000,000  bushels  and  allow  an  export  of  about  30,000,000  bushels;  our  yester- 
day's cable  reports  50,000,000  bushels  now  ready  for  export.  The  strong  points  in  the  wheat  market 
appear  to  be  decreasing  supplies,  small  country  movement,  continued  liberal  exports,  good  milling 
demand,  prospects  of  smaller  crop  in  South  America,  and  an  increased  export  demand  to  supply  the 
twenty  million  bushel  deficiency  in  Europe  visible;  lastly  the  price,  which  continues  below  all 
known  records. 

Wheat  for  future  delivery  commands  a  less  premium  than  usual  in  past  seasons.  The  season  of 
crop  scares  is  at  hand.  Local  grain  and  speculative  traders  are  generally  operating  for  an  advance, 
rather  than  longer  continue  pessimists. 

Corn. 

sentiment  continues  bullish.  Producers  and  traders  generally  believe  in  a  short  crop  and 
prices— many  predicting  corn  for  domestic  use  will  again  sell  this  season  above  wheat  east  of  the 
great  rivers,  or  up  to  a  price  in  line  with  present  values  in  Nebraska  and  Kansas. 

Oats. 

The  market  continues  dull.  Speculation  light,  consumption  scarcely  equals  receipts.  We  see 
no  reason  to  look  for  high-priced  oats  in  May. 

Provisions. 

Packers  continue  in  apparent  complete  control.  Hog  receipts  are  expected  to  fall  off  and  con- 
tinue of  light  weight  as  the  season  progresses.  Speculation  is  light  and  outside  orders  few.  The 
shipping  and  export  demand  continues  good.  The  decline  of  five  dollars  per  barrel  on  pork  during 
the  winter  seems  to  justify  buying  on  the  weak  spots.  Chicago  packing  from  October  27  to 
February  9  was  2.135,000  hogs.  Total  packing  from  November  1  to  February  7  was  5,840,000  hogs, 
against  4,060,000  last  season,  or  44  ^  larger. 

Yours  truly,  CLAPP  &  COMPANY. 

Note.— About  March  1  we  will  issue  our  annual,  "Leading  American  Exchanges  for  1894."  It  is 
a  handsome  book  of  352  pages,  containing  45  half  tone  illustrations,  including  the  buildings.  It  also 
gives  their  history,  that  of  each  organization,  and  other  statistical  data  for  the  past  decade.  The  com- 
prehensive compilation  of  facts  in  this  book  is  of  great  value  to  all  those  interested  in  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions,  or  National  Commerce  and  Finance.  A  limited  number  of  copies  will 
be  issued  and  delivered  to  applicants  free  upon  receipt  of  $3.00. 

4J 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

QaotatioDs  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  February  13,  1895,  and  tor  Febrnary,  1894. 


Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 


FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Capital 
Stock. 


$20,237,100 
10,198,600 
36,773,000 
36,773,000 
17,900,000 
102,000,000 
25,000,000 
15,000,000 
22,488.000 
60.80.'),400 
82262,700 
24,885.800 
<6, 027,261 
25.92;i,9O0 
46.156.000 
18,559,.'560 
89,054.907 
22,335  170 
28,000.000 
35,430.060 
26.200.000 
85.000,000 
88  000.000 
85,000.000 
30,459,700 
85,000,000 

8,000.000 
50,000,000 
10,000,000 
11,840.000 
11,840,000 
49,406,500 
52,800,000 
30,000,000 
18.738,204 
13,000.000 
47,844.100 
47.436..5^5 
14.905,400 
14  904,000 
89.428.;J00 
77,427.000 
20.000,000 

6.000,000 
58.119.982 
13000  000 
39,767,200 
49.000,000 
89,269,546 
20.000.000 

8.500.000 
40.426,301 
86,000.000 


68.402,900 
125,000.000 
60.000,000 
19,8.'>0,000 
38.710,900 

6,500,000 
60,868,500 
83,837,093 
20.16f).000 
17.992  300 

7,311,720 
88,000,000 
24.000,000 
94,820,000 
10.000,000 

4.500.000 


Dividend  Rxcobd. 


Pays  3pc  J-D 

Pays  3pc  0-J-A-J 

Pays  .3!^pc  J-J 

Pays  3pc  FM-A-N 

Paid  5^pc  in  1888 

Paid  2dc  Nov.  1894 

Pavs  1J4PC  F-A 

Pays  l^pc  F-M-A-N... 


Paid  Ipc  Deo.  1894 

Pays  l>^pc  M-J-S-D.... 

Paid  2pc  A-0 

fays  7  PC  Per  Annum, 
laid  ^pc   Feb.  1895... 

iaid  2Kr'o  Jan.'i895!." 
Paid  3K'PC  Jan.  1895... 

Paid3pc  in  1893 

Pays  2pc  M-J-S-D 

Pays  7pc  per  annum... 
Pays  7pc  i  er  annum. . . 

Paid  iylpc  Jan!  "1693! .' .' 
Paid  2pc  .\uci  St  1893. . . 
Pays5pc  per  annum... 


Pays  2^pc  M-S. 


Pavs  l^pc  F-M-A-N... 

Pays  -Spc  FA     

Paid  2pc  August  189:^. . . 
Pays  li^pc  J-A-J-0.... 
Paid  ape  in  Feb.  1895... 


Paid.Spc  1891 

Paid  Ipc  in  Dec.  1894... 
Pays  l?ipc  M-J-S-D.... 
Pays  1"4pc  J-A-J-O.... 


Paid  l>4po  Nov.  1893.. 


Paid  Ipo  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2po  F-M-A-N. 


Paid  Ipc  In  1887... 
Paid 's^po  In '1884.' 


Pays  IHpo  J-A-J-O... . 
Paid  Ipc  i'n  'Feb'.'isii! '. '. 


Names  of  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd, 
Am.  Sugar  Refining  Co 
Am.  Sugar  Refining  Co  Pf. 

American  Tohacco  Co 

Atchison.  Topeka  &  S.  Fe. 

Baltimore  &  Otfto  

Canada  Southern 

Central  of  New  Jersey 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific. .. 
Chic,  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve..  Cin..  Chic,  &  St  L. 
Consolidated  Gas  of  N.  Y 
Delaware,  Lack'a  &  W'n. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co.. 
General  Electric  Co... 
Great  Noitheru  Pfd    . 
Green  Bay  W  &  St  P  lYRec 
Illinois  Central.. 
Laclede  Gas  Co.  of  sit'-. 
Lake  Erie  &  Western    . 
Lake  Erie  &  Western  Pfd 
-ake  Shore  &  Mich.  So'n.. 
Louisville  &  Nashville.... 
Manhattan  R'yConsoI.. 
•Michigan  Central..     . 
Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mi.s.Kouri  Pacific 

National  Lead  Co  . 
National  Lead  Co  Pfd... 
N.  Y.  Cent'!  &  Hudson  Riv 
N- Y,  Lake  Erie  &  Wesfn 
NY&^  E  tst  CO  cti  all  in  pd 
N.  Y.  &  Northern  Pfd. . . . 
N.  Y  Ontario  &  Western. . 
N.  Y.  Susq.  &  W'n  Pfd.... 

North  American  Co 

Northern  J'acifio 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  4  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Teiin.  Coal.  Iron  <fc  R  R  Co 

Texas  <fc  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  &  Gulf. 
United  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

WesteiTi  Union  Tel.  Co... 
Wheeling  &  Lake  Erie  . 
Wheeling  &  Lakt  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 658.430 


COTTON,  In  bales. 

I  World's  visibls. 
1895  4  335.449 

18941  4,525,436 


Total  In  sight  1 1  Total  Exports. 
8,104,435  4.818.971 

6,351,245        I        8,725,874 


February. 
March. 

April 

May 


WHEAT,  In  bush«ls. 

I    U.  S.  Visible.     iPrimary  rec'ts*!  Total  Exports. 
J895         82.3«.000  12-2.^^8  000  92.556  180 

18941        79.460,000         I     127,74.'  000        |     108,455  7E4 


Wheat. 


(May. 
iJuly.. 

CO-- IX 


CORN,  in  bushels. 
I     US  Visible. 
1895         12  883.000 
18941       17.000000 


Primary  rec'ts* 

46  729.000 
110,84?,541 


Total  Exports. 
31.316  310 
87.141483 


Chicago  j  May.. 
Wheat.  1  July.. 

c-^-l^ury;, 


OATS,  In  bushels. 
I    U.S.  Vi.^ible. 
1895         7.l3ti000 
18941         8,625  000 


N.Y.  Stocks, 

804  261 

1.46'J  3^5 


Chgo.  Stocks. 

1066  000 

988,000 


Oats. 
Pork. 


1  May.. 
IJuly. 
i  Way. 
I  July.. 


I  LARD-tcs. 

World's  vis. 
1895        198,390 
1894         113,697 


CHICAGO  CONTRACT  STOCKS. 
PORK-bbls,i  LARD-tcs.  i  RIBS-lbs. 
127,837  27,089        33.540.494 

69,848     I  5,472     I  11.665.335 


Lard. 


)  May.. 
I  July.. 

Ribs     i  ^'^y 

^°^  ■■■)  July.. 


Thursday. 
Feb.  7. 


19^    19% 


9SM 
95^ 


68M 

72% 
75% 
57 

em 
V!y4 


9U 
92^ 
95?< 
♦% 


em 
u 

71% 

6J^4 
32% 
96% 


139%  I28« 

'9%      fl% 
29H    28% 


86^    26 


54        53% 
108$i  108% 


22%    21% 

30^  mi 


10%  lOM 

31%  30% 

16%  i6% 

mi  33 


16%    1^ 

a       8 

10         9^ 


18      ir% 
10%  10 

32%    82 


9«   m 

iiii    43^ 
494     49i 


iii?i 

89 
10 


84t. 

6; 
I3< 
88% 
10 


3r%  s;% 


Friday. 
Feb.  8. 


30%    19% 


m^i 

92 

929i 

92W 

9594 

959i 

4Ji 

414 

6iHi 

62% 

49 

49 

86% 

e6\4 

17 

16% 

?2ii 

71 

76 

:s% 

56% 

55% 

6314 

62% 

32% 

8lV^ 

97 

S5H 

37«    87% 
159%  159% 


9%      9% 
26%    28 


869i 

16 

70 


53%    52H 
108      107% 


82  81% 

30%  zr 

S2  81^ 

10^  10 

ao%  80% 


16%  1594 

22%  21% 

B%      9% 

m  i7% 

10%  10 

8'.'%  81 


e%    9% 

43%    43' 


"% 

6% 


87.993 

5,44  5.42 

5,50  5,45 

5  53  6.49 

5.58  5.53 


59% 
59% 
49% 
50 

54% 
55J4 
46% 
45% 

29% 
2S% 
10.55 


13H     !{_ 

88%    87% 

3?%    87% 


128.278 

5.49  5.48 

5.58  5.48 

5.57  5.52 

5.61  5.56 


6S%    59%    68% 
59%'  59%    69% 


49 
4J% 


54% 
45% 
45 

89% 

23% 

10,30 


6.82    6,70 


5. 45 
5,  CO 


5,35 
5.55 


49%    49 
49%    49% 


6.80    6,70 

5.42    5,80 
5,45    6,45 


Satnrday, 
Feb.  9. 


19%  19% 
92%  91% 
95%    95' 


48% 

87 

16% 

7!% 

74% 

55% 

62% 
31% 
95% 

37% 
128 


86% 
16% 
70% 
73% 
55% 

61% 

.30 

94% 

«7% 
128 


129      129 

'9%    gva 

28%    28^ 


S6%    28 


137%  137% 
52%  5:^4 
108      107% 


22 

80 
81% 

16% 
29% 


21% 
2'J% 
81% 

10% 
29% 


16       16 


82 

m 

17% 

lOHi 
81% 

8% 
9% 


4% 
7% 

18% 
85% 


20% 


17% 

9% 

81% 

8« 
9% 


4% 

7% 


Monday. 
Feb.    11. 


19% 
64 
92 
91% 

62 

48% 

87 

16% 

71% 

73% 

55% 

117% 
62 
30% 
34% 

141% 

127% 


18% 

63% 
90!.4 
91% 
94% 

62 

48% 
86% 
16% 
70% 
78!4 
64% 

117% 
61% 
29!4 
9ih 

111 
35% 

187% 


Tuesday. 
Feb.   12. 


129     12;% 

9^    8% 
28%    28% 


26 
15% 


25% 
15% 


137%  136% 
52%    5>! 

93       93 


21%  21 

30%  23% 

61%  81% 

99%  99% 

10%  10 

80%  29% 

i6'  16% 

8<>%  88% 

i"    8 

2i%  21' 

9%  '9% 

155  155 


17% 
10% 
81% 
14^ 

1% 
9% 
8% 

4% 
7% 


18%    13% 

87%   87% 

9% 

87%   87% 


I7y, 

m 

30% 

14^ 
8% 

1% 

9h 
8% 

8% 

5 

5% 
13 
i7\^ 

9 
87% 


87, 188 


151,198 


5,45  S'44  6.43  5,«1 

5,50  5,43  5.47  6  44 

5,54  6,50  551  5.48 

5.S8  5,55  6  56  5.53 


58%  5flJ   68% 

5^^  59V4    59!4 

49  48%    48% 

49%  49%   48% 


63% 


0.5  Vk    53% 
54%   54% 


m 

51%  ...  .. 
45%  44%  44% 
44%    44%   41% 

I 
iJ9%    28%    29 
88%    87%   87% 
10  07  10.00  10.15 


58% 
58% 
4«'4 
4856 

6.3% 
64% 
44Wi 
4i% 


27% 
9.85 


6.65    6.68    6  66    6  60 


5-26    5  20     5  87 
E.35    5.3i     6,42 


6  12 
6,48 


63 

91% 
91% 
S4% 

62% 
48% 
87% 

7i% 
74% 
55% 

62% 
30 
93% 
141 
3o>i 


Wed., 
Feb.    13. 


18%    18%  18% 

63       (i2%  62% 

90%  90% 

91%  91% 
92 
4% 


90 
91!^ 


62% 
48% 
86% 

70% 
73% 
54% 

61% 
2t% 
92 
140 
86% 


9%      8% 
29%    28% 


25%    25% 

70  70 
l.r%  l.S7% 

62%  52 
107%  105% 

93       92% 


81%  21% 

.«%  29" 

81%  81 

9>4^  99% 

10%  WVi 

30%  29% 

18  ie 

88%  88% 

8"  8 

Id  15% 

31%  80% 


154%  151% 

17%     i7% 
10%     10 
32%    31% 


8% 

9% 

42% 
3% 
6% 

IS 

87^ 

9% 

47% 


9% 

42% 
3!.(> 
5% 

is 

87% 
9% 
86 


182  215 

6,42  6,40 

5  49  6.4! 

5.58  547 

6.58  5.52 


58% 
59 
48% 
48% 

n 


5814 

5R% 

4:<% 


S" 


37% 
8% 


62^  62% 

87%  87' 

71  "  70% 

74%  73% 

55%  t5% 

62%  6!% 

30  30 

9s^  52% 

138  |33 

85%  35% 


8%      8?t 
29%    26% 


83  86 

•25%  25 

70  to' 

ir>.7%  137% 

5i%  52!4 

100%  !0C% 


9!lW 
10% 
80 


29% 
8i% 
9J% 
10% 
29% 


16        15% 


17% 

10 

82>4 


16 
21% 


:7% 

10 
82 


8%     6% 


43% 
4 
6 

13% 
88 
9',< 
37% 


42 
3% 
5% 

13 

87% 
9% 
87 


111.604 

6.40  5,40 

5.46  5.42 

5  50  5  46 

5,55  5  51 


56% 
59% 
49% 
49% 

58A 
58^4 
4.i« 
48% 

4t.% 
44% 

53^ 
54% 
44% 
44% 

ay,  28% 

27T4    8  " 


7^ 


10  32  10  25 


6.67    665 

i'M    5  80 
6,45    6,45  . 


Range  for 

Feb.   1895.; 

to  date. 


20%  18% 

64  mVi 

93%  90 

93  9! 


07 
4% 
63 


87% 
8% 
62 


49%    48% 

83%    86)4 

17%    16% 

72%    70% 

76%    73'4 

57%    54% 

118      117Vd 

63%    61% 

33%    23>4 

97%    92 

143%  136 

38%    35% 

129%  127% 

162%  159!* 

123%  127% 

f&yt     34% 

10%      8% 

80%    88 


1 

86 
84% 


16%  15% 

70%  70 

38%  136% 

54  51% 

109%  105% 

93  Vi% 

82%  22% 

82%  2l' 

83%  20% 

32%  81% 

10014  i'iVi 
104^      9% 

31%  *■% 

10%  15% 

40%  38 
8%       8% 

16%  16% 

2-%  80% 
8         8 

low;    9% 

156  154!^ 

60%  60% 

18  mi 

10%      9% 

33%  39}* 

15  14% 
9%  8^ 
V^  1% 
10%  8!4 
3%      8M 

44>4  42 
5%      2% 
9%      5 
8%      5% 

14  13 

89  S7!4 
10%      9 

89  86 


5,49  6.  8.) 
5.53  5.37 
5.57  -5.40 
6  61    5  45 


59% 
50% 
49% 
50 

54% 
55% 
40Vi 
45% 

10.55 


57% 
58  J4 
46% 
47% 

5-2% 
53)4 
42% 

28% 
2:% 
9  7? 


682    6.47 


5  45 

5'60 


5.07 
5.35 


Range  for 
Feb.   1894. 

29%    27 

68%    66% 


83% 
85 


75 
81% 


76%    71^ 
I-%     11% 


51 W 

49% 

116 

114V(i 

I8W5 

16% 

7?M 

73% 

66H 

61% 

■^m 

55% 

118 

11?% 

68% 

65 

3« 

35^4 

104%  101% 

140 

13H 

38% 

85% 

126 

124 

16a%  16'i% 

l:)8 

135 

82% 

29% 

30% 

23% 

40% 

83% 

lOJ 

101% 

5 

5 

94% 

90% 

16 

15% 

15% 

15 

64% 

63 

128%  1-25 

47% 

45 

124 

120% 

100% 

97 

24% 

22 

6% 
24% 

■^ 

30>4 

25i4 

78% 

70^ 

101% 

96% 

":f4 

lii% 

iM 

10% 

6 

5 

16% 

15% 

46 

44% 

4% 

3% 

4% 

4V4 

l.-f% 

16% 

18M 

16% 

4%      4% 
22%    20 
.69      165 

23%    2J' 


19%    16% 
9         8 


8         « 

18%    17 
5 

89: 


5% 

88 


7%  7 

14%  13% 

85%  8^^ 

13%  18% 

49%  47% 


7.83  786 

1.90  7  80 

7.98  727 

8.05  7  83 

69%  62% 

71%  64% 

41U  42 

44%  48% 

64%  57% 

65%  59% 

38!4  86% 

39%  37% 

30  89 

28%  27% 

13  05  11.85 

12.40  11.97 

7.52  7.02 

7.45  6.95 

6.60  6.17 

6.40  6.82 


1895 
1894 


OLD  PORK,  Chgo.-bbls. 
...     bbU. 


WHEAT  on  passage. 
82.960,000  bush. 
80,016,000    " 


CORN  on  passage. 
4,480,000  bush. 
8,384,000    " 


Russian  Shipmts.  for  wk. 
2,MiO,000  bush. 
1,632,624 


Indian  Shipmts.  for  wk. 
168.000  bush. 
820,000    " 


Argentine  Sbpts.  for  wk. 
bush. 


t  Since  Aug.  81.    ■•  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BTTILLING,  NEW  YORK 


mUCChlV    flDarl^Ct    letter.  copyright.  mOB,  h„  Clapp  A  Company. 

No.  417.  O.  W.  Clapp. 

DwiQMT  O.  Clapp 

CLAPP    &    COMPANY, 

JSanl'xvs  anb  ffivohcis,  j^ 

MILLS    BUILDING,    IM.   Y.  ' 

I  277    BROADWAY,  Cohneh  Chambers  St.                                                                                                                                PRIVATE  TELEGRAPH  WIRE3.  U 

BHAHCH    J  57)    BROADWAY,  BHOAow«t  Central  HoTEU                                                                                                                CaBlE  ADDRESS:  "  OZRO.'  "J^ 

CiTicEs:  I  753  FIFTH  AVENUE,  corneh  58th  St                                                                                                Lonq  Distance  Telephone.  -. 

New  York,  Thursday  Morning,  February  21,  1895.  — 

We  respectfully  solicit  Commission   orders  for   the   Purchase   or   Sale   of  Stocks,   Bonds, 

Cotton,  Grain  and  l'rouisio7is.  O 

Our  private  luire  facilities   are  unsurpassed   to   all    New    York,    Chicago   and    Western  q 

Exchanges.       Close   relations   to   important   interests   enable   us    to   give   early    and   valuable  —, 

information.  , 

Usual  margins  required;   customary  commissions  charged  on  cash  property  or  for  future  "j 

delivery.  ^ 

Margin  deposits  may  be  made  with  local  out-of-town  banks.     The  local  hank  should  always  _ 

wire  us  at  once,  at  our  expense,  stating  amount  that  has   been   placed  to  our  credit,  and  for  ^ 

whose  account,  thus  allowing  us  to  fill  customer's  order  promptly.  ^ 

A  General  Banking  Business  conducted.    3^  Interest  allowed  on  Average  Daily  Balances,  q 

credited  Monthly.'  City  and  Country  Accounts  solicited.   Collections  Free  to  Customers.  ;> 

BANK    STOCKS    FOR   SALE.  % 

5  shares Market  and  Fulton  National  Bank . .  New  York  City. 

8       "      First  National  Bank Brooklyn,  N.  Y.  J^ 

50       "      First  National  Bank Arkansas  City,  Kan.  p^ 

50       '*      First  National  Bank Fort  Madison,  Iowa.  q 

19  "      National  Bank  of  Rondout Rondout,  N.  Y.  q 

100       "      Moorhead  National  Bank Moorhead,  Minn.  ^Z. 

40       "      Salamanca  National  Bank Salamanca,  N.  Y.  ^ 

15       "      First  National  Bank Carthage,  Mo.  D 

40       "      Arlington  National  Bank    Arlmgton,  Oregon.  CO 

50       "      City  Bank Minneapolis,  Minn. 

20  "      First  National  Bank Palouse,  Wash.  O 

25       "      American  Savings  Bank Detroit,  Mich.           ^  Tl 

35       "      Fresno  National  Bank Fresno,  Cal. 

50       "      State  Bank Elmira,  N.  Y.               «  -f^ 

50       "      City  National  Bank   Norfolk,  Va. 

13       "      First  National  Bank Texarkana,  Texas.  r" 

20       "      Kearney  National  Bank Kearney,  Neb.  fi 

> 
D 

Z 


Financial  Outlook.  D 

The  laws  and  money  of  the  world  are  among  its  most  potent  influences.    The  money  of  account 
used  in  associated  efforts,  appears  securely  entrenched  behind  unlimited  credit,  given  the  common- 
wealth.    It  is  to  be  hoped  the  laws  of  commerce  affecting  trade  are  not  likely  to  be  disturbed  again      O 
soon.     The  enterprise  that  by  its  brains,  energy  and  activity  gives  fixed  compensation  to  both  wage 
earner  and  capitalist  may  now  go  forward  with  the  work  of  development.  m 

Straws. — Within  the  past  twenty -three  months  more  defalcations  by  state  and  national  officials  X 
were  reported  than  for  thirty  preceding  years.  "  To  reform  "  seems  to  be  to  ruin."  To  "  turn  the  O 
rascals  out,"  appears  to  imply  "turn  in  the  rascals."  The  utter  absence  of  Lincoln  methods  in  X 
Washington  is  the  regret  of  our  best  citizens.  "Public  opinion  creates  free  governments  and  >> 
upholds  them  for  good  or  for  ill."  Execution  of  the  public  will  must  follow  the  public  judgment. 
Out  of  14,^88  failures  in  the  United  States  and  Canada  in  1894  only  108  were  from  speculation.  Their 
liabilities  were  only  $!,4'20,G23.  12,!i63  had  less  than  $5,000  capital  and  10,358  had  very  moderate  O 
credit  rating  with  mercantile  agencies.  Between  December  31.  1804,  and  February  13,  is'jo,  the  rn 
withdrawals  of  gold  from  the  United  States  Treasury  were  880,786,002.  The  banks  lost  gold  in  the 
same  time.  The  Treasury  deficit  for  1894  was  $69,803,260.  The  receipts  from  customs  in  1804  were 
$71,536,480  less  than  in  1893  and  $15,292,692  less  than  the  internal  revenue  receipts.  Apparently  the 
President  has  given  a  few  persons  "  a  put"  or  "  call  "  on  an  unknown  quantity  of  government  bonds 
good  to  Oct.  1,  1895.  No  similar  privilege  was  ever  before  granted  "  a  money  center,"  not  even  by 
Presidents  Buchanan  or  Johnson.  The  "Jug  Handle  "  Congress  expires  March  4,  1895.  We  trust 
future  elections  will  favor  a  principle  rather  than  designated  men. 

KEEP  OUU  LETTERS.     PORTFOLIO  FOB  FILII^G  FORWARDED  APPLICANTS  FREE. 

17 


z 
o 
m 
w 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Stocks  and  Bonds. 

Bonds. — The  Government  bond  issue  to  a  syndicate  that  secures  a  thirty-year  four  per  cent 
bond,  one  half  to  be  placed  in  Europe  and  the  other  half  to  be  kept  out  of  American  "  Plebeians  " 
hands  has  discoura2;ed  timid  investors,  and  attracted  the  attention  of  many  voters.  The  savings 
banks  of  New  York  State  held  on  January  .1,  1805,  $665,258,534  of  stocks,  bonds  and  mortgages. 
They  necessarily  must  be  large  buyers  of  municipal  securities.  Very  few  default  in  their  interest. 
Over  issues  and  other  irregularities  are  less  common  than  among  corporate  institutions.  We  look 
for  a  better  investment  and  speculative  demand  to  spring  up  as  soon  as  Congress  adjourns. 

Railway  Stocks. — Earnings  of  132  roads  for  January.  1895  were  about  37  million  dollars,  or 
about  the  same  as  for  the  same  month  in  1894.  The  first  week  in  February  shows  a  falling  off  in 
gross  earnings.  Primary  grain  points  have  received  only  about  two-thirds  as  many  tons  of  freight 
since  January  1  as  same  time  in  1894.  These  features  made  bears  aggressive,  but  apparently  did 
not  cause  the  selling  of  much  long  stock.  Atchison  January  earnings  exceed  those  of  1894.  South 
and  Southwestern  roads  generally  showincreasedearningsascompared  with  January  and  February, 
l!s94.  St.  Paul  and  Rock  Island  are  the  least  since  Js90.  Western  Union's  weakness  or  strength 
will  ere  long  be  shown  by  its  too  numerous  stockholders.  Its  earnings  are  far  behind  its  declared 
dividends.  Jersey  Central  depends  on  poor  Coal  earnings.  We  think  it  likely  to  sell  much  lower 
than  recent  quotations.  Reading  and  the  various  Pacific  bonds  have  lost  a  Wall  sk-eet  leader ; 
Pullman  stock  will  likely  sell  much  lower  in  time  ;  fully  half  a  dozen  State  legislatures  will  take 
action  detrimental  to  the  earnings.  Southern  Railway  has  been  reorganized.  The  stock  is  active 
and  being  bought  and  sold  by  various  classes  of  money  makers.  We  would  not  be  surprised  to  see 
the  price  double  this  year.  Reorganized  and  honestly  managed  properties  are  liable  to  show  more 
merit  in  Wall  street  and  prove  good  investments,  if  bought  on  weak  market  days.  Liquidation  of  a 
serious  order  is  doubtless  behind  us. 

Industrials. — The  freeing  of  Chicago  Gas  from  Stock  Exchange  methods  and  placing  it  under 
control  of  Standard  Oil  and  other  strong  Chicago  interests  encourages  us  to  look  much  more  favor- 
ably upon  the  property  and  its  dividends.  It  may  become  an  investors'  property,  like  Consolidated 
Gas.  Distillers'  reorganization  and  change  of  ownership  to  people  more  disposed  to  build  up  than 
to  tear  down,  makes  the  stock  promise  great  possibilities.  Its  realty  values  may  exceed  its  bonded 
debt.  It  is  reported  they  control  70  distilleries,  and  six  are  making  all  the  spirits  needed,  and  that 
the  outside  six  distilleries  are  seeking  to  secure  the  trust  trade.  The  field  for  more  and  opportuni- 
ties for  great  profit  are  large.  Sugar.  Madam  Rumor  says,  "according  to  agreement,"  the  stock 
will  advance  to  par  before  the  fifty-third  Congress  adjourns,  and  it  is  a  good  purchase  until  then. 
General  Electric  Company's  management  and  Wall  Street  methods  are  still  criticised  by  money 
loaners.  Lead  properties  are  not  earning  large  dividends,  and  the  stock  may  sell  at  lower  prices. 
Cotton  Oil  product  drags.  Cordage  must  find  better  business  methods  to  induce  shrewd  buyers  to 
go  to  investing  or  speculating  in  the  stuff.  American  Tobacco  still  has  the  "taint  "of  matched 
orders  and  irregular  methods  in  imitation  of  Sugar  ways.  In  a  general  way  the  Industrial  stock 
list  appears  approaching  a  higher  standard  and  business  methods,  and  higher  values,  therefore,  are 
likely  to  prevail. 

Cotton. 

About  15  millions  of  dollars  of  fertilizers  were  sold  in  1894.  Sales  this  season  thus  far  are 
small ;  cold  and  snow  have  prevented  planters  preparing  the  ground.  Some  few  sales  of  fertilizers 
have  been  contracted  on  the  basis  of  about  3i")0  to  375  pounds  of  cotton  next  fall  for  a  ton  of  fertil- 
izer. Galveston  has  been  sending  cotton  to  Boston  by  barge  at  about  $1  per  bale  saving  in  freight. 
Fall  River  bleaching  establishments  are  handling  goods  manufactured  in  the  South.  Cheap  wools 
and  imported  supplies  are  interfering  with  the  sale  of  cotton  for  some  domestic  uses.  Representa- 
tive Southern  papers  claim  there  are  now  400  mills  and  3  million  spindles  in  the  South.  Low  freights 
and  cotton  appear  changing  manufacturing  centres.  The  stock  of  cotton  here  is  about  140,000  bales, 
20,000  being  certificated  and  deliverable  on  contracts.  New  Orleans  has  about  350,000  bales 
to  be  cared  for  by  the  bull  clique,  who  are  apparently  trying  to  dictate  values  and  manipulate 
the  markets  for  cotton  both  in  this  country  and  abroad.  Our  exports  to  the  continent  have  been  over 
53  per  cent,  larger  than  last  season,  and  about  3G  per  cent,  of  all  exports,  which  were  4,926,375  bales  to 
February  15,  against  3,848,442  last  season.  The  world's  visible  decreased  last  week  155,065  bales, 
and  is  now  4,847,784.  Texas  deliveries  since  September  1,  1894,  exceed  any  India  crop  grown,  "and 
three  times  as  much  as  India  and  Egjpt  ever  exported  in  one  season.  Bombay's  receipts  and 
exports  recently  are  but  about  two-thirds  of  past  seasons  same  time.  Mr.  Ellison  reports  the 
European  consumption  October  1  to  February  1  as  1,395.626,000  pounds,  against  1,258,215,000  pounds 
the  previous  season  ;  spinners'  stock  as  848,000  bales  (400  pounds),  and  about  24  per  cent,  of  the 
amount  consumed  past  four  months. 

Acreage  and  lint  per  acre  as  based  on  the  Oovernment's  estimates.    Indicated  crops  grown  for  years  mentioned. 

1894-5.  18fl3-4.  1802-8.  1801-2.  1890.!)1.  188990.  1888-9.  1887-8.  1886-7.  1885-0.  18S<.8. 

Acreage  (Govt,  report)..  19,728.491  16,«(fi.840  16,571,742  19,85«,487  20,389.611  19,080,275  18.937,234  18,522,499  18,501.667  18,249,378  17,322,;J88 

I,int,  per  acre,  in  lbs 191.7  182.76  167                 179  189  158  149                 164  168                161.5              iiXi.X, 

IJales  of  478  lbs 7,912,032  6,808,245  6,789,707  7.24S,303  8,002,013  6,300,869  6,903,026  6,813,138  6,502,678  6,165,850  6,678,041 

Actual  crop  marketed 7.527,211  6,717,142  9,038,707  8.055,518  7,313.726  6,935,082  7,017,707  6,513,623  6,550,125  6,669,021 


yearly  shortage 1,158,966  927,453       1,790,404  663,505  900,857       1,033,056  704,569  10,945  884,276  9,020 

Average  yearly  shortage  past  10  years  739,999  bales. 

From  1886  to  1887  to  December,  1892,  Bradstreets'  yearly  made  an  estimate  of  the  crop  to  be 
grown;  in  the  seven  years  of  experimenting  their  average  deficit  in  the  yearly  crop  was  equal  to 
320, 7b6.    The  tendency  of  estimates  seems  to  be  uiider  rather  than  over.    It  seems  to  be  conceded 

48 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


the  mills  of  the  world  are  running  at  full  speed,  and  securing  a  handsome  gain  under  new  methods 
of  changing  cotton  into  wearing  apparel  at  a  less  cost  than  ever  before  attained.  The  bears  tell  us 
a  large  fall  of  snow  and  a  cold  winter  has  always  been  followed  by  a  large  crop,  and  no  worms  or 
pests  occur  after  such  weather.  The  hulls  say  the  decreased  acreage  and  price  will  offset  all  bear 
factors.  The  press,  planters,  and  cotton  factors,  are  growing  enthusiastic  over  tJie  idea  of  a  large 
decrease  in  acreage,  a  prospective  small  crop  the  coming  season,  and  likelihood  spinners  will  con- 
tinue greedy  buyers,  and  thus  enthuse  speculators  and  enhance  prices. 

Wlieat. 

Russian  exports  are  expected  to  be  about  l':0,000,OnO  bushels  out  of  360,000.000  bushel  crop.  The 
Argentine  crop  (all  cut)  is  reported  as  from  64  to  72  million  bushels.  G'.'rmany's  imports  over 
exports  in  1894  were  given  out  as  39,320.000  bushels  against  25,800,000  in  1893  ;  of  rye  about  25 
millions  of  bushels  against  about  9  millions  the  previous  season;  of  corn  about  22  millions  against 
about  29  millions  the  previous  year.  Belgium  imports  in  1894  are  reported  44,440,000  bushels  against 
about  26,000,000  in  1893.  Russian  January  shipments  were  8,032,000  bushels  against  6,480,0(i0  for 
January  1894.  Their  port  stocks  are  reported  about  10^  less  than  in  1893.  India  exported  only 
.1,152,000  bushels  against  2,695,000  for  January  1894,  and  from  April  1,  1894,  to  February  9,  1895,  only 
12,088,000  bushels  against  20,800,000  bushels  last  season.  Argentine  shipments  in  January  were 
1,396,000  bushels  against  1,176,000  bushels  for  same  month  of  1894,  or  an  increase  of  18.7^. 
Austria  1.216,000  bushels  against  618,000  bushels.  Australia  992,000  bushels  against  584,000  bushels. 
America  6,762,861  bushels  against  5,964,365  bushels.  The  Trade  Bulletin  reports  the  world's  visible 
February  1  was  84,000,000  bushels  in  Europe  against  104,700,000  a  year  previous.  American  visible 
as  139,396,000  bushels  against  128,278,000  a  year  previous.  American  exports  of  flour  in  calendar 
vear  1894  were  15,740,246  bbls.  against  16,150,293  in  1893.  Total  wheat  and  flour  was  145,949,074 
bushels  against  185,226,777  bushels  in  1893;  from  July  1  to  January  31,  9,206,486  bbls.  of  flour 
were  exported  against  10,143,687  in  1893,  of  wheat  48,286,579  bushels  against  63,114.280  for  previous 
season.  Total  wheat  and  flour  91,510,081  bushels.  Northwestern  millers  are  reported  as  grinding  less 
than  half  as  much  wheat  in  December  and  January  as  the  previous  two  months.  The  visible  has 
decreased  nearly  7  millions  bushels  since  it  reached  the  maximum  in  January ;  last  year  same  time, 
it  only  decreased  about  one  million  bushels.  The  world's  visible  in  1893  decreased  from  234,223,300 
bushels  February  1  to  183,744,000  July  1  and  in  1894  from  232,978,200  bushels  February  1  to  173,012,000 
bushels  July  1.  1894.  Primary  receipts  since  January  30  are  only  about  ^4;  a  million  bushels  per 
week.  To  date  since  July  1  they  equal  about  125  million  bushels  against  about  216,000,000  bushels 
last  season.  Exports  are  now  about  2/2  million  bushels  per  week  and  to  date  exceed  98  million 
bushels  against  about  129,000,000  bushels  last  year.  We  still  believe  the  years  exports  will  exceed 
150,000,000  bushels  (although  most  writers  and  statisticians  have  not  been  able  to  find  more  than 
about  125  million  bushels  to  spare.)  The  stock  in  New  York  is  less  than  ^  that  of  a  year  ago.  It 
is  whispered  there  is  a  large  line  of  whvrat  bought  for  May  delivery  in  Chicago  and  St.  Louis,  by 
strong  parties  residing  in  California  and  Kentucky,  who  look  for  much  higher  prices.  Many  thmk 
the  European  depression  is  but  a  retiex  from  America.  Others  that  the  Government  report,  to  be 
out  March  10,  will  indicate  there  is  less  wheat  in  growers  hands  March  1  than  for  any  of  10  years 
past.  The  smallest  amount  reported  was  March  1886,  viz.,  107,000,000  bushels.  The  largest  amount 
March  1892,  at  171,000,000.  Its  near  a  season  for  crop  scares  and  unnatural  fluctuations.  We  look 
for  better  markets  next  month. 

Corn. 

Exports  in  January  were  only  3,152,403  bushels  against  8,560,850  for  January,  1894;  for  the 
calendar  year,  1894,  they  were  40,210,348  against  53,815.sr8  baslijls.  Oats  581,97-5  against  7,052,715 
in  1893.  Exports,  corn  July  1  to  Jan.  31,  were  9,066,428  bushels  against  37,728,763  last  season.  Lake 
charters  to  Buffalo  from  Chicago,  iucluding  winter  storage,  lias  been  made  at  2>i  cents  p^r  bushel. 
Increasing  receipts  and  moderate  weather  has  dampened  the  ardor  of  aggressive  bulls.  The  free 
marketing  of  hogs,  cattle  and  sheep  tends  to  lessen  consumption  and  make  May  "folks"  think  a 
twelve  hundred  million  crop  well  distributed  in  its  growth  equalis  a  33 >^  %  larger  crop  located  in  few 
States,  where  a  larger  proportion  has  to  cross  county  lines  to  find  buyers. 

Provisions. 

Exports  since  November  1, 1*^04,  have  been  fully  25^  larger  than  same  time  previous  season. 
The  domestic  demand  continues  large.  Exports  of  ham  and  bacon  in  '■S9i  were  534,091,242  pounds 
against  428,918,893  pounds  in  1893.  Chicago  received  74,551  hogs  one  day  last  week  ;  never  before 
were  her  receipts  in  one  day  over  67,629  hogs,  l^log  receipts  seem  to  large  to  encourage  buying  and 
price  too  low  to  enthuse  short  sales.     Packing  to  date  6,160,000  against  4,270,000,  or  44  ^  more. 

Yours  truly,  CLAPP  &  COMPANY. 

Note.— About  March  10  we  shall  issue  our  new  book,  "Leading  American  Exchanges  for  1?^94." 
It  will  contain  352  pages,  in  elegantly  1  ouud  covers,  and  have  haii"  tone  pictures  of  about  35  repre- 
sentative Stock,  Grain  and  Cotton  Exchanges,  giving  their  history,  business  and  statistical  record 
for  the  past  decade  ;  also  values  at  protlucing,  speculative,  exporting  and  consuming  points,  and 
mnch  other  statistical  matter  of  great  value  to  bankers  and  business  men  who  desire  to  know  daily 
prices  and  the  annual  production  of  the  world's  staples  A  limited  number  of  copies  will  be  issued 
and  delivered  to  applicants  free  upon  receipt  of  $3.00. 

J9 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qnotations  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  Fel)rnary  20,  1895,  and  lor  February,  1894. 


Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 


FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COHPARISONS. 


Weeklt 
Sales. 


690 

278 

155,213 

1.127 

86.010 

3,541 

1.100 

650 

49.358 

2.140 

80.755 

72,156 

67.358 

339 

13.741 

1,215 

89.865 

215 

8,652 

754 

14,104 

4,028 

421 

22.775 

12,204 

ISO 

250 

'600 

300 

1.058 

987 

29.151 

4.564 

110 

405 

11.240 

n,9t)0 

691 

2,0H9 
21.460 

3.655 

2,823 
865 
1,983 
1,245 
1,565 
2,525 

6,m 

2(;0 

80.000 

1.830 

17,779 

4.852 

1.470 

510 

410 

1.748 

610 

6.013 
7.153 

i.ieo 

12.902 
1540 
1.061 


CAPrrAi 
Stock. 


120,237,100 
10,198,600 
36.773,000 
86,773.000 
17,900,000 
102,000,000 
25,000,000 
15,000,000 
22,488.000 
60.805,400 
82,262,700 
24,8«5.800 
46,027.261 
25,92.3,900 
46.1.56,000 
18.5.59,300 
89,054,907 
22,335  irO 
28  000,000 
35,430.060 
26,200,000 
35.000,000 
38.000,000 
85.000.000 
30,459,700 
85,000,000 

8,000,000 
60.000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800.000 
30,000,000 
18.738,204 
13,000.000 
47,844,100 
47,436,575 
14.9C5.400 
14  904,000 
89.428.300 
77.427.000 
20.000,000 

6,000,000 
58.119,982 
13  000,000 
39,767.200 
49.000.000 
89,269,516 
20.000.000 

8.500.000 
40.426,.36] 
36,000.000 

68, 402,900 
125,000.000 
60.000,000 
19,850,000 
38,710,900 

6,500,000 
60,868,500 
83,837,093 
20,166,000 
17,992  800 

7,311,720 
28,000,000 
24,000,000 
94.820,000 
10.000,000 

4.500.000 


DlTTDEND  ReCOBD. 


Pays  3pc  J-D 

Pays  3pc  0-J-A-J... 

Pays  3J^pc  J-J 

Pays  3pc  FM  A-N.. 
Paid  5^4pc  in  1888.. 
Paid  2dc  Nov.  1894. 
Pays  Ikpc  F-A. 


Pays  l?|pc  F-M-A-N. 


Paid  Ipc  Dec.  1894 

Pays  IHpc  M-J-S-D.... 

Paid  2pc  A-0 

Pays  7  PC  Per  Annum. 
Paid  ^pc  Feb.  1K95... 


Paid  2!^pc  Jan.  1895. 
Paid  .3Kpc  Jan.  ]8'J5. 

Paid  3pc  in  1893 

Pays  2pc  M-J-S-D 

Pays  7pc  per  annum. 
Pays  7pc  per  annum. 


Paid  li^pc  Jan.  16;i3. 
Paid 2pc  August  1803. 
Pays  5pc  per  annum. 


Pays  2i^pc  M-S. 


I^ays  l^pc  F-M-A-N. 

Pays  3pc  FA     

Paid  2pc  August  1893. 
Pays  l^pc  J-A-J-C. 
Paid  2pc  in  Feb.  1895. 


Paid  .3pc  1891 

Paid  Ipc  in  Dec,  1894. 
I'ays  I9ipc  M-,I-S-D.. 
Pays  Ij^pc  J-A-J-O.. 


Paid  lJ4pc  Nov.  1893. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887,.., 


Pays  2pc  F-M-A-N. 


Paid  Ipc  in  1887. 


Paid  3J-^pc  In  1884. 


Pays  IMpo  J-A-J-O. 


Paid  Ipc  in  Feb.  1891. 


Naues  of  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf 
American  Tobacco  Co 
Atchison,  Topeka  &  S   Fe 
Baltimore  &  Obio 
Canada  Southern 
Central  of  New  Jersey'  " 
Chesapeake  &  Ohio 
Chicago,  Bur.  &  Quinc'r: 
Chicago  Gas  Cos..... 
Cliicago,  Mil.  &  St  Pani  . ! 
Chicago  !Hii.&  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific 
Ch.c,  St  Paul  M.  &  omahi 
(  hicago  &  Northwestern 
C  iicago  &  Northw'n  Pfd. 
Cleve    Cin.,  Chic,  &  st  L. 
Consolidated  Gas  of  N  Y 

Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co. 
General  Electric  Co.. 
Great  Northern  Pfd     "" 
Green  Bay  W  &  st  P  Tr  itee 
Illinofs  Central. 
Laclede  Gas  Co.  of  St  l!. 
UkeErjeA  He.«tern. 

Lake  Shore*  Mich.  So'n.. 
Louisville  &. Nashville. 
•Manhattan  R-yConsol...' 
Michigan  Central 
Mo.,  Kansas  &  Texas"  Pfd 
Mexican  Central 

Mi.vsouri  Pacific...; 

National  Lead  Co      

N a tiona I  Lead  Co  Pfd . " ' 
N.  i.CenflA  Hudson  Riv 
kVIvH^.®.^''^  *  ^'estn 

«.  r.  A  ^orthern  Pfd.... 
N.  y  Ontario  &  Western.. 
N.  Y.  Suso.  A  \Vn  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mails.  S.  Co 

f>f7'^-  ,°T«'-  *  Evansville 
Ihadelphia  A  Reading.. 
PullmanN  Palace  Car  Co. 
Mlver  Bullion  Certificates 

Southern  Pncific  Co 

southern  Railway 
Southern  Railway  pfd!!! 
lenn.  Coal,  iron  &R  R  Co 

Texas  &  Pacific 

Toi  Ann  Ai  b.  &  Nor.  Mich 
Union  Pacific.  .. 
Union  Pac.  Denv.  &  Gulf. 
United  States  Rubber  Co. 

U.  S.  Coidage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash ,. 

Wabash  IVeferred  ....'!! ! 
Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 780.51 4 


COTTON,  in  ba  es. 
I  World's  visible. 
1895  4  847.784 

1894|  4,477.815 


Total  In  sighttl  Total  Export*. 
8,248,240  4,9.'rt.375 

6,4.36,367        I        3,843.442 


N.  r. 

CotUm 


February. 
March. 

April 

May 


WHEAT,  in  bushels. 
I     V.  S.  Visible.      Primary  rec'ts" 
1895         t!0.734.U00         I     123.00'>  000 
18941        78  668,000         I     130,046  000 


T<ital  Exports. 

98.307  546 
115.609  34J 


(May. 
IJu: 


^'■^^^Uul-y.. 

c-°-  l]'u?v:. 


CORN,  in  bushels. 
I     U  S.  Visible. 
1895         12.621,000 
I894|        17,787,000 


Primary  rec'ts* 

47  416,000 

ii:,8i2,ooo 


Total  Exports. 
11.038  IE9 
41987  620 


Com. 


OATS,  in  bushels. 
I    U.  S.  Visible. 
18951         6  932  000 
189l|         3  280  000 


N.Y.  Stocks. 
642  9.32 
929  201 


CTigo.  Stocks, 
1  043  000 
1,053,000 


CIticago  I  JIay.. 
Wheat.  I  July.. 

I  May. 

IJuly.. 


)  May.. 
'  July.  . 
;  May.  . 
1  July... 


Oats . . 
Pork. . 


1895 
1894 


LARD-tcs. 

World's  vis. 
198.3'.>0 
113,097 


CHICAGO  CONTRACT  STOCKS  I,      , 

PORK-bbls,]  LARD-tcs.  ,  RIBS-lbs.  .^"'"'^ 

127.337  27,089        33..540.4S4  '    ,,, 

69,ti4.S     I  5.472     I    11,605..335  ^'•'»  • 


.)  May.. 
I  July... 
I  May  . 
)  July... 


Thursday. 
Feb.    14. 


16^  \m 

mi  89H 

90Ji  90'^ 

90  88H 
iVi      *% 

62^  619i 

4S}s  48H 

67)4  86J^ 

!6*i  16^ 

70'A  70M 

7<k  7% 

5556  5JM 

62  61% 

•30!.4  20 

9i%  9o^ 

M<  1.37 

86  86 

159  isi" 


9H      Wi 
101      lUl 


70       70 

58'  52H 
lOOJi  IO6V4 
91H    94V4 

29?i    29 


lOH  lOM 

30H  30 

\6H  16H 

O^i  8H 

3  3 

16  16 

22«  U% 

,:o>6  "m, 

165  155 


Friday. 
Feb.    15. 


91^ 
4« 


86% 
I6M 

:o^ 

73% 
54?| 
117 
6IH 
29»4 
90?i 

3C« 
128 
159)^ 
128 

84% 
9 


89^ 
4V< 


839^ 
16)4 

?l?i 
5*H 

61^ 
2!)K 


35J6 
128 
13S^ 
127W 

34% 
8% 

■mi 


70        69^ 
137      136>4 

5-'W    .52 
10;  H  lu6% 

22  "     22' 


21« 
29 
SlVi 
99 

low 

30>i 


28 

8lH 

9(% 

9H 

29« 


18        15% 


m 

8 

159i 
i2>4 


8H 
3 


vy*    m 


1794    1:%  VM 

\m  10  99i 

82^    31«  8l9i 

I  14M 

8%  8« 

%  ■■■• 

m  .... 


17^ 


6.45 

5,50 
5  52 

5,58 

58H 
69,', 
49^ 
49yi 

53% 
54% 
45H 
4534 

29?^ 

10,17 


6.44  5.44 

5.50  5  45 

5  5-'  5.19 

6  59  5.53 

5S%    58^  58M 

5^?i'  59  5^ 

48?i    49H  48?*. 

4J^4    4«%  49J4 


53% 
54 

44% 
44% 

10,  :o 


6,62    6,60 


5,27 
5,42 


5,25 
5,40 


5.3%  .5354 

61^  54^ 

45>i  WA 

44'/*  44^ 


•J9% 
10.25 


29 
10  Oj 


Saturday, 
Feb.    16. 

18^ 

18V* 

9-i% 

91H 

92 
4H 

SIV^ 

48^ 

48% 

T 

72% 
55 

6;% 

6194 

90% 

69% 

36M 

86M 

I58M 

127;^ 

35^ 

8% 

127H 
351X 

2694) 

26ii  iwi 

15H    I5H 
70       69% 

1371^  1.37)14 
5-.'%    5  9* 

l07Ja  10li?i 

ai" 

2814 
80% 

21 

26H 
60^ 

9?6 

29% 

\m 

'S% 

'i% 

8% 

n\i 

22 

,  9% 
154 

9% 
154 

18' 

t75» 

81M 
1394 

1394 

m 

8% 

Monday. 
Feb.    18. 


9314 
9194 
91H 


62 

92H 
9194 

91 


63       63 


83« 
16V» 
J0% 
73*4 
55% 


81^ 
70V»< 
55 


6>  61)^ 
3094  30)^ 
30>4    8994 

35%    ih\i 
128      128 
158      iSiiH 
127H  125 

3494     34li 


8% 
9        2oH 

«     "94 


26 
15H 


26 

15% 


5394     52H 
(i'iVa   107 


iO% 
27% 
81*>. 
9914 
^9i 
29  J* 

16% 


8 

)6V4 
22 


21J4 

28 
61% 
99V4 
9H 
29% 

16M 
3;% 

's" 

16 
22 


994      9H 


18 

32% 
14^ 
8% 


42 

494 

7Ja 


179-4 

10 

31% 
13^ 
0% 


12%  12%    18  1294 

i',\i  8-      8794  87H 

9%  9M     OH  9% 

87  87    .  S7  30H 


78,817 


181,836 


6.00    6,57 


5.30 
5.45 


5.22 
5.37 


1895 
1894 


OLD  PORK,  Chgo.-bbls. 
. . .      bbls. 


WHEAT  on  passag 
34.oso,ooo  bush. 

29,656,0)0    '• 


6.49  6,19 

6.4S    6.47  6.62  6  48 

6,52    5.51  6.55  5  61 

6.58    5,56  5  60  5.56 

58%    67U  5794  57% 

5894    ti%  58!4  57% 

4894    4'*!4  48%  4b,'„ 

4a        4*94  <9  *^^ 

5.3%    523^  5294  5i 

54«.(.    531/4  53%  52% 

44%    44V4  44%  41% 

■I4V»    44     ;  44)4  43^* 

29  2S%  29  28^ 
2794  2796  271^  ■■^y-i 
10  85  10.12,10.30  10.07 
! 

6  62    6.62;  6  65  6  50 

5.32    5"25  5  35  5  27 

5.42    5  40  5,47  5.42 


Tuesday. 
Feb.   19. 


1894 

62 

9i\i 

91% 
4 

62% 
4894 
64% 

:«% 

71k 
73h, 
55M 

62'^ 

81 

91)4 


18% 

62 

91% 

89 
4 

62 

-1894 

83h 

16H 

70; 

72- 

55 

6i94 

31 
90)4 


36  .35% 

128  128 

157%  15li% 

127  126)^ 

io"    '9% 

29%  28% 


1594    1694 
71V4    70% 

U7     lar- 

52%    52)* 
10694  10694 

22)4    22 


21% 

28)4 

9H% 
8% 
3<« 


20)i 
2794 

99% 
8% 
80)b 


16%    16% 


8% 
2% 

15% 

22 


3% 
2% 

1.594 

22 


994      994 


6094 

18)4 
10>^ 
3194 

14)4 


42% 

494 


6094 

18 
10 

81)t 
14 


42% 
4% 
694 


18)6  13Xi 

8794  87% 

9)4  9 

36%  86 


126.026 

6,.TO  6,50 

5  52  6,49 

5.54  5.52 

6,59  5.56 

53  57)4 

5S!4  58)* 

48%  48% 

19%  43% 

53  52% 

54  53% 
4494  44)S 
*4%  44% 

29  28?i 

2794  279* 
10,37  10.25 


6  57  6,62 

6.72  6.65 

5.37  5.. 32 

5  50  6.45 


Wed., 
Feb.   20. 


18%  18% 

93%  fll'^ 

91%  91)4 

90)4  97)4 
4)4 

48%  4SVi 

84%  83-Vi 

16%  16% 

71%  71 

73%  72)4 

65%  £5^4 

6294  62 

8!  81 

91%  SO94 

3'i94  86)4 

130  ,30 

158)i  ,58)4 

128  J2;H 

i6%      9it 

29%  26% 


«5       S6 


5;% 

:C7)4 
94% 

51% 
!0C<-8 
94% 

2i)i 

29 
83)4 
99% 
8% 
80% 

26% 

s-.'k 

9"% 
8^ 
30% 

1<^ 

38% 

8'A 

3% 

i'i% 
38 

8)6 

23 

22 

■9%    '9% 
154%  151)* 

17% 
10% 
31% 
M% 

:7% 
10 

81% 
14•>^ 

9% 

9% 

42% 

42% 

696 

(% 

13)4 

?8% 

iVi 

30% 

13)a 

8794 

80% 

120  999 


5.53  5.49 

5.55  6  51 

5,59  5  55 

56%  57% 

5894  58% 

48%  4,1% 

49  18% 

53)4  52% 

54)4  53%1 

4494  44)4 

44%  44 

29M  28% 

27%  27% 

10  20  1017 


652  647 

6,62  6n2 

5,30  527 

5.4.'  .5,40 


Range  for 

Feb.   1895. 

to  date. 


20%  18)4 

64  62 

9394  89% 

93  90% 

07  87% 

4%  894 

63  6  94 

49%  48% 

89%  81% 

17%  !6)i 

72%  6i)% 

76%  719-4 

57%  54V4 

118  110% 

o394  6lii 

33%  29)4 

97%  bSVa 

14S)4  137 

38%  35% 

!oO  127)-4 

162%  156% 

1 29%  126 

•35)4  34% 

10%  8% 

30%  28 

10:  101 

I  94 

89  86 

27  2494 

16%  15)4 

71)4  6y% 

13894  1^6% 

54  5)94 

109%  105% 

94%  «2)>4 

22%  22 

iiH  20% 

83%  26% 

33%  80% 

100)4  J694 

10^  6W 

31%  2:% 

16%  15% 

4094  37 

8%  3% 

8%  2% 

1694  la)4 

2-94  20% 

3  3 

10  X.  9)^4 

156  154 

mi  60% 

18)i  17>4 

10%  9% 

3.3%  30i.k 

15  13)4 

9J^  *^ 

1%  % 

10)4  "^4 

394  »M 

44)4  41% 

5%  2% 

9%  5 

6%  5% 

14  12% 

89  87 

10%  9 

39  86 


6,50  5.83 

5.53  5..37 

5.57  5.40 

561  545 

69%  57% 

5994  5:% 

49%  415% 

50  47)i 

54%  52 

55)4  52% 

4ii)t  1294 

45%  4294 


29% 
289i 
10.65 


6.K2 

6,75 
5  45 
5-60 


28)4 
27)4 
9  77 


6.47 
6.62 
507 
5.35 


Range  foi 
Feb,   1894. 


28%  27 
68%  66% 
63%  75% 
85  81% 
76%  71% 
I-%  l:% 
71  69)4 
51%    49% 

116  114)^ 
18%  16% 
77)4  73% 
66)4  6 194 
59?4    55)i 

118     ur% 
68%    65 
&X        35)4 

IO494  101% 

140    '13 
3894    85% 

126      124 

169%  165% 

138      135 
32%    29% 
30%    23% 
40%    33)4 

103      101% 

5         5 

94%    90% 

16        15% 

6494  63 
128%  125 

47%  45 
124   120% 
100%  9? 

24)4    22 

2^2^ 

•30)4  25)4 

76)2  -0% 

101%  969-4 

l'i94  15% 

12%  10)4 

5         6 

1C%  16% 

46  44% 

4%      8% 

4%      -.M 

13%  16% 

I814  16% 

4%      4)4 

22%  20 

169  165 

23%    ii" 


19%  16% 
9  8 

6  6 

18%  17 

5%  5% 

8994  88 


7%      7 

14%  I3-94 

85%  82)4 

VXM>  12)4 

4994  47% 


7.83  7  29 

7.90  7  20 

7.98  7-27 

8.05  7  33 

69%  62% 

7196  64% 

41U  42 

14)4  <3% 

61%  57% 

0i>94  59% 

3S)4  36% 

39)4  37% 

SO  29 

28%    27^11 

113  05  11  85 

12.40  11.97 


7.52 
7.4,-J 
6.00 
6  40 


7.02 
6.95 
6.17 
6.22 


CORN  on  passage. 
3,920.000  bush. 

6,?60,ceo 


Russian  Shipmts.  for  wk. 
1,600.000  bush. 
1,8S4,260 


Indian  Shipmts  for  wk. 
2*3,000  bush. 
230,C00 


Argentine  Sbpts.  for  wk. 
1.620.000     bush. 
8,200.000 


t  Since  Aug.  8L   •  Since  June  30.  Compiled  and  Copyrighted  bj>  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NE'W  YORK 

6U 


TOfleeftl^  flDarl^ct  Xctter, 

No.  418. 


Copyright,  1898,  by  Clapp  Jt  ComvM»ff 

O.  W.  Clapp. 
DwiQHT  O.  Clapp 


CLAPP    &    COMPANY, 

.     Bankers  anb  Brohers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE   THE    NEW    YORK    STOCK   EXCHANGE,    IN    THE    HEART    OF   THE    BANKING    CENTRE. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Telephone. 


(  277   BROADWAY,  Corner  CHAMBEns  St. 
Branch    ^  671    BROADWAY,  Broaow.y  Central  Hoteu 
Office*:    |  753  FIFTH  AVENUE,  CORNER  58th  St 

New  York,  Thursday  Morning,  February  28,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


50 
50 
19 
100 
40 
15 
40 
50 
20 
25 
35 
50 
50 
10 
10 


BANK    STOCKS    FOR    SALE. 

5  shares Market  and  Fulton  National  Bank . .  New  York  City. 

8       "  First  National  Bank Brooklyn,  N.  Y. 

"  First  National  Bank Arkansas  City,  Kan. 

"  First  National  Bank Fort  Madison,  Iowa. 

"  National  Bank  of  Rondout Rondout,  N.  Y. 

"  Moorhead  National  Bank Moorhead,  Minn. 

"  Salamanca  National  Bank Salamanca,  N.  Y. 

"  First  National  Bank Carthage,  Mo. 

"  Arlington  National  Bank    Arlington,  Oregon. 

"  City  Bank Minneapolis,  Minn. 

"  First  National  Bank Palouse,  Wash. 

"  American  Savings  Bank Detroit,  Mich. 

"  Fresno  National  Bank Fresno,  Cal. 

"  State  Bank Elmira,  N.  Y. 

"  City  National  Bank   Norfolk,  Va. 

"  National  Bank  of  Commerce Omaha,  Neb. 

"  Commercial  National  Bank Omaha,  Neb. 


X 

> 

a 
m 

o 

o 

z 

H 
> 

i 

(/) 

D 

> 

F 
-< 

m 
o 
O 

:o 

D 
W 

O 


r 
m 
> 

D 

5 

o 

m 

X 

o 

X 

> 
z 
o 
m 

0) 


'tEEP  OUR  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS  FREE. 


51 


2         CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Opportunities  have  always  been  more  equal  than  men.  The  air  in  which  bats  flutter  is  the 
same  that  sustains  the  bolder  stroke  of  the  eagle's  wing.  Associated  efforts  are  the  unconscious 
tribute  the  weakness  of  the  many  pays  to  the  strength  of  the  few  Each  highway  of  effort  shows 
the  footprints  of  the  giants  that  have  passed  that  way.  As  political  clouds  pass  out  of  the  sky  we 
may  look  for  finance  and  trade  to  offer  opportunity  to  leaders  who  are  equal  to  their  needs. 

Straws. — The  output  of  steel  rails  in  1894  is  reported  as  1,014,034  tons,  or  about  10^  less  than 
the  previous  year.  Of  Bessemer  steel  ingots  3,579,101  gross  tons,  or  about  12;^  more  than  in  181^3. 
Birmingham,  Ala.,  claims  cost  of  making  iron  is  lO.SO  per  ton.  30,897  patents  were  applied  for  in 
the  United  States  in  1894,  and  20,803  were  granted.  Patent  office  earnings  were  $87,392  more  than 
the  expense  account.  Out  of  12,690,152  families  in  the  United  States  in  1890  about  47.80  ^  own  their 
own  homes,  and  about  5,500,000  or  G,000,uOO  occupy  farm  homes.  About  -K  of  all  our  exports  come 
from  the  farmers.  Pennsylvania  claims  her  railroads  represent  one-fifth  of  the  capitalization  of 
the  United  States  system,  or  about  $2,000,000,000.  'Great  Britain  sent  the  United  States  320,879  tons 
tin  plate  in  1894  against  255,583  tons  in  1893  and  325,145  tons  in  1891. 

Stocks  and  Bonds. 

Bonds. — The  President's  bond  issue  appears  absorbed  by  foreigners  and  a  few  Americans,  who 
claim  a  large  profit,  to  the  disgust  of  American  lookers  on.  Municipal  and  railway  bonds  are  dull 
but  firmly  held.  We  look  for  an  increased  demand  when  legislative  tampering  ceases.  Bank  stocks 
are  lower  to  sell. 

Ratlroad  Stocks. — The  gross  earnings  of  206  roads  reporting  to  the  Chronicle,  for  1894  were 
6969,003,527,  against  $1,091,975,721  in  1893.  Net  earnings  were  ••^291,802,707,  against  $332,126,310.  It 
appears  about  two-thirds  of  the  loss  was  saved  by  economies.  The  South  western  and  middle 
western  roads  report  good  increases  recently.  Union  Pacific  evidently  has  no  friends.  Some 
officials  consider  this  and  the  Government  proper  subjects  to  pilfer.  Bookkeeping  methods  evidently 
have  been  very  elastic.  Burlington,  Northwestern  and  St.  Paul  earnings  are  not  equal  to  expecta- 
tions. 73,760  cars  more  live  stock  were  received  at  Chicago  than  in  the  previous  year,  and  St. 
Paul  got  10  per  cent,  of  the  increase  and  the  Northwest  got  about  one-seventh  of  it.  Their 
recent  dividends  show  handsome  profits  on  cost  of  the  stocks.  Canadian  Pacific  is  entirely 
under  the  control  of  European  cousins,  without  a  much  better  showing  or  any  more  honorable 
methods.  Reports  say  Western  Uniou  will  stay  in  the  dividend  list.  Manhattan  is  likely  to  become 
more  active.  Political  competitors  may  find  ways  to  bleed  it.  Coalers  report  net  earnings  for  1894 
of  $30,860,225,  against  $38,708,303  net  in  1893.  The  "  Salvation  Committee"  of  coal  interests  appears 
to  be  producing  more  coal  rather  than  less,  or  higher  prices.  We  prefer  looking  for  lower  levels  for 
coal  properties.  Louisville  appears  firmly  and  friendly  held  by  many  foreigners.  It  is  a  good  scalp- 
ing stock.  Southern  Railway  has  many  friends  at  the  decline.  We  prefer  buying  it  on  weak  spots, 
believing  it  and  other  properties  that  have  been  "repaired,  reorganized  "  and  placed  under  honest 
management,  will  do  better. 

Industrials. — Sugar,  Whiskey,  Tobacco,  all  appear  flavored  with  dishonest  methods.  Tobacco 
dividend  will  likely  be  reduced  to  8  %.  Distillers  in  better  repute  on  account  of  change  in  manage- 
ment. Receivers  seldom  try  to  bunco  the  Street  as  much  as  Industrial  manipulators.  We  look  for 
lower  Tobacco,  and  would  not  be  surprised  if  Sugar  advanced  temporarily  and  Whiskey  doubled 
this  year.  National  Lead  reports  over  two  millions  of  accounts  receivable,  notes  and  cash,  against 
about  $137,000  indebtedness,  indicating  conservative  management.  Cotton  Oil  may  do  a  better 
business  and  get  better  prices  for  its  product.  Their  stock  seems  forsaken.  Chicago  Gas  has  more 
home  friends,  and  apparently  adverse  legislation  is  for  effect  rather  than  reality.  Its  new  officials 
should  mean  strength  to  the  market,  and  the  reverse  of  the  old  manipulators,  plus  a  high  United 
States  official,  after  the  adjournment  of  Congress.  We  see  no  reason  to  expect  future  depressions 
will  be  large  until  a  higher  range  occurs. 

Cotton. 

Cotton  goods  are  dull  everywhere.  The  cotton  visible  is  larger  than  ever  before  at  this  date. 
American  spinners  took  from  September  1  to  Washington's  Birthday  2,083,808  bales.  Exporters 
took  5.039,507  bales,  equaling  more  cotton  than  was  ever  absorbed  in  a  season  prior  to  1889-90  (when 
7,231,000  bales  were  taken).  For  the  year  ending  September  1,  1892,  exporters  and  spinners  took 
8,714,000  bales.  We  have  exported  more  cotton  since  September  1  than  the  world's  visible  ;  93  per 
cent,  is  American.  Foreigners  are  reported  holding  more  than  80  per  cent,  of  tlie  visible.  Accord- 
ing to  the  Government  estimate  the  amount  to  come  in  sight  is  only  about  600,000  bales.  We  look 
for  a  crop  of  about  %}i  million  bales,  or  for  about  1  ,r)00,000  bales  to  co'^me  in  sight  before  September  1, 
and  believe  the  market  will  be  more  influenced  by  the  large  visible  and  invisible  stocks  before  mid- 
summer, than  from  a  prospective  shrinkage  in  the  acreage  or  final  output.  The  season  following 
the  big  crop  in  1891-2  the  crop  shrinkage  was  near  20  per  cent.,  and  fertilizers  used  near  40  per  cent, 
less.  Low  prices  ruled  during  the  early  planting  season.  Spinners  and  foreigners  then  held  less 
supplies  and  speculators  larger  visible  stocks.  A  resolution  has  been  offered  in  the  House  of  Com- 
mons to  revive  restricted  trade,  and  the  English  appear  favorable  to  another  International  Bime- 
tallic Conference.  England's  free  trade  principles  toward  India  and  the  world  must  further  damage 
American  cotton  growers.  More  than  two-thirds  of  our  crop  crosses  the  Atlantic  in  Eux'opean 
steamers.  Our  average  home  consumption  during  the  past  10  years  has  only  equaled  32.1  per  cent. 
Argentine  ought  to  buy  cotton  of  us  more  liberally.     Their  imports  have  nearly  doubled  the  past 

52 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.    3 

decade.  New  York's  exports  to  South  and  Central  America  and  Mexico  since  January  1  have  been 
about  70  per  cent,  larger  than  last  year  same  time.  The  China  trade  has  decreased  fully  75  per  cent, 
same  time. 

Wheat. 

The  stock  of  wheat  at  five  Atlantic  ports  February  16  was  12,487,000  bushels,  against  18,529,000 
bushels  February  17,  1894,  and  15,257,000  bushels  February  18,  1893.  Exports  wheat  and  flour  and 
the  interior  movement  are  both  decreasing.  The  maximum  visible  was  reached  December  22,  1894, 
89,071,000  bushels  ;  in  1S93  it  was  80,445.000  bushels ;  the  previous  year  it  was  82,252,000  bushels. 
This  season  the  visible  has  decreased  9,595,000  bushels,  same  time  last  yenr  it  decreased  1,764,000 
bushels,  and  two  years  ago  the  decrease  to  date  was  only  371,000  bushels.  The  world's  visible 
decreased  more  last  week  than  any  single  week  in  a  decade.  The  Great  Britain  Custom  House 
returns  show  January  imports  of  wheat  and  flour  were  54  per  cent,  larger  than  for  January,  1894, 
and  that  47  per  cent,  of  it  came  from  America  and  32  per  cent,  from  Russia.  The  amount  afloat 
and  in  Europe  is  less  than  any  similar  date  in  three  years.  Beerbohm  estimates  England  will 
feed  18  million  bushels  more  than  usual  to  live  stock.  The  Corn  Trade  News  says  :  "For  the  first 
time  in  our  recollection  the  great  port  on  the  Mersey  has  run  out  of  stock  of  California  wheat  and 
indeed  of  all  other  classes  of  white  wheat,  while  of  the  red  American  much  is  in  pawn  against 
future  sales."  Two  cargoes  of  wheat  from  Portland,  Oregon,  arrived  here  yesterday,  one  more  is 
en  route  ;  they  will  likely  be  sold  to  go  abroad.  The  Argentine's  shipments  for  each  month  from 
January  to  July,  inclusive,  in  1894,  and  for  the  calendar  year,  also  for  1894,  show  in  table  : 

Calendar 

Jan. ,'95.      Jan. ,'94.       Feb. ,'94.        Mar. ,'94.        April, '94.       May, '94.        June,'94.         July, '94.         Year '94. 

To  U.  K.  and  orders..  804,000         772,000         3,368,000         7,216,000         7,400,000         6,304,000  5,072,000         4,568,000         41,480,000 

To  Continent 592,000         404,000  952,000         1,912,000         1,992,000         1,904,000  1,176,000         1,544,000  13,312,000 

Excess  in  January,  1895,  over  January,  1894,  220,800  bushels,  or  18^  per  cent.  Russian  ship- 
ments from  August  1,  1894,  to  January  26  were  62,000,000  bushels  against  61,696,000  bushels  in 
1893-4  and  40,720,000  bushels  in  1892-3.  Indian  shipments  since  April  1,  1894,  were  12,180,000 
bushels  against  21,180,000  bushels  in  1893-4  and  27,776,000  bushels  in  1892-3.  Australia  exported  in 
1892  5,108,000  bushels,  in  1893  9,504,000  bushels,  and  in  1894  10,000,000  bushels.  Our  total  exports 
last  year  were  more  than  10,000,000  bushels  larger  than  the  average  for  the  past  decade,  and  the 
value  averaged  over  $28,000,000  below  the  average.  The  yearly  price  in  New  York  averaged  below 
$1  per  bushel  except  in  1891,  when  the  average  was  $1.03.  Last  year  it  was  but  59c.,  or  over  30c. 
per  bushel  below  the  average,  or  more  than  33^  per  cent.  less.  The  highest  average  price  last  year 
was  in  January,  1894,  64.6c.  per  bushel.  In  December  it  was  54.7c.  There  appears  to  be  an  increase 
in  speculation;  if  it  continues  we  see  no  reason  to  look  for  lower  prices.  Sentiment  has  been  very 
bearish  or  apathetic;  general  conditions  seems  changing.  The  unexpected  often  happens.  It  will 
be  very  unusual  if  there  is  not  a  sharp  rally  in  prices  during  the  coming  sixty  days;  last  season 
there  was  a  16  per  cent,  advance  from  early  March  to  last  of  April. 

Corn. 

Exports  were  the  largest  on  record  in  1880,  equaling  118,903,923  bu. ;  the  1894  calendar  year 
were  40.210,340  bu.,  and  in  1893  they  were  53,815.878  bu.  Mississippi  reports  having  corn  to  export 
for  the  first  time  in  her  history.  Texas  and  Mexico  are  not  importing  this  season.  The  New  Eng- 
land demand  scarcely  equals  average  wants.  Primary  receipts  are  only  about  an  average  and 
stocks  are  slightly  less.  The  prices  are  above  an  average.  Speculation  seems  increasing  and  senti- 
ment bullish.    Higher  prices  are  but  natural  following  the  decline. 

Oats. 

The  visible  continues  double  that  it  was  a  year  ago.  Prices  about  the  same.  Kansas  and  Texas 
report  a  liberal  amount  of  moisture  and  seeding,  with  prospects  of  an  increased  a-^reage. 

Provisions. 

The  Government  reports  indicate  there  were  25,636,745  hogs  in  12  corn  states  January  1,  against 
27,576,163  January  1,  1S94  ;  in  all  states  44,165,716  hogs,  against  45,206,498  January  1,  1894,  and 
46,094,807  January  1,  1893.  Farmers  appiear  desirous  of  placing  their  holdings  in  packers  cellars. 
The  Secretary  of  Union  Stock  Yards,  Chicago,  reports  that  7,483,228  hogs  were  received  in  1894: 
receipts  of  cattle  were  950,738  ;  sheep  333,398.  Exports  continue  liberal  and  for  seven  months  exceed 
those  of  previous  season.  The  domestic  demand  is  good.  Sentiment  has  been  bearish.  It  is 
usually  so  about  the  end  of  a  packing  season.  Prices  are  about  33>1^  below  those  of  a  few  months 
ago.  We  see  no  reason  to  look  for  further  decline.  It  is  but  natural  a  10  or  20;^  advance  should 
occur,  following  the  low  record  just  made.  Packing  from  November  1,  1894,  to  February  21,  was 
6,570,000  hogs,  against  4,335,000  the  previous  season  same  time. 

Yours  truly,  CLAPP  &  COMPANY. 

Note.— About  March  10  we  shall  issue  our  new  book,  "  Leading  American  Exchanges  for  1894.** 
It  will  contain  352  pages,  in  elegantly  bound  covers,  and  have  half  tone  pictures  of  about  35  repre- 
sentative Stock,  Grain  and  Cotton  Exchanges,  giving  their  history,  business  and  statistical  record 
for  the  past  decade ;  also  values  at  producing,  speculative,  exporting  and  consuming  points,  and 
much  other  statistical  matter  of 'great  value  to  bankers  and  business  men  who  desire  to  know  daily 
prices  and  the  annual  production  of  the  world's  staples  A  limited  number  of  copies  will  be  issued 
and  delivered  to  applicants  free  upon  receipt  of  $3.00. 

53 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qflotations  for  SLocks,  Cotton,  Grain  and  Provisions  for  Week  ending  February  27,  1895,  and  for  February,  1894. 

Par  yalue  of  all  stocks  $100.  except  D.,  L.  <fc  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COJEPARISONS. 


WlEKLT 

Sales. 

2,255 

57li 

f7,GT2 

1.3<J4 

44,947 

311 

7:5 

697 

B9.185 

2,3t;s 

17,300 
b'J.i-M 
84,'lliO 

12.539 

«00 

54,585 

273 

4  000 

l,U<i5 

2U40 

1.115 

300 

79,4aC 

5,40B 

100 

600 

S!OU 

1.740 

I'OO 

5<M 

1.410 

14.020 

7.024 


17.221 

10,210 
(>41 
7,000 
6.775 
2,%0 

i,m 

1,435 
140 
770 

ll.l-.68 
1.293 

1,266 
150 

uim 

9,090 

900 
220 

*887 

2.636 

7,0U3 

6.236 

100 

1.729 

6.254 

990 

852 


Capital 
Stock. 


$20,237,100 
10.198,600 
30.773.000 
3C  773,000 
17.900,000 
102,000,000 
25,000,000 
15,000,000 
22,48».000 
6O.bO5.400 
82  202,700 
24,8.S5,800 
46.027,261 
25,923,900 
46,l.'i6  000 
18.559,300 
39.054,907 
22.335  170 
2b  000,000 
35,43O,0C0 
28,200,000 
85.000,000 
88.000,000 
35,000.000 
30,459,700 
25,000,000 

8,000.000 
50,000,000 
10,000,000 
11,840,000 
11,«40,000 
49,466,500 
52,800,000 
30,000,000 
18,738,204 
13,000.000 
47,S44,100 
47,436, S'S 
14,905,400 
14,904,000 
89,428,300 
77,427.000 
20,000,000 

6,000,000 
58,119,982 
13.000,000 
39.767,200 
49,000,000 
89,269,546 
20.000,000 

8,600,000 

•  40.426,361 

86,000,000 


68.402,900 

125,000.000 

eo.000,000 

19,850,000 
38,710,900 

6.500  000 
60,868,.'500 
83,837  093 
20,160,000 
17,992  300 

7,348.920 
28,000,000 
24,000,000 
94,820,000 
10,000,000 

4,500.000 


DiVIDIND  RiCOBD. 


Naues  o>'  Stocks. 


Pay.s  3pc  J-D 

Pays  3pc  0-,J-A-J 

Pays  3i^pc  J-.r 

Pays  3pc  FM  AN... 
Paid  ."ij^pc  in  ISj'S... 
Paid  2pc  Nov.  1894.. 

Pays  Ij^pc  I'-A 

Pays  i%pc  l^'-M-A-N. 


Paid  Ipo  Dec.  1N94 

Pays  l>$pc  M-J-S-D 

Paid  2pc  A-O 

Pays  7  PC  Per  Annum. 
Paid  i^pc  Feb.  1695... 


Paid  2]^vo  Jan.  iFOr,. 
Paid  3!^po  Jan.  18'..5. 

PaidSpc  in  1893 

Pays  2pc  M-J-S-D.... 
Pays7pc  peranpum. 
Pay*  7pc  per  annum. 

Paid  'iJ-Vpc'  Jan!  'ms. 
Paid  2pcAue:.,  St  1893. 
Pays  5pc  per  annum. 


Pays  2i^po  MS. 


Pays  l^pc  P-il-A-N. 

Pays  3pc  FA     

Paid  2pc  August  1893. 
I'ays  IVipc  J-A-J-O.. 
Paid  2pc  in  Feb.  1895. 


Paid  3pc  IfiOI 

Paidlpc  in  Dec.  1894. 
I'ays  l9iic  M-J-S-D.. 
Pays  l^PC  J-A  JO.. 


Paid  IHpc  Not.  1893. 


Paid  Ipc  April  1892.. 
Paid  Ipc  in  1887.... 


Pays  2pc  F-M-A-N. 


Paid  Ipo  in  1887... 
Paid's^po'in  i'sm! 


Pays  I^po  J  A-J-C... 
Paid  'ipo  in  Fe bV  1894!!! 


American  Cotton  Oil. . . . 
American  Cotton  Oil  Pfd . 
-\m.  Sugar  Refining  Co 
.^m.  Sugar  Refining  Co  Pf 
American  Tol)acco  Co. . . 
.-Vtcliison.Topeka  &  S.  Fe 

Baltimore  &  Onio  

Canada  Southern  

Central  of  New  Jersey.... 

Chesapeake  &  Oliio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Cliicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  L  &  Pacific... 
Chic,  St  Paul  M.  <fe  Omaha 
Chicago  &  Northwestern. 
Clucago  &  Noithw'n  Pfd. 
Cleye.,  Cin.,  Chic,  &  St  L. 
Consolidated  Gas  of  N.  Y. 
Delaware.  Lack 'a  &  W'n. 
Del..  <fc  Hudson  Canal  Co 
Denver  &  Rio  Grande  Ifd 
Distilling*  Cattle F.  Co.. 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

lUinoi.'  Central 

Laclede  Gas  Co.  of  St  L. . 
I.ake  Erie  <fc  Western .  . 
Lake  Erie  <t  Western  Pfd 
Lake  Shore  &  Micb.  So'n. . 
Louisville  <fe  Nashville.... 
.Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  <fc  Texas  Pfd 

Mexican  Central 

Mi.'.'sourl  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd . . . 
N.  y.  Cent'l  &  Hudson  Riv 
N,  Y.  Lake  Erie  &  Wesfn 
NY4N  E  tst  CO  ct*  all  in  pd 
N.  Y.  <t  Northern  Pfd... 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.A  W'n  Pfd.... 

North  American  Co 

Northern  Pacific  

Northern  Pacific  Pfd. 

Pacific  Mails.  S.  Co 

Peoria.  Deo.  A  Evansville 
Philadelphia  <fc  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  &  R  K  Co 

Texas  *  Pacific 

Tol.  Ann  Arb.  *  Nor.  Mich 

Union  Pacific 

Union  Pac.  Deny.  A  Gulf. 
United  States  Rubber  Co. 

ti,  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

.Western  Union  Tel.  Co... 
IWheelingA  Lake  Erie..., 
W  heeling  <fc  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 624.178 


COITON.  in  ba  es. 

I  World's  visible. 
18951  4  820.045 

18941  4,435,002 


Total  in  sighttl  Total  Exports. 
r,8  0.835  5.039..')07 

6,525,015        I        8,972,S71 


XT  -tr    fFebniary. 
■"•  ^-  JMarcQ,  ... 

CotUM  1  April 

(May 


WHEAT,  In  bush«ls. 
I    U.  S.  Visible.     iPrimary  rec'ts*!  Total  Exports 
1895         73.476.000  124.144  000  99.957  036 

18941        T7  25S,000         I     la2,150  000  1]7,10:,294 


"■''-^  Ij"]^:.; 


^o--]j"uU 


July., 


CORN,  in  bushels. 

I     U.  S.  Visible. 
1895         12  909  000 
18941        18,171000 


Primary  rec'ts*!  Total  Exports. 

48  566,000  11,540  413 

115,044,000        I      43  145  520 


Chicago  J  May.. 
Wheat.  I  July.. 

^°--]j"u?y;, 


OATS,  in  bushels. 
I    U.  S.  Vi.-^ible. 
1895  6.772  000 

18941         2  831  000 


N.Y.  Stocks. 
613  231 
662.857 


Cbgo.  Stocks. 
1  Ii6  000 
1,006,000 


J^May.. 


Oats...,j„,-y 
P-*-ij*uUV 


1895 
1894 


LARD-tcs. 

World's  vis, 
198.3:10 
113,697 


CHICAGO  CONTRACT  STOCKS. 
PORK-bbls.l  LARD-tcs.  I  RIBS-lbs. 
127,3.37  27,089        33.540.4V4 

69.848     I 5.472     I   11,605,335 


Lard. 
Ribs. 


1895 
1694 


OLD  PORK,  Chgo.-bbls. 
....     bbls. 


WHEAT  on  passage. 
34.160.000  bush. 
81,828,0jO    " 


)  May.. 
•■  IJuly.. 

I  May 
■■  'July.. 


Thursday, 
Feb.  21. 


!8^  \&4. 

62Ji  tm 

93H  92H 

92  9m 

8fiH  6>% 


64  WS  e29i 

!6'4     IC'^ 

lioS*  70^ 

50^  55>i 

625<  62ii 

fliji  9t% 

Ziki  86 

132  13IH 

\ht^/i  15S 

127?»  I27H 

M\i  3Sk 

11  10^ 

■i^4  29^ 

■  «  "k 

'i6\i  80^, 


5^9<    52% 
108J6  107>4 


20»i  27 

XS2J4  82^ 

89^  8s)^ 

9  89i 

30M  80 

i6H  16^ 

89  86^ 


ISM   ttH 

22Hi    22^ 


ir«  ir% 

10^    10 

82     sm 


9M     SH 

4%       4|i 

9^   9 

a7>«    S8« 


125,593 

544  5,44 

5,49  5,46 

5  51  5  49 

5,55  6.53 


5«H 
59 

4g^ 

49?4 


4J^i 


53%     bVlH, 
54 ^i    S3Ji 


45H 
45 


4494 
44?i 


29Vi    29 

23      T.y^ 

10,20  10,12 


e.47 
6..^? 
5.27 
5.40 


6.45 

6.57 
5,25 

5.37 


Friday. 
Feb.   22. 


HI 

H 

H 

0 

I 

u 

H 

•3 

n 
0 

Q 

H 

H 

Q 

0 
0) 


Satnrday, 
Feb.   23. 


93 
92  Vi 
88 

62i< 
489i 
83H 
I6?i 
70% 
73% 

118 

3l' 
90« 


92 

02M 

mi 

62« 
489i 
82?i 
16-H 
70% 
7.3V* 

118 

31 

90% 


Monday. 
Feb.   25. 


'A\i  19 

(&%  6m 

9ij4  91 

92  92 

88  86 


132 

128" 


87 
SC% 


13m 
128 

87 
26,H 


137 
62H 
109 


137 
5  H 
108 


20H    ?0% 
27^    26k 


8% 
30 

3SH 


8H 
29h 

«8W 


15%    15% 

m  '9% 


17%  \m 

10  99^ 

3i\i  8m 

14H  14 


mi 
10V4 

'0% 

73 
55% 

62J^ 

31 

30M 


8IK 
16H 
69% 
71% 
65 

61% 

SI 

89 


26^    ii% 


158 
127 


157^ 
126% 


IIM  10% 
29  28% 
:0I       101 

84       8S 
26^    26 


137      I36?i 
51^    51 
iOS%  107H 


20% 


Tuesday. 
Feb.  20. 


20% 

63 

fllH 

92 

68 


19M 

63 

^% 

92 

86% 


my* 

70W 
71% 
55M 

«2ii 

80H 
89% 
139 
86% 


8!% 
16Wi 
099i 
70^ 
54% 

61% 
80  !4 
8S!4 
139 
S6M 


Wed.. 
Feb.   27. 


20H 
64 


92%    WA. 
9i\i    92!^ 


91 
60 


87?i 
4H 
68 


48%    43!^ 
86       U% 


70% 


ISJ      158 


10% 
28% 


2C^  26 

16  16 

71  70% 

137  I36V4 

51^  sow; 

lOS  107% 


27%    2«->i 
62%     8^?i 


19%    20 
27Hi 


99 


89 

S% 


29«    29H 

16%  ie' 


3  8 

15%     15!4 

22  22 

■9%  '9% 
151%  151% 

i7%  iJH 

9%  9% 

32  sm 


«,,    *\M    <0« 
4%    6H        4»-4 

r     ^?^    '^. 
»%      S%      9^» 
36%    86%    SOH    85 


42 

5% 

6 


7% 

9% 


74,557 


142,407 


6.89  6,89 

5.60    6.47     5  47  6  42 

5.51     6.50     5.47  5.44 

5.55    6,53    6  52  5.46 

58^    68     I  6?W  57?4 

58%    6S%   56%  53^4 

4;>%    i'^'/k    49M  4.SVt 

49)4    <»W    495A  <^< 

53%    62%    53%  62% 

54M    54       64%  63% 

45V4     44^    46U  444ti 

-      44%  4l)i 


44%     44% 

29%  29  29%  29  29%  29!^ 
275^  27%  27%  27%  28  ^iM 
10  25  10.15  10.27  10,12   10,27  1017 


29% 

ie" 
37% 

3% 

3 

15% 


19% 
20H 

97% 

f% 

2.% 

16 
84 

3% 

8 
13% 


%      8% 


17% 
10 
32 
14% 


17% 

9K 

81% 

13% 


8%    8% 


40 
6W 
9% 


39% 
6% 
8% 


18  12% 

67%  87% 

9H      9 

45%  85% 


145  017 

5,4S  5,12 

5  44  5.41 

5.45  5.42 

5,50  5.45 


69M 
50% 
49Vt 
49% 

54% 

55% 
45% 
46 


58% 
49^ 
49M 

53U 
51% 
45 
44% 


850 
6,60 
530 
5.40 


6.45 
6.60 
5  25 
5  87 


«50 

6  60 
580 
5,42 


6  47 

660 

6  27 
6.40 


ess 

6.60 
630 
S42 


6,47 

6.60 
6,25 
6.37 


10^ 

71^  70% 
55%    65 

62%    61% 

.3>j% 

89  88^ 
140      1*0 

30%  3556 
134  |3<!% 
159  l5i% 
x2o%  l30H 


11% 
29% 


10% 
28% 


137% 
51% 

'37 
51 

92% 

92% 

20% 
2.-% 
62% 
9J 
8% 
30 

i»% 

62*4 
97% 
8!^ 

i* ' 

88 

16 
87% 

2% 
13% 
22% 

2% 
13 
21% 

17% 

10% 

:7% 

10 

14%     -AY* 


6%  8% 

40%  46" 

S  5^ 

9%  »% 

5%  5% 

im  12% 

67%  8rs 

9H  9% 


136  599 

5.42  6.41 

5.45  5.41 

5  45  5  42 

5,49  5  15 

5^  5?% 

3911  59% 

49%  4"!^ 

49%  49% 

54%  53% 

55%  54% 

45H  45I4, 

45%  44:>i 

29%  20->i 

28%  27'/i. 

10  22  10  12 


6  47 
6,.'-5 
5.27 
,5.35 


6  42 
6  52 

520 
5,32 


Range  for 

Feb.   1895. 

to  date. 


18% 
62 


93%    QJ% 
93        90% 


84% 
3% 
53 


97 
4% 
63 

49%  48% 

69%  81% 

17%  I6V 

72%  695„ 

70%  70% 

5:%  54H 

118  11C% 

63%  61 H 

33%  29}< 

97%  8S^ 

14:<%  137 

88%  35% 

iS4  127% 

i62%  lfO% 

■  29%  126 

.35%  34% 

11%  »% 

80%  28 

101  101 

1  % 

89  86 

27  24% 

16%  15% 

7m  •ii'^ 

i3,S%  |3C% 

54  50% 

109%  105% 

94%  92% 

22%  22 

22%  i8% 

33%  20% 

i3%  80'a 

lOU^  i)7Vt 

104^  8% 

31%  2!'% 

16%  i5% 

40%  34 

3%  8% 

3%  2% 

16%  18 

2-%  20% 

10%  iV* 

156  164 

60%  60% 

I8>i  1-1<A 

10%  9Mi 

3.1%  Soil, 

15  13S4 

9%  tH 
V.%        % 

10%  0^4 

3%  4^4 

44%  8bf4 

6%  •<% 

9%  5 

6%  5% 


14 

89 

10% 

3V 


9 
35 


5,50  6.83 

5.53  5.37 

5.57  5.10 

5  61  5  45 

59%  87% 

59U  5:% 

49%  40% 

50  47% 

54%  62 

55%  5'2% 

40%  42% 

43%  42% 

29J6  28M 

28^  27% 

10.65  9  77 


6R2 
6,75 
6  45 
560 


6.42 
6.62 
6.07 
5.J2 


Range  for 
Feb.   1894. 


Zm  27 

68%  66% 

03%  75% 

85  81% 

76%  71% 

lv%  11% 


69^i 


71        

51%     49% 
116       114% 
18%     16% 
77^4     73% 
66%    61% 
59%    55% 
as      117% 
08%    65 
3«        3514 
104%  101% 
140      13 . 
38%    35% 
|26      124 
169%  16i% 
|J8      135 
32%    29% 
30%    2.3% 
40%    33% 
103      101% 
8  5 

94%    90% 
16        15% 
15%    16 
64%    63 
128%  125 
47%    45 
124       120% 
100%    97 
24%    22 
0%      6% 
24%     216| 
30%    -ibVA 
76k    70% 
101%    96% 
1-,%     15% 
12%    l»-'% 
5         5 
16%    15^ 
46        44% 


4% 

4% 


8% 

4 '-4 


1S%    10% 
W-i     10% 
4%       4% 
22%    20 

169      105 

23%    22" 


19%  16% 
9         S 
6         6 

li%  17 
5%      5% 

33%  38 


7%  7 

14k  13% 

mi  6i% 

1.3%  12k 

49%  47% 


7.83  7  26 

7.90  7  20 

7.98  7  27 

8.06  7  33 

69%  6?% 

71%  01% 

4  lis  42 

44%  43% 

6  m  57k 

65%  5l'5i 

3S!4  80% 

39%  87% 

80  29 

28%  27% 

13  05  II  85 

12.40  11.97 

7.52  7.02 

7.45  8.95 

600  8.17 

6.40  6.22 


CORK  on  passage. 
8.040.000  bush. 
6,600,000 


Russian  Shipmts.  for  wk. 
1.12^,000  bush. 
1,200,990 


Indian  Shipmts.  for  wk. 
152,000  bush. 
160,000    " 


Argentine  Shpts.  for  wk. 
1.136.000     buiiu. 


t  Since  Aug.  81.    •  Since  June  30.  Compiled  and  Copyrighted  bj>  CLAPP  &  COMPANY.  BANKEES,  MILLS  BUILDING,  NEW  YORTf 

54 


l^dlcclil^  fB>art?ct  Xcttcr. 


No.  419. 


Copi/right,  180B,  by  Clapp  A  Comoa»0, 

O.  W.  Clapp. 
DWIQHT  O.  Clap^ 


CLAPP    &    COMPANY, 

Banhcrs  anb  Brokers, 
miLLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE   THE    NEW    YORK  'STOCK    EXCHANGE,    IN    THE    HEART   OF   THE    BANKING    CENTRE. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
LoNQ  Distance  Telephone. 


(  277    BROADWAY,  Corner  Chambers  St. 
Branch    1  671    BROADWAY.  Bro»d*>y  Central  Hoteu 
Offices:   |  753  FIFTH  AVENUE,  Corner  68th  St 

New  York,  Thursday  Morning,  March  7,  1895, 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

\  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
crfidited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


"  National  Bank  of  Commerce Omaha,  Neb. 

"  First  National  Bank Arkansas  City,  Kan. 

"  First  National  Bank Fort  Madison,  Iowa. 

"  National  Bank  of  Rondout Rondout,  N.  Y. 

"  Moorhead  National  Bank Moorhead,  Minn. 

" Salamanca  National  Bank Salamanca,  N.  Y. 

"  First  National  Bank Carthage,  Mo. 

"  Arlington  National  Bank   Arlington,  Oregon. 

"  City  Bank Minneapolis,  Minn. 

"  First  National  Bank Palouse,  Wash. 

"  First  National  Bank Kendrick,  Idaho. 

"  American  Savings  Bank Detroit,  Mich. 

"  Fresno  National  Bank Fresno,  Cal. 

"  State  Bank Elmira,  N.  Y. 

"  City  National  Bank  Norfolk,  Va. 

"  First  National  Bank Goliad,  Tex. 


X 

> 
O 

m 

o 
o 
z 

H 
> 

Z 

CO 

D 

> 

r 
-< 

m 
o 
O 

D 

o 


r 
> 

D 
Z 

o 
m 

X 

o 

X 

> 
z 
o 
m 

CO 


KEEP  OUR  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS  FREE. 

55 


2         CLAPP  &  COMPANY.  BANKERS  ATSTD  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Words  are  the  only  transports  which  sail  eternal  seas.  Inspiration  cannot  be  proved  by  facts, 
but  is  itself  a  most  important  fact.  The  records  of  both  inspiration  and  fact  are  pregnant  with  new 
births  of  each.  Laws  both  divine  and  human  bear  witness  to  the  usefulness  of  books.  The  infi- 
nitely small  and  great  alike  acknowledge  the  value  of  the  warehouse  of  information.  We  commend 
our  book  as  one  which  may  inspire  or  instruct,  but  is  primarily  meant  to  make  you  remember. 

Straws. — America's  prosperity  depends  upon  the  6,000,000  farmers  and  its  manufactures  more 
than  upon  the  world's  bankers.  It  is  estimated  our  wealth  is  $69,000,000,000.  Great  Britain's  wealth 
is  placed  at  fifty  billions,  France's  forty  billions.  It  is  estimated  American  railways  employ 
873,603  men.  Treasury  gold  increased  $42,700,000  in  February.  Money  in  circulation  decreased 
$37,621,311.  Another  billion  dollar  Congress  has  disbanded.  There  is  $75,556,423.32  more  paper 
money  in  Treasury  balances  than  March  1,  1893,  and  $36,439,365.68  more  silver,  and  879,079,667.77 
less  gold,  $20,300,863.87  less  demand  obligations  in  the  current  account,  $5,875,179.65  more  debt 
bearing  no  interest,  and  $100,009,000  more  debt  bearing  interest.  The  net  free  gold  was  $87,005,- 
411.14  on  March  1. 

Stocks  and  Bonds. 

Bonds. — Manipulating  Government  bonds  and  the  gold  and  exchange  market  has  a  depressind 
influence  on  other  than  choice  securities.  Interior  bank  stocks  are  offered  in  excess  of  demand  ang 
closely  scrutinized. 

Railway  Stocks. — The  Pennsylvania  Co.  reportingearnin^sof  4  percent,  on  an  enormous  capital- 
ization encourages  investing  in  non-stock  jobbing  railway  securities.  The  Reading  manipulations  mdi- 
cate  buyers  may  pay  assessments  of  $3,000,000,  or  be  shorn  of  their  holdings.  The  Chronicle  reports 
gross  earnings  of  251  railways  for  the  1894  calendar  year  was $1,085, 316, 929,  against  $1,219,051,931  in 
1893,  or  a  decrease  of  10.97  per  cent,,  or  over  136  million  of  dollars,  and  probably  a  total  decrease  for 
all  roads  of  150  million  of  dollars.  It  is  estimated  the  decrease  in  operating  expenses  the  same  time 
equalled  100  millions,  or  say  a  net  reduction  of  about  5  per  cent,  for  the  year  1894.  A  prominent 
director  in  St.  Paul  is  reported  as  saying  he  never  expects  to  see  that  stock:  pass  from  the  dividend 
list ;  that  being  true  it  is  certainly  cheap  at  55.  It  has  more  large  city  terminals  than  any  other 
road.  The  "Pacific  Roads'"  ways  are  past  finding  out;  three  or  more  should  be  foreclosed  by 
Uncle  Sam,  and  sold  to  the  highest  bidder.  Jersey  Central  may  find  "  hard  sledding,"  considering 
its  coal  company.  It  is  quite  possible  old  roads  cannot  pay  old  rate  dividends,  and  that  sales  of 
these  stocks  on  "hard  spots"  is  preferable  to  purchases.  Foreign  selling  of  L.  &  N.  furnishes 
plenty  of  stock  to  depress  the  market  on  hard  spots.    Western  Union  is  always  a  good  trading 

groperty,  and  meets  the  average  swings  of  the  market,  which  number  about  6  to  8  in  each  year, 
ionds  remaining  in  the  dividend  list,  and  whose  management  finds  an  occupation  caring  for  stock- 
holders' interests  will  likely  find  Wall  street  investors. 

Industrials.— Sugar,  Tobacco  and  Whiskey  still  puzzle  the  Street  and  represent  similar 
unknown  or  unknowable  methods.  Indefinitelv  there  appears  nothing  to  check  the  manipulators  ; 
apparently  they  desire  higher  prices,  and  "  Whiskey  "  will  likely  lead  in  several  points  advance. 
The  new  managers  report  corralling  two  outside  distilleries.  When  the  old  managers  were  turned 
down  the  stock  turned  up.  General  Electric,  Bell  Telephone,  and  companies  having  foreign  patents 
that  expire  soon,  may  experience  a  retrograde  movement,  in  consequence  of  the  United  States  Supreme 
Court's  decision.  Cordage  needs  more  reorganizing  and  better  business  methods  to  encourage  buyers. 
National  Lead  is  always  a  good  property  and  fairly  well  managed  ;  it  and  Cotton  Oil  can  be  bought 
with  confidence  on  weak  spots.  Chicago  Gas  has  good  officials,  is  subject  to  some  undesirable  obli- 
gations and  questionable  city  council  blackmailing  operations  which,  when  eliminated,  will  likely 
make  it  as  good  as  Consolidated  Gas.    The  industrials  appear  to  have  few  obstacles  in  sight. 

Cotton. 

About  8,600,000  bales  have  come  in  sight,  or  about  two  million  bales  more  than  last  season  same 
time,  or  about  1,100,000  baies  more  than  last  season's  crop.  The  quantity  at  the  end  of  the  first  six 
months  of  the  cotton  year  was  1,903.812  bales,  or  28.95  more  than  last  season.  If  the  same  ratio  of 
receipts  be  continued,  the  crop  will  finally  be  about  9,706,340  bales.  Exports  have  been  more  than 
5.200.000  bales,  against  5,231,494  last  season's  total  exports  to  September  1.  American  ports  contain 
less  than  a  million  bales  ;  8  states  appear  to  have  grown  about  !^, 200, 000  bales.  Secretary  Hester 
reports  the  average  weight  of  cotton  marketed  as  llt^ir  pounds  more  than  last  year  per  bale.  Midd- 
ling cotton  is  about  5Av,  against  7H  a  year  ago.  We  doubt  if  conventions  are  necessary  to  decrease 
production  ;  food  stuffs  show  far  better  profit  when  ground  on  cotton  plantations.  Mississippi 
reports  many  laborers  unable  to  pay  their  delinquent  tax,  the  query  being  if  they  cannot  get  money 
to  pay  taxes,  how  can  they  procure  funds  to  grow  cotton  ?  A  North  Carolina  customer  writes  us, 
"  this  is  the  best  time  to  buy  cotton  since  Noah's  flood  ;"  that  the  planters  have  "  cotton  sickness." 
New  Orleans  reports  rivers  have  been  low  all  winter,  and  arrivals  of  cotton  from  up  river  points 
will  likely  be  large  while  the  March  floods  exist ;  that  when  the  rush  of  shipments  ceases  speculators 
can  conclude  about  the  last  of  the  crop  has  been  marketed.  Some  investment  and  speculative  buy- 
ing coupled  with  continued  buying  by  spinners  will  keep  the  visible  decreasing  and  prevent  a 
further  decline.  Russia  and  nearly  every  country  in  the  world  appear  now  drawing  cotton  from 
our  ports.  bt. 


CLAPP  &  COMPANY,  BANKERS  AND  BEOKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Wheat. 

Pacific  coast  millers  report  a  better  demand  for  ilour  from  China  than  for  years.  Spring  wheat 
millers  continue  paying  better  than  Chicago  prices  for  milling  wheat,  and  report  the  demand  in- 
creasing. Winter  wheat  sections  report  the  smalh^st  wheat  deliveries  in  years  and  many  instances 
of  drawing  supplies  from  primary  centres.  The  Februarv  movement  of  winter  wheat  was  only 
450,000  bushels,  or  but  47  per  ceiit.  of  that  marketed  in  February,  1894,  against  an  average  for 
the  five  years  ending  February  1,  1894,  of  over  1,700,000  bushels. 

Arrivals  in  Chicago  were  less  than  half  those  any  previous  February  in  five  years,  and  less 
than  10  ;^  those  for  1893.  Spring  wheat  receipts  but  half  those  for  February,  1894;  half  of  spring 
wheat  movement  in  February  was  to  Minneapolis.  Millers  appear  absorbing  much  more  wheat  iu 
midwinter  than  in  former  years.  Exports  of  flour  reduced  to  wheat  now  nearly  equals  wheat  exports. 
Russia  is  reported  as  making  strenuous  efforts  to  capture  a  part  of  Great  Britain's  flour  trade. 
Argentine  shipmeni;s  since  January  1  are  a  little  larger  than  same  time  last  year.  Great  Britain's 
stock  of  flour  is  small.  February  1  wheat  stocks  were  but  2,088,000  bushels  against  4,824,000  a  year 
previous.  The  amount  afloat  and  our  visible  in  excess  of  that  in  1892  is  about  40,000,000  bushels, 
and  seems  to  quiet  the  fears  of  English  buyers.  France  imported  the  past  six  months  about  12,000,- 
000  bushels,  and  her  operators  and  merchants  show  signs  of  nervousness  of  late  about  their  growing 
crop,  and  have  made  liberal  purchases  in  this  and  Western  markets  ;  some  of  our  cable  orders  were 
limited.  To  buy  wheat  for  September  delivery  is  an  investment.  India  seems  forgotten  in  her 
influence.  The  Argentine  movement  and  output,  French  weather  reports  and  Russian  news, 
coupled  with  very  small  English  stocks  are  more  than  likely  to  play  an  important  part  in  affecting 
values  the  coming  few  months— more,  perhaps,  than  American  crop  prospects,  which  just  now 
seem  overshadowed  by  three-eighths  of  our  visible  being  in  the  world's  speculative  centre,  Chicago. 

Bradstreet  reports  there  were  100,0C0,000  bushels  in  farmers'  hands  on  March  1  (or  40,000,000 
bushels  less  than  a  year  ago),  and  that  the  total  visible  and  invisible  is  42,000,000  bushels  less  than 
March  1,  1894.  The  largest  percentage  of  the  crop  grown  and  reported  on  hand  on  March  1  was  33 
per  cent.  March  1,  1885  ;  the  lowest  26  per  cent.  March  1,  1893.  The  Orange  Judd  Farmer  reports 
"  the  amount  of  wheat  in  farmers'  hands  March  1  was  154,578,000.  or  10  to  15  millions  less  than  was 
actually  in  farmers'  hands  a  year  ago,  as  determined  by  final  distribution,  and  that  probably  not 
over  37,000,000  has  been  fed."  A  year  ago  the  Government  reported  114,060,000  bushels  in  farmers' 
hands;  March  1,  1893,  135,205,430  bushels.  The  largest  amount  ever  reported  was  March,  1892,  when 
171,000,000  bushels  was  given  as  the  amount.  Our  annual  World's  Crop  Letter  will  again  be  pub- 
lished, March,  1895. 

Corn. 

The  Orange  Judd  Farmer  reports  the  amount  of  corn  held  in  farmers'  hands  March  1  was  563,- 
239.000  bushels.  The  Government  reported  585,816,350  bushels  on  hand  a  year  previous,  626,547,370 
bushels  March  1,  1893,  and  maximum  amount  970,000,000  bushels  March  1,  1890.  The  annual  con- 
sumption to  March  1  for  the  past  five  years  was  1,064,000,000  bushels,  and  for  the  previous  five  years 
was  about  1,100,000  bushels.  We  do  not  think  consumption  has  equalled  an  average;  550,000,000 
bushels  may  be  reported  in  farmers'  hands  by  the  Government  the  10th  inst.  Government  never 
reported  more  than  42  per  cent,  in  farmers'  hands  March  1  or  less  than  34  per  cent.  Sentiment  con- 
tinues bullish  ;  speculation  small ;  prices  now  range  about  three-quarters  those  made  soon  after  the 
crop  was  known  to  be  a  short  one.    Purchases  would  therefore  seem  preferable  to  short  sales. 

Oats. 

The  Orange  Judd  Farmer  reports  the  amount  held  in  farmers  hands  March  1,  was  254,174,000 
bushels.    Supplies  appear  to  more  than  equal  demand  ;  prices  keep  close  to  other  grain. 

Provisions. 

The  world's  visible  supply  of  lard  is  reported  241,786  tierces  on  March  3,  1895  ;  164,500  tierces 
being  in  Europe  or  afloat  for  Europe.  Stocks  of  provisions  in  Chicago,  March  1,  aggregated 
200,216,000  pounds,  against  96,385,000  pounds  a  year  previous  and  214,922,000  February  1,  1895.  The 
average  weight  of  hogs  arriving  there  in  February  was  220  poujads  against  234  pounds  the  previous 
February.  Live  hogs  and  cattle  range  higher.  The  "guessing"  seems  to  indicate  the  summer  run 
of  hogs  will  be  small  and  higher  prices  prevail.  The  domestic  and  export  demand  continues  good. 
We  prefer  to  look  for  a  higher  range  of  values  on  this  33  per  cent,  decline  since  the  short  crops  of 
corn  and  hogs  were  reported.  A  leading  packer  seems  to  be  corralling  the  provisions.  Packing  for 
the  winter  season  is  now  reported  as  6,940,000  hogs,  against  4.835.000  last  season,  or  a  final  outturn 
then  of  4,885,000  hogs  against  what  now  indicates  7,100,000  as  being  the  final  count  for  this  season. 

Yours  truly,  CLAPP  &  COMPANY. 

Note.— About  March  15  we  shall  issue  our  new  book,  "Leading  American  Exchanges  for  1894." 
It  will  contain  352  pages,  in  elegantly  bound  covers,  and  have  half  tone  pictures  of  about  35  repre- 
sentative Stock,  Grain  and  Cotton  Exchanges,  giving  their  history,  business  and  statistical  record 
for  the  past  decade ;  also  values  at  producing,  speculative,  exporting  and  consuming  points,  and 
much  other  statistical  matter  of  great  value  to  bankers  and  business  men  who  desire  to  know  daily 
prices  and  the  annual  production  of  the  world's  staples  A  limited  number  of  copies  will  be  issued 
and  delivered  to  applicants  free  upon  receipt  of  $3.00. 

87 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Quotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Marcli  6,  1895,  and  tor  Harcli,  lS9i 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
PROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


CiPrrAi, 
Stock. 


120,287.100 
10.198,600 
36.773,000 
36  773,000 
17,900,000 
102,000,000 
25,000,000 
15.000,000 
22,488,000 
60.8U5.400 
82  202,700 
24,885  800 
46,027.261 
25,923,900 
46,156.000 
18,559,360 
39,054,907 
22,335  no 
28  000,000 
35,4.30,060 
26.200.000 
35  000.00f 
38  000.000 
85.000.000 
30,459,700 
25,000,000 

8,000,000 
50,000,000 
10,000,000 
11,840,000 
11  840,000 
49,466.500 
52,800.000 
30,000,000 
18  738,204 
18,000.000 
47,844,100 
47.436,576 
14,905,400 
14,904,000 
89,428.300 
77,427.000 
20.000,000 

6,000,000 
58.119,982 
18  000.000 
89,767,200 
49,000.000 
89.269,546 
20.000,000 

8.500,000 
40.426,361 
86,000.000 

68.402,960 
125,000,000 
60.000,000 
19,8.50,000 
38.710,900 

6,500,000 
60,868,.^00 
83,837.093 
80.166.000 
18.0.^  800 

7,358,920 
28,000,000 
24,000.000 
94,820,000 
10.000.000 

4.500,000 


DiTIDBND  ReCOBD. 


Pays  .3pc  J-D 

Pays  3pc  0-.)-A-J 

Pays  3!^pc  J-J 

Pays  3pc  P  M  A  N 

Paid  5Hve  in  18S8 

Paid  2dc  Not.  1894.... 

Pays  iHpc  F-A 

Pays  l^pc  F-M-A-N... 


Paid  Ipo  Dec.  1H94 

Pays  l^pc  M-J-S-D.... 

Paid  2rc  A-0 

Pays  7  PC  Per  Annum. 
Paid  y^pc  Feb.  1895... 


Paid  2!^po  Jan.  1695. 
Paid  3^pc  Jan.  1895. 

Paid3pc  in  1803 

Pays  2pc  M-J-.S-D 

Pays  7pc  per  annum. 
Pays  7pc  ;  er  annum. 

Paid  'i'k'pc'  Jan!  ']'8'J3.' 
Paid  2pc  Aug.  St  1893. 
Pays  5pc  per  annum. 

Pays'ij^pc'ii.S.".'.';;; 


Pay*  iMpc  F-M-A-N. 

Pays  3pc  FA     

Paid  2pc  August  1893. 
Pays  l^pc  J- A- JO.. 
Paid  2pc  in  Feb.  1895. 


PaidSpc  1801 

Paidlpc  in  Dec.  1894. 
Pays  l?iic  M-J-S-D.. 
Pays  lJ4i  c  J-A-J-O.. 


Paid  l}4pc  Nov.  1893. 


Paidlpc  April  1692.. 
Paid  Ipc  In  1887.... 


Pays  2pc  F-M-A-N. 


Paid  Ipc  In  1887... 
Paid  '3>ipc  In  "1884! 


Pays  IHPO  J-A-J-O. . 
Paid  Vpo  In  Feb.' 1894! 


Namks  of  Stocks. 


American  Cotton  Oil.. . . 
American  Cotton  Oil  Pfd. 
Am.  Sujcar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topelsa  &  S.  Fe. 

Baltimore  &  Onio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific. .. 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  CId.,  Chic,  <fe  St  L. 
Consolidated  Cla«  of  K.  Y. 
Delaware.  Lack'a  <fc  W"n. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Distilling  &  Cattle  F.  Co.. 

General  Electric  (o 

Great  Northern  Pfd.  ... 
Green  Bay  W  Jk  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n.. 
Louisville  A  Nashville.... 
.Manhattan  R'yCousol... 

.Michigan  Central 

Wo..  Kansas  &  Texas  P/d 

Mexican  Central 

Mis.souri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd . . . 
N.  T,  Cent'l  A  Hudson  Riv 
N.  T.  Lake  Ei  ie  &  Wesfn 
NY&N  E  tst  CO  ct«  all  in  pd 
N.  Y.  &  Northern  Pfd.... 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.  4  W -n  Pfd.... 

Noiih  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria,  Deo.  &,  Evansville 
Philadelphia  &  Reading.. 
Pullman'*  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Sontbem  Railway  pfd... 
Tenn.  Coal.  Iron  &  R  R  Co 

Texas  &  Pacific ' 

Tol.  Ann  Arb.  A  Nor.  Mich 

Union  Pacific 

Union  Pac.  Den  v.  A  Gulf. 
United  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash I 

W^abash  Preferred I 

Western  Union  Tel.  Co...! 
Wheeling  A  Lake  Erie...  J 
WheeUng  A  Lake  Erie  Pfd 


Thursday. 
Feb.  28. 


!6 


II       20^ 
9iH    91% 

91 
4 

679i    55% 

4m     18 

65^     835 

16« 

70M 

72)4     70% 

55        54i4 

ii7«  ini4 
62      6:>i 

88)4    67i4 

86M  36)4 

1.33V«  13H 

158^  \5-i^ 

126  126 

U%     10^ 


Friday.    Saturday,    Monday.     Tuesday. 
Mar.   L       Mar.  2.       Mar.  4.       Mar.  5. 


20% 
64!^ 
9-% 
^■i% 
91)4 
S% 
57% 
48)a 
85?i 
I6)i 
70)6 
71)i 
55 

117)i 
62)6 
30)4 
mi 


205i 
6i% 
9194 
92 
90^ 
3% 


84)4 

16 

6'.l)i 

:o)i 

54^^ 

61% 
30)» 
88 


36)i  35)4 
131)4  131)4 
lJ8*i  156 

i'«   ii)6 

29       27% 


84)4    84)4 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 992.(M1 


COTTON,  in  ba  e». 
I  World  s  visible. 
1895,  4  79l.:i9 

18941  4  893,420 


Tital  In  stghttl  Total  Exports. 
8,497.576  8,136.:«0 

6,5^,446        I        4,OS7.067 


N.  r. 


fFebAM'ch 
I  M'ch&Apr 
Cotton  1  Apr  A  May 
iMayAJuDe 


WHEAT,  in  busnvls 
I     II.  S.  Visible.      Primary  re<:"ts*|  Total  Exports. 
1895         78.761.000         I     1£6.:25  000  10;.'.646  124 

1S94|        75  563,000  I     liM.601  000        |     120,073.544 


^''«*»]j*'ui^:.! 


Corn. 


May. 

)  July... 


CORN.inbushe's. 

I     U.  S.  Visible. 
1895         IS  676.000 
I894|        19.106  000 


Primary  rec'ts* 
51  676.000 
U8.8;7,000 


Tot*l  Exports. 
12.394  264 
44  382  720 


Chicago  1  May.. 
Wheat.  (July.. 

<^«™-i5ury:, 


OATS,  in  bushels 
I    U.  S.  Visible. 
1895  6.6S'j.09il 

189l|         2  661  UOO 


N.  Y.  Stocks, 
56?  9:8 
071047 


Cbgo.  Stocks. 
1  203  000 
1.044,000 


Oats. 


I  May.. 
I  July. 


Pork.  .  j^^^y- 


I  July.. 


1895 
1894 


LARD-tcs. 

World's  vis. 
341. ;86 
111,984 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,!  LARD-tcs.  1  RIBS-lbs. 

12:. 660  80,322        i4.474.908 

77,641     I  4,011     I   10,605,802 


Lard 
Ribs. 


(May., 
I  July.. 
(May 
1  Ju]y„ 


136)4  l.'tt)^  136      136 
f.0        48%:  4954    48V4 
10794  10t))i,    ~ 


97%  95% 
8%  8)4 
30)4    i^4 


1594 
87)4 

2% 
13)4 
22 

■9% 
80)4 


15?* 
8794 

■m 
13% 
22 

1794 

9'/4 

31)4 


894   m 


8)4 

^^ 
9)4 


40 

')4 

1294 

8694 
8% 


308,812 


5.43  5,40 

5.44  S.41 
5.49    6.44 


59)4 
59)4 
49  V4 
49% 

54)4 
55)4 
45)4 

nk 

39)4 
28 
10,33 


BS% 
6.^94 
4S94 


'08      lo7)4 

hi"  js" 


IM  19)4 

27)4  27 

90%  95% 

8)4  69}. 

30)4  80 

15%  15% 

3794  37H 


394 
294 


8)4 
294 


13%    lH'n 
•■U^    22)4 

»«      9)4 


10 


1794 
994 


31)4    81 
8%      8% 


6)i  6% 

8  7)4 

12%  12% 

fc7)4  87 

9)4  9 


147.154 

6,46  5.44 

5.46  5.44 

5.52  5.4.-< 

5.54  6.50 

69%  69 

60  53)4 

49)4  49 

4t)%  49)4 


5%'  6494  54H 

54%i   5594  55 

44%    45)4  '16 

44%    43  4494 


2794 
10,20 


31 

9.3" 
92)4 
90% 


4894 

84% 

69% 

71 

54% 


62       61% 
88%    8794 

130%  13C)4 
126*"   12594 


92% 
92)4 
90 


48)4 
83% 

69% 
7094 
54 


12 
27% 


11)4 
27 


18.--%  135% 
49)4  47% 
107%  10794 


19)4  :9 

2S)4  27)4 

96)4  96)4 

80  80 


1594 
18)4 


16 


13% 


81 


17H 
9% 
31 


694     894 


22)4    21)4 


93% 
92)4 
91 
394 
67 
48 

85% 
16)4 
70)6 
7i 

f>m 

117 
62 
80 
88)4 


91)4 
92)4 
90^ 

56)4 

48 

»3li 

l'i% 

69 

7094 

54 
117 
61% 
29% 
8.-% 


mi  86 

t3l)«  131 

1579-4  157 

125%  12'>94 


1294 
27)4 


13% 
25% 


71)4    71 
136)4  13594 

4894     47)4 
107)4  106)4 


24 

67)4 

93% 

92)s 

9.'94 


23 

67)4 
92% 
92)4 
90)4 


Wed.. 
Mar.  6. 


23)4    23 


9194 
02)4 
91)4 


67       67 


87% 

:«)4 

70)4 
7094 
5594 
117)4 
62)» 

89 


8594 

16)4 

6994 

70 

54)4 

:i7 
6194 

2fl)t 
83 


596 

8)4 

12% 

87)k 

9)4 


19)4  18% 

28)11  -io 

9694  98 

SO  29% 

i6%  1594 

m  m 

8         8 

14  H% 

22  £2 

■«%      7% 


18  17% 

10%  994 

81)4  8094 

14%  14 


8%    en 


...  38%  87% 

494  S  5 

8    I 

■   ■•  5%  6M 

12%  12%  1294 

87%  8794  86% 

9J4  9%  8)1, 


88,138 


212,179 


S.51  6,46  6.57  6,50 

5.51  6.46  5.55  5  51 

5,56  5,50  5.60  5.51 

6.58  5,52  6  63  5.57 


8H%    .•6)4 

13.')4  132)4 

155%  157)4 

126)4  120)4 
3494  3494 
13  12)4 
27        26 

102  102 

85       85 

2594  2594 

7U94    7094 

li'M  136i4 

4i)4  48% 

107%  107)4 

21)4  si% 
iO       19 

8294  f294 

97  86)4 

.^     '^ 

80  2j94 


167  882 

5,53  5,19 

5  52  6.48 

5.58  5  52 

6.53  5.55 


.59)4  59%  60,',  59%  59} J    69% 

5994  69)4  60%  60  

40  48%  49%  48% 

49%  49  49%  4i)t 


64  I  55        5494 

65  '  65%    55V4 
44%    46%    44% 


60,"*  59{i 
49)4  48% 
19)4    49 


54%    54)4 

55%    55^ 
41)4     44% 


4494     44)4    41%    41%    44J4    4494 

29%    29)4    29)4    29       29%    29%^  29%    29 

27%    2794    2794     2794    2794     27%    27)4    27% 

10.87  10.30   1085  10.27   10.55  10.35   10,50  10  42 

I 10,70  1062 


92)4 
9194 
4 

:7 
49 

87 
16)4 


5.'94 
48!4 
85% 
16)4 


71%    70^ 

71%   roH 

55^4    ti% 
11:      117 
62%    6194 
2994    2694 
39)4    88)4 

86% 
131%  :31)4 
153  '57)4 
127)4  l26H 
3194  ^^ 
13  12% 
27       20)v 


86       84)\ 

1594    1594 

!36)4  '36)4 
4s)%  ,45% 
;C794  '07% 

21%    -IH 

20)4  19% 

2i94  i* 

83  83 

9694  X^ 
894     8)i 


16)4 

87)4 

3% 

14 

22% 


16 

87% 
3% 

1394 
22% 


8%     794 


17% 
9% 
81)4 
149i 
8% 
1 


9 
6% 

S7% 

9-Xi 

36% 


29% 
14% 

8% 

1 


8)4 
5% 

66% 

9 

85% 


138  081 

5.59  S.-'iO 

5.59  5.52 

5.62  5  56 

6,67  5  59 

5!>%  59,'. 

60  39)4 

49%  48->4 

49  48%' 

54%  5:1941 

55%  54->4l 

41%  4494 

4494  *4)i 

29%  28% 
27%  27),! 
10  72  10  42  I 
10.80  10.07 


Range  for  Range  foi 
Feb.   1895.   Mar.  1894. 


«.50 
6.60 
5.27 
5.40 


6.43 
6.55 
5,22 
6,37 


6.52 
6,62 
5.35 
5.47 


6.47  6  53  6  47 

6,62  1  8,60  6,60 

5.30  5  30  5  27 

5.12  I  6.17  5.42 


1895 

1894 


OLD  PORK,Chgo,-bbl8. 
...     bbU. 


6  57 
6.70 
5  37 
5.52 


6  56 

6  67  ' 
5.32  I 
5.45  I 


6  57 
6.67 
5  40 
552 


6,52  ; 

6.67 
6.35 
5.50' 


660 
6,70 
5.47 
6.60 


862 
6  65 
535 
5,50 


22%  1894 

83)4  26% 

33%  80% 

100)4  ^*^ 

1044  SH, 

31%  2v% 


1594 

34 

8% 

294 
IS 
20% 

3 

9! 
154 
60% 
17)4 

9% 
80% 
13)4 

8% 
% 

"^ 
8994 

2% 

5 

6% 
13% 
8694 

^ 
85 


16% 
4094 
8% 
8% 
1694 

'f* 
10)4 
166 
6O94 

m 

10% 
3.J% 
15 
9% 

1^ 

44)4 
6)4 
9)4 
6% 

14 

89 

10)4 

89 


5,50  5.83 

5,53  5.87 

5.57  5.10 

5  61  6  44 

59%  57% 

59}i  37% 

49%  46% 

50  47)4 

51%  52 

55%  52% 

46)4  42->4 

45%  4294 

29%  28)4 

26%  27)4 

1065  877 


6  82 
6,75 
5.45 
5  60 


6.42 
6.52 
5.07 
5.J2 


32%    25% 

73%  6? 

100  8094 

92  83% 

8394  74V4 
16        !-•% 

79)4  69% 

5294  .W 

1)794  114% 
19^4     17% 

84%  7? 

>i<yi  62 

65  59 

123%  119 

7194  6794 

■10%  3694 

109)4  104 

HI  13  )^ 

4194  87 

;36%  K'8 

l';?94  165% 

l3i*94  13514 

84  29^ 

mi  24)4 

45%  40% 

104  101% 
7)4      6 

95  9194 

17)4  15% 

17%  14% 

70  66 

131  1-3694 

52%  46% 

13694  122% 

99%  98 

26%  23% 
794      6% 

•38%  2294 
39 
8494 

12% 


71% 
9% 


17%    16 
4694   4394 


6% 
6)4 


4 

4% 


23%  1794 
1794  15% 
6%  4% 
•38%  19^4 
173      168% 

25       23" 


10 
11)4 


18% 

8 

6% 


22%     IS 
6%      594 
40%    39% 


7%  694 

16%  13% 

87)4  84)4 

13%  l'3% 

49)4  J69| 


7.55  7  2S 

7.66  7  28 

7.73  7  35 

7.78  7  42 

6494  61)6 

67A  63)4 

4)%  42)4 

1494  *'M 

61%  57% 

63%  .59^ 

38)4  3C% 

39  37% 

31%  29% 

29%  •37)4 

11.95  10  75 

12.00  10.77 


7.12 
6.95 
6  20 
6  17 


6.40 
6.37 
5.55 
5.55 


WHEAT  on  passage. 
84.960,000  bush. 
30,528,OjO    " 


CORN  on  passage. 
8.120,000  bush. 
6,600,000    " 


Russian  Shirmts.  forwk. 

1.400,000  bush. 
1.517,000    " 


Indian  Shipmts  for  wk. 
;;  4.000  bush. 
40.000    ■' 


Argentine  Sbpts.  for  wfc. 
....        bush. 


t  Since  Aug,  31.    ♦  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING.  NEW  YORB 


WUCChlV    fir^nrI»Ct    XCttCr  copyright,  IHOB,  b,,  aapp  &  Cot'OtHif. 

No.  420.  O.  W.  Clapp. 

DwiQHT  O.  Clapp 

CLAPP    &    COMPANY, 

3Banhcc8  anb  Bcokers,  -^ 

miLLS    BUILDING,    N.   Y.  ^ 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXTMANGE  PLACE.  > 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.  Q 

(277    BROADWAY,  Corner  CHAHBEsa  St.                                                                                                                                 PRIVATE  TELEGRAPH  WIRES.  HI 
Branch    )  67  I    BROADWAY.  Bro«o*.y  Central  Hoteu                                                                                                                         CABLE  ADDRESS  :"  OZRO." 

otnuts:  I  753  FIFTH  AVENUE,  coRhEN  faaiH  8t                                                                                            Long  Distance  Telephone.  Q 

New  York,  Thursday  Morning,  March  14,  1895.  O 

We  respectfully  solicit  Commission  orders  for  the   Purchase  or  Sale  of  Stocks,   Bonds,  Z 

Cotton,  Grain  and  Provisions.    •  H 

Our  private  wire  facilities   are  unsurpassed  to   all    New    York,    Chicago   and    Western  ^ 

Exchanges.      Close  relations   to   important   interests   enable  us   to   give   early    and  valuable  — 

information.  Z 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  (/) 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-toivn  banks.     The  local  bank  should  always  O 

wire  us  at  once,  at  our  expense,  stating  amount  that  has   been  placed  to  our  credit,  and  for  ^ 

whose  account,  thus  allowing  us  to  fill  customer's  order  promptly.  — 

r" 

A  General  Banking  Business  conducted.    3^  Interest  allowed  on  Average  Daily  Balances,  •< 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers.  ^ 

Financial  Outlook.  q 

All  nature  breathes  an  uplifting  aspiration  in  the  budding  season.    Even  the  dead  leaves  of  the  O 

past  hasten  to  resolve  themselves  into  new  forms.    "What  has  been  may  always  be  held  in  the  future's  'J^ 
gift.    The  new  life  and  its  promise  carries  in  it  elasticity  and  courage  that  ought  to  fill  men's  hearts, 
bins  and  bank  accounts  in  the  harvest  season.     Weeds  and  grain  grow  together  only  where 


D 


intelligent  energy  of  man  is  missing.  ^ 

Straws. — Apparently  progressive  paralysis,  begun  in  18'.)3,  is  nearing  an  end.     Many  bright  >-.> 

spots  appear  when  the  chief  Executive  is  absent  from   "his  throne."     The  plan  of  increasing  ^ 

pi'osperity  by  incrbasing  the  national  debt,  we  trust  is  about  ended.     The  various  appropriations  *^ 

authorized  by  the  53d  Congress  equal  $990,225,259  beside  the  extra  interest  and  expense  of  public  j^ 

b'.iiliings,  against  $988,000,000  when  "the  other"  party  held  the  reins  of  Government.     The  bond  "^^ 

call  granted  to  the  foreign  Rothschild  Morgan  Syndicate  expires  October  1,  1895.    It  is  estimated  the  r- 

world's  product  of  gold  in  1894  was  208  millions  ;  of  silver  157  millions  ;  that  the  total  produced  from  i-rt 

earliest  times  aggregates  17,300  millions  of  gold,  and  12,700  millions  of  silver.     Radical  changes  of  --^ 

a  favorable  nature  appear  since  Washington  officials  dispersed.     The  volume  of  trade  is  larger,  pil 

Merchants,  manufacturers  and  consumers  are  buying  to  meet  requirements.     Investors  are  more  5 

hopeful.     Speculators  are  again  looking  for  better  prices.    Evidently  we  have  made  the  turn  and  — ^ 

general  business  will  improve.  ^ 

Stocks  and  Bonds.  ^ 

Bonds. — The  bonded  debt  of  New  York  and  Brooklyn  is  now  over  150  millions.     Boston  nearly  pl 

60  millions  and  Philadelphia  about  55  millions.     Chicago  about  18H  millions,  equaling  al)out  223>2  X 

million  dollars  against  an  aggregate  population  of  nearly  5  millions,  or  approaching  $45  per  capital  Q 

for  each  inliabitant.     Municipal  securities  of  our  largest  cities  should  be  the  best  of  securities,  if  -p 

accompauied  with  reform  governments.     Railroad  bond  sales  for  the  first  two  months  of  1895  were  IT" 

value  of  $33, 10.*, 018  at  average  price  of  77.8,  against  $33,385,572  in  1894,  at  average  price  of  $75.0.  ^ 

Business  in  bonds  continues  light  but  more  hopeful.  Z 

Railway  Stocks. — The  average  price  on  the  New  York  Stock  Exchange  for  January  and  O 

February,   1895,  was  $61.20  per  share,  against  f58.80  for  1894  same  time.     In  February  87  roads  prj 

reported  a  decrease  in  gross  earnings  of  1.95  per  cent.,  but  the  fourth  week  G4  roads  roads  show  .s.85  (j) 
per  cent,  gain  over  1894  same  week.  Baltimore  &  Ohio  is  experienciug  the  same  bear  tactics  that 
apparently  broke  the  price  of  Jersey  Central's  scattered  shares,  which  were  forced  out  by  bear  raids. 
St.  Paul  reports  10  per  cent,  less  gross  earnings  daily  the  first  eight  weeks  of  1805  than  for  1894  same 
time.  Burlington,  Rock  Island  and  Northwestern  report  losses  in  gross  earnings  comparing  with 
first  weeks  of  1894.  Erie  seems  doomed  to  an  assessment,  or  foreclosure,  or  both.  Atchison's  net 
for  seven  months  ending  January  31,  1895,  shows  a  decrease  of  over  $2,000,000,  or  23>^  per  cent,  less 


I£Eb:P  OUU  LKTri^KS.      PORTFOLIO  FOB  FILING  FOIt WARDED  APPLICANTS  FREE. 

d9 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


than  corresponding  time  in  previous  year.  New  England  appears  to  have  spent  considerable  of  its 
new  money  on  improvenaents.  L.  &  N.  continues  a  fair  stock,  and  manipulated  by  foreign  holders. 
Western  Union  earnings  are  light  and  the  stock  a  favorite.  The  declaring  of  usual  dividends  by 
Northwest,  Manhattan  and  Western  Union  causjed  the  bear  raids  to  cease,  and  the  market  looks 
healthier. 

Industrials. — Sugar  continues  as  uncertain  as  the  Fifty -third  Congress.  The  new  Distillers 
officials  appear  to  find  more  property  than  anticipated.  Then-  plan  seems  to  meet  with  favor,  and 
indications  are  for  better  prices  following  a  $4  assessment.  General  Electric's  enthusiasts  have 
increased  reasons  to  predici  the  stock  has  practically  passed  the  low  point.  It  is  possible  electricity 
may  soon  become  the  motive  power  for  many  railroads  now  using  steaua.  Cordage  may  need  reor- 
ganization again.  Cotton  seed  at  $7.00  per  ton  should  encourage  Cotton  Oil  stock  holders.  Chicago 
Gas  will  likely  rid  itself  of  objectionable  liabilities  and  obligations,  and  emerge  as  an  investment 
stock  with  no  mean  aspirations.  American  Tobacco  stock  appears  manipulated  by  wiser  and  better 
heads,  who  claim  its  "  blind  "  dividend  reports  should  enthuse  officials  to  continue  on  the  earning 
list.  Sugar,  Whiskey  and  Tobacco  stocks  will  likely  continue  uncertain  properties,  and  attract  only 
the  speculative  classes. 

Cotton. 

The  South  appears  to  be  alive  with  legislative  and  mechanical  constructive  work  in  building  up 
the  cotton  factory  business.  Successful  New  England  spinners  continue  investigating  the  many 
Southern  facilities  that  cheapen  the  cost  of  cotton  products,  such  as  hours  for  labor,  insurance, 
taxes,  coal,  iron,  freight,  and  lastly  the  expenses  of  living  in  a  milder  climate.  Mr.  Ellison  reports 
cotton  consumption  in  Great  Britain  shows  takings  Irom  October  1  to  February  25  by  British  spin- 
ners equal  737,685,000  lbs.,  and  for  Continent  975,947,000  lbs.,  or  a  total  of  1,713,332,000  lbs.,  against 
1,570,009,000  last  season.  In  Great  Britain  the  average  weight  per  bale  was  507  lbs.,  against  482  last 
season,  and  493  on  the  Continent  against  473.  European  spinners  stock  February  25  was  922,000 
bales,  against  699,000  bales  a  year  previous.  Weekly  consumption,  179,000  bales  against  173,000  last 
year. 

India  and  Egyptian  exports  for  the  season  to  date  have  been  650.000  bales,  against  847,000  last 
season.  Sea  Island  cotton  in  sight  this  season  equals  73,436  bales,  against  58,708  last  year.  Exports 
36,682  bales,  against  3-^,255  bales.  Northern  mills'  takings,  32,595  bales,  against  17,919  bales  last 
year.  American  spinners'  takings  this  season  exceed  those  of  last  season  by  about  570,000  bales. 
Exports  of  domestic  cotton  goods  to  China  are  less  than  one-third  those  of  a  year  ago ;  4,000  cases 
were  reported  sold  to  China,  yesterday.  Exports  to  South  America  are  nearly  double  those  of  last 
year.  The  cotton  visible  is  4,754,909  bales.  Exports  5,269,838  bales,  against  4,189,085  bales.  About 
85  per  cent,  of  the  large  sales  in  Liverpool  of  late  have  been  American.  This  is  likely  true  on  the 
Continent  where  great  faith  is  manifested  in  cotton,  at  about  3  pence,  which  equals  about  5}4  cents 
per  pound  here  aboard  ship.  About  85  per  cent,  of  our  crop  has  cleared  from  Southern  ports.  We 
usually  export  about  70  per  cent.,  and  wilU  likely  export  80  per  cent,  this  season  ;  the  surplus  stocks 
afloat  and  in  Europe  are  less  than  500,000  bales. 

Nearly  all  evidences  go  to  show  consumption  is  fully  keeping  pace  with  production,  espe- 
cially of  American  cotton.  The  New  York  stock  is  only  188,000  bales  against  257,000  a  year  ago. 
Not  over  20,000  bales  are  certificated,  and  probably  not  over  80,000  bales  will  be  certificated  unless 
the  May  contract  is  at  least  one  dollar  per  bale  premium  over  August.  Our  average  crop 
for  the  five  preceding  years  ending  August  31,  1894,  was  less  than  8.000,000  bales,  against  less 
than  6,300,000  bales  for  the  previous  five  years.  The  stocks  at  ports  is  909,000  bales  against  841,000 
last  year.  Southern  markets  do  not  warrant  sending  cotton  to  this  market.  Sentiment  is  bullish, 
speculation  broader.  Apparently  there  is  some  manipulation  here  in  May  cotton,  which  is  well  con- 
centrated in  few  hands,  and  may  materialize  in  a  corner.  We  advise  the  buying  or  selling  of  more 
distant  months  which  can  practically  be  done  at  about  May  prices.  The  consensus  of  the  bull  feel- 
ing seems  to  indicate  August  cotton  will  likely  sell  at  seven  cents.  Certainly  there  are  more  orders 
and  inquiries  from  more  varied  sections  than  for  many  months,  and  from  people  who  claim  to  know 
the  season's  planting  will  be  small. 

Wheat. 

It  has  been  said  the  wheat  bulls  have  always  been  going  wrong  at  the  right  time.  Evidently  a 
condition  and  not  a  theory  now  confronts  them.  The  March  1st  Government  reports  indicate 
farmers'  holdings  from  all  crops  were  but  75  millions,  against  an  average  for  the  previous  10  years 
of  133  million  bushels,  and  107,000,000  as  the  least  amount  previously  reported  ;  that  live  stock  never 
consumed  so  much.  The  Dakotas,  Nebraska  and  Kansas  indicate  unprecedented  exhaustion  of 
supplies,  many  places  not  having  enough  for  seed. 

Government  reports  since  1885,  showing  wheat  crop  and  percentage  in  farmers'  hands  (bushels 

indicated),  and  primary  receipts  from  July  1  to  March  1  following  and  also  year  ending  June  30  • 

_____ 


Crop  (December  report) 

Percentage  in  farmers'  hand! 

March  1  foUowmg 

Bushels  indicated 

Bu.  disposed  of  prior  to  Mch.  1. 
Primary  receipts  to  March  1 . . . 
Piimary  rcta.  yr.  e'ding  June ao. 


1894-95. 

189»-94. 

1892-93. 

1891-92. 

1890-91. 

1889-90. 

1888-89. 

1887-88. 

1886-87. 

460,267.416 

16.8 
75,023,648 
889,846,502 
125,000,000 

896,131,725 

28.8 
114,085,936 
282.031,725 
137,000,000 
165,000,000 

515,949,000 

28.0 

145,000,000 
380,844,570 
227,000.000 
265,000,000 

611,780,000 

28.2 

171,000,000 
440,780,000 
200,778,000 
248,000,000 

899,262,000 

31.9 

112.000,000 

287,262,000 

90,068,000 

124,000,000 

490,500,000 

26.9 

1156,000,000 
334,500,000 
102,lH:i,000 
124.000,000 

415,868,000 

28.9 

110,000,000 

805,868,000 

78,790,000 

92,000,000 

456,329,000 

26.7 

182,000,000 

824,329.000 

94,537.000 

115,000,000 

457,218,000 

80.1 

122,000.000 

;«.5,2 18,000 

io5,;wi,ooo 

128,000,000 

857,112,000 

83.0 

107.000,000 

250,(KIO,000 

74.242,000 

88,000,000 


GO 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.  3 


1     ng 


Above  indicates  over  107  million  bushels  more  wheat  disposed  of  prior  to  March  1  than 
same  time  in  1894,  and  only  75,00().()()0  busliels  left  in  farmers'  hands.  Bradstreet  estimates  amount 
in  farmers'  hands  March  1  as  1UO,()00,0()0  bushels,  Price  Current  and  Daily  Bulletin  about  100.- 
000,000  to  105,000,000  busliels;  Oran<>fe  Jiidd  &Co.,  154,000,000  bushels,  and  Prairie  Farmer  and  Mr. 
Thoman  105,000,000  bus  s.  The  Cincinnati  Price  Current  says  the  visible  will  be  50  millions  less 
July  1  than  a  year  ago. 

The  March  Michigan  crop  reports  says  :  The  State  harvested  21,627,649  bushels  of  wheat  m  1894, 
acreage  was  1,002,000  ;  used  for  seed,  l,'lOK,000  bushels  ;  bread  for  farmers,  0,027,000  loaves;  sales 
August  1,  1804  to  March  1,  8,000,018  bushels  ;  4,758,000  bushels  fed  to  stock  (or  22^),  leavmgoniy 
574,031  bushels  on  hand.  The  world's  visible,  as  reported  by  the  Trade  Bulletin  March  1,  was 
212,440,300  bushels  against  222,390,900  a  year  previous.  Europe  having  18,000,000  bushels  less  in 
Bight  than  March  1,  liS94,  and  the  United  States  8,050,300  busbels  more. 

Stocks  of  choice  milling  wheat  are  very  small,  commanding  from  3  to  10  cents  premium  over 
contract  grades  in  nearly  all  American  markets. 

Minneapolis  is  about  4  cents  above  Chicago  ;  Duluth  about  6  cents  higher.  Spring  wheat  sam- 
ples are  very  scarce  south  of  the  world's  great  milling  point,  Minneapolis. 

Winter  wheat  millers  claim  many  sections  have  no  reserves  of  wheat,  and  that  unusually  light 
stocks  of  flour  exist  everywhere,  between  wheat  growers  and  bread  eaters. 

Northwestern,  English,  Argentine  and  Russian  speculators  are  short  large  lines  of  wheat  in 
Chicago,  against  cash  holdings,  and  their  position  is  reported  quite  similar  to  that  in  August,  1891,  just 
preceding  the  great  rise  from  87  to  114  culminating  August  17,  1801. 

Great  Britain  evidently  has  the  lowest  reserves  visible  and  invisible  at  this  date  of  any  season  in 
a  score  of  seasons.  In  short,  the  wheat  growing  countries  must  furnish  them  one  hundred  million 
of  busliels  before  Aug.  31,  1895. 

Australian  and  Argentine  reports  are  more  conflicting.  "Visible  supplies  in  January  and  Febru- 
ary decreased  about  four  times  as  fast  as  same  time  in  1894,  and  the  world's  visible  about  two  and 
one-half  times  faster.  The  world's  visible  supplies,  both  official  and  unoflBcial  are  possibly  now 
about  8,000,000  bushels  less  than  a  year  ago.  The  aggregate  decrease  since  the  maximum  visible 
was  reached  equals  about  10,000,0J0  bushels.  The  French  continue  buying  wheat,  alleging  their 
crop  is  damaged  seriously.  Crop  damages  and  reports  of  damages  will  likely  make  a  much  broader 
speculative  market  and  higher  prices. 

Corn. 

The  Government  crop  report  indicates  162,934,040  bushels,  or  13.4  per  cent,  passed  county  lines 

Erior  to  March  1,  and  was  marketed.  That  the  merchantable  crop  grown  equalled  999,400,600 
ushels,  or  82.4  per  cent.,  valued  at  44.8  per  bushel ;  that  the  merchantable  corn  was  valued  at  28.6 
per  bushel.  Total  valuation  was  8508,713,129,  or  $40,000,000  less  than  the  December,  1894  valuation, 
and  averages  41.9  cents  per  bushel. 

Government  reports  since  1885.  showing  corn  crop  and  percentage  in  farmers'  hands  (bushels 
indicated),  and  primary  receipts  from  July  l  to  March  1  following,  and  for  year  ending  June  30  : 


1894-95. 

l89:}-94. 

1882  93. 

1891-92. 

1890-91.     1    1889-90.    .|    1888-89.     |    1887-88.     |    1886-87. 

1885-86. 

Crop  (December  reports 

Percentage  sold  beyond  county 
lines  prior  to  March  1 

1,212,770,052 

13.4 
162.9:«.640 

39.2 
475,564,450 

1,049,835.412 

126.966,833 

82.4 

1,619,496,131 

15.5 
250.:«4,020 

36.2 
585,816,350 

1..369.162.111 

148,138,642 

85.6 

1,628,464,000 

17.0 
277,379,400 

38.5 
626,817,370 

1,351,084,600 

130.898,943 

82.6 

2,060.154,000 

19  6 
403.676,510 

41.8 
860,393,950 

1,656.477,490 

109,021.008 

88.5 

1,489,970,000  2,112,892,000  1,987,790,000  1,456.161,000  1,665,441,000  1,9)6,176.000 

12.6                 18.2                 18.7        1        11.7                 17.3                 17.0 
187.689,180     884,178,670     871 .8.'>8,430     170,340,420     288,640,900     820,149,i>20 

Perct.  in  farmers'  bands  Mar.  1 

36.4                  45.9         1         30.6         1         .34.9         1         ;«.2         | 
542,173,250     969,938,480     787,482,060     508,278,510     603,344,650          .... 

Bushels  retained  and  consumed 
in  county  where  grown  prior 

to  March  1 

Primary  rec'pts  yr  end'gjan.  1 
Percentage  crop  merchantable 

l,3O<;,280,820  1,728.713,330  1,615,931.570  l,285.r!0.580  1,376,800,100  1,607,026.080 

161,29.1,903     136.471,5611    103,314,976,      80,6S2,141       99.270,2541    118.118,783 

79.5                 85.7        1        82.4         1        b4.0                86.0        I        78.0 

Above  indicates  HO  million  bushels  less  in  farmers'  hands  March  1  than  in  1894  same  time,  and 
that  the  total  consumed  and  retained  to  be  consumed  by  farmers  as  reported  up  to  March  1  is  320 
million  bushels  less  than  last  year,  both  appearing  to  corroborate  tne  reported  large  quantity 
of  wheat  fed  to  stock. 

The  Orange  Judd  Farmer  reports  563,239.000  bushels  in  farmers'  hands  March  1.  It  is  but  four 
times  in  10  years  a  small  percentage  has  been  found  in  farmers'  hands  March  1.  The  total  amount 
has  not  been  so  small  in  a  score  of  years.  It  is  conceded  consumption  has  been  unusually  small  and 
that  many  million  bushels  of  wheat  have  been  fed.  Chicago  has  less  than  1.000,000  bushels  of  con- 
tract corn.  Many  speculators  are  anticipating  a  10  cent  rise  in  April ;  one  often  occurs  just  before 
planting  and  just  before  "roasting  ear  season." 

Provisions. 

Exports  and  domestic  shipments  continue  large  from  distributing  centres.  Chicago  stocks  are 
likely  to  decrease  faster  than  usual  during  the  summer  packing  season.  Leading:  packers  are  bul- 
lish and  large  holders  of  their  winter  packing  product.  Speculation  is  broader  ;  outside  orders  more 
numerous.  The  average  weight  of  hogs  packed  in  Chicago  in  February  was  224  pounds,  their  pack- 
ing to  March  9  was  102.000  liogs.  All  packing  for  the  past  week  330,000  hogs,  against  245,000  the 
previous  week,  and  140,000  same  week  in  1893. 


Yours  truly. 


CLAPP  &  COMPACT. 


CLAPP  &  COMPANY,  BACKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Qnotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Harcli  13,  1895,  and  lor  Marcb,  1894. 


Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 


FROM    NRW    YORK    STOCK    EXCHANGB    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Salis. 


2,218 
a95 

«£2.0ia 

5  283 

17.9W 

2,012 

14.998 

b90 

45,301 

410 

22,3(X) 

2U,b37 

94,235 

b70 

18.tj75 

l.fcCO 

83,408 

8033 

l,7tiO 

10,710 

7,094 

950 

56,227 

30,525 

4UU 

394 
500 
200 
750 

4,818 
41.145 

4,8ei8 

1^798 

13,533 

4,84S 

999 

40.769 

13.495 

4,894 

l!4i6 

1.410 
805 

s'.m 

l,lt>0 
^740 


I,QPO 

e.b)i 

5,330 
4034 
1,614 
210 
a,522 

1,412 
8,231 
2  525 
2C0 
1,050 
2l,748 
5.970 

i,oeo 


Capitai, 
Stock. 


$20,287,100 
10.198,600 
36,773.000 
86,773,000 
17,900.000 
102,000,000 
25,000,000 
15,000,000 
22,488,000 
60.805.400 
82  262,700 
24,885.800 
46,027,261 
25,92.3,900 
46,156.000 
18,659.3fi0 
39,054.907 
22,335  170 
28  000,000 
85,430.060 
28,200,000 
35,000,000 
38  000,000 
35,000.000 
30,459,700 
2.5,000,0(,0 

8,000,000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18,738,204 
13,000,000 
47,844,100 
47,436,5';6 
14,905,400 
14  904,000 
89,428,:}00 
77,427,000 
20,000,000 

6,000,000 
58.119,982 
13,000,000 
39,767,200 
49,000.000 
89,269,516 
20,000,000 

8.500,000 
40.426.361 
36,000.000 

'68.402,900 
125,000.000 
60.000,000 
19,850,000 
38,710,900 

6,500.000 
60,8e8„M)0 
83,887,098 
80.166,000 
18,032  800 

7,S5S,920 
28,000,l>00 
24.000,000 
94,820,000 
10.000.000 

4,500,000 


DiTiDBNi)  Record. 


Pays  3pc  J-D 

Pays  3pc  OJ-A-J.... 

Pays  3V^pc  .J-J 

Pays  .3pc  F  M  AN... 
Paid  5)4pc  in  1888... 
Paid  2dc  Nov.  1894,. 

Pays  ij^pc  F-A 

Pays  ]?4pc  F-M-A-N. 


Paid  ipc  Dec.  1^94 

Pays  IJ^pc  M-J-S-D,... 

Paid  2f.c  A-O 

I'ays  7  PC  Per  Annum. 
Paid  i^pc  Feb.  1695,,. 


Paid  2HiPC  Jan.  1695, 
Paid  3}tpc  Jan.  1895. 

PaidSpc  in  1893 

Pays  2pc  M-J-S-D 

Pays7pc  per  annum. 
Pays  7pc  ^e^  annum. 

Paid  IHpc  Jan!'l8;'i3." 
Paid2pc  Aue.  stl803. 
Pays  5pc  per  annum. 


Pays  2J^pc  MS. 


Pays  IMpc  F-M-A-N... 

Pays  .3pc  F  A     

Paid  2pc  August  1893. . . 
I'ays  IHpc  J-A-J-O..,. 
Paid  2pc  in  Feb.  1895... 


Paid,3pc  1891 

Paidlpc  in  Dec.  1894... 
Pays  l?ipc  M-J-S-D.... 
Pays  l^po  J-A-J-0.... 


Paid  l>4pc  Not,  1893. 


Paid  Ipc  April  1892. 
Paid  Ipo  in  1887... 


Pays  2po  F-M-A-N. 


Paid  ipo  In  1887... 
Paid'8^po'in"i884! 


Navkb  or  Stocks. 


Pays  IHpc  J-A-J-O. 


Paid  Ipo  In  Feb.  1894. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd 
Am.  Suirar  Refining  Co. 
hm.  Sugar  Refining  Co  Pf 
American  Tobacco  Co. . . 
.\tchison,  Topeka  &  S,  Fe 

Baltimore  <&  Ooio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy. , 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Panl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  I'acific 
Chic.  St  Paul  .M.  &  Omaha 
Chicago  <fe  Northwestern, 
Clileago  &  Northw'n  Pfd. 
Cleve..  Cin„  Chic,  <fc  St  L. 
Consolidated  Gas  of  N.  Y. 
Delaware.  Lack 'a  &  W'n. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  I'fd 
Distilling  &  Cattle  F.  Co.. 

General  Electric  (o 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  &  Western.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. . 

Louisville  &  Nashville 

.Manhattan  R'yConeol... 

Michigan  Central 

Mo..  Kansas  &  'lexas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd... 
N.  Y.  Cent'l  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  Wesfn 
NY&N  E  t.st  CO  ct.»  all  in  pd 
N,  Y.  &  Northern  Pfd.... 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.  &  W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd. 

Pacific  Mail  S.  S.  Co 

Peoria,  Dec.  <fc  Evansville 
Philadelphia  <fe  Reading.. 
Pullman's  Palace  Car  to. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  &,  R  R  t'o 

Texas  &  Pacific 

Tol.Ann  Arb.  ANor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  A  Gulf. 
United  States  Rubber  Co. 

U.  S.  Coidage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie.,.. 
W  heeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1.145,801 


COTTON,  in  ba  es. 
I  World's  visible. 
1896  4  751.909 

lh94|  4  374,991 


ToUl  in  sight  t|  Total  Exports. 
8,642,973  5,',;tla,818 

6,668,040        I        4,169,0-5 


N.  T. 
Cotton 


March. 
April., 
May... 
June... 


WHEAT,  In  bushvls. 
I     V.  S.  Visible.     iPrimary  rec'ts* 
1895         77.717.000  12it,.'J90.000 

1894|         ;4  6C8,0O0         |     li>6.585  000 


Total  Exports. 
105,449  692 
122.517,59« 


^''^"•ij"!^:.::: 
c-°-IjX.::: 


CORN,  in  bushels. 
I    U  S.  Visible. 
1895  13  792.000 

1894|         19.348  000 


Primary  rec'ts*!  Total  Exports. 
52  663.000  12  821  «08 

121,6'.9,000        I      46  061  840 


Chicago  \  May.. 
Wheat.  )  July.. 

^--••]j*u1^;, 


OATS,  in  bushels 
I    U.  S.  Vi.'ible. 
1895         6,409  OOil 
1894|         2  189  000 


N.T,  Stocks, 
619  921 
547,032 


Cbgo.  Stocks, 

1  229  000 

875,000 


I  LARD-tcs. 
World's  vis. 
1895         241,786 
1894        111,984 


CHICAGO  CONTRACT  STOCKS. 
PORK  bbis,   LARD-tcs.  i  RIBS-lbs. 
12:,C65     I  30,322        34.474,908 


77,t;41 


4,011     I   10,005,802 


Lard 
Ribs. 


t  May.. 
I  July... 
(May  . 
(July... 


Thursday. 
Mar.  7. 


23^  23 

67^  6TM 

95H  91^4 

93  92M, 

92  9i% 

S>A  3^ 

hV/4  52 

48Ji  tm 

mi  85k 

16M  KVa 

70%  70!^ 

71%  7r 

55)4  54' 

62WI  elji 

mi  88J6 

86"  .^5H 

13l9i  13IJ4 

156^4  15711 


l^A,     12 
267^    2656 
103      103 


:o9i  70?i 

1361.^  1.16 

4«H  489^ 

106W  107 

22'  22 

26"  19% 

90%  29!^ 

84  83)4 

96  84H 

«)  ii% 

ien  ifi 

3?«  3?^ 
m      8J6 

i-M  22)a 

8  'i% 


Friday. 
Mar.  6. 


28       23 

98«    95?i 
9.3«     " 


92 

3« 


:o 

309i 


BO 
14M 


674     tH 


8:)6 

9H 
36)4 


l-29i 

»6« 
36^ 


262,877 

5,65  5,60 

5,C4  5,57 

5.70  5  62 

5,72  5.64 

59H  5S9i 

59^  54 

49  49 

49}i  49 

.54  Wl  53H 


44hi 


232.662 

5.68  5.62 

6,67  5  61 

5  73  5.07 

5  74  5,6.-< 

59H  59.  i 

5994  fM 

499i  <% 

4s»>6  49)4 

il%  54 

f>'>%  55 

45)4  *^ 

45  U^A 


29        8S%    -jg^i     29 
27X    27M    -27%     27% 
10,90  10,67    11.00  10  77 
11.17  10.97 


m 


93 

53^  49 

48  48 

86)i  84 

16  16 

70%  fiH 

72)4  :i)6 

55H  64)4 

mi  61 U 

29)i  *% 

88)4  87)6 

35)6  35)6 

;31)4  131)4 

lj^%  ISO-li 

.'26  123)« 

12%  \i 

26«  26)6 


W       «!>% 


Saturday, 
Mar.   9. 


S2       21)4 


100 


394 
53)6 
48 
84« 

70)4 
72)4 
54)4 

2y)4 
88J6 


15694 

124 
33% 
12H 
2«% 


9894 
94 
9294 
894 
50H 
48 
83)4    67 


Monday. 
Mar.  IL 


6994 
?i^ 
63  J* 

81% 
29)4 
8794 


155% 
123 

33% 
12ki 


83       S3 


135%  134)6  '369< 
48H  47M.  4794 
108       107^    .... 


22 


2194 


20  19)6 

■30)4  30 

84  84 

95  94^ 
8)4       'H 

2ii)6  '^y* 

16%  i5% 

37)4  37 


7%      794 


8% 
30)4 

894 


17)4 

14 

894 


6%     8H 


6% 

9 

6H 
I.t 
b7)6 

9)4 
864» 


5)6 
1294 
869i. 

9)4 


6.S2 
6.72 
5.60 
5,72 


6,53 
6,70 
5,47 
5,60 


605 
6,77 
5.62 
5.75 


6.60 
6,75 
5,52 
5.67 


1994 
30)4 

95)4 
7% 


94)6 
7)4 


1594    1594 

37)4    87)4 

394     3% 


1394 

21% 


I3H 
81% 


7«     794 


1794 

m 


1?% 

994 


im    1« 


6%     8 


23  22)4 

1C294  099<: 

95%  95)4 

94)6  9;j94 

394  8%, 

54H  - 
49 


Tuesday. 
Mar.  12. 


70%  70% 
7-.;%  71% 
65%    54)6 

62V6    62 
29H    20), 
89%    <!8% 

36  A 

13:)6  130)4 

157%  157 

124%  123% 

11%  12% 
^y*    26H 


1594  1594 

70V4  70)6 

I30)i  I35)s 

<8)li  47% 

108%  10794 

21%  2iM, 


23)6    23>4 

i03)4  16194 
96)4  95)6 
95%    93 

62%    52 

49        49 
86%    84% 

71)4  70)6 

72^4  7:94 

55%  5.5 

117  :i7 

6294  62)4 

30  297^ 

89%  8S), 

8«i6  S6H 

132J4  Ul 

I5S  15«)6 

12.1)6  124 

33%  33'A 

l-?4  12)4 

iiS9i  27  ^ 


Wed.. 
Mar.   la 


20 

3094 

t>4 

9-5% 
'% 
3l')4 


1H% 

30% 
84 
J3M, 
7% 
SO 


15%     15% 
37%    37)4 


1394    13% 
21%    «l% 


m 


10 

31)6 


17% 

9% 

«0)i. 


894     ^ 
8%     8)4 


5« 

6% 

87)4 

»% 

36% 


6V6 
8)6 
65i 


39 
5% 
9>4 


8694  87% 
9  I  9% 
SC%    S8 


39 
5% 
894 


6^y, 
9)4 
86% 


109,200 


240.S80 


6.76  B,7»  5,77  5.72 

5.80  670  5,78  5,72 

5.85  5.74  B,82  6,74 

5  85  6.74  6,82  5,74 


60 
60% 
50% 
50 

65 
58 
4694 
45% 


59)6  60U  60 

5994  6094  60% 

49%  51,",  50)6 

4994  50%  60% 

54)4  55^i  54% 

55)4  56M  55)6 

45)4  469^  4594 

45     I  46  45)1 


29)6  29%  29%  89% 
2794  27)6  28  2794 
10  97  10.88  11.50  11.10 
11,10  U,10   11  62  11  45 


6  62 
6,75 
560 
5.72 


8.60 
6.72 
5  57 
570 


680 

6.12 
5  77 
5,90 


665 

6S7 
565 
580 


15%  15% 

70%  -0)6 

l.J''^6  136^, 

*m  4.i% 

■iiH  2194 

19%  :8% 

30)4  29% 


«5%  15% 

8:?^  3794 

394    m 

u>4  is94 

22  22 

'j«     794 


18 
9% 

31 

14 
8% 
IM 
8% 

40% 

894 

12% 
S8% 
!0)6 
3e94 


1794 

80% 
14 

894 
1)4 
8% 

39 

'894 

12% 
87% 
9% 
88)4 


159  SCI 

6,85  5,77 

589  6,77 

5.94  5.80 

5.S3  5.6(1 

62%  61% 

62%  01% 

51)6  61 

61%  5094 

57%  56% 

58)4  57)* 

47)6  46% 

47)4  <6)4 

29%  29% 

28)4  87% 

11,67  J!  45 

11,85  11.67 


6.82 
6,95 
582 

.5.95 


6,72 
6,K5 
6.72 
6.85 


23  23 

68)6  68)6 

10294  101% 

95)2  35% 

9J)4  93% 
4 

li  £ 

86%    85% 

7094  70% 

72  ~0M. 

56%  e4% 

117  117 

62%  62% 

30  80 

39%  88% 

3-!%  8 
131%  i31% 
15794  loDt 
r-'494  124^4 
34  33h 
12%  12)4 
*>94  23% 
lOO      100 


83% 
25% 


^5% 


7094  7094 

l36  135)6 

4794  i-.VA 

;08  10794 


19% 
30 

is" 

8 


19% 
iM 

93% 
7vt 


31%    80% 


37%    «75v 
3%      3% 


14 

2i% 


14% 

22% 


i79i  :■?% 

80%  30% 

14  13% 

6%  8% 

1)4  1!^ 

8%  8% 

40)4  8% 

5V6  5)4 

894  8% 


38       87% 
10%    10 
38)6    88% 


140  081 

B.88  5.88 

5,91  5,82 

6.9C  5  84 

5,94  5  82 

62%  6:% 

62)4  61% 

51%  50% 

50%  60 

57  5« 

58  57 
469i  45>4 
40%  45)6 

299i  29X: 
28)4  27% 
11.80  1135 
11,83  11,50 


6.82 
6,92 
5,87 
6,97 


6  72 
6S2 
5  70 
6,82 


Range  for 
Mar.  1895. 
to  date. 


24  2094 

68)6  64% 

103)4  91% 

96)4  92)4 

05%  90 

4  3% 

57%  49 

49  48 

87%  63% 

16)4  16 

71)«  «9 

'=^    VL 
55%    53% 

ll7%  117 

6294    61)4 

30)4    2894 

89%    87% 

86%  35)6 

'S3  13CH 

15894  '■^'^■t 

127)4  I2» 

3494  33^ 

13%  11% 

2994  '^% 

103  l0<i 

M  83 
2594  i^ 
1594  15% 
71)4  70% 
136%  134% 
49%    46% 

io8'4.  ;o«% 
9:94   9m, 

22)6     ^'M 

26%     !8% 
8094    27 


Range  foi 
Mar.  1894. 


84 
97 
8*4 


8294 

«% 

7^4 


31%  49% 

ie"  1594 

87%  J7 
394      3% 
3  294 

14%  13)4 

i-M  21)4 
8  2H 

>%      7% 


18  17)4 

lOX  9% 

31  )i  29% 

14%  13% 

8%  8% 

\Va  1 

9%  8 

3%  3% 

40)4  37% 

6  4S4 

9)4  7% 

594  54* 

13%  12% 

88)»  86% 

10%  9 

8894  33% 


6.88  5.44 

5,91  5.44 

5,96  5.48 

5.94  5  50 

6.'%  5894 

62%  59 

51%  4894 

51%  48% 

57%  53)6 

58)4  54)6 

4:%  44% 

47)4  44)6 

29%  28% 

26)4  87)4 

11.80  10  27 

11.85  10  02 


682 
6,95 
B.87 
5-97 


6.47 
6.60 
6.27 
5.42 


32% 
73% 
100 
92 
8394 
16 

79)4 
5294 


25% 
67 
8O94 
83% 
74)4 
K% 
69% 
50 
11794  114% 

67%    62 
60        59 
123%  119 
71*4    6794 
40%    3694 
109)4  104 
141       13  )4 
41%     87 
;36%  126 
16794  165% 
I3a94   l.J5)4 
34         29)4 
28%    24)4 


45)6 
104 
7)4 

95 

17)4 

17% 

70 
131 

52% 


40% 

101% 

6 

9194 

15% 
14% 
65 

12694 
4o% 


12694   122% 
99%     98 


26)4 

794 
88% 
S9 
8494 
101% 

Ie46 
12% 


23% 
«% 
2-294 
20)4 
71)* 
9-<94 
16% 


17%  16 

469^  4394 
5%      4 
6)4      4% 

23%  1794 

1794  10% 

6%  4)4 

23%  19^ 

•72  16696 

■25  83' ' 


im  18)6 

10         8 
11)4      6% 

22)6  IS 
6%      594 

40%  89% 


7%  69i 

16%  13% 

87)6  84% 

13%  12% 

49%  46% 


7.55  7  29 

7,66  7 '23 

7.73  7  35 

7,78  7  48 

6494  61% 

67  A  63)4 

4.3%  42)6 

4494  43)4 

61%  57% 

6:1%  59^ 

.38)4  3(596 

39  87)« 

31%  29% 

29-%  27% 

11.95  10  75 

12.00  10.77 

7.12  6.40 

6.95  6.37 

620  5.55 

6  17  .5.55 


< 


OLU  PORK,  Chgo.  bbU. 
....     bbl8. 


WHEAT  on  passage. 
36.400,000  bush. 
81,240,000    - 


CORN  on  passage, 
3. 120, 000  bush 
5,904,C0O    •• 


Russian  Sbipmts.  for  wk. 
1,&32,000  bush. 
1.157,044    " 


Indian  Shipmts.  for  wk. 
£1,000  bush. 
880,C00    " 


Argentine  Shpts.  for  wk. 
....        bush. 


t  Since  Aug.  31,    ♦  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


Ulcchh^  flDarhct  Xcttcr. 


No.  421. 


Copyright,  1H9S,  by  Clnpp  *  Comvany. 
O.  W.  Clapp. 

DWIQHT   O.   CLAHr 


CLAPP    &    COMPANY, 

Banhers  anb  Bvohers, 
MILLS    BUILDING,    IM.   Y. 

tNTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE, 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


1  277    BROADWAY,  Corner  Chambers  St. 
B-.ANCH    J  671    BROADWAY,  Broadw.^  Central  Hoteu 
OFliet.:    [  753  FIFTH  AVENUE,  Corner  58tm  St 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
LoNQ  Distance  Telephone. 


New  York,  Thursday  Morning,  March  21,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  futu.'e 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  alwaffs 
loire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
lohose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    Z%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


BANK   STOCKS    FOR   SALE. 

5  shares Market  and  Fulton  National  Bank. . .  New  York  City. 

8  "  First  National  Bank Brooklyn,  N.  Y. 

60  "  First  N  ational  Bank Arkansas  City,  Kan. 

50  "  First  National  Bank Fort  Madison,  Iowa. 

19  "  National  Bank  of  Rondout Rondout,  N.  Y. 

100  "  Moorhead  National  Bank Moorhead,  Minu. 

40  "  Salamanca  National  Bank Salamanca,  N.  Y. 

15  •  "  First  National  Bank Carthage,  Mo. 

40  "  Arlington  National  Bank    Arlington,  Oregon. 

50  "  City  Bank Minneapolis,  Minu. 

20  "  First  National  Bank  Palouse,  Wash. 

25  "  American  Savings  Bank Detroit,  Mich. 

35  "  Fresno  National  Bank Fresno,  Cal. 

50  "  State  Bank Elmira,  N.  Y. 

50  "  City  National  Bank   Norfolk,  Va. 

10  "  National  Bank  of  Commerce Omaha,  Neb. 


X 

> 
o 
m 

o 
o 

z 

H 
> 

Z 

C/3 

D 

> 

r 
-< 

01 

o 
o 

D 
CA) 

O 
-ri 


r 
m 
> 
o 

z 
o 

m 

X 

o 

> 
z 
o 
m 

03 


OUR  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS  FREB. 


CLAPP  &  COMPANY.  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Financial  Outlook. 

The  silent  forces  of  nature  accomplish  much  more  than, the  noisy  ones.  No  ear  is  quick  enough 
to  hear  the  tread  of  the  sunlight  as  it  triumphantly  pushes* away  the  darkness  of  night.  A  tender 
plant  in  the  crevice  of  a  rock  will  often  push  it  wide  asunder,  but  the  plant  is  often  worth  more 
than  the  rock.  Ideas  have  power  to  ruin  or  save,  to  destroy  or  build  up.  The  co-operation  already 
established  is  strongly  suggestive  of  more  to  follow. 

Straws.— The  United  States  has  about  TO,0(iO,000  of  people,  about  3,602,990  square  miles,  about 
179,672  miles  of  steam  railway,  thousands  of  miles  of  street  car  lines,  about  600,000  miles  of  tele- 
graph and  telephone  wires,  3,757  national  banks,  l,Oi^O  savings  banks,  5,838  building  loan  associa- 
tions, 431  life  and  assessment  companies,  thousands  of  private  banks,  40  active  commercial 
Exchanges,  80  Clearing  House  cities,  all  possibly  able  to  produce  more  varied  products  and  settls 
more  differences  in  trade  than  any  other  nation  on  earth.  For  the  first  time  in  three  years  the  Bank 
of  France  has  reduced  its  rate  of  mterest  to  two  per  cent.  The  New  York  banks'  reserve  is  down  to 
$17,598,775,  against  77  millions  a  year  ago,  and  only  6  millions  two  years  ago.  Wall  Street's  biggest 
booms  have  occurred  when  money  was  the  hardest  to  get. 

Stocks  and  Bonds. 

Bonds.— Municipal  and  the  better  class  of  bonds  are  dull  and  firmly  held.  The  railway  specu- 
lative list  is  higher  and  active,  the  trading  recent  days  being  the  largest  of  any  for  more  than  a 
year  past.  The  foreign  Government  Syndicate  4  per  Cent.  Bonds  are  firmly  held  without  finding  as 
ready  sale  here  as  abroad  ;  evidently  plebeians  are  prohibited,  except  to  assist  the  foreign  few  to 
make  about  fifteen  milhons  out  of  Americans. 

Railway  Stocks. — It  is  reported  that  131  railroads  show  a  decrease  of  $700,000  in  February 
earnings,  a  falling  off  of  about  one  per  cent,  on  about  100,000  miles  of  railway.  Grain  shipments 
from  January  1  to  March  2  show  about  40,000,000  bushels  less  this  year  than  last,  and  the  primary 
movement  since  August  1  equals  about  80,000,000  bushels  less.  Nine  Northwestern  roads  show  a 
decrease  of  $396,870  m  February,  or  about  four-sevenths  of  the  loss  on  the  131  roads.  The  New  York 
Central  and  St.  Paul  reduction  in  dividends  is  considered  conservative  and  reassuring.  Western 
Union  claims  business  is  picking  up  and  dividends  will  be  maintained.  Local  Exchange  operators 
have  been  largely  short  of  Burlington,  Rock  Island  and  Louisville.  The  competitive  buying  by  tht 
general  public  will  likely  make  a  much  broader  and  better  market  for  all  interests.  Many  enthu- 
siasts predict  a  ten  per  cent,  advance.  We  look  for  most  low-priced  stocks  to  seek  a  higher  level. 
Reorganization  methods  and  schemes  for  forcing  payments  are  daily  falling  to  the  rear.  Many 
co-operative  assessments  have  been  paid.  Sentiment  has  changed,  and  bull  factors  appear  more 
prominent  than  methods  practiced  when  "  Washington  OflBcials  "  were  dictating  values  in  place  o* 
business  men  The  coal  stocks  seem  to  have  a  better  grip  on  the  properties,  and  the  bulls  to  havt 
the  call  on  the  bears  in  Wall  street. 

Industrials.— Sugar  and  Tobacco  continue  paying  one  per  cent,  per  month,  and  from  unknown 
sources.  Distillers  appear  gaining  a  better  reputation,  because  more  is  known  of  the  bookkeeping. 
The  reorganization  looks  feasible,  and  the  result  is  a  higher  range  for  the  stock.  General  Electvic's 
business  methods,  its  business  and  management  are  more  promising.  It  is  quite  possible  26^  was 
the  low  point  for  the  stock,  and  40  may  be  the  objective  point  before  the  summer  begins.  "  Galvan- 
izing "  Cordage  with  questionable  methods  may  do  for  a  turn,  but  it  will  scarcely  bring  buying  orders 
from  investors  or  encourage  disinterested  bank  officials  to  loan  on  the  stock.  Cotton  Oil  will  likely 
show  more  activity  and  a  higher  range.  Lead  is  a  good  property,  the  management  of  the  plant  is 
excellent.  Recently  elected  Chicago  Gas  officers  are  likely  to  inject  more  economy  and  discard 
many  obnoxious  contracts,  and  break  away  from  unprofitable  old  agreements  to  emerge  with  as 
good  a  property  as  the  New  York  Consolidated  Gas.  Time  will  work  out  the  problem,  and  the  stock 
in  the  meantime  mav  seek  a  much  higher  level.  Silver  is  reported  scarce.  A  London  clique,  likely, 
are  ready  to  dictate  higher  prices,  especially  if  the  Chinese  war  closes  and  a  large  payment  in  silver 
be  made  by  the  Chinese.  The  Industrial  list  appears  nearly  ready  for  an  advance  based  on  more 
honorable  records  than  ever  before  existed  since  they  secured  unlisted  footing  on  the  Stock  ExchaDofe. 

Cotton. 

Europe  seems  to  have  secured  a  larger  percentage  and  quantity  of  our  cotton  than  any  former 
season,  at  the  minimum  price,  partly  through  tariff  agitation  ;  thus  placing  the  south  at  their  mercy 
and  on  a  reformed  tariff  level.  In  1894  after  this  date  but  14^  of  the  crop  was  marketed  or  about 
775,000  bales.  The  movement  to  date  about  equals  nine  million  bales  of  500  lbs.  each,  or  as  much 
as  our  largest  crop  grown.  Exports  and  spinners'  takings  to  date  equal  about  7^  million  bales,  or 
more  than  the  crop  grown  many  past  seasons.  The  bears  predict  there  is  a  million  bales  y  et  to 
come  forward.  The  bulls  claim  the  quantity  will  not  exceed  a  half  million  bales.  We  look  for  the 
crop  to  finally  count  out  about  9%  million  bales,  but  see  no  reason  why  the  planter  will  ever  get 
much  more  than  5  cents  out  of  his  189^5  crop,  even  with  prices  nearly  one  cent  higher  than  early 
this  month.  Imports  of  cotton  goods,  from  Jan.  1,  to  March  15,  were  27.357  packages,  valued  a:; 
$6,407,259,  against  14,382  packages  same  time  last  season,  valued  at  $3,249,444.  Our  exports  of 
cotton  goods  were  53,062  packages  same  time  in  1894,  and  only  33,401  this  season.  Apparently  free 
trade  is  knifing  the  cotton  interest  both  ways  to  enrich  European  labor  and  capital.  Our  cotton 
correspondents  in  nearly  every  state  claim  the  use  of  fertilizers  will  be  cut  down  from  Ji  to  J4  and 


CIAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.    3 


the  acreage  largely  decreased.  Our  Texas  advices  report  many  fields  have  been  poorly  picked  and 
much  cotton  has  been  "  bushed  under"  in  preparing  the  ground  for  the  spring  crops.  Speculation 
is  broadening  ;  sentiment  still  seems  to  favor  seven  cent  cotton.  The  bulls  predict  a  small  acreage 
and  crop  from  the  1895  planting  and  a  largely  diversified  seeding  in  the  south,  that  will  greatly  aid 
the  inner  man  rather  than  grow  a  crop  to  be  sized  and  seized  by  foreigners  at  minimum  prices. 

Wheat. 

Beerbohm's]  Com  Trade  list  estimates  the  world's  crop  of  wheat  for  the  four  years,  1883  to  18S7, 
gained  about  7 'per  cent.,  from  1887  to  1891  the  gain  was  about  9  per  cent.,  from  1891  to  date 
about  10  per  cent.,  and  that  the  1894  crop  was  the  largest  one  grown  and  equalled  2,500,000,000 
bushels,  and  that  these  are  sufficient  reasons  for  the  prevailing  low  prices,  and  for  believing  bread 
consumption  has  not  kept  pace  with  production,  and  therefore  a  large  amount  has  been  fed  to  live 
stock.  We  believe  this  a  fair  statement  and  think  the  inducement  to  waste  and  feed  wheat  in  all 
various  ways  has  about  reached  a  maximum  point,  and  visible  supplies  may  again  adjust  values 
long  before  the  1895  crop  is  garnered. 

The  Price  Current  interprets  our  visible  and  invisible  supplies  March  1,  as  219,000,000  bushels, 
and  basing  estimates  on  consumption  to  Julv  1,  1895,  of  106,000,000  bushels,  spring  seed  at  18,000,000 
bushels,  food  for  live  animals  at  5,000,000  bushels  and  exports  at  45,000,000  bushels,  thus  leaving 
45,000,000  bushels  about  July  1, 1895.  Using  Government  crop  estimates  and  the  disposition  of  wheat  the 
past  four  years,  we  find  the  invisible  supply  has  been  overdrawn.  From  March  1, 1893,  to  July  1,  the 
visible  decreased  from  79,000,000  bushels  to  62,000,000  bushels,  from  March  1  to  July  1,  1894,  from 
77,000,000  bushels  to  55,000,000  bushels.  If  the  many  estimates  similar  to  those  in  Michigan  and 
some  more  Western  States  be  correct  and  their  invisible  surplus  is  almost  "  nil,"  and  if  country 
millers,  as  reported,  are  drawing  on  primary  points,  it  is  among  the  possibilities  the  July,  1895,  visi- 
ble will  be  reduced  to  very  small  proportions  and  the  invisible  be  insignificant.  European 
stocks  show  about  20  per  cent,  less  than  a  year  ago.  Argentine's  reports  are  less  favorable, 
although  their  exports  to  date  exceed  those  a  year  ago.  India  is  exporting  less  than  for 
many  vears.  Primary  receipts  for  the  ten  years  ending  June  30,  l.s94,  equalled  about  1,500,000,000 
bushel's.  Exports  were  about  1,400,000,000  bushels.  Primary  receipts  since  July  1  are  about  132.- 
000,000  bushels.  Exports  about  110,000,000  bushels  (always  examine  the  fourth  page  of  our  letters 
for  comparison).  For  the  year  ending  July  1,  1895.  it  is  quite  possible  exports  will  exceed  primary 
receipts.  Exports  this  month  will  likely  exceed  those  of  last  March.  The  visible  will  likely  decrease 
more.  Evidently  we  are  approaching  smaller  visible  and  invisible  supplies.  Speculation  appears 
broadening.    Foreign  orders  are  more  numerous.    Investors  feel  more  confident. 

We  will  issue  our  annual  World's  crop  letter  as  usual  about  March  28. 

Corn. 

The  domestic  and  export  demand  continues  good.  Receipts  are  light.  Speculation  broadening 
and  visible  supplies  lessening.  Sentiment  appears  to  favor  higher  prices.  It  is  among  the  possibil- 
ties  corn  on  this  crop  will  again  sell  higher  than  wheat.  It  values  are  dictated  by  impulsive 
Americans  and  not  on  export  demand.  Seldom  do  we  have  a  short  crop  and  a  large  advance  in  the 
fall  that  a  similar  one  does  not  again  occur  in  April  and  later  on  in  July  and  August.  We  think 
it  well  to  buy  corn  on  weak  spots. 

Oats. 

It  is  estimated  that  the  changing  of  street  car  railways  from  horse  to  electric  power  has 
displaced  1,000,000  horses  and  prevents  a  large  city  consumption  of  coarse  grains.  Speculation  in 
oats  is  dormant,  supply  appears  to  equal  demand. 

Provisions. 

Provision  exports  from  July  1,  1894,  to  March  1,  were  966,366,032  pounds  against  878,202,257 
same  time  last  season.  A  prominent  live  stock  firm  predicts  the  spring  and  summer  supplies  of 
beef  and  cattle  will  not  equal  60  %  of  receipts  last  year,  claiming  Illinois  has  but  ^  as  many  cattle, 
that  Iowa  has  25  f  less  ;  that  Kansas  has  35  ^  less  ;  Missouri  40  %  less,  and  that  thus  far  this  season 
Chicago  has  received  85,000  less  cattle  than  same  time  in  1894.  Prime  beeves  recently  sold  higher 
than  for  years.  An  old  saying  is  "hogs  are  a  year  behind  corn."  It  is  reported  a  leading  packer 
is  long  a  large  percentage  of  Chicago  "cellar"  supplies,  and  predicts  sixteen  dollar  pork  this 
season.  The  market  has  the  appearance  of  being  able  to  make  many  false  starts  and  sharp 
advances,  subject  to  many  small  setbacks,  en  route  to  a  much  higher  range  of  values  this  spring 
and  the  coming  summer.  Packing  at  all  points  since  March  1  has  been  540,000  hogs  against  445,000 
last  season. 

Yours  truly,  CLAPP  &  COMPANY. 

Note. — About  March  30  our  new  book,  "  Leading  American  Exchanges  for  1894,"  will  be  ready 
for  delivery.  It  will  contain  352  pages,  in  elegantly  bound  covers,  and  have  half  tone  pictures  of 
about  35  representative  Stock,  Grain  and  Cotton  Exchanges,  giving  their  history,  business  and 
statistical  record  for  the  past  decade  ;  also  values  at  producing,  speculative,  exporting  and  consum- 
ing points  and  much  other  statistical  matter  of  great  value  to  bankers  and  business  men  who  desire 
to  know  daily  prices  and  the  annual  production  of  the  world's  staples.  A  limited  number  of  copies 
will  be  issued  and  delivered  to  applicants  free  upon  receipt  of  $3.00. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatiODS  for  Stocks,  Cotton,  Grain  and  ProYlsions  for  Week  ending  March  20,  1895,  and  tor  Marcli,  189i 

Par  value  ol  all  stocks  $100.  except  D.,  L.  A  W.;  P.  &  R.  and  Am.  Tobacco  Co.. 

FEOM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wbeklt 
Sales. 


10.494 

2.091 

863,997 

2P48 

8,580 
1.500 
2,858 
n.737 
10.5  5 
30.133 
L0  050 
67,865 
900 
81.967 

2  865 
46.111 

595 
6.878 

3  705 
7,540 
5.997 
1,997 

70.961 

65  472 

320 

4U0 

ti23 

1.S95 

2.060 

.316 

2  7^5 
42.9(10 

t>.075 

9  503 
250 
9,863 
4.010 
2.544 

42  708 
6.420 

67.603 

2\m 

5,t!57 
0,025 
3325 
4.442 

3  208 

1  J70 
21  975 

571 
55,000 
2.000 
83,461 
21,244 
4,345 
5.98^ 
2.010 

2  015 
.     .300 

2.fi37 
2  937 
1.^46 
2.47B 
5.2-30 
16,430 
23.566 

3.;:.$ 


CiiPrrAi. 
Stock. 


120,287,100 
10.198,600 
86,778,000 
86.773,000 
17,900.000 
102  000,000 
25,000,000 
15,000,000 
22.488,000 
60.805.400 
82  262.700 
24,885.800 
46,027,261 
25,923,900 
46.156,000 
18.659,860 
89,064,907 
22,335  170 
28  000,000 
85,4.30,000 
26,f00,000 
35  000,000 
38  000,000 
85,000.000 
30,459,700 
25  000,000 

8,000  000 
50,000,000 
10,000.000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18.738,204 
13,000.000 
47,844.100 
47,436,575 
14,905,400 
14  904,000 
89,428.300 
77,427,000 
20,000,000 

6,000,000 
58,119.982 
13  000  000 
39,767,200 
49.000.000 
39,269,546 
20.000,000 

8.600,000 
40  426,361 
36,000,000 


DiTrDiiNB  Record. 


Pays  3poJ-D 

Pays  3pc  0-J-A-J 

Pays  8Hpo  J-J 

Pays  8po  FM  AN 

Paid  5}4pc  in  1888 

Paid  2dc  Not,  1894.... 

Pays  IMpc  F-A 

Pays  iMpc  F-M-A-N... 


Naueb  of  Stocks. 


Paid  Ipo  Dec.  1894... 
Pays  li^pc  M-J-S-D.. 

Paid  ipc  

Pays  7  pc  Per  Annum.. 
Paid  ^pc  Feb.  1895. 


Paid  2!^pc  Jan.  1895... 
Paid  3V^pc  Jan,  18!i5... 

Paid3pc  in  1893 

Pays  2pc  M-J-S-D 

Pays7pc  per  annum... 
Fays  7pc  per  annum. . . 

Paid  'l^pc'  Jan!  1893." .' .' 
Paid2pc  Aug.  stl893... 
Pays  5pc  per  annum... 


Pays  2^pc  M-S. 


Pays  li^pc  F-M-A-N... 

Pays  3pc  FA    

Paid  2pc  August  1893. . . 

Pays  IJ^po  J-A-J-0 

Paid  2pc  in  Feb.  1895..., 


•iS  102,900 
125,000,000 
60.000,000 
19,850,000 
38,710,900 

6,500.000 
60,868,.500 
83,837,093 
20.166.000 
18.032  800 

7,358,920 
28,000,000 
24,000,000 
94,820,000 
10.000,000 

4,500,000 


Paid  3pc  1891 

Paid  Ipc  in  Dec.  1894... 
Pays  l^pc  M-J-S-D.... 
Pays  Ipc  J-A-J-0 


Paid  IHpc  Nov.  1893., 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2pc  F-MA-N. 


Paid  Ipc  in  1887. 


Paid  314PC  in  1884. 


Pays  IMpc  J-A-J-0. 


Paid  Ipcin  Feb.  1894... 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co, . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atcbison.  Topeka  &  S.  Fe. 

Baltimore  &  Obio  

Canada  Southern 

Central  of  New  Jersey... 

Chesaceake  &  Ohio 

Chicago,  Bur.  &  Quincy, 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Pan!.. 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I,  &Pac.iic 
Chic,  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern 
Chicago  &  North w'n  Pfd. 
Cleve..  Cin.,  Chic,  &  St  L. 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  W'n 
Del.,  &  Bndson  Canal  Co 
Denver  <fc  Hio  Grande  Pfd 
Distilling  &■  Cattle  F.  Co 
General  Electric  Co.... 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

lUlnois  Central 

Laclede  Gas  Co.  of  St  L. 
Lake  Erie  &  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Micb.  So'n 
Louisville  &  Nashville.. 
Manhattan  R'yConsol.. 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd . . . 
N.  Y.  Cent'l  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  Wesfn 
NY&N  E  tst  CO  cts  all  in  pd 
N.  Y.  &  Northern  Pfd,... 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.  &  W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  A  R  R  to 

Texas  &  Pacific I 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Dnion  Pac  Denv.  &  Gulf. 
United  States  Rubber  Co. 

V.  S.  CoKiage  Co 

U.  S.  Cordage  Co  pfd.... 

iWabash 

I  Wabash  Preferred 

Western  Union  Tel.  Co... 

Wheeling  <fc  Lake  Erie 

Wheeling  &  Lake  Erie  Pfd 


Thursday. 
Mar.  14. 


24 

09 

lOIK 
94H 
93% 
4 
63^ 
4S]4 
SSH 
i6H 

nVi 

71H 
65^ 

mi 

80M 


86H 
1.33 
160 
!25% 

i2H 

103 

It) 
71Ji 

4f% 


23W 
iiVi 
989i 
935i 
92% 
4 
53J4 
l8 

86% 
16 

70% 
7()^ 
54% 

62?^ 
SOVi 
88V4 

86M 
131% 
I5<k 
125 

12>4 
103 

84^ 
25?^ 
16 
71H 

108 


Friday. 
Mar,   IS. 


24H    ^% 


2i^    SiH 
8 


aoii  i9?i 

85 
.8H 


100J6 
93H 
93 
*H 
&Sii 
49 

^H 

16% 
71% 
71% 
55li 
117% 
62*i 
30% 
89Ji 

36% 
133 
160 
127 

12% 


9«% 
83% 
90 
4 

48% 
8rfH 
16!^ 
70-?:^ 
70% 
55% 
117% 
62!^ 
8'% 
88% 

86% 
133 
159 
126 

ii 


H     H 


Saturday, 
Mar.  16. 


16 

71% 
135 
47 


24%  23'/*, 

70  6aH 

98%  97% 

83  9.1 

91%  90% 


48%  48% 

mi  89 

16H  16^^ 

71%  70-A. 

71%  70% 

65?4  65^ 

62%  «2% 

89%  mi 


160%  159% 
126%  123W 

12%    iiki 

29%    29 
102      102 


25%    25% 


Monday. 
Mar.   18. 


m 

71% 
135% 

48";    ..,„,--,„    -.,„ 
i(r:%  io7%'io8»4  io7'ti 


1 36^ 


(34 

4758 


ii%    225i 


20%  19% 

30%  SO 

85       65  84% 

94%x93?i  92% 

7%      S%  8 


33%    31%    .54%    38 


87%  87% 

3?i  8^4 

6  a 

14%  14% 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days... 


1.218.203 


COTTON,  in  ba  es. 
I  World's  visible.  I  Total  in  slghttl  Total  Export*. 
1895  4  70I,2.!8  8.7o9.463  5.3ol.,  tOi 

1894|  4  330.920         |        6,740,664        I        4,256.995 


XT  -y    f  March. . 

■"•  '•  J  April..  , 

Cotton  jMay.... 

I  June... 


WHEAT,  in  bnshtls. 
I    C.  S.  Visible.    IPrimary  rec'U*!  Total  Exports. 
1895         76.(>74,000  131,101.000  109.COH..ir8 

18911        78.2.^9,000         |     la8.589  000  129,148  778 


CORN,  in  bnshe's. 
I     U.  S.  Visible. 
1895         18  439.000 
!894|        19,739,000 

OATS,  in  bushels. 
I    U.  S.  Vi.-<ible. 
1895  6,350  COO 

1894|         2  509  000 


Wheat.  ]M»y; 

c°™-n'u1^:. 


Primarv  rec'te* 
53,270.000 
123.599,000 


Totml  Exports. 
13,700  218 
47.1)54  559 


Chicago  j  May 
Wheat.  (July 

<^---U"ul^ 


N.T.  Stocks, 

603  i-rz 
633<!9d 


Cbgo.  stocks. 

1  2')8  000 

328,000 


Oats. 


)  May.. 

•  (July. 

Pork.-.n'^y- 

I  July.. 


1895 
1894 


LARD-tci. 

World's  vis. 

241.786 

111,984 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,' LARD-tcs.  I   KIBS-lbs. 

12:, 606     I  30,322        84.474.908 

77,t41     I  4,011     I   10,605,802 


Lard 
Ribs. 


Ib94 


OLD  FOBK,  Chgo.  b:>ls. 
....     bbls. 


)  May.. 

■  'July... 

i  May   . 

^July... 


m     8 
156      163 


ir9i  i;% 

:0%  9'4. 

31%  801)4 
!4 


13%    14k 
8^      8% 


«% 


8%  7% 

3%  8^ 

40  8a% 

5%  t% 

6%  5% 

13%  li% 

8#|  87% 

10%  10% 

41>a  385i 


183.9612        216,672 


WHEAT  on  passage. 
83.C80.000  bush. 
85,744,0«0    " 


6,04 
5.;'2 
5.97 
5,94 

62M 

62% 
50% 
60% 

57% 
58W 
46% 
46 

29% 
28^ 
12.20 
12.25 

6.92 
7.0i 
5.95 
6.07 


5.89    5.98  6.95 

5,8J     5. 1^7  5  90 

5  90     ti  02  5.95 

6.87    5  99  6.91 

•Vi'  62H  62 

em    6-<!%  62M 

60%    51%  60V4 

60       50%  50% 

f*       60  S7% 

50%    58fi  58 

459il  4B%  46^ 

45%    46%  46 

89%    2944  29% 

27%    2S%  28V4 

11,H5   12.45  II  « 

11.90   12.45  12.10 

6,82     7.00  6.90 

6,')3     7.12  7,02 

5,h5  I  6.02  5,95 

5.97'  6.12  6.U7 


24        23% 
20%    20% 


93%  ii% 
8%  k% 
34J'4     84 


25% 

70% 
99% 
93% 
92 
4% 
54% 
40% 
93% 
17 

72% 
7i% 
56% 
118% 
63% 
3!% 
91 

138% 
37% 
133»4 
160% 
127% 
36% 
12% 
30% 


70!^ 
87% 
98 
91 

*?< 
53% 
49 
90% 
16% 
71% 
70% 
55% 

117% 
62% 
30% 
89% 

138% 
3C% 

133 

IdO 

127 
35 
!IV 
29% 


Tuesday. 
Mar.  19. 


%  % 

86  86 

25%  25% 

16%  16% 

72  714 

117  I3i>% 

49%  -  ■ 


25% 
71% 
98% 
93 
93 
4% 
64% 
49% 
94% 
17% 
73 

7:% 

57% 
119 
64% 
32% 
92 

'88% 
33% 

161^ 

129 
3rt% 
12% 
3:% 


25% 
70% 
95% 
93 
91% 
4 
64% 
48% 

92!ri 

17% 
72 
70% 
56% 
J18H 
63% 

sm 

80% 

87% 
133 

160% 
12J 

36 

12 

2H% 


%  % 

87  ef% 

27  26% 

17%  16% 

73  72% 

1.17  137 

50%  49% 


108%  108%:  109      '"S^ 


25«  24 

2i"  2u% 

80%  29% 

04%  84 

94%  U 

34%  83% 


25%  85% 

21%  20% 

30%  30 

84%  84% 

95%  9-1% 

9  8W 

84%  83% 


83,398  266,314 

6.08  6.06  6.09  6,97 

6.:5  6  06  6.09  6.00 

6  18  6  08  6,17  6.02 

6  17  6  04  6.14  6,00 

I 

62  61%  61%  60% 

62^  51%  6rM,  61 

.50%  50%  51.',  60% 

50%  50%  50%  60 

57%  56%  56%  65% 

58  67%  57%  66V4 

465^  J6  46%  45% 

46  46%  46%  45% 


29%  29%  29%  89%  29%  29% 
28k  28%  iaVi  28%  28%  iiW 
U  12  11,77  12.05  11.75  11,92  1165 
12,U  11,95    12.12  11.97    11,90  11,75 


Wed.,     1 

Mar 

20. 

25% 

25 

mi 

96% 

93% 

82% 

4% 

4^4 

49% 

63 

4S% 

94% 

92% 

18 

17% 

UH 

72% 

71% 

:o^ 

57% 

t6% 

i^ 

63% 

31% 

»-'% 

81% 

88%    87% 

6i%  t«i 
129Ji  i28 
815        36 
13%     12L 
88        81% 

*%    "\i 
26%    26Mi 

17%    :: 

73!^  ,7J 
137%  I37 

50%   im 

lOd%  l08% 
28%    25% 

81%  «i% 

3'%  30% 

35  84% 

95%  94% 

91.*  3U 

84%  W% 


351052 

6,16  6,10 

6  15  6.07 

6.20  6  11 

6,13  6.10 

61 A  60% 

^m  60% 

5i;i  6m 

50%  80% 

56%  55% 

57%  56% 

47!4  46% 

47%  46% 


6  92  6  80  6  82  6  75 

7,00  6,92  6.95  6  87 

6  00  5  Si  5,90  6  82 

6  10  5  95  6  05  5.^5 


CORN  on  passage. 
3,440,000  busd. 
6,616,000     " 


6  80  6,72 

6.95  6.87 

5  85  5,72 

6,02  6.87 


212816 

6.25  6.17 

6.26  6,20 
6.83  6.20 
6,31  6  18 

61%  60% 

6:%  60% 

52%  51% 

51%  60% 

50%  55% 

57%  mi 

47%  47 

47%  46% 

26%  29% 

28!^  28M 
11.72  II  55 
11,90  11.75 

6,75  672 

6,87  6S7 

5,;?  6  70 

6.92  6,87 


Range  for 
ilar  1895. 
to  date. 


28% 
71% 
;03% 
9B% 
05% 

49% 
94% 
18 

-5% 
72% 
57% 
119 
64% 
S2% 
92% 


«0% 
64% 
91% 
92% 
90 
8% 
49 
48 
83% 
16 
69 
70 
63% 
117 

6m 

87% 


138%  13SW 
3S%  35  H 
'3.1%  I3C% 
161%  15,-)% 
12Jk  12:< 
36%     33% 


109%  Jfc«% 
9:%     91H 


»%  8% 

§^  1% 

8%  8% 

40%  87% 

6  4% 

8^  7% 

6%  54* 

13%  IJ% 

89  86% 

12%  fl 

44%  83% 


6.25  5,44 

6.26  5.44 
6.;W  5.48 
6.31  6  80 

6.'|J  58% 

62%  59 

52%  48% 

51%  48% 

58  63% 

58%  5m 

4:%  44% 

47%  44% 

29%  28% 

28%  27% 

12  45  10  27 

12.45  1062 

7.00  6.47 

7,12  6  60 

6  02  5  27 

1  6.12  5.42 


Range  fol 
Mar.   1894. 

82%    25% 

73%    67 

100  80% 

92  83% 
83%  74!4 
16        12% 

79%  69% 
52%    50 

117%  114% 

19^  17% 
84%    77 

67^  62 

65  59 

123%  119 

71%  67% 

40%  36% 

109%  104 

141  13  % 

41%  87 

:36%  l.'tf 

167%  16^% 

Vim  135% 

84  29^ 

28%  84)4 

45%  40% 

104  101% 
7%      5 

95  91% 

17M  15% 

17%  14% 

70  66 

131  126% 

52%  4o% 

126%  ',22% 

99%  18 

26%  (S* 
7%      «% 

28%  i3% 

39  26% 

W%  71% 

101%  9*% 

1«4  16% 
12%      9% 

17%  16 

46%  43% 
6%      4 
6%      4% 

23%  17% 

17%  15% 
6%      4% 

23%  19'.i 

72  16«% 

26  23" 


10 


13% 

8 

«% 


22%     18 
6%      5% 
40%    39% 


7%  6% 

16%  13% 

87^  84% 

18%  18% 

49%  46$| 


7.55  7  29 

7.66  7  28 

7.73  7  35 

7.78  7  42 

54%  61% 

67A  63M 
43% 
44?? 


42^ji 
48% 


61%  57% 

6:11^  59% 

38%  36»? 

89  37% 

81%  2S% 
2»%  27h 
11.95  10  76 
12,00  10.77 

7.12  6,40 

6.95  6.37 

6  20  5,55 

6  17  .5.55 


Russian  Shipmts.  for  wk. 
1.120,000  bush. 
1,819,846    " 


Indian  Shipmts  for  wk. 
256.000  bust. 

260,roo  " 


Argentine  Shpts.  for  wk. 
1.650,000     busb. 


t  Since  Aus  3i.  ♦  Since  juue  30.  ComtUed  and  Copj„ighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING.  KiiW  YORE 


TRIlCChlV    fll>arf?Ct    XCtter.  copyright,  tSOg,  by  aapp  *  Comvam,. 

O.  W.  CLAPP. 
'*°-  ^•^^-  DWIQHT  O.  CLAPP 

CLAPP    &    COMPANY, 

JBanhere  anb  JGrohers, 
MILLS    BUILDING,    N.   Y. 

New  York,  Thursday  Mornino,  Bfarch  28,  IBO?). 

FINANCIAL  OUTLOOK.— Nature  has  no  equal  as  an  equalizer  of  values.  Tlic  variations  of  liumaii  action  and  international 
exchange  are  soinotiincs  as  itnportaut  as  tliose  of  soil,  season  and  temperature.  It  takes  something  more  than  a  favorable  crop  surplus  to 
make  a  permanent  place  for  a  nation's  product  in  international  markets. 

Railway  Stocks.— The  general  feeling  in  business  circles  as  reported  by  our  correspondents  in  thirty  odd  States  indicates  a 
decidedly  better  sentiment  prevails,  and  tliat  many  kinds  of  business  show  |an  imi)rovement.  Money  is  in  better  demand.  Eurojiean 
centres  are  taking  more  interest  in  our  securities.  Evidently  the  tide  has  turned.  Cotton  has  advanced  aliout  a  cent  a  pound  since 
Congress  adjourned.  Railway  securities  are  in  active  deniand,  low  priced  ones  in  particular.  The  advance  seems  healthy.  Dividends 
have  been  declared  and  officials  have  acted  wisely  in  continuing  to  pay  small  dividends.  The  next  change  may  show  a  small 
increase,  and  none  of  the  best  properties,  such  as  New  York  Central,  St.  Paul,  Rock  Island,  Burlington,  Northwest,  Jersey  Centr.al  and 
Western  Union  will  likely  go  on  to  the  non-dividend  list.  Reading  is  more  active,  indicating  the  coal  delegates  have  arranged  for  less 
friction  in  values.  Atchison  is  stronger  and  likely  to  score  higher  prices.  The  various  Pacific  roads  may  do  better  from  standpoint  of 
manipulation. 

Industrials. — Sugar,  Whiskey  and  Tobacco  may  advance,  if  their  backers  so  decree.  Cotton  Oil  is  more  active  and  likely  to  score 
art  advance  on  merit,  cotton  and  lard  both  being  higher.  Lead  has  merit  and  may  yet  have  its  annual  Spring  rise.  Chicago  Ga.s  has 
officials  striving  to  benefit  the  property  rather  than  wreck  it.  General  Electric's  basiness  methods  are  improving  ;  the  stock  has  had  a 
good  sensational  advance,  and  may  decline  about  five  points,  even  if  to  regain  a  higher  level  later  on.  Talk  of  consolidation  and  improved 
management  tend  to  increase  confidence  and  enhance  values. 

COTTON. — March  has  been  the  most  active  speculative  month  since  the  autumn  of  1892.  Prices  for  spot  cotton  have  advanced  a 
cent  a  pound  ;  for  contracts  about  Jg  of  a  cent,  or  equal  to  about  $4.50  per  bale  or  5450  per  contract.  Never  was  our  market  so  near 
Liverpool  quotations  (when  no  corner  existed)  as  recently.  New  Orleans  keeps  above  a  shipping  basis  to  this  market.  Mississippi  corres- 
pondents claim  there  is  fully  15  %  less  cotton  than  in  March,  1892,  and  predict  a  large  falling  off  in  April  and  May  shipments.  The  old 
Cotton  States  will  not  likely  use  near  as  much  fertilizer  as  formerly.  It  is  expected  planters  will  generally  agree  to  reduce  the  acreage. 
If  present  or  better  prices  prevail  the  coming  sixty  days,  we  think  it  quite  possible  the  acreage  will  be  increased.  Texas  has  marketed  to 
d;ite  about  78  %  more  than  last  season.  It  is  claimed  foreign  immigration  there  makes  growing  cotton  at  present  prices  very  profitable. 
The  season  l.as  been  unusually  cold  and  late,  and  is  conceded  to  be  too  backward  to  admit  of  planting  indicating  more  than  7,500,000  bales 
crop  for  1895.  Imports  of  English  made  cotton  goods  since  January  1  are  nearly  double  those  same  time  in  1894.  Exports  were  38,437  packages 
against  55,095  last  year.  "  Tariff  reform  "  appears  to  be  working  out  the  problem  to  give  Europe  our  gold,  silver,  bonds,  cotton  and  wheat 
at  minimum  prices,  and  make  us  buy  their  manufactured  products  at  maximum  prices,  pajnng  in  our  choicest  properties.  Speculatively 
.''peaking,  we  think  sentiment  and  manipulation  has  had  much  to  do  with  the  18  %  per  cent,  advance  this  month.  For  valuable  compari- 
sons and  statistics,  see  second  page  this  Letter  and  our  crop  letter  in  our  Souvenirs  of  1893  and  1894. 

Average  price  American  farmer  received  for  leading  crops  during  past  12  years,  ^vith  average  price  of  silver  in  London  same  years  : 

1S94.             ISnS.  1893.  1S91.             1890.  18S9.  1888.  1887.             1886.  1885.  1884.  1883, 

Wheat bn.    49. Sets.  53. lets.  6a.4ct3.  83.9ct8.  83. Sets.  69. Sets,  92.6cts.  68. lets.  68. Tots.  77. lets.  64. Sets.  91. lets. 

Corn bu.    45.6"  36.5"  89.4"  40.6"  50.6"  28.3"  34.1"  44.4"  36.6"  32.8"  a5.7  "  42.4" 

Oats... bu.    32.9"  28.8"  31.7"  31.5"  42.4"  22.9"  27.8"  30.4"  29.8"  28.5"  27.7"  32.7" 

Cotton lb.      4.9  "  6.99  "  8.4  "  7.3  "           8.6  "  8.6  "  ..  ..                  .; 

SUver oz.    28.9.'?7d.  35.62.5d.  39.813d.  45.063d.  47.750d.  42.688d.  42.875d.  44.625d.  45.37.5d.  48.563d.  50.7.50d.  50.625d. 

Silver  is  now  quoted  39Xd.  per  oz.  in  London.    Gold  is  around  350  in  the  Argentine  and  at  a  premium  in  some  other  countries. 

WHI'jAT. — France  imposed  a  duty  on  imported  wheat  in  1880  of  2.6  cents  per  bushel,  and  now  36.2  cents  per  bushel.  Italy  now 
imposes  a  duty  of  36.7  cents  on  wheat,  and  5.64  cents  on  corn,  against  26. 2  cents  on  wheat  a  few  years  ago.  Portugal  and  Spain  pay  higher 
duties  and  import  annually  about  18,000,000  bushels.  Spain,  February  10,  1895,  increased  the  duty  from  42.2  cents  to  55.11  cents.  Sweden 
last  j-ear  again  raised  the  duty  on  imported  wheat  to  23.98  cents  per  bushel,  against  9.12  cents,  and  on  flour  to  about  1.55  per  bbl.  Ger- 
many imposes  a  duty  of  32.3  cents  per  bushel,  and  2.23  per  bbl.  on  flour.  Russia  imposes  a  duty  on  flour  of  33  cents.  Turkey  and 
Bulgaria  impose  ad  valorem  duties.  Evidently  old  world  wheat  growing  countries  are  continuing  to  place  impediments  against  other 
wheat  growers.  Germany  has  a  bill  now  pending  to  encourage  home  industries  and  tax  all  imports.  India's  recent  exports  from  their 
new  crop  are  larger  than  in  March,  1894.  Exports  last  year  were  the  least  in  a  decade.  Russia's  exports  from  50  of  her  provinces  to  date 
hr    J. been  larger  than  from  the  1893  crop  same  time. 

Private  estimates  generally  concede  our  1894  wheat  crop  equalled  515,000,000  bushels.  St.  Petersburg  official  figures  just  given  out 
add  78,000,000  bushels  to  our  Government's  report  of  Russian  crop,  and  they  claim  2,886,704,520  bushels  total  of  cereals  grown,  against 
2,361.239,000  bushels  grown  in  United  States  as  reported  by  our  Government.  Russia's  official  and  our  unofficial  statisticians  indicate  the 
world's  crop  is  133  millions  larger  than  our  Government  estimates,  or  say  2,733,000,000  bushels,  against  the  largest  previous  crop  of  2,427,- 
000,000  in  1893.  The  United  States,  Russia  and  Argentine  practically  furnish  four-fifths  of  the  supplies  for  the  world's  importing  countries. 
Argentine  imported  wheat  in  1870;  in  1881  exported  but  70,936  bushels;  in  1894  about  55,000,000.  Last  year  Antwerp  was  the  largest 
imp  tTiing  city,  Liverpool  being  next.  More  than  half  our  exports  are  in  the  shape  of  flour.  The  world's  largest  rye  crop  was  grown  in 
1894.  The  world  grows  about  3  billion  bushels  of  potatoes;  Germany  about  one-third  of  them.  Potatoes  are  about  double  the  price  in 
(rreat  Britain  they  were  a  year  ago.  The  world's  corn,  oats  and  wheat  crops  seldom  vary  more  than  10  or  15^  from  about  2,350,000,000 
bushels.  The  rye  crop  is  usually  about  55;?  as  much.  Chicago  reports  c.  i.  f.  bids  at  66)^c.  for  No.  2  red  wheat.  Freight  from  Chicago 
to  Liverpool  via  water  being  lO^gC.     Increased  demand,  or  serious  damage  to  the  growing  crop,  might  enhance  values  in  the  near  future. 

CORN. — The  world's  crop  is  probably  the  smallest  grown  in  a  score  of  years,  and  equals  only  about  seventeen  hundred  million 
bushels,  or  less  than  the  average  consumption  in  the  United  States.  Argentine  is  reported  as  growing  a  "  bumper  crop."  Our  1894  crop 
is  but  little  more  than  half  the  world's  average  crop.  We  usually  grow  about  four-fifths  of  the  world's  annual  crop,  and  export  from  3 
to  5;?  of  that  grown.  Le.ss  of  the  1894  crop  will  likely  cross  county  lines  than  for  many  years.  Practically  no  corn  will  cross  the 
Mississippi  River.  The  yield  per  acre.  19.4  bushels,  was  the  lowest  since  1881.  The  New  England  and  export  demand  continues  good.  It 
is  among  the  possibilities  that  corn  will  again  sell  above  wheat. 

PROVISIONS. — There  appeal's  to  be  a  general  belief  among  provision  men  and  live  stock  dealers  the  hog  supply  is  getting  low 
and  the  run  of  ho.gs  the  comin.g  summer  will  be  small  and  prices  likely  rule  much  higher,  as  a  leading  pork  packer  is  suppo.sed  to  control 
about  all  the  "cellar  "  holdings  in  Chicago,  besides  being  long  large  lines  of  product  for  May  and  June  delivery.  Packing  to  March  21, 
945,000  hogs  against  720,000  corresponding  time  in  1894. 

Yours  truly,  CLAPP  &  COMPANY. 

Our  Souvenir  for  1894  will  be  out  next  week.     Price  |3.00  delivered. 

67 


CLAPP  &  COMPANY,  Bankers  and  Broker, 

We  give  below  the  Yearly  Wheat  Yield  of  the  World  since  1884,  in  bushels,  as  compiled  from  Government  Reports  and  Estimates  from  Foreign  Governments,  as  i-m 
and  consumptive  needs  and  the  Oats,  Barley  and  Corn  yields  are  our  estimate  or  from  various  authorities  considered  the  best.     Cotton  statistics  are  from  reports  from  '■{, 


COUNTRIES. 


United  Sutes 

France 

India 

Rossiaand  Poland..... 
Austro-  Hungary .. . . . . . 

Italy 

Germany 

United  Kingdom 

Asia,  except  India 

Spain 

Roumania 

Caucasus 

Sooth  America 

Anftralasia 

Canada...  •«••«.. ..••.« 

Africa 

rorkey  and  Depend'* . 
Balgaria........ ....... 

Belgium 

Greece 

Scrria.. ...... ......... 

Portugal , 

Netherlands............ 

Denmark.......... , 

Sweden  and  Norway . « , , 

Switxerland 

Mexico. 


Clapp'a 

Estimate, 

1806. 


150.000,000 


tl894. 


103,000,000 
*5,020,000 

iS.OOO.OOO 


World's  crop,  yearly  . . 

Exports  y'r  end.  June  80 

Primary  Receipts : 
June  ao  to  Sept.  80... 

June  30  to  Dec.  SO 

June  30  to  March  31|. 
June  30  to  June  30,... 

In  Farmers'  hands  Mar.  1 

Seeding  requirements. . 

Acreage  in  the  U.  S..... 

Yield  per  acre..... 

Com'er'lb'shl'sofCOlbs 

Av'r'ge  weight  per  bush, 

Exp't  price  y'r  end.  J'e  30 

Cash  price  Mar.  27  Chic 

Corn: 

U.  S.  crop 

DispVt  ol  prior  to  Mar.l 
In  Farmers'  h'ds  Mar  1 

Yield  per  acre 

Exp'ts  y're'd'gJ'neSO 
Cash  price  Mar.27Chic 

Acreage 

Ex.  price y'rend.J'eSO 

Oats  : 

Acreage 

Crop 

Yield  per  acre 

Cash  price  Mar.27Chic 

Cotton : 

Crop,  bales 

Av.  weight  per  bale.... 

Acreage 

Pounds  per  acre 

A  v.expt.  price  to  Ag.Sl 
Exports  to  Sept.  1  . .  .S 
South'n  con.  to  Sept.  1§ 
North'n     "  "      g 

Price  MayCot.Kar.27 


160,000,000 


160,267,000 

813,316,000 

268,169,000 

381,000,000 

188,593,000 

122.969,000 

111.000,000 

62,668,000 

83  600,000 

91,000,000 

13,681,000 

63,000,000 

101,000,000 

13,360,000 

13,221,000 

17,098,000 

•3.800,000 

80,000,000 

18,600,000 

6,000,000 

8,000,000 

9,000,000 

6,000,000 

4,600,000 

1,767,000 

4.600,000 

13,000,000 


tl893. 


71,999,790 
•61,000,000 


2,690,131,000 
165.622,233 

61,000,000 
119,000,000 


111,000,000 

•63,000,000 

31.882,316 

18.3 

*18O,0O0,000 

68 

67 

1,212,770 


396,132,000 

277,136,000 

268,539,000 

318.000,000 

201.269,000 

136,218,000 

110,010,000 

62,166,000 

•6,177,000 

93,181,000 

60,110,000 

61,000,000 

81,163,000 

13.468,000 

13,621,000 

31,691,000 

83,316,000 

86,987,000 

17,600,000 

6,600,000 

8,600,000 

6,000,000 

6,600,000 

1,659,000 

1,193,000 

8,300,000 

6,731,000 


tl892. 


616,919,000 
310,811,000 
206,610,000 
266,019,000 
192,174,000 
116,676,000 
116,216.000 
62,621,000 
80,304,000 
82  288,000 
63,937,000 
71,266,000 
67,292.000 
37,090,000 
18,799,000 
38,262,000 
33,836,000 
10,111,000 
30,718,000 
4,600,000 
10,000.000 

e.ooo.coo 

6,000,000 
1,961,000 
1,693,000 
4,000,000 
11.000,000 


tl891. 


2,126,731,000  2,41 4,411,000 


611,780,000 
220,353,000 
256,704,000 
181,627,000 
179,857,000 
111,166,000 
86,760.000 
77,016,000 
85,907,000 
71,319,000 
18,188,000 
72.000,000 
18.805,000 
83,875,000 
63,1134,000 
47,061,000 
38.896,000 
10  902.000 
15,6C0,0OO 
6,675,000 
8,000,010 
7,000,000 
8,501,000 
1,666,000 
1,591,000 
3,600,000 
16,000.000 


1890. 


191,916.036 


63.000,000 
119  000,000 
133,000  000 


Ai\i 


.63^ 

7a7,205,C02 

175,564,150  1,OM:oOO.()00 
680,000.000 

19.4 

63.126,566 

.36 

160,851,000 

16.2 

27,037,576 

662,186,000 

24.5 

•30Ji 

•9  750  000 

t497.98 

120  107,217 

tl91.7 

7.8 

6,231,491 

1.613,971 
7.52 


•28>6 


6,490,.'i27 

."lOJ.dOn 
1.785.819 
6  20 


135,205,430 

64,000,000 

34  629,118 

11.1 

381,600,000 

67.6 

79.9 

.7694 


1,619,494,000 

1  001  Hit;  000 

62G,5l7,J7u 

22  5 
88,742,898 

•40J^ 

72,036,405 

63.1 

27,273,033 

638,854,850 

23.4 

.29 

•7,627  211 

196.28 

19  701.385 

182.76 

8.05 

1,402,890 

733  701 

1.950,000 

8  55 


225.6C6.811 

94,000.000 
IStl.OOO.OUO 
231  000,000 
265,000,000 

171,000,000 

65,550,000 

38,651.430 

13.1 

494,000,000 

67.6 

1.02 

.78 


1,665.000,000 

1,20<I.IHK),(IOO 

8tiO,(l(K).0OO 

23.1 
73,7ti8.672 

.38^ 
70,026,058 
.56 

25,357.000 

615,000,000 

24.4 

.28«4 

6,717,112 

f.l9.8S 

18,L<62,000 

167 

8.7 

6.864.921 

675,000 

1,720,000 

6.66 


2,369,740,000 
106,181,816 

82,000,000 
172,000,000 
313,000.000 
248,000.000 

113,000,000 

65,650,166 

39,916,897 

16.3 

595,080,137 

68.6 

93  3 

.103 

2.060,000,000 


399,262,000 
331,748,810 
228,693,000 
236,621,679 
192,076,962 
126,610,746 
104,020,781 
78,306,016 
72,206,370 
76,630,731 
63,961,240 
66,000,000 
61,271,043 
12,180,131 
89,231,112 
88.915,000 
37,134,720 
25,170,000 
19,671,676 
12,378,210 
10,315,200 
8,252,160 
•,189,120 
6,776,613 
1,368.661 
2,175,648 
12,000,000 


1889. 


2,269.761,860 
109,130,166 

32,000,000 
78.000.000 
100.000.000 
124,000,000 

156,000,000 

61,190,935 

36,087,164 

11.1 

380,915,90;^ 

67.3 

83.2 

1,490,000,000 


307,357,350 
237,622,133 
188,536,000 
131,101,762 
102,992,122 
87,170,354 
78,190,962 
72,156,250 
75,022,213 
14,784,863 
61.000.000 
24,118,760 
26,205,957 
31,217,191 
31,215,000 
39,725,000 
29,716.000 
10,573,075 
6,000,000 
6,000,000 
8,612,600 
6,675,000 
4.977,661 
8,991,795 
3,270,000 
12,000,000 


1888. 


190,560,000  116,868,000 


2,133.221,231 
88,601,000 

86,000,000 
90,000,100 
106,000  000 
121,000.000 

112,000,000 

61,012,912 

38,123,859 

13.9 

171,460,663 

67.7 

89.7 

101J6 

2.113.000.000 


280,176.816 
261,111,632 
254,619,000 
187,223.238 
104,217,£03 
92,991,671 
76,760,671 
83,706.250 
76,866,831 
61,076,000 
65,000,000 
38,376,000 
17,688,161 
32,000,000 
37,869,686 
13,663,600 
31,130  000 
11,876,130 
1,823,750 
1,610,000 
7,003,760 
1,256,260 
3,805.301 
1,128,279 
1,702,500 
12,000,000 


1887. 


466,339  000 
319,091,201 
238,685,912 
273,865,000 
198,'..>58,217 
119,609,368 
101,013.175 
78,507,593 
89,700,000 
95,000,000 
61,000,000 


1886. 


2.229,177,819 
119,626,311 

37,000,000 
70,000,000 
81,000,000 
92,000,000 

132,000,000 

63,010,150 

37,336,138 

11.1 

391,117,783 

66.6 

85.3 

.77^ 


83,600.000 
35,288,000 
31,000,000 
37.600,000 
13,000,000 
81,(96,000 
19,894,859 
6,000,000 
6,000,000 
6,000,000 
6,889.150 
6,021  113 
1,600,171 
3,000,000 
12,000,000 


167,218,000 
301,427,095 
258,317,352 
213,907,000 
117,190,612 
113,122,020 
07,973,209 
66,285,353 
93,600,000 
85.988,970 
33,629,063 


1886. 


2,306,325.121 
163,801,870 

36,t)00,000 
82,000,000 
97,000,000 
115,000,000 

122,000.000 

53,434,906 

37,041,783 

13.1 

116,C17,&38 

68.6 

.89 


28,800,000 
36,630,000 
37,000,000 
36,300,000 
41,113,760 
29,715,000 
17,099,782 
4,937,250 
1,625,813 
8,228,750 
6.233,036 
6,201,116 
1.081,116 
1,615,760 
12,000,000 


367,112,000 
312,912,000 
299,155,581 
209,192,256 
151,364,000 
110,802,051 
106,971,000 
82,116,000 
83,700,000 
113,600.000 
33,600,000 


1884. 


918,000,000 

1,143,000,0(10 

1.201  (HKJ.OOO 

948,000,000 

1,062,000,(K)0 

642,000.000 

97.1,000,000 

787.000,000 

608,000.000 

603.000,000 

27 

20.7 

27. 

26  3 

20.1 

30,768,213 

32.000,000 

103,000,000 

71,000.fi00 

25.000,000 

.66Ji 

.29 

.34  K 

.48^ 

.■H\4 

76,204,515 

71,970,363 

78,319,651 

76,672.763 

72,392,720 

.67 

.19 

.17 

.66 

.18 

25,681,861 

26,431,000 

27,163,316 

26,000,000 

2.5,920.906 

738,000,000 

523,621,000 

761.615,000 

701,735,000 

659,618,000 

28  9 

19.8 

27.1 

26.0 

25.1 

.62>4 

.33 

.36  Ji 

"« 

.21 

9,017,691 

8,674,117 

7,297,117 

«,939,28* 

7,017,707 

501.17 

498  14 

197.06 

495.79 

185.35 

19,948  287 

20,483.326 

20.173,896 

19.781,000 

19,428,000 

179 

189 

158 

149 

lU 

.10 

10.3 

9.9 

9.8 

9.6 

6,791,131 

1,906  000 

1,736,000 

4.628,000 

1,115.000 

612,892 

645,288 

479.701 

459,000 

422.000 

2,097,276 

1,7»0,000 

1,790,000 

1,805,000 
9.78 

l,687,0t.0 

8.84 

11.44 

10.06 

10.51 

1.988.000,000  1,156,000,000 


2.129,805,285 
91,566,793 

11.000,000 
84  OOO.COO 
104,000.0(X) 
138,000,000 

107,000,000 

62,142,728 

36,806,181 

12,1 

111,777,202 

681 

.87 

.76K 

1,665.000,000 
1,103,000,000 

773.000,000 
22. 

11.000.000 

76,694.208 
50 

Its.  ^3.630 

624,134.000 

26.4 

.27 

6.605.087 

186.37 

18,501,667 

168 

9.9 

4.336.000 

385,000 

1,781,000 

9.17 


26,000,000 
87,077,000 
38,000,000 
10.300,000 
46,400,000 
30,000,000 
19,571,000 
4,966.000 
4,682,000 
7,061,000 
4,965,000 
6,000,COO 
2,837,000 
3.057,000 
12,000,000 


612,765,000 
324,130,000 
251,091,860 
206,711,972 
151,023,000  , 
116,748,807  , 

91,100,000  , 

81,654,000  . 

87,200,000  . 

99,312  000  . 

36,887,000  . 


-4 


2,108,171,726 
132,670,366 

2t  000,000 
61,iO0,U)0 
74,0<».O0O 
88,000,'X)0 

169,000,000 

18,615,575 

34,189,246 

101 

339,496,449 

67.0 

86.3 

77.M 

1,936,000.000 

1,120,000,000 

676.000.000 

26  6 
65.000,000 

.38% 

73,130,150 

.51 

22,783.6.30 

629,400,000 

27.6 

.28 

6.575.691 

483.95 

18,219,378 

161  6 

10.6 
8,920,000 

SlS.OO'l 
1,437,000 

11.26 


21,000,000  . 
36,600,000  . 
10,000,000  . 
88,300,000  . 
12,662,000  . 
30,000,000  ., 
22,700,000  .. 
6,000,000  .. 
6,212,000  ., 
7,094,000  .. 
5,893,000  .. 
4,970,000  .. 
3,8-23,000  .. 
3,000,000  .. 
13,000,000  .. 


2,302,306,659 
111,631,183 


119,000,000 

65,070,8f8 

36,.3y3,319 

116 

198,515,869 

68.3 

1.07 

•83H 

1,795,000,000 

1,030,000,000 

512,000,000 

25.0 
63,000,000 

.49-^ 
09,683,780 
.61 

21,300,917 

583,028.000 

27.4 

.29 

5,700.165 

480.70 

17.322.388 

163  8 

10.6 
3,917.000 

346,000 
1,537,000 
11.41 


>t 
Q. 
O 

O 

4) 

(0 

<a 
o 

4-* 
4-» 
O 

J 

4) 
O 


3 
O 


•Our  estimate,    t  GoveroMent  estimate,    t  Chronicle  estimate.    |  March  23  and  June  SO  figures  are  from  crop  ef  year  named  in  heading.    |  To  March  33  J89>. 

6S 


Hew  York,  WORLD'S  CROP  LETTER. 

(  IS  by  the  Washington  Bureau  of  Statistics,  and  other  authorities.    The  Rye  Lrop  of  1893  is  mostly  compiled  Irom  GoTcrnment  reports  ;  those  for  the  1894  crot 
>  iiiiicnt,  Chronicle,  and  Cotton  Facts,  except  our  estimate  for  1894  and  5. 


Harvrst 

Shason 

EACH 
COUNTRV 


I June  to  Aug, 

June  toAug. 

....Dec.  (o  May 
....July  (o  Sept. 

.■.•July 

..  ..June 

..■■July ■ 

.  ..Aug  10 Sept 
....Mar.  to  May 
....June 

4. July 

....iJec  &J»n. 
....Dec.  &  Jan. 

>^ January 

....July  &  Aug. 
....Kov.  to  Feb 
....June 

...•July 

....Aagutt 

....June 

....April 

....June 

...July 

......August 

....Sept.  &  Oct 

■..July 

... .June  &  July 


Clupp'* 

OtiMiate 

WliMi 

CoDniliiintlon 

181H-&. 


425,000,000 
3SO,000,000 
230,000,000 
310,000,000 
190,1100,000 
149,000,000 
14fi,000,000 
239,000,000 
78,000,000 
83,000,000 
30,000,000 
60,000,000 
45,000,000 
2S,000,000 
38,000,000 
37,000,000 
26,000,000 
20,000,000 
60,000,1100 
11,000,000 

6,000,000 
11,000,000 
16,000,000 

8,600,000 
12,000,000 
16.000,000 
12,000,000 


CUpp'a 

Eriiniat* 

Wheat 

Klporla 

Crop  YaAT. 


150,000,000 
10,OCO,000 
16,000,000 

120.000,000 
6,000.0a) 

9,000,000 
10,000,000 


Clapp'a 

t>llllial« 

Wheal 

Ilnpurta 

Crop  \  ear. 


26,000,000 


28,000,(XX) 
40,000,000 
190,000,000 


Cbpp'i 

E.ttimjie 

Wheal 

Acreage 

1894. 


13,000,000 


66,000,000 
10,000,000 
7.000,000 

a.  000, 000 

3,000.000 


6,000,000 
1,000,000 


3,609,500,000 


14.000.000 


16,000.000 


40,000.000 
6.000,000 


426.000.000 


4,000,000 
11,000,000 

8.600.000 

9,000.000 
11.000.000 

1.000.000 


34,882,346 
17.219,769 
27,382,000 
31,000,000 
10.600,000 
11,600,000 
6,000,000 
1,982.228 
12,000  000 
6,100,000 
3.441,203 


Foreign 

Wheat 

Mctiurei. 


8,000,000 
4.165,694 
3,600,000 
4,400,000 


13.3 
19.4 

10 
18 
11 
33 
89 

14 
13 


406.600,000 


1,700,000 
1,700.000 
640,000 
600,000 
640,000 
400,000 
423,000 
350,000 
200,000 
1,000.000 


13 
10 

9 


Winchetier 
Uuihel. 

Hectolitre. 
Torn. 

Cheiwert. 
Kilo. 

Quintal 
Hectolitre. 

Quarter. 

Impenal 
Bushel. 

Quarter. 
Do. 

Do. 


Crop, 
1893. 


36,665,446 
64,712,076 


Hectolitre. 

Winchester 
Bushel 


Do. 

Quarter. 

Do. 

Do. 

Hectolitre. 

Quarter. 

Do. 

Do. 

Do. 

Do. 

Swed.  Hect. 
Norw.Quar. 

Quarter. 
Fanega. 


780,676,7(4 

134,600,900 

8,600,000 

813.866,037 

1,600  000 

90,000,000 

21,000,000 

7,000,000 


Clapp'i 

Esiimiie 

Rye  Crop, 

1894 


36,020,000 
76.460,802 


8,000,000 

48,000,000 

994.771 

13,000,000 

8,000,000 

18.000,000 

4,000,000 

4,000,000 

3,000,000 

16,000,000 

18,000,000 

36,400,000 

3.000,000 


..  1,534,795,964 


916,498,800 

139,000,000 
4,000,000 

394,000.000 
I.SOO.OIX) 
30,000,000 
31,000,000 
6,769,071 
8,000,000 
8,000,000 

48,000,000 
1,000.000 

13.000,000 

6,000.000 

36.000.000 

4,000,000 

8.000,000 

3.000,000 

15,000,000 

18,000,000 

37,000.000 

3,000,000 


Clapp'a 

E4tlii>Ate 

Conntnptlon 

Mye 

U»«-M. 


36,000,000 
76.000.000 


660.000.000 

126,000.000 

6.000,000 

280,000,000 

8,000,000 

16,000.000 

17,000,000 

6,000,000 


Clapp't 

Eslimaie 

Oat  Crop. 

1894. 


662,000,000 
272.000.000 


8,000,000 
48,000.000 
1,500.000 

11,000,000 

11.000,000 

26.000.000 

6,000,000 

4,000.000 

6.000,000 

18,000,000 

30,000,000 

30,000,000 

8,000.000 


719.369,000 

168,000,000 

18,833.467 

310.000,000 

I89.ono.ooo 


Clapp'i 

Estimate 

Barley 

Crop, 

1H94. 


61,300,000 
66,400,000 


1.678.258,673  1.397.fiO0. 000 


8,000,000 
10,01^.388 
12.000,000 

16,000.000 
72,200,000 
10,000,000 
4,000,000 
8,000,000 
36,000,000 


1,600,000 

1,000,000 

10,000,000 

80.000.000 

90.000,000 

8,000,000 


2.731.910,860 


261,396,000 

105,000,000 

8,048,782 

lli,000,000 

76,160,000 

90,000  000 

46.400,000 

16,>0«,32) 

20,000.000 

6,000,000 

8,000,000 

14,200,000 

40,000,000 

13,000.000 

7.030.000 

6,000,000 

3,000,000 

8.000,000 

3.000.000 

6,000,000 

6,000,000 

41.000,000 

800,000 

6,000,000 


Clapp'i 

Estimate 

Corn  Crop, 

1894. 


1,212,270,000 
86,000,000 


954. 411. 004 


31,953.00r) 
96,000,000 
64.600,000 
16,000,0(XJ 

3,000,000 
83,000.000 
39,889.419 

6,000,000 
66.000,000 
10.000,000 
10.000.000 
83,000,000 
16,000,000 

6,000,000 


Poputaiioa, 

Census 

1880. 


8,000,000 
15,090.000 


80,000,000 


t  68,622,260 
88,218,903 

384,000,000 

108,787,244 
41,827,700 
39,699.786 
49,422.928 
37,888,168 

587.691.000 
17.560,216 
6,876,000 


33.JOO,000 

2,884,469 

4.123.227 

205.838,000 

33,559,787 
3,154,376 
6,030,043 
3,187,308 
3,096.0U 
4,708,178 
4.450,970 
3,172,306 
6,774,409 
3.933,334 

12,000,000 


1.729,111  419.1,593,390,408 


EXPIiAlTATIOlT — REVISED — MARCH    27,    1895. 

Finland  and  minor  countries  probably  grew  enough  more  wheat  to  make  the  world's  yield  alx)ut  2,310,000,000  bushels  for  1890,  and  a  similar 
enlargement  for  other  seasons.  In  estimating  world's  consumption  we  have  not  considered  Cuba,  China  and  minor  countries,  that  consume  nearly 
63,000,000  bushels.  Our  estimate  of  yearly  seeding  requirements  is  based  on  1^  bushels  per  acre  for  winter  wheat  and  l^i  bushels  per  acre  for 
spring  wheat,  food  consumption  on  Government  basis  of  4^  bushels  for  each  person.  We  have  added  50  million  bushels  as  our  estimate  of  consump- 
tion  by  live  stock  in  the  United  States.  A  Winchester  bushel  has  capacity  of  2,150.42  cubic  inches,  containing  60  pounds,  and  equals  .969  of  an  Imperial 
bushel  of  about  6l  lbs.  A  hectolitre  equals  2.83  bushels;  a  quintal,  220.46  pounds  in  Austria  and  Hungary;  a  qi.artcr  equals  492  pounds  in  Denmark, 
Germany  and  Greece,  and  48op>ounds  m  most  other  countries,  except  Pacitic  coast  shipments,  which  are  sold  in  Europe  sacked,  and  contain  500 
pounds  to  the  quarter,  the  sacks  going  to  the  buyer,  making  a  quarter  of  Caiitornia  wheat  worth  44/  in  Liverpool  when  a  quarter  of  Atlantic  coast 
wheat  is  worth  but  40/.  A  Chetwert  is  5.92  Winchester  bushels  in  Russia  in  Europe,  or  5.77  Imperial  bushels.  A  Pood  is  used  in  Russia,  and  is  36.06 
pounds,  too  kilo  in  South  America.  Antwerp,  Berlin  and  Roumania  equals  3.67  bushels.  Spelt  is  an  interior  species  of  wheat  grown  in  Russia, 
Germany  and  Switzerland.  Maslin,  or  metil  (which  is  counted  as  wheat  in  above  tables),  is  rye  and  wheat  grown  together.  We  have  never  grown 
a  wheat  crop  averaging  full  weight,  or  60  pounds  to  the  bushel.  We  think  the  average  crop  wheat  in  the  United  States  the  past  five  years  was  about 
500,000,000  bushels;  the  previous  five  years  it  was  about  435  millions.  The  world's  wheat  crop  last  five  years  averages  about  2,400  million  bushels. 
Germany,  includint;  .Austria-Hungary,  grew  1,314,140,000  bushels  potatoes  in  1894;  world's  crop  averages  about  2,900,000,000  bushels;  that  for 
1S94  was  about  2,^42,000.000  bushels.  Ireland's  crop  was  61.814,412  bushels,  or  34  per  cent,  below  io-year|average.  The  United  States  crop  was 
164400,000  bushels  in  1894,  agai.-.st  l83.oco.OOO  bushels  in  1893.  Russia  was  the  largest  exporter  of  cereals  in  1895;  America  was  second.  For 
calendar  year  1894,  Russia  shipped  1x8,000,000  bushels  wheat,  and  United  States  77,712,152  bushels.  For  further  intormatloii  see  our  1894  Souvenir, 
page  298. 

Only  atMut  one-third  the  world's  population  eat  wheat  and  rye  bread.  The  world's  com  crop  averages  about  2,350,000,000  bushels  annually  ; 
rye,  about  1,350,000,000;  oats,  about  2,328,000,000;  barley,  about  802,000,000  bushels ;  hops,  about  150,000,000  pounds.  The  world's  crop  ol  the 
five  leading  cereals,  in  1894  is  about  9,563,970.785  bushels.  Hay  is  the  farmer's  most  valuable  crop,  and  averages  aliout  45,000,000  tons  yearly.  We 
have  made  no  allowance  for  difTerences  in  imperial  or  Winchester  bushels,  or  for  grain  grown,  imported  or  exported  for  other  years  than  for  the  one 
represented.     It  is  customary  to  estimate  ^14  bushels  wheat  make  a  barrel  of  flour  in  the  United  States. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  &tle  0/  Stocks,  Bonds,  Cotton,  Grain  and  Protisions  on  the  wiriaut 

Exchangej. 
Our  private  wire,  office,  or  Exchange  faeilities  are  unsurpas.^.     Correspondence  invited  regarding  either  Investment  or  Speculation. 
Usual  margiia  required  ;  eustomm-y  cmnmissions  charged  on  ouh  property  or  for  future  delivery. 
Margin  dej>osit.>i  may  lie  made  with  htcal  out-of-town  banks,  who  can  Ultgraph  us  at  ovr  eaperite.  to  aid  promptness  infiUing  telegraph 

orders. 
A  general  Banking  business  conducted.     Deposits  received  subject  to  check  at  tight.      Check-hooka  furnished.      Three  per  cent,  interett 

allowed  on  average  daily  balances,  credited  monthly.      City  and  Country  accounts  solicited.     Municipal  and  railway  bonds  for  salt. 
InforrtMtion  cheerfully  given,  market  letter  furnished  applicants.     Send  for  one — examine  it.     AUme  a  neighbor  to  read  it. 
All  purchases  and  sales  made  through  us  on  the  New  York  Stock  Exchange,   the  New  York  Cotton   Exchange,  the  New   Orleans   CotUm 

Bachange,  tlie  New  York  Produce  Exchange,  the  Chicago  Board  of  Trade,  or  other  Exchanges,  are  guaranteed 

BetpectfuUy  yours,  CLAPP  ik  COMPANT. 

C9 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

QnotatiODS  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  March  27,  i895,  and  lor  March,  1894. 

Par  value  of  all  stocks  $100.  except  D..  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co , 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EF.Kl.T 

Sales. 


9.575 

8W 

Wfi.fSOS 

1.207 

17  052 

20.8;i5 

3.315 

2,;»o 

«),4r:!t 
10.7!.- 
82.9;,0 
54.0'JU 
69  9116 

l.aso 
22,r39 

2.098 
23,958 

4'.506 
380 

6,731 

6.198 

3:i05 

108  958 

127  487 

200 

1,357 

8  275 
4.6S0 

•129 
2,145 
24.t77 
ti.477 

5.3C1 

22  125 

9  012 
2608 
b.512 

1 4.(19 1 
cU.SGO 

4^819 
7,998 

21. 101 
4.177 
5.804 

14.277 

i.roo 

1:5,106 

ol'.OOO 
1.500 

4;«-3 

14.(118 
2  2(2 
7.W9 
'Am 
6.085 
3.0 

5.1)9 
4  215 
1.100 
8.425 
S2  715 
31.015 
2.^00 


CAPrrAi, 
Stock. 


»20,287,100 
10  198,600 
36  773.000 
36.77J.0O0 
17,900.000 

102  000  000 
25.000.000 
15,000,000 
22,488.000 
60.805  40P 
82.262  700 
24,885.800 
46,027,261 
25,92:1900 
46.1.'i6  000 
18.559.360 
89,054,907 
22,aS5]:0 
28  000,000 
35,4.30.000 
26.200.000 
&5  OOO.OOO 

38  000.000 
35  000.00P 
30.459.700 
2.5,000,0<0 

8.000.000 
50.000,000 
10,000,000 
11.840.000 
11,840,000 
49,466  500 
52.800.000 
3n.0OC.000 
l.S  738,204 
13.000.000 
47,844.100 
47.4.365^5 
14.905.400 
14  904,000 
89.428,300 
77,427.000 
20.000,000 

6.000,000 
58  119  982 
18  000  000 

39  767,200 
49.000.000 
39.269,546 
20.000,000 

8  500,000 
10426.361 
86,000,000 


68.402,900 
125,000,000 
60.000.000 
.9.8.50.000 
118,710  900 

6.600  000 
60,868,.5O0 
33,837  098 
20.166,000 
18,045  100 

7,361,400 
88,000,000 
84.000,000 
94,820,000 
10.000,000 

4,500,000 


DrVIDElTD   RlCORD. 


Pays  3pcJ-D 

Pays  .3pc  O-T-A-J.., 

Pays  .3i^pc  .T-.T 

Pays  3pc  F  M  A  N.. 
Paid  .5^pc  in  1S88.. 
Paid  2dc  Nov.  1894. 


Pays  IMpc  F-M-A-N... 

Paid  ipc  Dec'.'iHw!!!!! 
Pays  IJ/'PC  M-J-S-D.... 

Paid  Ire  

Pays  7  PC  Per  Annum. 
Paid  ^pc  Feb.  l,'-95... 

Paid  2K-PC  Jan.  i89.'^!!! 
Paid  .SUpc  Jan.  1895... 

Paul  3rc  in  1893 

Pay.s  xpc  M-J-S-D 

Pays  7pc  per  annum... 
Fays  7pc  i  er  annum... 

Paid  i"k'po  Ja'n!'l8!'.3!.*! 
Paid  2pc  AufTo  st  1803. . . 
Pays  5pc  per  annun-... 


Pays  8^po  MS. 


Pav9  l^pc  F-M-A-N... 

Pays  .3pc  F  A     

Paid  2pc  August  1893... 

Pays  l^pc  J-A-J-O 

Paid  2pc  in  Feb.  1895... 


Paid  .3pc  1891 

Paid  Ipc  in  Dec.  1894... 
Pays  j^^rc  M-J-S-D.... 
Pays  Ipc  J-A-J-O 


Paid  IMpo  Nov.  1893. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2pc  F-M-A-N. 


Paid  Ipc  in   1887... 
Paid  3K.pc  in  is&i! 


Names  op  Stocks. 


Pays  IHPC  J-A-J-O.. 
i'aid  lV>c  in  FebViAw.' 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Susar  Refining  Co. 
Kxn.  Sugar  Rt- fining  Co  P*f. 

Americau  Tohacco  Co 

Atchison,  Topelia  ,fe  S.  Fe. 

Baltimore  &  Onio  

Canada  Southern 

t'eutral  of  New  Jersey.... 

cbesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

hicago.  Mil.  &  StPanl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pac  fie... 
Chic  ,  St  Paul  M.  &  Omaha 
Chicago  <!fe  Northwestern, 
cliicago  &  Northw'n  Pfd. 
Cleve.,  Cin.,  Chic,  &  St  L. 
Consolidated  Gas  of  N.  Y. 
Delaware.  I.,ack'a  &  Wn. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  I'fd 
Ui>tilline  &  Cattle  F.  Co.. 

General  Electric  Co 

Great  Northern  I'fd.  ... 
Green  Bay  W  &  St  P  Tr  Rec 

lllmois  Central .. 

I.acltde  Gas  Co.  of  St  L. . 
Lake  Erie  &  Wef^terD.  . 
Lake  Krle  &  Western  Pfd 
Lake  Shore  &,  Micb.  So'n. . 
Louisville  &  Nashville.... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Centra( 

Mis.^ouri  Pacific 

.National  Lead  Co.  

National  Lead  Co  Pfd.. 
N.  y.  Cent'l  A  Hudson  Riv 
N  Y.  Lake  Erie  &  West'n 
NY&N  E  tst  CO  cU  all  in  pd 
N.  Y.  A  Northern  Pfd.... 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.  &  W'n  I>fd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Pcdria.  Dec.  &  EvansviUe 
Pliiladelphia  4  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

SouThern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  A  R  R  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

I'nlon  Pacific 

Inion  Pac.  Denv.  &  Gulf. 
I'nited  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 

Wheeling  A  Lake  Erie 

Wheeling  A  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1.421.503 


■JO'ITO.N .  Ml  ba  eg. 
I  Wor'.i  s  visible. 
\  m\        i  C20.:i93 

M94I  4  283  443 


TotBl  in  sighttl  Total  Exporta. 
8.9I7.at;i  6.490.527 

6,799,209        I        4,824.174 


N.  T. 


f  March. 
J  April.. 


Cotton  1  May 


June. 


WHEAT.  In  busbtrUi. 

I    11.  S.  Visible.     iPrimary  rec'ts* 
1895         75.778  POO  1,32.686  000 

18911        72  164,000         I     140  096.U00 


Total  Exports. 
111.576  076 
131.157  728 


^beat.]««y_: 


CORN,  in  bushels. 
I     U  S   Visible. 
1895         1S..396  000 
18941        19  165  too 


Primary  rec'ts* 
54  897,000 
125,910,000 


Total  Exports. 
14  133U(« 
48.611  127 


Chicago  )  May.. 
Wheat.  )  July.. 

c«™-{j"ury:. 


OATS,  in  bushels 
I    U.  S.  Vi  ible. 
1895  6  a53  000 

18941         2,713  000 


N.  Y.  Stocks, 
648  861 
684  271 


Cbeo.  Stocks. 

1315  000 

830  000 


Oats. 
Pork. 


I  May., 
I  July. 
[May. 
I  July.. 


1895 
1894 


LARD-tcs 
World's  vis. 
241.786 
111.9S4 


CHICAGO  CONTRACT  STOCKS 
PORK-bbls,   LARDtcs.  ,   RIBS  lbs. 
121.605     I  30  322        &1.474.9(I8 

77,641     I  4,011     I    10,605,8<i2 


Lard 
Ribs. 


••] 


May.. 

July 

(May  ... 
•>  July 


Thursday. 
Mar.  21. 


im    25 


71 


71 


93M  979:, 
93%  931.4 
93h,     92% 


54 

4'% 


bHh. 


9414  Oi\^4 

73^  729i 

71?«  70% 

57^  56?4 

119  II89j 

64%  6«i 

82Wi  Sl% 

1.2  6.H 

mi  88k 

i6!9i  i<i6it 

!26-J4  Ui 

85H  3.^% 

liH  13% 

35)*  82^ 

■5^  "k 

2t-?4  25'^ 

17^4  IriSi 

73  72?4 

isr9i  l.i7^ 

61  mii 

I0o56  ioti>4 

25^  25 

21^  2iH 

ii3  .10?4 

85?4  85 

85  94% 

m     8% 


6 
4 

im 

•21% 
4?i 

1096 


12 

3^94 

'.6 

4 

41 

5M 
8^4 


88H 
1% 
44i* 


83?4 
4^ 
8^ 

21H 

4^ 

896 


ir% 

15^4 

% 
7^ 

12 
43 


Friday, 
Mar.  22. 


26^ 
721^ 

om 

499< 
949i 
17% 
73V4 
'3% 
Xi6% 
II5H 
(MM 


25M 


539: 


4JH  .  49% 


irw 

73 
71k 
50M 
115^ 
bS^4 


91^  mi 

3t%    88k 


101%  ieo% 

lao 

359i 
15'/* 
3596 


Saturday, 
Mar.  23 


26H    26 


99H 

94 

93« 

6H 
64 


97 

1796 
73V4 
73^ 
67M 

64^ 

32 

98 


94 
98^ 
6 

58^^ 
491^4 

9#4 

17J4 
7296 
TSH 
66^ 

eik 

88 

9096 


3896    88 
loaii  16i% 

27J6.12HK  12794 
'"        85^ 
1196 
85 


85H 

1496 

34^ 


«      H 

26!4    ask   269<    26U 
1796    17k    17k    1796 


13794  18  H 
51k  Wk 
109^  1U9 

85k    25k 

21%  siii 
S3      a£k 

86J6    8596 
96^4     94vt 

8%     n'A 

84%    34k 


271826 

6.25  6.19 

6.26  6,18 
6.31  6.22 
6.30  6.20 

61  60k 

61H  60,'. 

619i  61A 

60'^  60k 

55%  6494 

56%  5594 

47k  <<596 

469i  46% 


29k    29       2996    28% 
2896    28M    2Sa6    28 

11.95  11.82    12.25  1192 

12  07  12.00 


179i 
18k 
8494 
16 
10^ 
2% 
998 
414 
4096 
494 


216.004 

6r>  6.06 

6.14  6.('8 

6  19  6.12 

6  19  6.10 

60k  69k 

60k  6996 

5196  6096 

6096  6uJ4 

5494  54 

559^  55 

4696  1596 

46k  <5k 


137H  137k 

51 M,  5096 

110  lOsH 

25%  25k 


Monday. 
Mar.  25. 


27^ 
74 

101^ 
94 

94k 

596 

55Ji 

5<;96 
989a 
1794 

74k 

78 

58k 

6.V' 
3294 
92k 


26k 
729i 
98% 
94 

6k 

64k 

4m 

96^ 
1796 

•mi 

71 

57>4 

6496 
32k 
91% 


•**%    8794 
132      138 
164k  16ik 
I80k  129 
86H    36 
1496    1394 

37%  a-.94 
lor    107 


20*6    26k 

irk   17 

73«  73k 
n7k  187^4 
5294    5r 


^4    51k 
^4  10994 


Tuesday, 
Mar.  23. 


26k 
7294 
101k 
94% 
94 
596 
66 
4994 
97 
18^ 
74k 
72k 
67k 


26k 
7294 
M0V4 
94k 
98</ 
5k 
56k 
49k 
95k 
1794 
7.% 
7:98 
S79» 


6496    64 
■1294     88«^ 
92        91k 

8«'     8796 

163k  l(;2k 
limi  127k 
369i    36% 

sEk  859i; 
106    :os 
94       ! 


26J4 

1 7k 

l3Sk 

529^ 
11094 


26k 
17k 

is6k 
5194 
io»k 


'%  25k 


1IU94 


2596    25k 


2494    2394    2496  24 

"  82941  Si  82k 

SSk    86M  85 

-■      «>»  95k 

10  Ok 

35%  8494 


12k    12% 
44k    4t 


1496 
88k 
12k 
44 


146,226 


881,673 


6.85  6.80 

7.00  6.95 

6.95  5,80 

6.07  5.95 


6.07  6,07  6  24  6  20 

6.09  6  05  6.24  6.i0 

6 15  6  08  6.30  6.23 

6  13  6.C'6  6.87  6.20 

COk  69U  61k  60k 

G096  6!"%  61k  6094 

61  5094  5196  51 

50%  5(iJ4  61k  5096 

6596  549*  56%  65^4 

E6k  6596  5796  6696 

46k  4.594  47  46% 

46k  4594  46%  46k 


2914  29  2994  29k  29% 
2ek  28  '  29k  2896  29k 
12  25  12  02  12.65  12.30  12,70 
"  '    12,90 


1694 
6k 

4% 

2394 
494 

14 


18k 
84k 

4% 
8% 
16k 
2391, 

4*4 

n>4 


6494 

e<k 

1794 

I79S 

m 

12% 

M^f, 

84k 

16% 

1594 

10% 

10 

Ilk 

1094 

Wed.. 
Mar.  27. 


25%    25k 
78k    78k 
10094  100 
9496    9196 


93k 

596 


03 

6k 


56%    5594 

9694  93k 

13  17k 

7.^96  73k 

72  7196 

57^  50% 

64%  6.1% 
82k  31k 
9194    9094 

3794    «96 

'6394  161 H 
129  12094 
8694    36k 

3696    34% 

"96     "96 

mi  26k 

17%  7094 
73%  ,73 

137k  '36% 
5196  ,51 

10994  '09% 

25%    25 

2394  22% 
38       8194 

95%    9494 

9%      996 

8096    85% 


41% 
5% 
996 
6k 

i«k 

!>:% 
41% 


40% 

6k 
14k 

12 
43% 


210035 


12.40  12.17  12,45  12.25  12  80  12.68 


6.97  6  90 

7  10  7,06 

6.12  6.00 

6  27  6.17 


7  02  6  95  7  25  7  05 
7,15  7.10  7  40  7  27 
6  15    6  05     6,85    6  20 


727 
7.42 
687 


6.30    6  22     6  47    6..35  I  6  53 


28- 

12.30 

12.45 

7.02 
7.15 
6.15 
6.30 


1096 

36k 

4H 

4k 

1694 

28% 

494 

14% 


1794 
12k 
31 

ir.96 
9% 

1096 

'6k 
14k 

1296 
43% 


1096 
«% 

4k 

4 

16% 
22.«, 

494 
12% 


1794 
11% 
83% 
15k 
9% 

ioli 

4 

40 

6k 

69i 
14% 
SS96 
12 
42k 


245  189 

6.19  6.12 

6.80  6.18 

6.24  6  18 
6,88  6  14 

6094  60,>8 

6A  6(% 

51%  51% 

6196  51k 

5594  54% 

56%  56k 

46%  4696 

46%  4696 

2094    2996 
29k    28% 

12  52  18  3<l 

12,65  18.50 

7  05  6  97 

7,22  7  12 

6.25  610 
6.37    6.85 


Range  for 
Mar.  1895. 
to  date 


27% 
74 

103k 
9«k 
95% 
59ti 
5796 
5096 
9'<9'4 

74k 

73k 

58>5 
Il9 

t& 

3294 

92  k 
138%  138% 

■if%    35k 

13.?k  tsck 

i64k  If"* 
1 30k  I2:< 
3694    3396 


2094 
61k 
9:% 
92k 
90 
3k 
49 
48 
K3k 
!6 
«» 
70 
5?% 
117 
6m 
2894 
879s 


ll09i  look 


6,25  6.41 

6,>'0  5.44 

6.83  548 

6.31  6  50 

621 i  5894 

62%  59 

52k  4894 

5196  48% 


58  63k 

5i»4  54  k 

4:96  4«9t 

47k  44k 


29%  -28% 
29  V4  •■i'M 
12  70  10  27 
IJ.90  10  08 

7  27  6.47 

7.42  6iW 

6  37  6  27 

6  52  5.42 


Range  for 
Mar.  1894. 


73% 
100 
92 
^394 
16 

79k 
5294 
11 794 
19k 
84% 
67^ 
6.1 


25% 
0? 

8094 
83% 
74  k 

i-=9), 

69% 
60 

114% 
17% 
7? 
68 
59 


:2:J%  119 

7194  6794 

4096  369-4 

109k  104 

HI  13  k 

4:96  37 

:3696  i-'B 

i'i794  16^96 

13994  !35k 


84 
8896 
45% 
104 
7k 
95 
17k 

1796 

70 
131 
52*6 


29k 

i>y4. 

40k 

101% 

6 

9194 
15k 
14% 
66 

12694 
4oa<J 

i-'B94  r-"J-:, 


26k 
794 
88% 
39 
l«494 
101% 
1896 
1296 


6% 

2>94 

8(ik 
71k 
9-% 
1<H 
99i, 


17k  16 

4694  4394 

59*  4 

6k  496 

8396  1794 

17-14  1596 

£96  4k 

239*  19k 

78  16896 

85  '  23* 


20k     13k 


10 
Ilk 
22% 
6% 
40% 


16% 


8 
6k 
18 

594 
89% 


«94 

13% 


87k  1*4% 
1396  12^- 
49%    46 


7.55  7  29 

7.66  7  28 

r.7S  7.^5 

-.78  7  42 

6494  61k 

67A  63k 

4)96  J2^ 

4494  43k 

61%  57k 

63k  59k 

38k  3ii96 

39  87k 

3196  2996 

2*96  27k 

II. '.15  10  75 

12.00  1077 


7.12 
6.95 
620 
6  17 


6.40 
6.37 
5.  .55 
,5.65 


1895 
1894 


OLD  PORK,  Chgo.-bMs. 
....     bbls. 


WHEAT  on  passage. 

36.960.000  bUSb. 
35,744,000     *• 


CORN  on  pussage. 
2,900.000  bush. 
6,616,000    " 


Russian  Shipints.  forwk. 

1.864.000  bush. 
1.819.846     " 


Indian  Shipmts  for  wk. 
472,000  bush. 

ifeo.roo  " 


Argentine  Shptg.  for  wk. 
1.864.000     bush. 


Kince  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORB 


HI 


' 


HOeeftlp  nOarftet  Xctter. 


Mo.  423. 


Oopyri^ht,  1995,  ty  CUtpp  M  CMnvawyt 

O.  W.  CLAF^ 
DwiQMT  O.  Clap* 


CLAPP    &    COMPANY, 

Bankers  anb  Brohers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


BOANCH 

Offices: 


277   BROADWAY,  Corner  Chamkri  St. 
671    BROADWAY,  B«OA0»At  Central  Hotiu 
753  FIFTH  AVENUE,  Cornir  68im  8t 


Private  Telegraph  Wires. 
Cable  Address:  "Ozrc." 
LoNQ  Distance  Telephone. 


New  York,  Thursday  Morning,  April  4,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
lit^inery. 

Margin  deposits  may  he  made  with  local  out-of-town  banks.  The  local  bank  should  o.ln'yys 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Baiiiwces, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


Financial  Outlook. 


The  Income  Tax  appears  a  reactionary  appeal  to  class  prejudice,  calculated  to  increase  perjury  and 
cover  up  a  deficit  caused  by  legislative  stupidity.  Those  who  buy  and  sell  law  without  compunction 
may  recognize  an  efifect  of  causes  themselves  have  set  in  motion.  The  philosopher  may  see  in  it  an 
evil  not  unmixed  with  temporary  advantage  to  Government  finance.  All  who  claim  legal  protection 
will  be  wise  in  obeying  the  mandate  of  our  highest  tribunal. 

Straws.— It  is  estimated  agricultural  earnings  of  the  United  States  are  $3,4'.>0,000,000  ;  from 
manufactures,  $3,330,000,000,  from  mines,  $480,000,000  ;  from  transportation,  $1,550,000,000;  from 
commerce,  $160,000,000  ;  from  shipping,  $160,000,000 and  from  banking,  $200,000,000,  It  is  estimated 
the  European  sugar  crop  for  the  year  is  4,910,000,  or  double  Cuba's  product.  The  German  govern- 
ment talks  of  increasing  the  bounty  to  sugar  growers.  Our  Government  has  cut  it  off.  In  1863  the 
varty  now  in  power  was  opposed  to  an  income  tax  even  for  war  purposes. 

Chinase  war  indemnity  may  be  paid  in  gold. 


H 
X 

> 

o 

m 

o 
o 

z 

H 
> 

i 

CO 

o 

> 

r 
-< 

:o 
m 
o 
o 

D 

(/) 
o 


r 
m 
> 

D 
Z 

o 

m 

X 

o 

X 

> 

z 
o 
m 

C/3 


ftEEP  OUK  LETTERS.      P011TF0L.I0  FOR  FILING  FORWARDED  APPLICANTS   FRFB. 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  lETTEE, 

'"  ~^  .  — ■  ■ 

Stocks  and  Bonds. 

Bonds. — Stock  exchange  sales  of  JBtate  and  railway  bonds  in  March  were  $33,897,000.  Foreign 
and  domestic  investment  buying  was  noticable.  Capital  appears  less  timid.  Money  rates  are  higher 
both  here  and  in  London  and  Paris.  Speculation  is  broadening,  sentiment  favoring  higher  prices. 
Many  properties  that  have  been  reorganized  are  likely  to  show  good  advances. 

Railway  Stocks.— Stock  Exchange  sales  for  March  were  reported  5,166,913  shares.  We  believe 
they  would  be  thrice  that  amount  if  bucket-shops  filled  their  orders  on  the  exchanges.  The  Rail- 
way Age  claims  20,647  miles  of  railway  is  being  projected  and  constructed;  that  is  ten  times  as  many 
miles  as  were  built  in  1894.  The  earnings  of  73  roads  show  an  increase  of  144  per  cent,  for  third 
week  in  March.  Western  Union,  N.  Y.  Central,  North  Western,  St.  Paul,  Burlington,  Rock  Island, 
Missouri  Pacific,  Atchison,  Reading  and  Southern  Railway  are  more  active  and  leading  favorites 
among  trading  stocks.  Tenn.  Coal  &  Iron  Railway  is  higher  and  likely  to  become  more  active  under 
the  new  management.    Receivership  properties  may  prove  the  best  for  investment  speculation. 

Fears  of  drought  in  the  wheat  and  corn  belt  are  diminished  by  recent  showers.     Higher  silver  ap- 

f)ears  a  leading  factor  in  the  tendency  towards  higher  prices.  The  meeting  of  Coal  Road  officers  is 
ooked  forward  to  as  a  hopeful  sign  of  better  and  broader  business  enterprises.  Long  Island  Trac- 
tion is  paying  its  interest.  Manhattan  and  Metropolitan  Traction  are  higher  and  more  active.  City 
surface  and  elevated  railways  are  generally  using  and  some  steam  railways  are  experimenting  or 
about  to  experiment  with  electricity  as  a  future  motive  power.  Electricity  may  revolutionize 
freight  rates  in  time  as  much  as  steel  rails  have  done  in  taking  the  place  of  iron.  The  average  price 
of  twelve  stocks  is  now  72.58,  against  77.70  a  year  ago,  and  85.44,  April  4,  1893,  and  of  twenty  stocks 
is  now  52.14,  against  56.17,  April  4.  1894,  and  65.12,  April  4,  1893.  Liquidation  is  about  exhausted. 
Evidently  we  are  not  discounting  the  future,  and  it  will  be  time  to  sell  when  the  future  arrives  or 
becomes  the  present,  and  the  climax  of  spring  speculation  has  been  reached. 

Industrials. — Whiskey  trust  contracts  are  being  annulled  by  the  new  oflBcials,  who  may  inject 
new  life  and  value  into  the  stock.  Sugar  continues  erratic  and  to  pay  3  per  cent,  quarterly  divi- 
dends. Leading  manipulators  predict  125  for  the  stock  in  1895.  American  Tobacco  still  appears 
awkwardly  manipulated  and  repulsive  to  traders.  It  is  expected  Chicago  Gas  will  pay  its  regular 
dividend.    The  industrials  are  likely  to  seek  a  higher  level  in  1895. 

Cotton. 

Texas  grows  about  one-third  our  crop  and  about  one-fourth  of  the  world's  crop.     Ex-Govemor 

Hogg  informs  us  they  will  likely  increase  thu  yield  in  1  j95.  The  Chattanooga  Tradesman  estimates 

372  cotton  mills  existing  and  in  course  of  erection  in  the  South,  140  being  in  North  Carolina,  C6 

in  Georgia,  02  in  South  Carolina,  26  in  Arkansas,  24  in  Tennessee,  21  in  Alabama,  18  in  Maryland, 

9  in  Virginia,  9  in  Texas,  S  in  Mississippi,  6  in  Kentucky,  5  in  Louisiana,  1  in  Florida  and  1  in  West 

Virginia,  and  that  36  more  are  projected.     In  1880  the  number  of  mills  running  was  180,  3890  254, 

in  18i)5  will  likely  equal  408.  In  1S90  the  number  of  spindles  was  1,609,082,  now  it  is  3,001,340.  The 
number  of  looms  increased  from  3h,S65  in  13'.)0  to  70,874  at  present.  More  cotton  has  come  in  sight 
the  past  PGven  monthw  than  for  any  crop  year.  Counting  500  pounds  to  the  bal«.  about  9,300,000 
bales  have  been  delivered  from  first  hands.  On  an  average  for  the  past  10  years  about  7  per  cent, 
came  in  sight  the  last  five  months  of  a  crop  year  ;  on  this  basis  the  crop  may  finally  pan  out  about 
10, OOO.OuO  bales.  Receipts  in  March  equalled  5';4,7;^9  bales  against  434,016  bales  in  1892  from  tlie  lurge 
crop.  In  siglit  to  date  about  9,150,000  bales.  There  was  about  1,589,4'*4  bales  carried  over  from 
last  season.  Mr.  Ellison  estimates  the  world's  needs  at  about  8,248,000  bales.  On  this  basis  it 
appears  there  will  be  about  50  per  cent,  more  to  carry  over  this  season  than  last.  About  9.^  per 
cent,  of  the  visible  is  American  cotton.  The  overland  movement  to  Northern  mills  has  been  about 
50  per  cent,  larger  than  last  season.  Egyptian  and  Indian  cotton  exports  to  date  have  been  about 
27  per  cent,  less  than  last  season.  The  Louisiana  Commission  of  Agriculture  estimates  the  acreage 
in  the  State  will  be  about  35  per  cent,  less  than  in  1894.  Many  of  our  correspondents  in  eight  of  the 
old  cotton  States  seem  to  confirm  this  view.  The  use  of  fertilizers  is  generally  predicted  to  show  a 
falling  off  of  from  25  to  50  per  cent.  Bulls  now  claim  two  large  crops  were  never  grown  in  succes- 
sion. The  two  crops  planted  latest  of  any  in  10  years  were  1890  and  1F91.  They  were  the  largest 
of  any  grown  except  that  of  1894.  The  crops  of  1889-90-91  were  each  larger  than  previous  crops. 
With  cotton  cloth  at  lowest  price  ever  known,  we  see  no  reason  why  spinners  should  stock  up  after 
20  per  cent,  rise  in  price  of  raw  cotton.  It  is  reported  the  demand  for  all  cotton  goods  staples  has 
m.-\terially  improved,  and  it  is  difficult  to  buy  64  x  CA  cottons  at  February  prices,  and  that  sellers  for 
future  deliveiy  are  slow  to  make  offers.  Sentiment  continues  bullish.  Silver  appears  to  be  the 
grinding  stone  for  higher  prices.  Many  believe  the  statistical  position  and  general  bu&'.ness 
changes  justifies  the  March  advance.  72 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Wheat. 

Experience  that  wounds  teaches  piercing  wisdom.    Four  years  ago  wheat  for  May  delivery 

In  Chicago  was  105,  corn  68,  oats  55  and  pork  12.50.    The  trade  then  considered  prices  low,  and 

likely  to  advance.     The  Argentine  gold  premium  in  1887  was  about  1.35,  and  a  bushel  of  wheat 

there  brought  about  25  cents  in  gold.   Last  year  gold  was  around  357  and  wheat  about  35  cents  in  gold. 

It  is  now  selling  at  around  45.     In  1891  South  America  grew  about  48,000,000  bushels  and  exported 

comparatively  little.    Last  year  the  South  American  crop  was  estimated  to  be  104,000,000  bushels, 

Argentine  about  75,000,000  bushels,  and  exports  reported  as  about  55,000,000  bushels.  Some  bulls  now 

estimate  this  year  it  will  be  ;<!0,000,000  bushels  less.     The  Russian  crop  last  year  is  estimated  to  be 

460,624,000  bushels,  against  181,527,000  bushels  in  1891.   Exports  since  January  1  are  less  than  a  year 

ago.  France  grew  about  220,363,000  bushels  in  1891,  and  last  year  343,345,000  bushels.  It  is  esti- 
mated by  many  that  the  world's  wheat  crop  has  not  increased  as  fast  as  the  population,  and  that 
live  stock  consumption  has  depleted  invisible  supplies,  and  growers  have  learned  it  is  to  their  inter- 
est  to  sell  their  holdings  long  before  a  new  harvest  season  appears.  Great  Britain,  Germany,  Bel. 
gium,  Italy  and  France  annually  import  about  325,000,000  bushels,  or  about  80  per  cent,  of  consum- 
ing countries'  imports.  It  is  estimated  that  in  thirty  years  the  United  Kingdom's  average  home 
supply  has  dropped  from  about  123,000,000  bushels  to  54,000,000  bushels,  while  the  average  net 
imports  have  increased  from  about  53,000,000  bushels  to  over  172,000.000  bushels,  and  that  coming 
months  will  show  an  increase.  English  and  French  visible  supplies  have  seldom  been  similar. 
France  has  less  than  1,^:00,000  bushels  in  bond,  duty  paid,  against  16,000,000  bushels  a  year  ago. 

Apparently  consumers  have  been  buying  wheat  "  on  the  hand  to  mouth  plan,"  and  may  continue 
to  do  so  until  prices  advance,  America  may  hold  the  key  to  values.  We  have  more  than  one-half 
the  world's  visible  supply.  May  be  our  growers  have  elected  to  place  their  wheat  in  sight,  thus  cre- 
ating the  lowest  prices  ever  known.  An  advancing  market  will  likely  make  consuming  countries 
aggressive  buyers.  In  1801.  English  and  foreign  buying  caused  an  advance  from  87  in  July  to  114 
August  17.  It  is  estimated  the  various  bucket  shops  owe  thejr  customers  100,000,000  bus'iels  of 
wheat.  Recently,  liberal  buying  on  orders  from  Europe  has  taken  place.  The  strength  of  the  market 
may  ere  long  lie  in  the  fact  that  little  or  no  wheat  is  being  consigned,  therefore  recent  large  cash 
purchases  in  Chicago  and  elsewhere  will  never  again  come  on  any  market  until  the  wheat  reaches 
its  destination  in  some  foreign  part  where  the  ovvner  and  customer  resides.  Great  Britain's  potatoe 
crop  has  not  been  so  poor  in  ten  years,  they  bring  more  n.oiey  per  pound  than  best  bakers'  bread. 
Our  visible  is  less  than  the  average  the  past  ten  years.  Primary  receipts  are  likely  to  be  less  the 
coming  ninety  days  than  any  similar  time  in  many  years.  Each  of  the  past  two  years  they  have 
been  about  24  millions  less  for  April,  May  and  June,  than  for  similar  months  in  previous  years.  It 
is  possible  wheat  bought  for  July  delivery  will  produce  surprises  satisfactory  to  the  present  cheer- 
less bull. 

Corn. 

The  domestic  and  export  demand  continues  good.  Great  Britain  imported  71,016,000  bushels  in 
1894,  or  more  than  any  year,  except  1890,  since  1880.  Chicago  stocks  and  the  visible  are  not  large. 
Speculation  has  been  slight.  .Perhaps  it  has  been  dormant,  awaiting  the  rise  that  nearly  always 
occurs  in  April  following  a  short  crop. 

Oats. 

Seeding  is  in  full  blast  and  reported  large.  Prices  per  pound  are  in  full  proportion  with  other 
grains.    The  visible  is  more  than  double  that  of  a  year  ago. 

Provisions. 

Have  been  active,  and  apparently  manipulated.  Dressed  beef  and  mutton  have  advanced 
about  two  cents  per  pound.  Cattle  receipts  in  Chicago  were  24^  less  than  Ixx  March,  1894, 
and  both  cattle  and  sheep  range  about  25  per  cent,  higher  than  three  mon.  t>s  ago.'  It  is 
estimated  the  number  of  cattle  in  the  country  is  out  half  that  of  a  year  ago.  Austral ian°taIlow  is 
reported  being  bought  in  London  for  shipment  to  Chicago,  It  is  estimated  that  one-fifth  the  meat 
consumed  in  the  United  Kingdom  comes  from  the  United  States  Estimates  are  that  the  crop  of 
hogs  on  April  1  is  but  91  per  cent.,  against  97  per  cent  a  year  ago.  The  trade  appears  to  look  for 
15  or  16-dollar  pork  and  higher  priced  meats  in  July.  We  incline  to  this  theory,  but  would 
not  be  surpriseci  to  see  many  set-backs  in  making  a  further  advance  of  $3  per  barrel.  The 
domestic  and  export  demand  continues  liberal.  Packing  from  March  1st  to  the  28th  was  1,125,000 
hogs,  against  900,000  last  year,  the  average  weight  being  220  pounds,  against  232  pounds  last  sea- 
son.   Always  examine  stocks  of  provisions  on  fourth  page  of  our  letters. 

Yours  truly,  CLAPP  &  COMPANY. 

Our  1894  Souvenir  book  is  now  out.    Delivered  free  to  applicants  upon  receipt  of  $3. 

73 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER 


Qnotations  for  Shocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  April  3.  1895,  and  lor  Marcli,  1894. 

Par  yaJue  of  all  stocks  8100.  except  D.,  L.  &  W.;  P.  <fc  R.  and  Am.  Tobacco  Co  , 
FHOM    NKW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS 


Weiklt 
Sales. 

8.900 

e65,105 

l,ti'i9 

80,674 

6(>,l'<)6 

2,055 

8,355 

43.775 

7,173 

20,977 

i;6..^45 

60.2C0 

10.550 
GOO 

S38 
2.0SJ3 
6,535 
1.300 
5.050 
4,lt>8 
2.531 

51,775 
ICO 
400 
818 

no 

2.«0 
1,H9 
3.H51 

25,5S5 

4,(J33 

885 

10.108 

4  5;  0 

8,b'J5 
l.*-.0 
3,»09 
6,088 

65,810 
7,900 
5.175 
2,4i0 
4,fc08 
8.832 
8.'«5 
l.Ci!0 

68.955 

.33:1 

170.000 

1.000 

lo404 
9,044 

18,045 
l.OOo 
lb;io 
4,729 
8,000 
8,709 
8.435 
1  740 
700 
8, '.50 
6.540 
2.6.H) 
1,010 


C'APrTAX 
Stock- 


$80,837,100 

10.198.600 
36,773,000 
36  771000 
17,900.000 
102  000,000 
85,000,000 
15.000,000 
22,488,000 
60.S05.400 
82  862,700 
24,8K5.800 
46,027,261 
25,923,900 
46.156.000 
18.559.360 
39,054.907 
28,.335  170 
28  000  000 
1 1  696,000 
35,430,060 
26,800,000 
35  000.000 
38  000.000 
35,000.000 
30,459,700 
25,000,000 

8,000,000 
50,000,000 
10.000,000 
11,840,000 
11,840,000 
49,466.500 
52,800,000 
30,000.000 
18.738,804 
13.000,000 
47,fi44,100 
47.436,576 
14. 9f  5,400 
14  904,000 
89.428,300 
77.427.000 
80,000,000 
58,119,982 
13  000.000 
39.767,200 
49.000.000 
89.269,516 
20.000.000 

8.5O0.0O0 
40.426.361 
36.000,000 

68.402,900 
125.000.000 
60.000,000 
19,850.000 
38,710,900 

6.500.000 
60.868,500 
83,837,093 
80  16G.0O0 
18.043  100 

7,301,400 
28,000,000 
84,000,000 
94,820,000 
10.000.000 

4.500,000 


DnriurnD  Recobd. 


Pays  3pcJ-D 

Pays  3pc  O-.J-A-J 

Pays  3J^pc  J-J 

Pays  Spc  FM  A  N 

Paid  SJ^pc  in  1888 

Paid  2nc  Not.  1894.... 

Pays  iHPc  F"-A 

Pays  194PC  F-M-A-N... 

Paid  ipo  Dec.  1894 .'.'.'.'. 
Pays  l^pc  M-J-S-D.... 

Pafd  Ipc  

Pays  7  pc  Per  Annum. 
Paid  ^po  Ftb.  1^95... 


Paid  2HPC  Jan.  1895. 
Paid  SJ^po  Jan.  :805. 
PaidSpo  in  1893 


Pays  2pc  MJ-S-D.... 
Pays7pc  per  annum. 
Pays  7pc  ler  annum. 


Paid  IV^po  Jan.  1893. 
Paid2pc  Auei^stlP93. 
Pays  5pc  per  annun). 


Pays  2J^pc  MS. 


Pays  IHpc  F-M-A-N. 

Pays  Spc  F  A     

Paid2pc  AngnstlROS. 
Pavs  l^pc  J-A-J-O.. 
Paid  8pc  in  Feb.  1895. 


Paid3rc  1891 

Paid  Ipc  in  Dec.  1804. 
Pays  l?4ic  M-J-S-D.. 
Pays  Ipc  J-A-J-O. 


I'nid  l^pc  Nov.  1893. 


Paid  Ipc  April  1S98., 
Paid  Ipc  in  1^7.... 


Pays  2pc  F-M-A-N.... 


Paid  Ipc  In   1887... 
Paid'SHPO  ln"i884! 


Names  of  Stocks. 


Pays  IHPO  J-A-J-O.. 


Paid  IPC  in  Feb.  1894. 


American  Cotton  Oil 

.\merican  Cotton  Oil  Pfd 
.\Ta.  Sugar  Refining  Co 
^m.  Sugar  Refining  Co  Pf 

.\merican  Tobacco  Co 

-Vtchison,  Topeka  &  S.  Fe 

Baltimore  &  Ooio  

Canada  Southern 

Central  of  New  Jersey 

Chesapeake  &  Ohio 

Chicago.  Bur.  A  Qnincy.. 

Chicago  Gas  Cos 

Jhlcago,  Mil.  &  St  Panl. . . 
Chicago  Mil.  &  St  Paul  Pfd 
ChicaKO,  R.  I.  &  Pacific... 
Chic,  St  Panl  M.  4  Omaha 
Chicago  &  Northwestern 
Chicago  A  Northw'n  Pfd. 
Cleye.,  Cin.,  Chic,  &  St  L. 
Col  Hock  ng  Valley  <fc  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack  a  A,  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  <fe  Kio  Grande  Pfd 
Distilling  A  Cattle  F.  Co. . 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  4  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. 
Lake  Erie  &  Wefteru.   . 
Lake  Erie  A  Western  Pfd 
Lake  Shore  4  Mich.  So'n. . 

Louisville  4  Nashville 

.Manhattan  R'yContol... 

.Michigan  Central 

Mo..  Kansas  4  Texas  Pfd 

Mexican  Central 

Mi.vsouri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd... 
N.  Y.  Cent'l  4  Hudson  Riv 
N.  Y.  Lake  Erie  4  West'n 
NY4N  E  tst  CO  cU  all  in  pd 
N.  Y  Ontario  4  Western.. 
N.  Y.  Sus<j.  4  Wn  Pfd.... 

North  American  Co 

Northern  Pacltio  

Nortiiern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Deo.  4  Evani-ville 
Philadelphia  4  Readm;:.. 
Pullman's  Palace  Car  Co. 
Sliver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  CoaL  Iron  4  R  R  Co 

Texas  4  Pacific 

Tol.  Ann  Arb.  4  Nor.  Mich 

Union  Pacific 

Union  Pac.  Deny.  4  Gulf. 
United  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd 

Wabash 

I  Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  4  Lake  Erie,... 
Wheeling  4  Lake  Erie  Pfd 


Total  sales  of  all  Slocks  each  day  and  for  the  six  days... 


1.115.446 


COTTON,  in  ba  e«. 
I  World's  visible.  I  Total  In  sigl.tfl  Total  Exports. 
1895  4.544.295  9.0J5.078  5,61C.MI0 

1(>94  4  215  343  6,7t>C,042        I        4,3S8.340 


•T  -jr  f  M'ch*  Apri 
■"•  ^-  !  Apr  A;  May' 
CoiUm  I  May  A  .June 


I  JuneAJuli 


WHEAT,  In  bushels. 
I    U  S  Visible.     Primary  rec'ts*i  Total  El  ports. 
1895         74,807.000         I     134.420  658  113  773  498 

189J         71.536,000  I     141419  432        |     133,700  223 


Wheat. 
Com.. 


I  May. 
I  July.. 
I  May. 
IJuly.. 


CORN,  in  bushel*. 
I     U.  S  Visible. 
1895         13.407.000 
18941        18  539  000 


Primary  rec'ts*!  Total  Exports. 
65  3*3.000  H, 699.536 

128.287,000        I      49.939,979 


Cfiicogo  \  May.. 
Wheat.  I  July.. 


OATS,  in  bushels. 
I    U.  S.  V^ible. 
1895         6  184  000 
18941         2,713.000 


N.  Y.  Stock*. 
664  259 
884-271 


Chgo.  Stocks. 

1  821.000 

835  000 


Oats.. 


i  May.. 
IJuly. 


^-^^■■\Zl 


I  LARD-tcs 
World's  vis, 
1895         279.487 
1894         117,092 


CHICAGO  CONTR.ACT  STOCKS. 

PORK-bbls,   LARD  tcs.  i   RlBS-lbs. 

135,450     I  41.119        38.432.000 

75,750    '  1.450    I     8,610.000 


Lard 


I  May.. 
1  July.. 

H'fa»-i?uyy.. 


Thursday, 
&iar.  88. 


68'/^ 


87^4 
26^ 

159^4 


seyt  86 


17        17 


Friday,     Saturday. 
Mar.  29.     Mar  30. 


^7^    269i 
101%  lOOM 


114«  114?< 
x6i«    63?i 

92J4    91 


27  26?i 

I'cm  101^ 

91>s  94H 

94H  93 
7  6H 

59M  59 

49?*  49% 

S8V4  96 

74)4  74 

7i\4  71H 

b'M  68 

I1.T*,  ]15?i 

64^  6lVj 

Sm  825h 

9298  »i 


88H    88>4 
27H    87 


38       88 

27^    269i 
I3l9i  131 « 
162      162      1&3      161 
12794  1279i  l8S»i  128 

86«    3C!4    379i    87H, 


37       85Ji 


17 


ISTTI  13  U 


86M    85^ 

■«  "h 


26*4  269i; 
16%  ITVi  17H 
73M  74'4  73 
137H  137H 
32^  52^4 
llOM  109H 


159.433 

6,19  6,17 

6.22  6,17 
6.26  6,20 

6.23  6.16 

00)  J  «0H 

61 A  6094 

51«  619i 

61  51 

55M  54% 

56%  56^ 

469i  46^ 

46^  469i 

29%  289i 

12,00  12.40 

12  70  18.55 

7.10  7,02 

7.85  7,20 

6.35  6.22 

,  6,50  6.37 


822,013 


6.25  6  21 

6.30  6.24 

o2e  6  21 

«0j\  6096 

6l9i  60% 

519i  61 H 

61^4  61% 

50%  55% 

57H!  56% 

409i  469* 

46'>i  46H 


Monday.     Tuesday.       Wed., 
April    1,     April   2.     April   3. 


1049i 
95 
95% 
7% 
B9% 
50% 
98% 
!■% 
74  ^ 
72% 
689< 

6496 


88% 

132 
163 
l-i8% 
889i 


2C9i 
73 
103 
9fM 

9-!9i 

58 

499* 

9696 

17% 

73% 

719s 

57% 

64' 
38 
92 

88% 
27% 
138 
1C0% 
127% 
38% 


36%    &',% 
106      106 


13       17% 

75        75 
"7%  1379i 

53        51% 
111       110%lll 


iiG%    26^4 


103% 
9494 
9-oH 

689i 
4994 
9796 

n94 

74 

71% 
58% 
115% 

^k 

9296 
139 
88 

«7% 
138 
ld2 

128 

mi 


102 
91% 
9J96 
6% 
58% 
4994 
9594 
17% 
739* 
T.Vt 
57'^ 

115% 
64% 

92 
13894 

3794 

27 
132 
102 
188 

37H 


359i  ^y* 


1794 
75 


52% 


161,767 


822,006 


6.30  6.28 

6.38  6.28 

6  32    6.28    6.35  6.87 

6  89    6.86    6,33  6,28 

I 

Cl,«,    6096   60/.  60A 

01%    0IV4    61%  6094 

5196    51%    .M%  51% 

51%    51%    6196  61% 

55%    559*   55%  549t 

57^    5694    StiH  50 

4094    40%    46%  46 

46%    4696    4694  46% 


30%  29%  8096  29%  30  2996 
211!4  28%  29%  89  28%  2894 
12.53  12  40  12  57  12.47  12.57  12.40 
12.66  12.57  12,75  12  65   18.77  12.52 


712  7,07  710  7  00 
7,27  7.22  7  25  7  17 
6  37    6  30  I  6.37    6  30 


7.07  702 

7  22  7.17 

6..30  0.25 

6  45  0.40  i  6  58    6  45  '  6  50    6  42 


1794 
74  h, 

6i96 
111 


26%    25>i 

24        i'H 
31?6    83 


85 
96 


9594 
10 


3896    30% 
Ib^     16% 


496 

l?% 


4% 
l7h 


4%  4% 

13*6  13% 

157%  157 

67  67 

1794  1796 

18  11% 

J.3%  3il  , 

i-^i  15% 

9%  9% 


20%  8C% 

102i6  ioi% 

94%  94 

9596  9494 

69i  6% 

49%  49% 

96  949t 


]79i  17% 

rm  7 

7296  719», 

57%  6796 

64%  6394 

32%  32% 

92  91% 

8794  87^ 

20%  26% 

132%  132% 

1-27%  127% 

38  87% 

35%  83% 


2594    259i 
7^%    74% 

tiji  .51% 

113%  1 10% 

2?"     26 

24%    23% 
33        329*, 


95% 

10 

30% 

1696 

30 

496 

'»% 


3 
11% 

494 


40%  40 

596  f>% 

9%  9% 

1496  i496 

8696  ^^ 

12%  12% 


167  196 

6,28  6,23 

6  31  6  25 

6.32  6  23 

6  32  626 

60/,  60,\ 

60%  60  A 

51%  51% 

51%  51 A 


96 

10!4 

3SH 

16% 

30% 

17%  1 

2-,:U  8k% 

49|  4% 

1396  12% 

6694  66V4 

17%  17% 

11%  1196 

3.3%  3J94 


16% 
9^ 
8         2 
11%    1156 


17% 

994 


5 
40 

5% 
10 


5 

3994 
5% 
994 


1496  l<« 

8i%  88^ 

12%  12 

43%  43% 


133  081 

6.27  6.23 

6.80  6.26 

6  29  6  25 

6,30  6  26 

eon  60,'. 

6;%  609* 

5194  51,'. 

51%  51H 

55%  54% 

5694  50 

46%  4096 

47  40% 

80>.j  2994 

29  2896 

12  67  12  10 

12.72  1«.47 

7.07  •;95 

7,-20  7  10 

6.40  ';22 

6.52  :,85 


Range  for 
Mar.  1895. 


6.25  5.44 

6.26  5.44 
6.33  5.48 
6  31  5  50 

62IJ  5894 

62%  f9 

52%  4894 

5196  *m 

58  53% 

5894  64'% 

4:96  4496 

47>4  44% 

3096  28% 

29M,  a:^4 

18  70  10  27 

12.90  10  62 

7.27  6.47 
7.42  660 
687  627 
6  62  i.  42 


Ranee  for 
April  1894. 


8296  29% 

74%  7894 

10796  ^7% 

97%  o8^4 

94%  83 

16  13% 

81%  79 

115  iio% 
20^  18% 
63%    77% 

6r-n   6:% 

6S«  61% 
121  !4  119% 

7m  0(46 

4196    38% 

110%  lo; 

145       142 


4094 

20% 
140 

ler 

114% 

3496 

■in 

4294 
106 
7% 
95 
18% 
10% 
693J 


37% 

yi*K 

101% 
'.3791. 

3194 

23 

3-94 

104% 
6% 
93  W 
16% 
16 


i3o%  i.;8% 

52U,  49% 

1879^  125 

9894  97^4 


2r% 
694 
82V4 
4896 
(«^4 

101% 

If% 

1296 

17% 
45 

5% 
6% 
28^, 

5% 
22% 
M 
64 
24 


;4»4 

7% 
28% 
80% 
«394 
9m  1^ 

mi 

896 

16%. 
40Vj 

4% 

49s 
iB^a 

16% 
494 
18'.t 

ri% 

04 
20% 


16 

S.4 


20 

10% 

1196     o 
22^    1-96 


094 

43 


5% 

88% 


8%  7H 

1896  ii-Vi 

8594  '''•^H 

13%  12% 

61%  49 


7.67  7  20 

7.70  7  0.) 

7.77  7  13 

7.83  7  18 

68  60H 

;0%  03,', 

44%  4296 

46  4.3% 

60%  57% 

6694  f''M 

399*  37% 

4096  38 

8496  3094 

30%  2f% 

13  35  1 1  2r 

1840  1127 

7.90  6.62 

7.50  6.50 

6  80  570 

6  72  5.67 


1B95 
1894 


OLD  PORK,  Chgo. 
...      bbrs. 


-bbU. 


WHEAT  on  passage. 
84.480.000  bush. 
81,278,000     •• 


CORN  on  passage. 
2,480.000  bush. 
6,008,000    " 


Russian  Shipmts.  for  wk. 
1.440,000  bush. 
1,065,540    " 


Indian  Shipmts  for  wk    1  Argentln*  Sbpts.  for  wk. 
808,000  bush.  1.864.000      bush. 

420.C00    •'  I  . 


t  Since  Aug   SL    *  Since  June  30. 


Compiled  and  Copyrishud  bj>  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING.  NEW  YORI 


CQecIU^  flDarhct  Xcttcr. 


No.  424. 


Copyright,  1H9S,  by  Ctnpp  Jt  Comvaay. 

O.  W.  Clapp. 
OwiQHT  O.  Clapp 


CLAPP    &    COIMPANY, 

Banhers  anb  Biohers, 
MILLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE, 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Branch 
Offices  : 


277    BROADWAY,  Corner  CHAMBEBt  St. 
671    BROADWAY,  Bboaowm  Central  Hoteu 
753  FIFTH  AVENUE,  Corner  68th  8t 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Telephone. 


New  York,  Thursday  Morning,  April  11,  1895. 


PRESS    NOTICE    ABOUT    OUR    NEW    SOUVENIR. 


••Mnilnsr,"of  ChlcasOi  says  :  "  Messrs.  Clapp  &  Company,  the  enter- 
prlsiuK  blinkers  and  brokers  of  New  York  City,  have  published  their 
aauual  souvenir  of  3S5  pages,  called 

"LEADING  AMERICAN  EXCKAINCES," 

which,  like  their  previous  editions,  contains  statistics  of  all  things  flnan- 
ciiil  and  commercial,  and  are  so  presented  as  to  be  always  available  for 
the  seeker  after  information.  All  the  staple  crops  of  the  world  are  treated 
exiuiustively  and  values  at  producing,  speculative,  exporting  and  consum- 
ing points,  etc.,  are  given  in  convenient  shape  for  reterence.  The 
"  World's  Crop  Letter"  gives  the  yearly  wheat  yield  of  the  world  since 
Vi&i  in  bushels. 

On  page  15  are  found  engravings  of  thirty-nine  members'  tickets  of 
the  Chicago  Board  of  Trade,  showing  that  Mr.  O.  W.  Clapp,  the  senior 
member  of  the  company,  lias  been  a  continuous  member  since  the  year 
1858,  when  the  board  was  then  just  assuming  bu.siness  importance.  The 
tickets  prior  to  1871  are  pretty  well  blackened  in  conse<^uence  of  being  in 
his  safe  during  the'  great  Chicago  fire  of  1871.  The  interior  of  the  Chicago 
Board  is  illustrated  on  page  30^1,  which  also  contains  the  following  in- 
teresting matter  : 

The  Cliicogo  Board  of  Trade  was  the  outgrowth  of  a  meeting  of 
merchants  and  business  men  March  3,  1848. 

Thomas  Dyer  was  then  elected  president.  A  constitution  was  adopted 
April  15,  1849 ;  an  act  of  incorporation  was  granted— May  2,  1850,  it  was 
auopted. 

Meetings  were  held  in  various  rented  quarters  for  several  years  and 
meiiilwrs  called  together  by  a  fre-  spre.id  of  "crackers  and  cheese "' 
until  about  WW,  when  more  interest  was  manifested  and  permanent 
giiiucers  secured  in  "Steele's  BlocK."  third  noor,coruer  South  Water  and 
La  Salle  streets.    May  15,  1858,  a  grain  inspection  committee  was  ap- 


pointed, the  directors  concurring,  and  inspectors  appointed.  (The  In- 
spection system  was  continued  under  control  of  the  Board  of  Trade  until 
1872,  when  it  was  turned  over  to  the  State  authorities,  and  is  similar  to 
that  effected  July  15,  1858.)  William  Wallace  Mitchell  was  the  secretary 
and  authorized  to  keop  correct  records  of  receipts  and  shipments  of 
merchandise,  etc. 

About  June,  1858,  the  records  said:  "Few  Institutions  have  more 
members  or  transact  more  busine.ss  on  'Change  than  the  Chicago  Board 
of  Trade."  No  yearly  reports  have  ever  been  published  of  its  pro- 
ceedings. At  the  commencement  of  the  year  books  were  kept  and 
accurate  accounts  will  hereafter  be  kept.  I  find  October  «i.i,  18V<,  No.  2 
spring  wheat  sold  at  50  cents,  and  tliat  the  grain  suffered  for  want  of  a 
foreign  demand  and  low  prices. 

Julian  S.  Rumsey  was  then  President.  Of  the  535  members  of  the 
Board  in  18j8,  but  37,  aside  from  the  writer,  are  now  living  members. 
Only  about  28  beside  myself  have  been  continuous  members.  Their 
names  follow  :  J.  Q.  Adams,  I.  N.  Ash,  Henry  Bottsford.  M  S.  Bacon, 
O.  W.  Clapp,  Jno.  B.  Drake,  James  H.  Dole.  Jno.  H.  Daight,  W.  M. 
Egan,  N.  K.  Fairbanks,  W.  C.  C.  Gillespie,  Allen  Howes,  Jas.  B.  Hobbs, 
Oeo.  W.  Higgins,  A.  J.  Hoagland,  B.  P.  Hutchinson,  R.  8,  Jennings,  Sid 
ney  A.  Kent,  Orington  Lunt,  Jno.  B.  Lyons,  Wm.  H.  Low,  Chas.  E. 
Lake,  Chas.  Mears,  R.  M.  Mitchell,  N.  T.  Wright.  C.  J.  Magill,  Lemuel  I). 
Norton,  Murray  Nelson,  Albert  E.  Neely,  S.  H.  Norton,  Cha-s.  A.  Rogers, 
Geo.  A.  Seaverns,  A.  T.  Spencer,  S.  H.  Stevens.  J.  P.  Smith,  Henry  A. 
Towner,  P.  L.  Underwood.  March  7,  1859.  the  Board  secured  an  act  of 
incorporation,  granting  more  power.  Further  power  to  hold  property 
was  granted  in  18G5  and  1882.  President  William  T.  Baker  is  the  only 
member  elected  for  a  third  terra.  He  was  a  member  of  the  Board's  first 
arbitration  committee,  elected  in  1859,  and  is  the  only  living  member  of 
all  the  officials  elected  that  year.  Respectfully,  O.  W.  Clapp. 


Financial  Outlook. 

Car  wheels  and  coal  picks  do  not  travel  faster  because  mortgaged  heavily.  Curtailing  produc- 
tion is  resisting  natural  tendency.  Producing  much  and  cheaply  is  salvation  of  an  effective  and 
practical  sort,  and  not  exclusive.  Coal  roads  and  mining  interests  co-operating  to  maximize  pro- 
duction and  minimize  expense  and  fixed  charges  should  be  in  step  with  civilization  and  their  own 
interest. 

Stocks  and  Bonds. 

Bonds.— stock  Exchange  bond  sales  first  quarter  of  1895  averaged  73.5  per  cent.,  against  74.2 
last  year.  Many  good  bonds  can  be  bought  to  secure  5  or  6  per  cent,  interest.  Southern  cities  are 
beginning  to  transmit  public  improvements  and  bond  debts  to  the  next  generation.  Many  of  these 
bonds  should  be  good  investments.  They  pay  from  5  per  cent,  to  G  per  cent,  in  gold  quarterly. 
Many  of  the  cities  are  likely  to  double  in  population  this  century. 

11ailw.\y  Stocks. — Twenty-four  roads  show  increased  earnings  the  last  week  of  March.  Stock 
Exchange  sales  the  first  three  months  of  1895  were  about  5>4  per  cent,  less  than  same  time  in  1894, 
and  average  price,  60.8  against  59.4.  The  March  advance  ranged  from  $1  to  $13  per  share.  Several 
stocks  advanced  from  20  to  33  per  cent.  Union  and  Northern  Pacific  reported  large  percentage 
gains.  Reading  seems  to  be  improving  under  better  coal  traffic  arrangements.  Atchison  has  fallen 
under  assessment  fears.  It  is  a  good  property  and  when  reorganization  is  completed  may  prove  to 
be  one  of  the  best  investment  properties  on  the  list.  The  first  quarter  of  1895,  the  North  Western 
brought  to  Chicago  about  9,000,000  bushels  less  grain  than  same  time  in  1894  ;  Rock  Island  4,000,000 
bushels  less  ;  Burlington,  6,500,000  bushels  less  ;  St.  Paul,  4,000,000  bushels  less.  The  granger  roads 
appear  to  have  many  loyal  friends  in  consequence  of  the  recent  rains  and  improved  business  out- 
look.   The  roads  generally  seem  to  be  emerging  from  bad  conditions. 


H 

X 

"0 

> 

o 
m 

o 

o 

z 

H 
> 

i 

o 

> 

r 
-< 

m 
o 
O 

o 

CO 

O 
-n 


r 
m 
> 

o 

z 

o 

m 

X 

o 

> 

Z 

o 
m 
w 


KEEP  OUK  JL.BTTEKS.     POKTFOLIO  FOR  FlLI>iG   FORWARDED  APPLICANTS  FREE. 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


PRICES  OF  LIVE  HOGS  FOR  PAST  THIRTEEN  YEARS  IN  THE  CHICAGO  MARKET. 

Mths. 

1895 

1894 

■893 

1892 

.891 

1890 

1889 

1888 

1887 

1886 

1885 

1884 

1883 

CO 

.  n 

^vo  a-  ■«»-vo  * 

r*  —  0  0  000  ^» 

Jan 

%3  70 

$4  90 

$6  so 

$3  70 

$3  20 

13  40 

$4  60 

$4  80 

$3  75 

«3  30 

$4  10 

S4  95 

$5  60 

S 

Us 

00    0    •-    N    N    0  Tt 

4  80 

5?5 

8  40 

4  75 

385 

4  00 

5  35 

6  00 

5  '5 

4  40 

5  05 

675 

7  10 

« 

CO 

Feb 

3  60 

4  65 

7  20 

4  10 

3  20 

3  70 

4  35 

4  85 

4  40 

3  40 

3  85 

5  bo 

6  10 

cu 

„ 

4  65 

5  50 

»75 

5  05 

3  80 

4  '5 

5  05 

5  80 

5  94 

4  65 

5  35 

7  75 

7  65 

m 

<it 

OC   0  0   -   P»  ro  ro 

March  . . 
April  ... 

3»S 

4  20 

<>  55 

4  00 

3  25 

3  75 

4  35 

4  95 

4  50 

3  bo 

4  00 

5  40 

b  50 

60 

9 

a 

'i~^ 

0  VO   ro  On  u~.  ••  t>. 

s  30 

5  »5 
4  35 

«  55 
6  15 

5  'o 
4  00 

5  >5 
4  10 

4  45 
4  00 

5  10 
4  40 

505 
5  'o 

6  10 

5    CO 

465 

3  45 

5  OS 
4  20 

7  bo 
4  75 

8   20 

7  00 

» 

a 

J  0 

* 

5  60 

7  90 

S  00 

5  SO 

4  50 

5  05 

5  90 

4  95 

4  55 

4  85 

7  10 

8  15 

:!s 

. 

N  1*^  N  f..*  rooo  fl 

May ... 

4  40 

b  80 

4  00 

4  10 

3  70 

4  10 

5  20 

3  <x) 

3  55 

3  50 

4  90 

675 

en 

S 

%a 

"->-  30    Tf  "-    £.»«»• 

5  35 

8  00 

5  10 

5  15 

4  37 

4  85 

5  90 

5  55 

A    40 

4  55 

6  20 

7  95 

U 

(4 
[3 

u« 

■o  r~  t^ao  o^o^O 

June 

4  3" 

5  80 

4  20 

4  10 

3  40 

4  05 

5  20 

3  70 

3  t)S 

3  65 

4  50 

5  65 

0 

5  20 

7  45 

5  75 

485 

4  07 

4  65 

5  90 

5  35 

4  70 

4  35 

5  90 

7  30 

i»- 

0 

•I 

July..... 

4  60 

4  75 

5  20 

4  30 

3  45 

4  00 

5  40 

4  80 

3  90 

3  80 

4  bo 

4  75 

e3 

(4 

^1 

VO    r^  1-  30   u^ro  0 

6  CO 

6  45 

6    ID 

5  85 

4  05 

4  80 

6  76 

S  75 

5  25 

5  30 

5  85 

6  60 

"3 

0^ 

r-00    0\  0^  0    -    N 

Aug  ..... 

f  55 
6  '5 

3  80 
6  30 

4  60 
6  20 

4  30 

5  90 

3  '5 

4  40 

4  80 

5  60 

6  75 

4  00 

5  55 

305 
5  25 

3  75 
S  35 

4  SO 
6  90 

4  40 
6  40 

P4 

60 

n 

4A                        -    -    - 

Sept...    . 

4  90 

4  95 

4  60 

4  00 

3  70 

3  5° 

5  50 

"^l^ 

3  50 

3  40 

3  50 

4  30 

a 

f^ 

«^' 

<r^X   I^vO   "^  .«f  ro 

b  75 

7  05 

5  70 

5  75 

4  95 

4  85 

6  90 

5  bo 

5  20 

4  80 

6  90 

6  10 

g 

C4 

-0  0 

N    ^  ir^vO    r^30    0 

Oct. 

4  10 

5  75 

4  75 

3  45 

3  30 

3^5 

S  20 

4  10 

3  40 

3  20 

3  50 

4  10 

e 

» 

b  IS 

7  00 

5  97 

5  50 

4  80 

4  85 

6  90 

4  90 

4  80 

4  35 

\^ 

5  40 

1/2 

0 

Nov 

3  60 

4  90 

4  90 

3  25 

3  20 

3  40 

5  1° 

4  «5 

3  25 

3  00 

4  00 

a> 

«< 

5  05 

6  50 

6  07 

4  40 

4  35 

4  25 

6  80 

5  50 

4  20 

4  00 

5  05 

5  50 

,a 

;a 

Q  0  0  0  Q  0  Q 
0  iO  0  »>^  0  Ln  0 

Dec.         \ 

3  75 

4  65     5  25 

3  '5 

2  90 

3  35 

4  90 

4  45 

3  45 

3  15 

380 

4  20 

■^x 

in  uivO  »0  r~  t>.30 

1 

4  90 

5  60     7  00     4  15  1 

3  90 

3  85 

5  50 

5  90 

5  00 

4  10 

4  60 

b  15 

HIGH  AND   LOW  PRICES  ON  THE  CHICAGO   BOARD  OF  TRADE  FOR  32  YEARS. 


No.  Z  CASH  WHEAT. 

Lowest  price*  Highest  pricet 

were  reaihed  in      Tearlt/  range,   were  reached  in 
1862.  January $0  M    to  JO  U2,4  August. 


18t)3.  August 


80 


1HC4.  March 1  07     " 

186.5.  December  ...      85     " 
\m>   February  ....      78     " 

1867    August     1  55     " 

mm   November...  1  OJV^  " 

1869.  December....      76^" 

1870.  April 73J4" 


1  15 
226 

1  55 
203 

2  85 
8  20 
1  46 


1871    August      .... 

99)4" 

1872    November  . . . 

1  01      " 

1873.  September. . . 

89     " 

IR74.  October 

81H" 

1875   February    ... 

mvi" 

t^e,  July    

m    " 

1877   August 

1  01^" 

1878.  October  .   ... 

77      " 

IH79   January 

8196" 

IHSO   August 

86!^" 

18S1    January  

1^'' 

1882   December  ... 

1883   October  

90      " 

1884.  December  ... 

69 '4  " 

18a5,  March 

73%  " 

1886.  October 

6851  " 

1887.  August 

6fr%  " 

1888.  April 

711/1" 

1889.  August 

75  S4  " 

1890  Jan.  &  Feb... 

74\i" 

1891.  July 

85      " 

1892.  October 

69J6" 

1893.  July 

54      " 

1894,  September... 

50      " 

October. 
June. 
January 
November. 
May. 
July. 
August. 
1  81 M  July. 
1  82      Feb.  Ap  Sep 
1  61      August. 
1  46      July. 
1  28      April. 
1  30'A  August. 
1  26?4  December. 
1  76V4  May. 
1  14      ApriL 
1  Sii^  December 
1  'i2      January 
1  4.3H  October. 
1  40      AprU  &  May. 
1  13Vi  June 
96     February. 
9\^  April. 
84'>^  January. 
94^  June 
8  00      September. 
1  08-'?i  February 
1  06^  August. 
1  16      April. 
919^  February 
88      April. 
&r,'/i  April 


No, 

Lowest  prices 

were  reaclucL  In  Yearly  range. 

April      $0  22    to  $0  41 

January 42      " 

March 76     '' 

December.. 88     " 

February 33?i  " 

March...  669i  " 

December 52     " 

January 44     " 

December 45     " 

December 894" 

October 29)<  " 

June 27      " 

January 49 


1  40 


1  00 
1  12 


December 45V4  " 

February 88^" 

March 87^" 

December 5^" 

January ...........  29^" 

AprU 81V*  " 

February 8592" 

December 49^" 

October 48     ** 

December 84^" 

January S4!4  ** 

October 83>J  " 

February.... 33     " 

December 83U  " 

December 29y  " 

February  279| " 

December 89%" 

March 80^" 

December 84^" 

Jan.  and  Feb 34     " 


2  CASH  COKM. 

Highest  prices 
were  reached  in 

December. 

November. 

November. 

Jan.  &  Feb 

November 

October. 
1  024  August. 
97!^  August. 
94U  May. 
60!^  March  A  May. 
48^  May. 

64  (<4  December. 

86  September 
764  May  &  July. 
49      May. 

65  AprU. 
43^  March. 
49     October. 
43«  November. 
70^  October. 
814  July. 
70     January. 

87  Septemoer. 
49     April  &  Hay. 
45      July. 
614  December. 

60  May. 

61  November. 
63^  November. 
754  April. 

1  00     May. 
449i  January, 
594  August. 


CASH  MESS  FOBK. 


Lotoest  prices 
were  reached  in      Yearly  range. 

January ...$8C0    to  $12  35 

February  10  CO     " 

January 17  50     " 

March  &  May....  22  50     " 

December 17  00     " 

January.  18  00     " 

January 19  62     " 

January 27  00     " 

December 18  00     " 

August 12  00     " 

March 11  05     " 

November 11  00     " 

Jan,  Feb.  &  Mch,  13  75     " 

January     17  70     " 

October 15  20     " 

December  ....<..  11  40     " 

December 6  024" 

January 7  274" 

April 9  374" 

January 12  40     " 

March 16  00     " 

Sept.  &  Oct 10  20     " 

December 10  55     " 

Oct.  &NOT. .....    8  00     " 

May 8  20     " 

January 11  60     " 

December 12  90     " 

December 9  00      " 

January 9  024  " 

December 7  45      " 

April    8  26     " 

August 10  25     " 

March 10  674" 


Highest  prices 
were  reached  in 

December. 

December. 

July  &  Oct. 

October. 

August. 

September. 

October. 

June  &  Aug. 

July. 

January. 

July. 

April  &  Naj. 

August. 

October. 

April. 

January. 

January. 

December. 

October, 

September. 

October. 

May. 

July. 

February. 

December. 

May. 

October. 
18  374  January. 
18  724  ApriL 

13  00      May. 
15  05     December. 
21  80      May. 

14  574  September 


13  SO 
43  00 
88  00 
84  00 
24  50 
80  00 
84  00 
80  50 

23  00 

16  00 
18  00 

24  7S 

23  50 

22  75 

17  95 

11  35 

18  75 

19  00 

20  00 

24  75 
20  15 

23  00 
18  26 

12  20 

24  00 
16  00 


CONDITION  OF  THE    CROPS    ON    FIRST  OF    EVERY    MONTH    FOR    13   YEARS. 

And  the  Percentage  of  Cotton  Planted  May  i,  as  reported  by  the  U.  S.  Statistician,  Washington,  D.  C;  also  Yearly  Acreage  since  1889. 


COTTON. 

WINTER  WHEAT. 

SPBING  WHEAT. 

CORN. 

OAT.S. 

Pl'nfd 
May  1. 

June 

July 

AnR. 

Sep. 

Oct 

Apl. 

May. 

June. 

July.  Sept. 

Deo 

June. 

July. 

Aug. 

Sept. 

July. 

Aug. 

Sept. 

Oct 

June, 

July. 

Aug. 

Sept 

1881 

. 

93 

96 

88 

70 

66 

88 

74 

80 

74 

98 

89 

78 

68 

90 

79 

60 

66 

96 

99 

97 

92 

1882 

81 

89 

92 

94 

92 

88 

102 

100 

99 

105 

102 

98 

97 

97 

97 

86 

83 

83 

81 

101 

103 

102 

100 

1883 

74 

76 

90 

84 

74 

68 

80 

83.6 

75 

79 

78 

106 

100 

97 

96 

88 

89 

84 

78 

96 

99 

95 

99 

1884 

67 

87 

84     87 

82.6 

74.7 

95.4 

94 

93 

94 

97 

101 

100 

98 

100 

96 

96 

94 

93 

98 

98 

91 

95 

1885 

80 

92 

96     96.5 

87 

78 

76.3 

70 

62 

65 

66 

97 

96 

93 

86 

94 

96 

95 

95 

94 

97 

96 

93 

1886 

80 

88.7 

86.181.3 

82.1 

79.fl 

94.1 

94.9 

92.7 

91.2 

90.8 

96.8 

98.5 

as. 8 

«0.1 

83.6 

95,2 

8O.7 

76.6 

80 

93.9 

88.8 

87.4 

90.9 

1887 

82.4 

96.997     i93.3 

82.8 

76.5 

88.1 

85.8 

84,9 

83  5 

84 

95.9 

87.3 

79,8 

78.8 

78.1 

97.7 

80.6 

72.8 

72,8 

91 

85,9 

83.6 

83.4 

1888 

79.9 

88.2 

88.7187.3 

8:1.8 

78.9 

82 

73.1 

73  8 

75.6 

77.4 

96.8 

92.8 

95.9 

87. 8 

77.2 

93 

95.6 

94.2 

92 

95.4 

95.2 

91.7 

87.2 

1889 

87 

86.4 

84.6  89.3  86.6 

81.4 

94 

96 

93.1 

92 

89  4 

95.8 

94  4 

83.8 

81.2 

83.8 

90-8 

94,8 

90.9 

91.7 

93.8 

94.1 

92.3 

90 

1890 

75.8 

88.8 

98.489.5 

85.5 

80 

81 

80 

78.1 

76.2 

r3.5 

98.4 

91.3 

94.4 

832 

79.8 

91.1 

73,8 

70.1 

70.6 

89.8 

81.6 

70.1 

64.4 

1891 

77.6 

85.7 

88.6188.9 

82.7 

75.7 

96.9 

97.7 

96.6 

96.2 

96.8 

85.8 

92  6 

94.1 

95.6 

96.8 

92.8 

90.8 

91.1 

92.5 

85 

87.6 

80.5 

90.7 

1892 

78.3 

85.9 

86.982.3 

76.8 

78.8 

81.2 

84 

88.3 

89.6 

87.6 

87. 2 

92.8 

90,9 

87.8 

81,2 

81,1 

82  6 

79.6 

79.8 

88.6 

87,2 

86.2 

78. t 

1893 

85.8 

85.6 

82.780.4 

73.4 

70.7 

77.4 

76.8 

75.6 

77.7 

76.8 

91.6 

86.4 

74.1 

67.0 

68.9 

93.2 

87.0 

76.7 

75.1 

88.9 

88.8 

78.3 

74.9 

ItiM 

81.6  188.8 

89.6191.8 

85.9 

.. 

86.7 

81.4 

83.2 

83.9t 

83.7 

88 

68.4 

67.11 

83.7 

96 

69.1 

68.4 

.. 

77.1 

77.7 

76.6 

77.8 

ACBEA 

SB    SINCE    1889. 

1894 

19,717.611  acres. 

28,806,500  acres. 

11,675,936  acres. 

62.582,269  acres. 

27,02a553  acrest 

1893 

19,701,000      " 

22.868,539      " 

11,760,879      " 

72,036,465      " 

27,273,033      " 

1892 

18,362,000      •* 

25.989,076      ** 

bJ,665,.354      •• 

70.626.758      " 

27.063,835      " 

1891 

20,838,000      " 

28,581.284      ** 

18,335,618      •* 

76.204.515      " 

25,581,861      •* 

1890 

20,91 

0,000 

" 

2! 

1,520,10 

4      - 

IS 

J,567,0£ 

a    " 

71 

1,970,76 

>8      " 

1 

26 

.431,36 

J      " 

t  Average  both  spring  and  winter. 


1195.. ..April  10 

1894.... AprU  2 

1893....  April  17 

1693....AprU  10 

1891.... AprU  80 

1890....  April  8 

llM....AprU  a 


OPENING  OF  THE  STRAITS. 

The  following  table  shows  the  date  of  the  opening  of  the  Straits  for  the  last  forty-two  years. 


1888.,. May  4 

1887,,. AprU  23 

1886.  .April  21 

1885...  May  6 

1884.,. AprU  88 


1883... April  28 

1888...  April  6 

1881... Hay  4 

1880...  April  6 

1879... AprU  83 


1878...  March  14 
1877... AprU  20 
1876... April  28 
1875... April  28 
1874... AprU   29 


1873... May  1 

1872... AprU  28 

18n...  April  3 

1870...  April  18 

1869... AprU  28 


1868...  April  19 

1867... April  23 

1866... April  29 

1865... AprU  21 

1864... AprU  23 


1863. 

.April 

17 

1858. 

.April 

6 

1862. 

.AprU 

13 

1857. 

.Way 

1 

1861. 

.April 

25 

1856. 

.May 

t 

1860. 

.April 

18 

1855. 

.May 

1 

1869. 

.April 

4 

1S64. 

.April 

» 

CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


IndustriaIjS.— Sugar,  Whiskey  and  Tobacco  stocks  continue  the  "Bronchos"  of  the  street; 
their  ways  appear  past  finding  out.  Pointers  are  out  to  buy  tlie  list  for  a  good  rise.  Chicago  Gas 
officials  appear  to  be  breaking  away  from  obnoxious  contracts,  lessening  expenses,  improving  the 
property  and  putting  things  in  readiness  for  a  higher  priced  stock  to  bo  on  the  investment  list.  Gen- 
eral Electric  is  under  fire  from  speculative  sources  and  may  sell  lower  before  an  amicable  settlement 
of  disputes  can  be  arrived  at.     Cordage  is  low  enough  to  be  a  "gambling"  purchase. 

Cotton. 

It  seems  to  be  conceded  there  was  very  little  long  staple  cotton  grown.  Prices  of  high  grades 
have  advanced  two  cents  per  pound  the  past  sixty  days.  Fertilizer  sales  in  old  Cotton  States 
are  reported  as  only  about  half  those  in  good  crop  seasons.  This  feature  may  make  a  reduc- 
tion of  a  million  or  two  bales  the  coming  season  ;  even  if  Texas  does  grow  another  "  Bumper  "  crop 
from  "  white  "  labor.  The  stock  of  cotton  here  is  about  the  smallest  percentage  of  any  crop  grown 
in  a  score  of  years,  and  not  certificated  or  expected  to  be  deliverea  on  May  or  other  contracts. 
Manipulators  still  appear  in  full  possession  of  the  market  and  mostly  long  for  May  delivery.  The 
trade  appears  to  be  boycotting  that  future,  and  more  anxious  buyers  for  more  distant  delivery. 
Seven  cent  predictions  will  become  true  before  much  is  really  known  about  the  coming  crop.  India's 
average  crop  is  reported  as  14, 8G5, 100  bales,  against  15,39'J,400  bales  the  previous  season,  equaling  a 
yield  of  1,727,000  bales,  against  2,033,300  bales  the  previous  season,  or  15.1  per  cent,  decrease.  Con- 
tinental spinners  have  taken  from  us  about  925,000  bales  more  than  last  year  ;  English  only  about 
375,000  bales  more,  while  American  spinners  have  taken  about  600,000  bales  more.  These  are  a  few 
causes  for  the  great  strength  in  the  market.  New  Orleans  has  more  cotton  than  any  one  point  in 
the  country.  The  problem  in  the  trade  appears  to  hinge  on  the  amount  of  fertilizer  used,  the  acreage 
planted,  and  weather  conditions,  rather  than  on  the  large  crop  in  sight,  or  improved  business  con- 
ditions.   The  Cotton  Exchange  will  be  closed  Good  Friday  and  in  London,  Saturday  and  Monday. 

Wheat. 

It  has  been  said  "  a  peck  of  March  dust  is  worth  a  king's  ransom,"  and  that  *'  he  who  lives  in 
hope  alone  will  die  in  despair. "  Plenty  of  snow  covering  the  mountains  on  the  Pacific  coast  often 
insures  a  good  crop.  Sprmg  seeding  is  generally  reported  as  progressing  favorably.  France  and 
Russia  in  Europe  alone  report  questionable  crop  prospects.  Recent  Argentine  reports  indicate  the 
1895  surplus  will  be  but  aoout  two-thirds  as  large  as  in  1894.  English  farmers'  deliveries  average 
less  than  a  year  ago.  The  English  visible  April  1  was  reported  as  7,070,000  bushels,  against  18,700,- 
000  bushels  April  1,  1894.  London  reports  wheat  and  flour  stocks  April  1  as  3,248,000  bushels, 
against  4,957,000  bushels  in  1894  and  5,094,000  bushels  April  1,  1893.  Supplies  in  Europe  and  afloat 
decreased  3>4  millions  in  March.  Russian  supplies  same  time  increased  3,600,000  bushels.  Belgium, 
Germany  and  Holland  decreased  1,900,000  bushels.  The  supply  afloat  and  in  Europe  April  1  was 
reported  as  20,200,000  bushels  less  than  April  1,  1894.  Our  visible  has  decreased  40  per  cent,  faster 
since  January  1,  1895,  than  last  year  same  time.  The  Daily  Bulletin  reports  the  visible  decreased 
10,087,000  bushels  in  United  States  and  Canada  in  March,  in  Europe  14,237,000.  Pacific  coast  stocks 
are  about  a  million  more  and  their  exports  since  January  1  about  two  millions  more  than  in  1894. 
Atlantic  coast  exports  have  been  about  a  million  less.  Chicago  reports  large  daily  sales  for  export 
and  that  6-cent  rail  freights  have  been  made  to  the  seaboard.  Foreigners  appear  willing  buyers. 
The  trade  is  selling  May  purchases  and  buying  July  at  less  than  cost  to  carry.  Based  on  previous 
Government  reports  (see  table  opposite),  we  "guess"  this  season's  crop  will  be  about  450,000,000 
bushels,  based  on  the  1892  condition  and  acreage,  and  spring  wheat  possibilities  considered.  The 
decline  from  last  December,  when  condition  was  reported  as  89,  now  is  81.4  showing  a  decline  of  7.6 
points.  Traders  appear  puzzled  to  know  whether  it  is  silver  speculation,  export  demand,  or  poor 
crop  news,  that  will  stimulate  the  market  and  make  higher  prices  that  seem  inevitable. 

Corn. 

The  Australian  surplus  last  season  about  equalled  the  American  exports.  Our  visible  is  but 
two-thirds  that  of  a  year  ago.  Southern  States  never  grew  so  much,  and  claim  about  25  per  cent, 
of  the  crop.  The  per  capita  production  is  about  the  smallest  since  corn  became  the  American 
staple.  Chicago  has  nearly  half  the  visible  ;  about  6,000,000  bushels  of  that  is  rejected  corn,  and 
selling  at  about  2>^  cents  per  bushel  less  than  contract  grades.  Preparations  for  planting  are 
reported  large  and  favorable  from  the  Gulf  to  the  British  possessions.  We  see  no  reason  to  look 
for  any  material  decline,  believing  the  export  and  domestic  demand  will  be  large. 

Provisions. 

Exports  continue  liberal.  Hog  receipts  at  packing  points  show  large  decreases.  Live  stock 
men  predict  a  very  light  run  of  hogs,  cattle  and  sheep  the  coming  summer,  and  much  higher  prices. 
Cattle  are  now  higher  than  for  a  decade  Receipts  at  Chicago  the  past  three  months  have  been 
about  20  per  cent,  less  than  the  previous  season.  It  is  predicted  that  for  the  coming  six  months  the 
falling  off  will  be  nearly  40  per  cent.     Sentiment  is  bullish.    Speculation  increasing.     We  think  it 

Possible  8  cent  lard  and  $16  pork  will  be  considered  cheap  before  a  new  crop  of  corn  is  secured, 
he  undertone  to  the  market  seems  firm.  Summer  purchases  should  pay  handsome  gains. 
Chicago's  packing  March  1  to  April  7  aggregates  563,000  hogs  against  483,000  last  year.  Total 
packing  1.345,000  to  April  4  against  1,205,000  a  year  ago.  Easter  Friday,  the  12th  inst.,  no  session  of 
foreign  or  leading  American  exchanges  will  be  held.  Our  annual  Souvenir  book  for  1894  is  out.  It 
will  be  delivered  free  to  applicants  upon  receipt  of  $3.     A  few  copies  of  1893  can  be  had  for  $2  each. 

Yours  truly,  CLAPP  &  COMPANY. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatioDS  for  Stocks,  Cotton,  Grain  and  ProYlsions  for  Week  ending  April  10.  1895,  and  tor  ipril,  1894. 

Par  valae  of  all  stocks  SIOO.  except  D.,  L.  &  W.;  P.  <b  R.  and  Am.  Tobacco  Co., 
FROM    NHW    YORK    STOCK    EXCHANGE    OPPICIAX    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wbeklt 

Capital 

Sales. 

Stock. 

DrviDEND  Record. 

1.485 

$20,287,100 
10.198,600 
86.773,000 

4tl 

Pays  3poJ-D 

159. lad 

Pays  3pc  0-J-A.J 

1.540 

86  771,000 
17.900,000 

Pays  3)4pc  J-J 

12.991 

Pays  3po  FM  A-N 

27.401 

102  000,000 

Paid  .'iHPC  in  1888 

a.  ICO 

25,000,000 

Paid  2dc  Nov.  1894 

8.840 

15,000,000 

Pavs  mpc  F-A 

Pays  I?|pc  F-M-A-N.... 

43,037 

22.488,000 

1.800 

60.805.400 
82  262.700 

86.882 

Paid  Ipc  Dec.  1894 

81.443 

24,885.800 

Pays  l>4pc  M-J-S-D 

87,680 

46.027,261 

Paid  Ipc  

580 

25,923,900 

Pays  7  PC  Per  Annnm.. 

7,356 

46,1.56.000 

Paid  i^pc  Feb.  1895.... 

dOO 

18.559.360 
89,054,907 

0,075 

Paid  2K.po  Jan.  1895.... 

215 

»,335  170 

Paid  8M;pc  Jan.  :896.... 

894 

28  000.000 
1 1  006,000 
35,430.000 

Paid  8dc  in  1893 

8.881 

Zib 

Paysapo  MJ-S-D 

4  395 

26.200,000 

Pays7pc  per  annum.... 

7,927 

85  000.000 

Fays  7pc  ver  annnm. . . . 

1,900 

38  000.000 
8S  148.600 

79  081 

Paid  ii^pc  Jan.  1893.... 

76,005 

30,469,700 

Paid  2pc  Au)ju 6t  1893 

.... 

85,000,000 

Pays  5pc  per  annum.... 

•  •.  > 

8.000.000 
60.000,000 
10,000,000 
11,840,000 
11,840,000 

Pays  2^pc  MS 

£00 

9)1 

l.t07 

Pavs  IHpo  F-M-A-N.... 

1060 

49,466,500 

Pays  .Spc  FA     

11.440 

52,800,000 

Paid  2pc  August  1893 

Pays  l^po  J-A-J-0 

Paid  2po  In  Feb.  1896.... 

6162 

80,000,000 

2.561 

18,788,204 

8,814 

18,000.000 
47,844,100 
47,436.5';5 
14.905.400 

6.558 

Paid  3pc  1891 

1,267 

Paid  Ipc  in  Dec.  1894.... 

646 

14  904,000 

I'ays  iJipc  M-J-S-D 

16.127 

89,428,300 

Pays  Ipo  J-A-J-0... 

8,570 

77,427.000 

83.701 

20,000,000 

2.650 

58,119,982 
18.000.000 

2.4U5 

Paid  IHpo  Nov.  1893... 

28.759 

89.767,200 
49.000.000 
89.269,546 

1.580 

6.4Z7 

Paid  Ipc  April  1892. 

705 

80.000,000 

Paid  ipc  In  1887 

100 

8,800,000 
40.426,861 
86,000.000 

68.402,900 
125,000.000 
60.000,000 

88,5tl5 

1038 
90.000 

Pays  2pc  F-M-A-N 

1,830 

6,464 

4.097 

^•^IS 

19,850,000 

Paid  ipc  in  1887 

920 

88,710,900 
6  500  000 

860 

960 

60,868,500 

Paid  8^pc  In  1884 

500 

83,837,093 
80  166  OOO 

1  252 

*'^ 

18.907  100 

CI92 

7,367,600 

160 

88,000,000 
24.000,000 

1.710 

21,968 

94.820,000 

Pays  i^PO  J-A-J-6 

1  836 

to  000  000 

710 

4,500,000 

Paid  ipoin  Feb.  i894.... 

Names  of  Stocks. 


American  Cotton  Oil.. .  - 
American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  S.  Fe. 

Baltimore  &  Onio  

C'auada  Soutbem 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio    

Chicago,  Bur.  &  Qnlncy.. 

Chicago  Gas  Cos — 

Chicago,  Mil.  &  St  Panl... 
Chicago  Mi).  &  St  Paul  Pfd 
ChicaKO,  R,  I.  &  Pac  lie... 
Chic.  St  Panl  M.  <fe  Omaha 
Chicago  &  Northwestern. 
Chicago  <fe  Northw'n  Pfd. 
Cleve.,  Cic,  Chic,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  Ist  In  pd 

General  Electric  lo 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. . 
Lake  Erie  A  Western.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  <fe  Mich.  So'n. . 

Louisville  A  Nashville 

Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mis.souri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd ... 
N.  Y.  Cenfl  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
NV&N  E  tstcoctjsallinpd 
N.  Y  Ontario  A  Western.. 
N.  Y.  Susq.&W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd. 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  4  Readmg.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  i  R  R  to 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  &  Gulf. 
United'States  Rubber  Co. 

V.  S.  Cordage  Co 

TJ.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  TeL  Co... 
Wheeling  A  Lake  Erie.... 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 620.379 


COTTON,  In  ba  es. 
I  World's  visible.  I  Total  in  sight t-|  Total  Export*. 
1896  «40S.8i5  9.141.621  6,748.688 

1S94  4  045,518  6,909,494        I        4,479,365 


N.  T. 
CoUon 


April. 
May.. 
June.. 
July... 


WHEAT,  In  bushtls. 

I    U.  S.  Visible.     , Primary  rec'tfi» 
1B96         72.702.000  136,264  000 

1894         70  762.000         I     143  149  000 


Total  Exports. 
116,82!  438 
136.081,496 


Wbeat.lJ'jjy- 
corn.,   ^a 


CORN,  In  bushels. 
I     U.  8   Visible. 
1895         12.890.000 
18941        17.497  COO 


IPrimary  rec'ta* 

56  625,000 
I    130,031,000 


Total  Exports. 
15369.802 
51.032  406 


Chicago  I  May.. 
Wheat.  )  July.. 


OATS,  In  bushels 
I    U.  S.  Vl-ible. 
1895  5  815  000 

1804|         2,654,000 


N.Y.  Stocks, 
507  422 
710  718 


Cbgo.  Stocks. 

1158,000 

641000 


Oats.. 
Pork. 


1  May.. 
1  July. 
iMay. 
1  July.. 


1895 
1894 


LARD-tcs. 

World's  vis. 
279.467 
117,098 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,  LARD-tos. :  RIBS-lbs. 

135.450     I  41.119     I  38.432.000 

76,760    I  1.450    I     8,610,000 


Lard 
Ribs. 


Vay.. 

iJuly 

(May   ... 
I  July 


Thursday. 
April  4. 


28M 


100?^ 
9.'5% 
95>4 
6*S 


63?4 
82>6 
91% 
139 
87H 
26)^ 
132^ 
159^ 


mi  iTji 

76        74^ 
6i?i    61 

\\m  inJ6 


mi 


Friday. 
April   6. 


86)4  26V«, 
72!^  7<i^ 
1014*  100?^ 

96^    te^ 
6«      6k 


50^ 

95^ 
17k 
73^, 
72 

5^ 
116 
64 
32W 
92}| 


49V« 
94^ 
17k 
73 

71k 
5794 
1159:5 

em 

82H 
919i 


132^ 
159!* 
128 
37% 

84J6 


25H 
182^ 
159^ 
127^ 

8;% 

88H 


28       86 
17«    17J6 

188"'  188 
5m    61k 

112T*  112k 
MSk    98 
86«    889i 


83« 


161.639 

6,22  6.21 

6.27  6.24 
6.26  6,28 

6.28  6.24 

6c%  mi 

61A  60k 

519^  eik 

61k  51H 


29«    89^ 

12,80  12,10 
18  42  1:2.20 

6.97  8.98 

7.10  7,05 

6,80  6,80 

6,42  6,32 


134.471 


6.27  6  20 

6  86  6.19 

6.27  6.20 

«i  eoii 

61k  6lU 

61)1  61^ 

61^  61k 

65k  56k 

67  66k 

46%  46^ 

47V|  46% 

29%  29^ 

mi  28k 
12.85  12  00 
12.46  12.20 

7.00  6,95 

715  7  10 

6.32  6.20 

6  47  6.85 


Saturday, 
April   6. 


26k    S6 


100  vi 

12«9i 
37k 

15k 

84 


158k 
128h. 
87K. 
159s 
83J4 


T4H    74M 

51k    61k 
112      112 

2696    i69). 


24k 

82k 

95k 
10 

38W 
16k 

^6^ 


24 
82 

96k 
10 
88 
16k 
859-4 
6 


\e>A<  16% 


ISk    12k 


17k 


Monday. 
April   8. 


26 
72 

10194 

96k 
6^ 
67 
60k 
94 

i^yi 

Ti 

71% 

58k 

64k 
82 

92k 


95 
6 
55 
50k 
91% 
KH 
72k 
70% 
57% 


32 
91% 


26       259^ 


isnk 

1 27k 
3794 
l.^k 


158% 
124% 
37% 
1494 

8a% 


17%    17% 
74k    74 

137      186 
51%    51 

112  110k 
94  93k 
26k    26 

24       23k 
81%    81 
85k    65k 


96 
9k 

as 


95% 

9k 

87% 


Ittk  16k 

3594  85k 

5%  5k 

4k  49? 

I7k  17k 


89%  89% 

6%     6M     «k  6 

j  uk  lok 

U)i    14k    14k  I4k 

87k    fl6k   87  86k 

12k    1^    1^  "^ 

^  48  42^ 


I 


68,785 


167,489 


6,28  6  25  6.29  6,27 

6.81  6.28  6.85  6.28 

6  80  6,27  6.32  6.27 

6  81  6  26  6.83  6,28 


60%  60A  60A  60A 

61k  61  61  6094 

6192  61%  5l9i  51k 

51k  51%  61k  51k 

6Mi  55    '  55k  5494 

50%  56%  5'%  6tk 

46%    46k  46%  46^4 

46%    4694  47k  46% 

2994  29%  aSk  ^1^ 

2Sk  28%  im  ■■'» 

1210  11.65  12.05  11.65 

12,35  12.07  12  25  [iXii 

6  95  6  87  6.87  6  82 

7,10  7.00  7  05  6  95 

6  25  6  20  6,27  6  17 

6  87  685  640  680 


Tuesday. 
April   9. 


25k    25k 


102% 
94 

96k 
6k 
65k 
51 

'J4% 
17k 
73 

71k 
58% 


101k 
94 
95k 
5k 
55 
50k 
93% 
17% 
71% 
70k 
5794 


64  63% 

32  82 

92k  91k 

88k  8794 

26  26 

159  158% 

127  12Jk 

38k  fi8k 

14%  1498 

34k  8^ 


J  7k    17k 

137%  137k 
62k    51% 

111  10994 
97  93k 
28k    26 

mi    83% 


95% 
9k 


18k     18k 
157      167 
6794    67k 


17 

11% 

J3 


17 

11% 

32% 


17k  17 

8%  9k 

2  8 

>:%  11% 

4k  4k 

40k  S9k 

«y*  ' 
11 


6 
10% 


14k     14k 
87k    8d% 

43        43 


142  078 

6,31  6,!0 

Oai  6  31 

6..S4  8  29 

6  87  6.33 

60%  60,V 

61  60,% 

51--  -- 
61 


1^^ 


65  5494 

56k  66 

46k  4594 

4694  46k 

29k  28% 
27%  27k 
12,10  11  90 
12,45  18.05 

7  08  6,97 

7.15  7.02 

6  85  6  22 

6  47  6.32 


Wed.. 
April  10. 


25%  85 

719|  71. 

103%  102k 

94%  94 

97  96k 
5k      5k 

55k  55k 

5194  50k 

Wk  93k 

17k  17k 

71k  71k 

72  71k 

57%  57k 

64  '     63k 
32k    82 
92k    91% 

38k    88% 
20%    26% 
13Jk  183 
160k  l58'.i 
126k  12594 

15k    »k 

85        83% 


ir% 


85U 
96k 
99 
87% 
16% 


12% 


40k  8994 

6k  m 

1(%  lOk 

14%  i4 

87%  87 

12  11% 

4294  <1M 


150  917 


73  7191 

10494  9 

96  93« 

97  93^ 
7k  6k 

59k  65 

5194  49 

9^k  91' 

17%  17^ 

74k  71,,. 

5894  57k 
116  11594 
64%  63% 
32k  82 
9294  91% 
139  13894 
38%  37k 
27?<  25k 
133k  132 
163  158% 
128k  184% 
3S94  37k 
16k  14% 
36k  82% 
106  106 
%        k 


!S9      13694 
53       51 


Ranee  for 

April  1896. 

to  date. 


,,     6% 

14^  14 

88k  86k 

12k  1194 

489i  41k 


6.43  6.21 

6.46  6.20 

6.44  6  19 

6.47  6  20 


61  69|i 

61k  60k 

61  tJ  50k 

51%  6094 


Ranee  for 
April  1694. 


74% 


29k 
7294 

107%  87k 

97k  S8k 

94k  83 

16  18^$ 

81k  79 

115'  liok 

20k  l^k 

88k  77% 

69^  61% 

6.^9^  61k 

121k  119k 

7242  6.^ 

41%  88k 

i:ok  107 

115  142 

4094  87k 

20k  17k 

:4U  13494 

167  161k 

144k  187% 

8491  8194 

28  8» 

4294  8794 

106  104k 
7k      6k 

95  93k 

18k  16k 

16%  16 

6994  6794 

13ok  i»k 

52k  <9k 

127%  125 

9694  97k 

27k  2494 
8M      7% 

82k  '^k 

42%  80% 

88k  8894 

101%  9Sk 

If'k 
12% 

45 

6k        ... 

22%  1894 

17k  '6k 

ek    -*^ 

22k  18'-< 

174  171% 

64  64 

24  20k 


80  16 
10k      Sk 
11%      8 

22k  1'^% 
694      5k 

43  86k 


8k  7k 

18%  10k 

8.')94  ''394 

13k  12k 

61k  49 


7.67  7  20 

7.70  7  09 

7.77  7  15 

7.83  718 


1594 
8% 
15% 
409-4 
4k 
4% 


68 

60H 

70k 

08 ,% 

44% 

42% 

46 

43k 

6«k 

6694 

m 

899ft 

37  k 

40% 

88 

80k    28k  84%    8094 

29       2:k  30k    28k 

12  57  11  85  18.35  1 1  27 

12.77  12  00  18.40  11.27 


7.10  6.82 

7,25  695 

6  40  6  17 

666  680 


7  90  6.02 

1.50  6.50 

6  80  5.70 

6  7*  .5.67 


1895 
18M| 


OLD  PORK,  Chgo.-bbls. 
...     bbU. 


WHEAT  on  passage. 
87.84O.0CO  bush. 
81,272,000    '• 


CORN  on  passage. 
8.120.000  bush. 
6,008.000    " 


Russian  Sbipmts.  for  wk. 
2.400.000  bush. 
2.215,000    " 


Indian  Sbipmts  for  wk. 
186,000  bush. 
100,COO    " 


Argentine  Shpts.  for  wk. 
1.792.000     bush. 


t  Since  Aug   31.    *  Since  June  30. 


Compiled  and  Copyrighted  by  CLAP?  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


lUlcchl^  flDaii^ct  letter 


No.  42Q. 


Cnpyripht,  ISOIf,  by  Clopp  Jt  Comnanj/. 
O.  W.  Clapp. 

OWIQHT  O.  CLAPr 


CLAPP    &    COMPANY, 

JSanhevs  anb  Bvohers, 
miLLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STI^EET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE   THE    NEW    YORK   STOCK    EXCHANGE,    IN    THE    HEART   OF   THE    BANKING    CENTRE. 
277   BROADWAY,  Cobner  Chamberi  St. 


C^ANCH 


671    BROADWAY,  Bbo\owm  Central  Hoteu 
753  FIFTH  AVENUE,  Cornm  68th  St. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
LoNQ  Distance  Telephone. 


New  Yoric,  TJmrsday  Morning,  April  IS,  1895. 

VFe  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.     3^  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


"  CHapp  c$  Co.,  the  well-known  bankers  and  brokers  of  Wall  Street, 
hare  just  issu«d  their  souvenir  of  18:»4  in  the  form  of  an  annual  record  oi 
daily,  weekly  and  montlily  prices  and  transactions  in  stocks,  bonds  and 
proiuce  dealt  in  on  all  the  leading  exchanges  of  the  country,  together 
w  ith  the  most  complete  and  un  to  date  statistics  of  railroads,  crops  and 
Information  affecting  the  stock,  money  and  produce  markets  of  the  coun- 
try, including  their  complete  market  letters  for  the  year  and  photographs 
of  the  chief  commercial  and  stock  exchanges  of  the  country.  The  whole 
fDrms  one  of  the  most  interesting  and  complete  books  of  reference  on 
finance  and  trade  that  could  be  gotten  up,  as  it  is  compiled  with  great 
care  to  insure  accuracy,  handsomely  printed  and  elegantly  bound,  on  the 
best  of  paper  and  in  the  best  of  style,  for  which  this  firm  is  so  justly 
noted  in  all  that  it  does.  Their  souvenir  for  1S94  is  the  finest  publication 
of  its  kind,  both  in  matter  and  form,  that  has  been  si'en  by  the  Street  in 
a  long  time,  aud  is  a  uedit  to  the  firm." — Journal  of  Commerce,  New 
York  City. 

"Jle.ssrs.  Clapp  *  Co.,  Mills  Building,  New  York,  have  Issued  a  hand- 
go'iiely  bound  Tohimo  entitled  '  Leading  American  Exchanges."  It  con- 
tains -^4  illustrations  of  exchange  and  board  of  trade  buildings.  The 
prices  of  leading  securities  for  a  numl>er  of  years,  the  yearly  price  of 
silver  for  60  years,  and  statistics  regarding  the  Tariousstaples,  areamong 
the  features  of  the  book."— The  Cluviiiclc.  New  York  City. 

"Messrs.  Clapp  A  Co..  bankers,  l.'i  Broad  Street,  Mills  Building,  this 
citv,  send  in  a  handsomely  bound  \-olume  containing  tb  4r  ma>-Uet  letters 
to  a  year  back.  The  volume  also  contains  a  great  deal  of  other  valuable 
information,  although  the  weekly  letters  of  this  firm  refer  to  pretty 
ne^irly  everything  going  on  in  the  commercial  and  financial  world.  The 
cuts  of  the  various  exchanges  throuijhout  the  couutry  are  very  accurate, 
and  show  an  exceedingly  artistic  lot  of  buildings.  We  expect  to  find 
OMi-selves  frequently  referring  to  Uia  ▼olume."— Daily  Financial  News, 
K.-w  York  City. 

"  We  are  indebted  to  Clapp  i  Company,  the  Mills  Building  bankers, 
for  a  copy  of  their  Souvenir  Book  for  1894,  entitled  '  Leading  American 


Exchanges,'  which  Is  the  most  complete  work  of  its  kind  that  has  come 
to  our  notice.  The  firm  is  to  be  congratulated  upon  its  enterprise  and 
liberality  in  furnishing  such  a  mass  of  statistical  inlormation  free  to  its 
customers.  A  new  departure  is  noticed  In  the  lifelike  pictures  of  the 
members  of  the  firm,  by  which  out-of-town  customere  are  enabled  to 
judge  of  their  correspondents  and  know  something  of  the  men  they 
de^al  with.  The  book  is  handsomely  bound  in  cloth  and  gold,  making  the 
outside  a  thing  of  beauty,  as  well  as  contents  of  value  and  merit."— The 
Daily  Indicator,  New  Y'ork  Citj'. 

"  Clapp  &  Company,  bankers  and  commission  merchants,  of  the  Mills 
Building,  New  York,  publish  a  stately  350  page  royal  octavo  souvenir 
volume,  their  weekly  market  letters  for  18'.I4,  including  with  them  a 
number  of  illustrations  of  the  financial  ceiilres  and  exchanges  of  .\ew 
York,  including  the  new  Clearing  House  in  Cedar  street,  and  the  Wool 
Exchange  in  Broadway,  and  pictures  of  all  the  principal  exchanges 
of  the  country,  a  collection  of  business  cajiilals  significant,  and  interest- 
ing and  impressive.  The  pictures  are  all  finely  executed,  and  form 
a  collection  both  unique  and  valuable.  The  statistic-al  matter  of  the 
souvenir  is  complete  and  accurate,  showing  the  record  of  the  stock, 
bond,  grain,  provision  and  cotton  markets  of  the  couitry,  carefully 
and  coinp.ictly  arranged,  so  that  the  souvenir  entire  forms  a  manual  of 
much  practical  service  to  the  business  man,  the  financial  student  and 
the  p  .litical  economist.  It  is  interesting  to  observe  that  the  last  weekly 
letter  of  1803,  speaking  of  the  outlook  for  1S04,  declared  :  'The  dead 
calm  of  present  moments  may  portend  a  storm  of  passion  or  of  peace. 
What  is  done  should  be,  and  prooably  will  be,  done  quickly.  The  country 
enters  upon  ISlll  in  waiting  mood  that  will  turn  to  quick  reprisal  if  it 
waits  iu  vain.  The  people  will  demand  a  quick  s.ilvation,  equal  to  tlieir 
faith  and  expressive  of  their  fullest  powers.'  Clapp  A  Company,  as  ap- 
pears from  the  letters,  are  thorough  Americans,  believing  in  American 
capital,  American  labor  and  American  ideas,  and  these  sentiments  find 
expression  on  almost  every  page  of  the  volume."— The  Standard  Union, 
Brooklyn,  N.Y. 


X 

-0 
> 

o 
m 

o 
o 
z 

H 
> 

Z 

a 

> 

r 
-< 

m 
o 
o 

D 

m 
O 


r 
m 
> 
a 

z 
o 

m 

X 

o 

X 

> 
z 

o 
m 

03 


Our  annual  Souvenir  book  for  1S94  is  out.     It  will  be  delivered  free  to  applicants  upon  receipt  of 
$3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEKP  OUU  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED   APPLICANTS   FREE. 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

A  popular  movement  in  finance  is  an  electric  inspiration.  Fluctuations  of  sentiment  like  vibra- 
tions of  current  increase  a  power  as  invisible  as  it  is  potent.  Everything  worth  having  seema 
almost  within  reach  of  everybody  worth  anything.  The  air  that  was  lately  leaden  seems  charged 
with  buoyant  sentiment  to  quicken  impulses.  Ambitions  recently  hopeless  seem  stepping  stones  to 
other  elevations .  A  nation  or  a  man  that  can  go  to  sleep  at  will  generally  retains  needed  power  for 
waking  moments. 

Straws. — About  one-fourth  of  our  railway  system  is  in  the  South,  equalling  42,000  miles.  Since 
the  trolley  electric  was  introduced  about  six  years  ago,  9,008  miles  of  surface  railroads  have  been 
erected  or  changed  to  that  system.  Only  2,243  miles  still  use  horses  ;  652  miles  are  run  by -cables ; 
614  by  steam  motors.  6<!  lines  are  carrying  mail,  55  are  hauling  freight,  35  have  started  express  ser- 
vice. Evidently  electric  service  will  revolutionize  transportation  interests.  Imported  goods  free  of 
duty  for  the  first  six  months  of  the  new  law  equalled  47.9  per  cent.,  against  56.7  per  cent,  for  a  cor- 
responding six  months  the  previous  year  under  the  old  law.  Dutiable  imports  were  $131,987,046, 
against  $185,298,927  previous  year.  Exports  decreased  $47,277,056  or  9,7  per  cent.  Imports  increased 
$51,473,439  or  16.9  per  cent.  Free  importation  of  raw  material  for  manufacturing  uses  was  $50,980,- 
697,  against  $86,259,779.  The  imports  of  nine  classes  of  manufactured  goods  in  February,  1895,  were 
valued  at  $17,206,056,  against  $8,395,526  in  February,  1894. 

Stocks  and  Bonds. 

Bonds. — Sales  of  railway  bonds  are  large,  market  strongand  active.  Municipal  bonds  attract  little 
attention,  prices  are  generally  maintained.  Chronicle  reports  sales  $117,167,225  in  1894,  against 
$77,421,273  in  1893  ;  and  $88,823,515  in  1892.  They  estimate  $431,000,000  municipal  bonds  are  held  by 
savings  banks. 

Railway  Stocks. — Roads  aggregating  100,781  mileage  show  increase  of  gross  earnings  in 
March  of  $244,897  and  for  three  months  of  1895,  a  decrease  of  $271,910.  Southern  Railroad,  Louis- 
ville &  Nashville,  and  Norfolk  &  Western  show  small  changes,  thus  encouraging  investors.  Burling- 
ton, St.  Paul  &  Rock  Island  show  heavy  losses  compared  with  the  big  crop  year  1892  and  18^3,  but 
as  a  whole  they  are  earning  more  than  1890  or  1891.  Northern  Pacific  reports  decided  improvement 
in  1895  over  same  time  in  1894.  Atchison's  friends  think  the  present  under-written  plan  will 
succeed.  Beneficial  agreements  are  reported  made  by  trunk  lines.  The  Lake  Shore  is  leading  all 
records.  Vanderbilt  stocks  continue  strong.  Missouri,  Kansas  &  Texas  earnings  gained  $183,856 
in  March.  Texas  Pacific  gained  $74,b96.  Reading's  friends  deem  it  unwise  to  sacrifice  their  coal 
business  to  enable  other  lines  to  maintain  high  dividends.  Chicago's  receipts  of  wheat  and  corn 
since  January  1  are  only  about  41  per  cent,  as  great  as  same  time  in  1894.  Prospect  for  average 
crops  this  year  is  encouraging  granger  stockholders.  Many  believe  the  worst  is  past  and  are  buying 
more  freely.  St.  Paul  has  a  "host  of  friends."  The  speculative  feeling  in  the  stock  market  indi- 
cates higher  prices.  All  crop  reports  continue  encouraging.  Foreign  buying  and  absence  of  selling 
is  noticeable.  Leading  bulls  ana  bears  seem  prepared  and  predicting  a  further  advance.  These 
features  are  liable  to  create  a  speculative  momenturh  on  the  bull  side,  equalling  the  bear  raiding  the 
past  two  years.     The  advances  in  oil,  cotton  and  provisions  doubtless  bear  witness  to  coming  events. 

Industrials. — Sugar  operators  again  predict  125  for  the  stock  this  year.  Evidently  it  is  as 
"big  a  gambling  chance  "  as  ever.  Distillers'  stockholders  continue  paying  the  assessment  and  to 
feel  confident.  We  see  no  encouragempnt  for  stockholders  in  the  near  future.  General  Electric's 
officials    apparently  continue    negotiations    with    Westinghouse    people.      We    look    for   lower 

f)rices.  Its  chances  for  a  rise  might  be  improved  if  the  right  parties  are  ready  to  move  in 
eading  the  market.  Chicago  Gas  benefited  by  the  recent  management  and  aldermanic  changes. 
The  stock  appears  to  be  freely  held  by  "  outsiders."  Cordage  ought  to  be  a  purchase  at  half  last 
year's  assessment.  The  property  is  worth  something  under  poor  management.  Lead  continues 
doing  a  fair  business.  The  stock  often  has  a  "  spring  rise."  Cotton  Oil  is  getting  strength  from  the 
great  advance  in  cotton  and  lard.  Leather  appears  manipulated  by  masterly  hands,  after  a  long 
season  waiting  for  an  opportune  time  to  attract  attention.  It  may  be  aided  by  a  cattle  shortage. 
Industrials  continue  in  iDetter  favor.  The  general  market  has  the  "ear  marks "  usually  observed 
in  a  spring  rise,  plus  the  reaction  from  extreme  depression. 

Cotton. 

Up  to  date  about  300,000  more  bales  have  come  in  sight  than  from  any  previous  crop.  The  re- 
cent large  movement  indicates  the  crop  will  exceed  10,000,000  bales.  Port  receipts  of  cotton  from 
September  1  to  April  12  were  7,437,308  bales  against  5,58(5, 102  last  season.  Port  stocks,  826,103  bales 
against  701,240  bales  last  year.  Exports  were  5,8S5,976  bales  against  4,556,662  bales  last  season. 
Four-sevenths  was  shipped  from  New  Orleans.  Galveston,  Savannah  and  Charleston,  in  order  named. 
Northern  spinners' takings  to  April  12  were  1,883,493  bales  against  1,276,124  last  season.  Southern 
consumption,  551,000  against  519,000  last  season  same  time.  Some  cotton  interests  claim  there  is 
enough  American  cotton  practically  in  sight  to  satisfy  spinners  six  months  after  new  cotton  is  mar- 
keted September  1,  1895.  Stocks  of  American  cotton  in  Europe  now  exceed  by  500,000  bales  those 
of  this  date  in  1892.  Many  in  the  trade  claim  spinners'  stocks  were  never  larger,  and  that  the  acre- 
age in  1895  will  exceed  that  in  1894.  Some  Georgia  customers  report  a  good  crop  was  secured  last 
year  upon  the  replanted  soil  after  the  great  freeze  May  16.  The  price  of  fertilizers  has  advanced 
several  dollars  per  ton  since  cotton  advanced  sur  and  seven  dollars  per  bale.    Egyptian  exports  for 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


the  season  are  525,000  bales  against  500,000  last  year,  Indian  exports,  269,000  bales  against  036,000 
bales.  Fall  River  advices  indicate  wild  speculation  at  advancing  prices  for  staple  goods.  Liverpool 
cables  report  a  very  large  demand  from  spinners. 

U.  S.  exports  of  cotton  goods  to  South  and  Central  America  thus  far  in  1805  are  18,481  packages 
against  12,110  packages  a  year  ago.  The  New  York  Ih'rald  estimated  English  production  of  cotton 
goods  equals  $500,U00,0U0  annually,  and  exports,  $305,000,000  to  $;{(J0,000,000,  and  that  the  total  tex- 
tile manufactures,  including  woollen  manufactures,  equals  $850,000,000;  that  the  average  American 
employee  turns  out  goo<ls  worth  $l,;585  yearly,  against  $785  by  average  English  mill  hands.  Cotton 
yarn  in  Manchester  is  5^^  to  6'/4  against  03-^  to  7>ii  a  year  ago,  whiU;  cotton  is  3^^  against  4>6. 

The  present  advance  and  speculation  appears  based  on  low  prices,  prospective  less  acreage,  less 
use  of  fertilizers,  and  a  growing  feeling  the  coming  crop  will  be  under  ordinary  ne(;ds.  Local  manipu- 
lation continues  in  May  cotton.  February  J38,  August  cotton  sold  at  5.54;  Aj)ril  17,  it  sold  at  i'..87.  It 
appears  to  us  a  good  time  to  take  profits,  even  if  not  wise  to  sell  short  for  a  time.  W(!  think  the 
consensus  of  opinion  indicates  cotton  is  a  good  purchase  on  all  declines  and  will  sell  far  above  7  cents. 

Wheat. 

It  is  estimated  by  the  Corn  Trade  News  that  the  countries  growing  85  per  cent,  of  the  world's 
wheat  in  1S94  produced  64,000,000  bushels  more  than  in  1893.  Our  winter  wheat  crop  last  year  was 
given  out  as  32f. 308,8-10  bushels.  We  think  it  was  near  360,000,000  bushels,  and  now  promises  to  be 
10  per  cent,  less  than  grown  in  1 894.  The  Orange  Judd  Farmer  estimate,  secured  from  similar  sources 
to  tliat  of  the  Government,  says  its  information  indicates  amount  of  wheat  in  farmers' hands  March  1 
as  154,000,000  bushels.  The  drovernment  estimates  indicated  but  75,000,000  bushels,  yet  both  prac- 
tically estimated  corn  reserves  unmarketed  as  about  the  same  ;  perhaps  this  accounts  for  the  absence 
of  the  usual  leak  in  Government  reports  about  the  10th  of  the  month.  Light  primary  receipts,  ex- 
ports exceeding  those  of  last  year,  and  a  good  milling  demand,  continue.  Cash  prices  in  Chicago 
and  most  cities  are  practically  those  of  May  delivery.  Chicago  is  now  considered  the  lowest  market 
of  any  ;  we  look  for  it  to  become  the  highest  before  summer  is  over.  Many  think  the  fear  of  liqui- 
dation has  been  discounted.  A  Dakota  writer  claims  there  has  been  fed  in  twenty -four  States 
83,130,000  bushels  of  wheat.  Some  bears  predict  there  is  no  good  in  the  long  side  of  wheat  until 
our  surplus  supply  is  sold  for  export,  after  which  big  profits  are  likely  to  accrue.  Many  were  sur- 
prised recently  to  see  the  sharp  advance,  which  would  likely  have  been  much  larger,  had  the  bucket- 
shop  interests  attempted  to  cover  their  large  sales  to  customers.  We  believe  it  is  quite  possible  the 
elevator  interest  will  practically  own  all  tne  cash  wheat  and  continue  to  do  so  until  much  reliable 
information  is  known  of  the  1895  crop.  Exports  continue  large,  the  price  exceedingly  low,  com- 
pared to  the  advance  in  stocks,  cotton,  potatoes  and  oil.  It  is  but  natural  to  expect  sentiment  and 
speculation  will  advance  the  wheat  market  materially  before  mid -summer,  and  that  the  chances 
to  lose  are  very  small  compared  with  those  to  gain. 

Corn. 

The  visible  decreases  slowly.  Planting  is  general  south  of  the  Ohio  River.  The  New  England 
demand  is  light.  Export  demand  has  fallen  oft.  Spring  grass  feed  is  looking  well.  A  less  demand 
from  cotton  and  hog  feeders  and  a  great  saving  in  feeding  districts  seems  to  be  uppernaost  in  the 
minds  of  speculators  and  is  depressing  values.  We  do  not  louk  for  any  material  decline  and  advise 
purchases  on  weak  spots. 

Provisions. 

It  is  reported  Argentine  cattle  resources  are  as  large  proportionately  as  wheat,  that  numbers  are 
now  small  and  it  will  take  three  years  to  again  grow  a  large  supply.  January  1,  1892,  there  were  37,- 
651,293  cattle  in  this  country,  not  counting  milch  cows.  January  1,  1895,  but  34,364,216  cattle  aside 
from  cows.  England  steadily  increased  her  purchases  during  three  years,  while  we  increased  our  popu- 
lation, and  Atlantic  exports  in  1894  increased  over  1893  about  20  per  cent.  Hogs  numbered  January 
1,  1892,  52,398,000  ;  January  1,  1895,  42,294,064.  Sheep,  January  1,  1892,  numbered  44,9.38,365,  and 
January  1,  1895,  42,294,064  head.  The  Government  record  of  live  stock  in  the  United  State?  and 
exports  can  be  found  on  page  305  of  our  1894  Souvenir  Book.  It  is  claimed  by  many  live  stock  shippers 
that  the  ho^  and  cattle  reserves  are  very  small,  and  especially  so  in  leading  Corn  States,  wiiere  the 
corn  crop  of  l.s94  was  verv  deficient.  Average  weight  of  both  hogs  and  cattle  rule  lower  than  a  few 
years  ago.  Sheep  have  been  marketed  the  past  season  at  unusually  low  prices.  Stocks  of  provisions 
outside  of  Chicago  are  reported  small.  No  1893-4  supplies  of  old  pork  are  held  over  as  in  most 
previous  years,  or  during  the  time  live  stock  in  this  country  kept  pace  in  growth  with  population, 
from  1888  to  1892,  since  which  time  old  pork  supplies  in  Chicago  have  all  disappeared  each  year  soon 
after  the  yearly  Winter  packing,  November  1,  begins.  It  is  contended  there  are  less  pigs  and  calves 
in  the  country  than  usual  ;  that  corn  has  been  high,  the  Winter  severe  and  live  stock  generally  has 
not  maintained  as  large  average  gains  as  usual.  Speculation  is  broadening.  Cotton  and  oil  are 
decidedly  higher.  It  is  estimated  the  Summer  run  of  hogs  will  be  light,  anrf  weight  also.  We  see 
no  reason  to  change  our  last  week'i>  prediction,  that  Summer  prices  will  likely  show  a  25  per  cent, 
advance.  Packing  for  week  ending  April  11  was  105,000,  against  230,000  last  year,  and  to  April  11 
1,540,000  against  1,435,000  last  year. 

Yours  truly.  CLAPP  &  COMPANY. 

SI 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QflotatiODs  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  April  17,  1895,  and  lor  April,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NFW    TORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


I 


Weeklt 

CAPtTAL 

Sales. 

Stock. 

8.!65 

$20,237,100 

472 

10  198.600 

120,!)99 

36  773,000 

3.011 

36  773,000 

26.aoi 

17,900,000 

24.168 

102,000,000 

5  493 

25,000,000 

6  416 

15,000,000 

13t«0 

22,488,000 

4.205 

60.805.400 

li-;!75 

82  262,700 

24.260 

24.885.800 

tu.757 

46,027,261 

1063 

25,923,900 

11.m9 

46,1.'56.000 

3.460 

18.559,360 

18,768 

39.054.907 

«2,3S5  170 

8.759 

28  000.000 

6.U0O 

11696,000 

2.563 

36,430.060 

6.440 

28.200,000 

6.«55 

85  000,000 

1  3U0 

38  000.000 

11.118 

8S  148.500 

71,710 

30.459,700 

8<J0 

25,000,000 

600 

8,000.000 

625 

50,000,000 

225 

10,000,000 

7,502 

11.840,000 

1.760 

11,840,000 

b.Wi 

49,466,500 

14.253 

52,800,000 

1K.133 

30,000,000 

4  6b6 

18.788,204 

17,375 

13.000.000 

47,844,100 

6,425 

47,436,576 

2.618 

14.905,400 

1.158 

14  904,000 

«.9CC 

89,428.300 

8.'ja4 

77,427,000 

7.:ao 

20,000,000 

2.2G0 

58.119,982 

400 

18.000,000 

1I,.}15 

39.767,200 

2.'.I0U 

49,000.000 

7.1177 

89.269,516 

8WI    • 

20.000.000 

^20 

8,500,000 

&i:4bO 

40.426,861 

2U0 

86,000,000 

120,000 

1.110 

68.402.900 

7,925 

125,000,(X)(i 

8.996 

60,000,000 

23,040 

19,850,000 

B283 

88,710.900 

100 

6,600.000 

1.816 

60,888,.^00 

1.000 

88,837,098 

1.993 

20.166,000 

4.i»30 

18,117  000 

8. 767 

7.371,600 

2.120 

28.000,000 

4  444 

24  000,000 

8  217 

94,820,000 

2,9tX) 

10  000,000 

1.052 

4.500,000 

Dividend  Rkcobd. 


Pay*  8pc  J-D 

Pays  3pc  0-.I-A-J.... 

Pays  3V;pc  J-J 

Pays  3pc  FM  AN... 
Paid  ,5!4pc  in  1888;.. 

Paid  2dc  1895 

Pays  IMpe  F-A 

Pays  l^pc  F-M-A-N. 


Paid  Ipo  Det-.  1894 

Pays  Ipo  M-J-S-D 

I'ald  Ipc  

Pays  7  re  Per  Annum, 
laid  i^pc   Feb.  1895... 


1  aid  2K.P0  Jan.  1895. 
I'aid  33.:  PC  Jan.  ".895. 
PaidSnc  in  1893 


Pays  2pc  M-J-S-D 

Pays7pc  per  annum. 
Pays  7pc  I  er  annum. 


Paid  l^pc  Jan.  1893. 
Paid  2pc  Auk  st  1898. 
Pays  5pc  per  annum. 


Pays  Syjpc  Al-S. 


PaT«  IMpc  P-M-A-N. 

Pays  .3pc  FA     

Paid  2pc  August  1893. 
Pays  l^pc  .I-A-JO.. 
Paid  2pc  in  Feb.  1895, 


Paid  3pc  1801 

Paid  Ipc  in  Dec.  1894. 
Pays  IJipc  M-J-S-D.. 
Pays  Ipc  J-A-J-O 


Paid  l^po  Nov.  1898... 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2po  F-M-A-N. 


Paid  Ipc  in   1867. 


Paid  3^pc  in  1884... 
Paid  2^po  March  15."  i8!)5 


Names  or  Stocks. 


Pays  IJ-^iPC  J-A-J-O. 


Paid  IPC  in  Feb.  1894. 


Amencan  Colton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf. 

Americau  Tohacco  Co 

Atchison,  Topeka  &  S.  Fe. 

Baltimore  &  Onio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  £  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos — 

Chicago,  Mil.  &  St  Panl... 
Cnicago  Mil.  &  St  Paul  Pfd 
Cbicaso,  R.  I.  &  Pac:tio... 
Chic..  St  Panl  .M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  <fc  Northw'n  Pfd. 
Clpve..  Cin.,  Chic.  &  St  L. 
Col  Hock  ng  Valley  <fe  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware.  Lack 'a  4  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  Ist  In  pd 

General  Electric  lo 

Great  Northern  Pfd 

Green  Bay  W  AStPTrReo 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western.   . 
Lake  Erie  <t  Western  Pfd 
Lake  Shore  &  Mich.  So'n.. 

LoQisville  <t  Nashville 

Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  A,  TexM  Pfd 

Mexican  Central 

Misi^ourl  Pacifio 

National  X.ead  Co    

National  Lead  Co  Pfd... 
N.  Y.  Cent'l  &  Hudson  Rlv 
N.  Y.  Lake  Erie  &  West'n 
NY&N  E  Ut  CO  cU  all  In  pd 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.  A  W'n  Pfd.... 

North  Amencan  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  <fe  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal,  Iron  i  R  R  Co 

Texas  <t  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific ... 

Union  Pac.  Denv.  &  Gulf. 
United  States  Rubber  Co. 

U,  S.  Coidage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 

Wheeling  A  Lak«  Erie 

Wheeling  &  Lake  Erie  Pfd 


Thursday. 
April  11 


25% 


103M 
94 


26H 

159  W> 
H!4H 


15« 
34^ 


% 


Total  sale*  of  all  Stocks  each  day  and  for  the  six  days 790.063 


COTION.  in  ba  es. 
I  World's  visible. 
1895  4  819.3'<5 

1894  4.000.001 


Total  in  sight  h  Total  Exports. 
9.213.24S  5.885.976 

6,969,220        I        4,556.062 


jf.  r. 


f  April. 
iMay  . 
Coi0n  ;  June.. 
(July... 


WHEAT,  In  bushels. 
I    U  S  Visible,     Priniarv  rec'ts*!  Total  Eiporti. 
1895         70.486.000         I     13^5^G  000  119.155,ill7 

1891         69  218,000         I     145  145  UOO        |     138.036  996 


!  Wheat.]  »>„«;• 


Corn. 


uly... 

lay.  . 

July... 


CORN,  in  bushels. 
I     U  S   Visible. 
1895         12.221.000 
18941        16  021  000 


I  Cliicago  '  Way.. 

Primary  rec'ta* I  Tota  1  Exports.  Wheat.  1  July.. 

67  331.COO  16  183.9:12         l„„-„        I  May. 

188.548,000        1      62  467  000         r""^"'   •  i  July., 


OATS,  in  bushels. 
I    U.  S.  Vi-ible. 
1895  5.727  000 

1894|         2,C54  000 


N.  T.  Stocks, 

640  139 
600  382 


Chgo.  Stocks. 

1  162  000 

645  000 


Oats  . 


>  May.. 
Ijuly. 
iMay 


18« 


129  512 

8,47  6.43 

6.53  6.41 

6.50  6,40 

6.52  6.42 

00, •,  60  ,V 

61^  6OU 

65H  54% 

56!^  55?i 

4f^  4f^ 

*b%  46 


Pork       ;  "ay •2.<i   l-'-is: 


I  LARD-tcs. 

World's  vis, 
1895        279.487 
18941       117,092 


CHICAGO  CONTRACT  STOCKS, 

PORK  bbls,   LARU-tcs.     RIBS-lbt. 

135,150     I  41,119     I  88,432.000 

75,750    1 1.450    I     8.610,000 


I  Lard 


1  Way.. 
I  July.. 


7.02  6,97 

7.15  7.10 

6.37  6,80 

6..55  6.42 


Friday. 
April  12. 


0 
0 
0 

d 
hi 

V 

H 

b 
H 

Q 

H 
> 

Q 

Q) 

Q 
t< 
0 
0) 

b 


Saturday, 
April  18. 


27  261^ 

103%  108?^ 

6^      6% 

56  56 

62W  505i 

94^  94 

irk  17?i 

72)^  72 

rm  71% 

5s9i  57% 

64^  64"  ■ 


H  ^4 

•  2o9i 

H  134 

12CM  126 

4%  U% 

4  83^ 


74% 
l^^^ 

52H 
11294 

9«H 

iiii 

mi 


26)4 

74'^ 
139 

52H 
112 

97^.1, 

24% 

mi 


18% 
22?a 


IS  123;^ 

68  68 

I7«  irji 

UH  iiH 

83U  88% 

im  18% 

10%  9^* 


Monday. 
April  16, 


Tuesday. 
April  16. 


89?< 


26%    27% 

72^ 

10.3^  11 

94% 

96 
5« 

56 

52% 
,    93^i 

17?< 

72^ 

70-K 

68H 
116% 

64?J 

38 

mi 

i^ 

135^ 
159^ 
12c 

39% 

14H 

83% 
105H>  105 


104 
94% 
96% 
5!^ 
65% 
52 
93% 
17^ 

7-m 

5''% 
116!^ 

am 

83  Id 


Wed., 
April  17. 


27%    27 

7m  74 

105%  104H 
96        95% 


5% 
66 


97 

5H 
51!^ 


18 

75% 
1-12% 

53% 
113% 
100 

28 


88% 

17%   T8% 
74%   ■■ 


!f7%;  28% 


24 


82% 
85^ 
98W 
10% 
83 

8.^% 
5% 
4% 

18% 


52^    5  m, 
95^     93>4 


179< 
73% 
71% 


nr* 

7214 
..  70!^ 
bOyi  589i 
1U%  117% 
65  64% 
3-3%  33% 
93%    93% 

89%    39 
20Mj    28 
135%  135% 
160)^  160% 
12694  126 
39%    8.1^4 
16%    1.5H 
32^    819i 


91%  9:% 

141%  141 

5:^!^  53 

118%  114 

9i)%  93% 

29  a 

24%  2<% 

8^%  82W 

85V4  85!^ 
98%    98W 

10%  10% 

88%  88 
10%    16% 

86'  " 


67% 
1?% 
11^ 


Il9< 


89% 
5% 


Ml  11 

m 

6%  6? 

14%  149 

87%  889 

12%  129 

42  42i 


88%  34)4 

10%  10% 

494I  5 

89%  89% 

^6%l  5\i 

10%  10 

6%  6% 


!I% 

19 
10% 


70,405 


205,494 


I  6,66  6  68 

Ti^,,^^-,      6-74  6  57 

I  6  71  6.59 

60%    60%   61%  60% 

60%    COU   62%  6IA 

6O9J    50^4   61  609^ 

60ii    60%  61%  boy^ 

55%    5494   67  55% 

6UU    56       579i  6694 

45*i    45M    46  45% 

4<%    45%    46%  4594 

i!8%    28%'  03%  28V4 

27H    27     i  27%  27% 

12  35  12  32   12.45  12.35 

12,65  12  47  12  C2  12.65 


7.05  705 

7,20  7.15 

632  682 

6  47  6  45 


707  705 

722  7  17 

6.35  6  32 

6  50  6  47 


811  286 


6  80  6  70 

6.76  6  63 

679  6.67 

62 A  eiVi 

62'4.  611} 

51)4  50% 


ai>4 
51% 


60% 


67%    66% 

'"■    57% 


8894  sm 

27%  27^4 

12.55  12  85 

12,75  12.62 

707  6,97 

7.22  7.12 

6  37  6.80 

6  52  6.42 


1414  18!^ 

160%  160 

17%  16% 

11%  11 

34!4  83 

21%  199i 

10%  10% 

12%  1«% 

5%  5 


182  356 

6.76  6.75 

6.60  6.?0 

6.80  6  64 

6,83  6  68 

62%  61% 

62%  6;ii 

50%  50A 
50 


ii    60% 


67%  56% 

58H  57% 

45%  45' 

46%  4^ 

88%  27% 
2'.  9?  26% 
12  82  12  25 
12,55  12.42 

697  695 

7,12  7  10 

6.80  6  25 

6.45  6.40 


Ranee  for 

April  1895. 

to  date. 


27%  85% 

74%  7l9| 

105%  9!»94 

96  93% 

100%  93% 
7%      5% 

59)4  65 

52%  49)^ 


■a  ii,J^4 
,  -i    639i 
34       82 
94%    91% 
139      1389i 
39%    3rH 
27%    25 
138      132 
163      If  8% 
128«  124% 
40        37V^ 
16%     14% 
86%    82% 
106      105 

«        % 
91V»    86V4 
-'6)4     25% 
19%     17% 
77       74 
142%  136% 
53%     51 
11-%  109% 
100        90 
29        25% 
9  9 


19%    16% 


6,76  6.21 

6.80  6.20 

6.'?0  6  19 

6.83  6  20 

62,',  59U 

62%  60% 

611J  50A 

51%  6U% 

67%  54% 

58%  6.5% 


Ranee  foi 
AprU  1894. 


32%  29% 

74%  72% 

107%  87H 

97!^  88)4 

94V4  83 

16  13% 

81%  79 

115"  li6% 

20V4  18% 

88%  v:% 

69^  6:% 

65%  61% 

12m  119% 

7294  tif% 

41%  38% 

uoii  lor 

145  142 

40%  37% 

20%  17% 

140  1.34% 

167  lom 

144%  137% 

8491  81% 

28  23 

42%  37% 

106  104% 

7%  6% 

05  93% 

I814  16% 

16%  16 

69%  67% 

180%  128).8 

52)^  49% 

127%  125 

98%  97)4 

2r%  24% 

6%  7% 

82%  28% 

42%  8.i% 

88^i  839i 

101%  9s^ 


8% 
l.^% 
40^ 
4% 
_  4% 
22%  18% 
i7U  16% 
5)4  4% 
•22)4     18% 

[;4    in% 

64        64 
24        20% 


20  16 

10%  SM 

11%  8 

2214  1S% 

6%  5H 

43  88% 


8%  'M 

18%  ir.H 

85%  -•3% 

13%  12)^ 

61%  49 


7.67  7  20 

7.70  7  09 

7.77  7  13 

7.83  7  18 

68  60(8 

70%  ra,'. 

44%  42% 

46  43% 

66)4  57)4 

66%  5>.>% 

39%  37  ki 

40%  38 

84%  3094 

8014  -iSH 

J3.85  1127 

18.40  11  27 

7.90  8.62 

7,50  6.50 

6  80  5.70 
6  ?2    ,5.67 


I  OLD  PORK,  Chgo 
1895  ....     bbls. 

1S94| 


-bbls. 


WHEAT  on  passage. 
89.120.000  bush. 
88,456,000    " 


CORN  en  passage. 
2.880,000  busb. 
6,824,000    " 


Russian  Shirmts.  for  wk. 
2.060.000  bush. 
1  858,000    " 


Indian  Sblpmts  for  wk. 
20ii,000  bush. 
820,r00    " 


Argentine  Sbpts.  for  wk. 
12.616.000     busb. 


♦  Since  Aug  81.    ♦  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING.  NEW  YOEI 


iX, 


CRIlcchlv  fn>arhct  Tlcttcr. 


No.  42G. 


Capyrtght,  ItOB,  by  Ctapp  #  Oomoattf 

O.  W.  Clapp. 

DWIQHT  O.   CLAPP 


CLAPP    &    COMPANY, 

JSanhers  anb  Bvokers, 
MILLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


(  277    BROADWAY,  Corneh  chambers  St. 
B*«MCH    3  g7,    BROADWAY,  Broadwm  Central  Hotcu 
Offcta:       753  FipTH  AVENUE,  Corner  68th  8t 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Telephone. 


New  York,  Thursday  Morning,  April  2.",  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.     S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "LEADING  AIMERICAN  EXCHANGES." 


"  Messrs.  Clapp  &  Ompany  have  just  issued  their  manual  of  statistics 
for  1*M.  entitled  '  Leading  Am«rican  Exchanges.'  It  is  a  valuable  book 
for  reference  and  is  most  carefully  compiled.^'— Kiernan  News  Agency, 
New  York  City. 

•'  Messrs.  Clapp  it  Company  issue  a  very  handsome  souvenir  volume 
for  the  ye,ir  1,S94,  similar  in  general  appearance  to  that  issued  a  year  ago 
by  the  same  firm,  only  in  many  ways  enlarged  and  improved.  It  is  a 
large  book  of  3.VJ  pares,  very  handsomely  bound,  and  containing  quite  a 
large  number  of  tone  engravings.  The  volume  itself  consisis  of  a  collec- 
lioii  of  Messrs.  Clapp  .S  Company's  weekly  letters  on  the  pi-oduce 
markijW  and  an  immense  mass  of  statistical  information  regarding 
stocks  and  bonds,  cereals,  provisions,  minerals,  imports  and  exports, 
gold  and  silver,  monev,  population,  and  other  things.  In  short,  it  is 
jjracticallv  a  cyclopseilia  of  financial  information,  arranged  with  consid- 
erable judgment  in  tile  manner  most  convenient  for  consultation  and 
reference.  .Ml  who  have  to  do  with  facts  and  figures  of  finance  will  find 
>Ie:isrs.  Clapp  A  Company's  book  useful,  as  well  as  an  ornam.'nt  to  any 
library."— Commercial  Advertiser,  New  York  City. 

"  Clapp  &  Company's  year  book  is  out.  It  is  a  carefully  compiled  3.50- 
page  volume,  covering  the  leading  financial  exchanges  of  the  United 
States,  and  containing  a  vast  amount  of  statisticjil  information  of  value 
to  speculators.  The  technical  and  typographical  work  is  excellently 
executed.'"— New  York  Recorder,  New  York  City. 

"  .Messrs.  Clapp  &  Company  brokers.  Mills  Building,  this  city,  have 
Issued  their  souvenir  volume  tor  1891.  It  contains  the  weekly  lettei-s 
issued  by  the  firm  during  the  ye.ir,  giving  a  succinct  account  of  the 
niaikots  from  week  to  week,  a  brief  history  of  the  leading  American 
exchangi's,  a  detailed  statistical  record  of  the  finances,  commerce,  bank- 
ing and  production  of  the  year,  together  with  other  valuable  tables  and 
sUitistlcs.  The  book  is  sold  at  $.3.00  per  copy."— Journal  of  Commerce 
and  Commercial  Bulletin,  New  York  City. 


"  From  the  firm  of  CInpp  &  Company,  bankers  and  brokers,  of  Wall 
Street,  we  have  received  the  1*)4  edition  of  their  souvenir  book.  It 
would  be  hard  to  find  a  title  sufficiently  expressive  to  cover  the  ma.ss  of 
information  this  volume  contains.  Turn  where  you  will  valuable  facts 
from  reliable  sources  meet  the  eye.  Few  questions,  indeed,  regarding 
the  country's  markets  and  trade,  and  financial  matters  in  general,  could 
be  put  by  banker,  inveotor,  speculator  or  business  man  to  which  an 
answer  could  not  readily  be  found.  Add  to  the  usefulness  of  such  a 
storehouse  of  information  the  fact  that  no  pains  have  been  spared  to 
make  the  production  pleasing  to  the  eye,  and  it  will  be  seen  that  the 
work  is  of  a  character  to  command  appreciation." — The  Daily  Stock- 
holder, New  York  City. 

"Clapp  &  Company,  bankers  and  commission  merchants,  who  are 
located  in  the  Stills  Building,  New  York  City,  have  issued  a  souvenir  of 
1894  in  the  form  of  a  large  b'>ok  of  352  pages,  replete  with  valuable  in- 
formation and  comparisons  of  the  world's  exchanges.  The  book  is  a 
daily,  weekly,  monthly  and  yearly  record  of  the  leading  exchanges  in 
the  United  States,  and  is  very  convenient  for  reference  by  business  men. 
It  gives  a  complete  record  of  the  bu.siness  of  1894  and  a  financial  outlook 
for  189.5.  The  volume  is  handsomely  printed,  and  contains  nianv  fine 
illustrations  of  the  important  stock  exchanges."- The  Utica  ft-ess, 
Utica,  N.  Y. 

"Clapp  &  Company  have  issued  a  handsome  souvenir,  containing  In- 
formation and  comparisons  of  the  leading  American  exchixnges  for  1894  " 
—The  Daily  Press,  New  York  City. 

"  We  have  received  the  1894  edition  of  Clapp  and  Company's  souvenir 
book,  which  contains  valuable  facts  regarding  markets  and  trade  and 
financial  matters  in  general,  very  useful  to  banks,  bankers,  investors 
and  financial  institutions."— New  York  News  Bureau,  New  York  City 


X 

"0 
> 
O 

m 

o 

o 

z 

H 
> 

z 
(/) 

D 
> 

r 
-< 

3D 

m 
o 
o 

DO 

o 
(/) 

o 


r 
m 
> 
a 

z 
o 

m 

X 

o 

X 

> 
z 
o 
m 

C/3 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  LETTERS.      POKrFOLIO   FOR   FILING  FORWARDED   APPLICANTS   FREE. 

.S3 


CIAPP  &  COMPANY.  BAKKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Financial  Outlook. 

The  progressive  massing  of  opinion  is  a  prominent  feature  of  American  affairs.  The  tempest- 
uous moods  of  great  majorities  only  serve  to  emphasize  the  depths  of  pubUc  wisdom  when  established 
by  experience.  The  silver  fallacy  is  less  seriously  considered,  now  that  curtailed  production  and 
increased  demand  is  improving  the  commercial  value  of  that  and  other  products.  Perhaps  attention 
may  now  be  turned  to  developing  home  industry  and  foreign  trade. 

Straws. — The  German  Trade  Congress  and  commercial  organizations  appear  unwilling  to  aban- 
don the  gold  basis.  This  is  quite  different  from  "sound  money"  doctrine,  which  may  only  mean 
•'reform" — its  last  definition  being  deceit.  Fourteen  South  American  countries,  with  area  of 
8,408,902  square  miles,  population  of  33,918,431,  and  commerce  of  nearly  1,000  million  of  dollars  per 
annum,  only  do  about  10  to  15  per  cent,  of  it  with  the  United  States.  Applications  for  capital  in 
London,  first  quarter  of  1895,  were  reported  at  142 >^  million  dollars,  against  about  59  million  in 
1894.  Boston  reports  sales  of  wool  January  1  to  April  20  were  52,599,073  lbs.,  against  42,406,784  in 
1894  same  time,  domestic  decreasing  697,411  lbs.  and  foreign  increasing  10,888,700  lbs.  China  is  to 
pay  Japan  200,000,000  taels,  or  about  $150,000,000  in  gold. 

Stocks  and  Bonds. 

Bonds.  —The  average  sales  of  railway  bonds  recently  have  been  over  $2,000,000  per  day,  or  larger 
than  for  years,  with  a  tendency  to  higher  prices.  Municipal  bond  offerings  are  mostly  those  of 
small  cities.  Governments  are  firm  and  so  closely  held  that  "  Plebeians"  cannot  procure  them  except 
by  paying  foreign  interests  a  premium  of  about  20  per  cent,  over  cost.  Money  remains  easy,  and  is 
more  freely  offered  to  speculative  interests. 

Railway  Stocks. — The  earnings  of  135  roads,  representing  fairly  well  all  sections,  show  net 
earnings  in  February  of  $181,350,  and  from  January  1  to  February  28,  net  increase  of  $1,203,031,  or 

5  per  cent,  over  same  time  in  J  894.  Reading  shows  large  increase.  All  the  trunk  and  coal  lines  are 
evidently  getting  the  benefit  of  increased  business  activity.  If  Reading  gets  21  per  cent.,  it  will 
likely  advance  the  price.  The  twenty -eight  Southern  roads  show  less  than  during  the  cotton  move- 
ment. Atchison  appears  improving.  Western  Union  appears  assuming  its  old  time  business  and 
market  activity.  Its  friends  now  predict  par  for  the  stock  in  1895.  Tennessee  Coal  &  Iron  claims 
it  is  producing  more  than  ever— perhaps  the  "new  broom  directors  "  are  thought  to  be  better.  We 
look  for  a  higher  range.     Southern  Railway,  Norfolk  &  Western,  Texas  &  Pacific,  Missouri,  Kansas 

6  Texas,  and  Missouri  Pacific,  Lake  Erie  &  Western  Pacific,  and  Erie  are  being  bought  freely  in 
the  belief  that  prices  and  the  properties  will  all  improve.  St.  Paul  continues  its  safe  and  sure 
advance.  Some  of  its  friends  predict  75  this  season.  We  see  no  reason  why  65  may  not  be  reached 
before  corn  planting  is  finished  along  its  line.  Rock  Islands  statements  are  apparently  the  result  of 
an  improved  conservative  management.  Northwestern,  Ne\V  York  Central,  Michigan  Central  and 
Canada  Southern  are  being  bought  confidently  by  their  Vanderbilt  brokers  and  friends.  Burhngton 
continues  strong  and  with  upward  tendency.  Grangers  generally  appear  headed  towards  better 
prices.  The  weather  and  crop  prospects  remain  cheering  to  Mississippi  Valley  railway  properties. 
There  is  a  slippery  interest  in  North  American.  Northern  and  Union  Pacific  show  more  signs  of 
activity  and  business.  The  healthy  tone  in  the  recent  advance  argues  further  improvement  and 
higher  prices.  The  market  is  broader  ;  a  much  larger  variety  of  stocks  are  daily  bought  and  sold. 
Sentiment  is  less  nervous  and  more  aggressive  on  the  buying  side.  The  consensus  of  opinion  seem- 
ingly indicates  much  higher  prices  will  prevail  in  the  near  future.     We  advise  taking  profits. 

Industrials.— Sugar  Company  people  continue  the  obnoxious  feature  of  the  Street.  Their  pet 
following  predict  125  for  the  stock  in  1895,  and  110  this  week.  Chicago  Gas  is  a  good  property  and 
likely  to  do  better  when  its  friends.  Standard  Oil  people,  and  other  capitalists  so  decree.  Evidently 
they  are  a  little  lame,  and  stocking  up  now  for  higher  prices.  General  Electric  continues  its  old 
deceitful  tactics.  We  look  for  surprises  in  its  forthcoming  report,  and  lower  prices,  unless  many 
dollars  become  aggressive  backers.  Cordage  is  low  enough  to  merit  gambling  purchases,  based  on 
accidents  improving  the  stock  and  property.  Cotton  Oil  and  Lead  are  profiting  by  changing  condi- 
tions. Higher  values  are  quite  probable.  Distillers  Company  affairs  continue  confused  for  the 
moment.  It  is  likely  to  be  a  good  stock  to  let  alone.  Tobacco  may  continue  to  pay  3  per  cent,  quar- 
terly and  may  not.  Its  methods  are  past  finding  out.  Leather  Company  is  pushing  into  notice. 
The  industrial  list  continues  active,  uncertain,  and  tempting  to  the  chance  taker. 

Cotton. 

Amount  in  sight  last  Saturday,  9,312.305  bales,  against  7,025,261  a  year  previous.  Spinners' 
and  export  takings  were  8,499,779  bales,  against  6,440,005  bales  last  season  same  time.  The  Texas 
movement  has  been  nearly  75  per  cent,  larger  than  last  season.  The  visible  is  4,272,631  bales,  against 
3,936,264  bales  ;  about  93  per  cent,  of  it  is  American  cotton.  Mr.  Ellison  reports  the  European  con- 
sumption Oct.  1  to  April  1  as  2,125,064,000  pounds,  against  1,913,389,000  pounds.  Weekly  consump- 
tion is  now  placed  at  180,000  bales  of  400  pounds  each,  against  173,000  last  year.  Egyptian  is  a  trifle 
more  than  last  year.  Indian  movement  less  than  half  that  of  last  year.  European  spinners'  stocks 
are  reported  as  1,029,000  bales  April  1st,  against  708,000  bales  a  year  previous,  with  total  takings 
from  Oct.  1  to  April  1  of  5,312,000  bales,  against  4,828,000  the  previous  season  same  time.  May  10, 
1894,  the  Government  report  said  :  '  •  The  delay  in  Virginia,  Tennessee,  Arkansas  and  Louisiana 
was  caused  by  continued  cold  weather,  while  in  Texas  planting  was  retarded  by  both  late,  cold,  and 

84 


CLAPP  &  COMPAITY,  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


continued  dry  weather.  Germination  has  been  slow  and  growth  of  plant  backward."  In  other 
large  crop  years  similar  reports  were  given  out,  and  there  always  was  something  wrong 
about  planting  time.  We  reiterate  our  last  week's  views.  It  appears  to  us  a  good  time  to  take 
profits  even  if  not  wise  to  sell  short  for  a  time.  We  think  the  consensus  of  opinion  indicates  cotton 
IS  a  good  purchase  on  all  declines  and  will  sell  far  above  seven  cents,  many  predicting  August  cot- 
ton will  touch  8  cents.  The  weekly  letter  of  Whitaker,  Whitehead  &  Co.,  Liverpool,  March  21, 
says  :  "It  is  current  gossip  here  that  those  who  booked  considerable  profits  on  the  recent  gold  mine 
boom  have  since  transferred  their  affections  to  the  cotton  market."  Perhaps  these  folks  are  and  con- 
tinue the  prime  movers  in  the  activity  in  the  cotton  markets  of  Europe. 

Wheat. 

Exports  to  date  have  been  about  125,000,000  bushels  against  about  1 4/), 000. 000  bushels  a  year 
previous.  We  still  predict  clearances  will  equal  abput  150,000,000  bushels,  or  50,000,000  bushels  more 
than  most  statisticians  predicted  last  autumn.  46  per  cent,  of  exports  have  disappeared  in  the 
shape  of  flour.  Chicago  holds  nearly  all  the  American  red  wheat.  To  make  up  a  cargo  or  ship- 
load here  vessels  have  to  visit  many  warehouses,  and  choice  grades  command  December  prices. 
Regular  contract  grades  for  July  are  but  about  4  cents  above  Chicago  quotations,  against  5>4  cents 
in  early  April.  It  is  estimated  the  trading  in  futures  in  this  market  was  about  33,000,000  bushels 
April  23  against  about  200,000,000  bushels  in  Chicago.  The  amount  afloat  continues  large,  and  is 
likely  the  result  of  the  gr€>at  floating  steamship  elevators,  which  now  keep  about  20  per  cent,  of  the 
world's  visible  afloat.  The  Corn  Trade  News  estimates  European  consumption  for  eight  months  to 
April  8  was  255,000,000  bushels  and  stocks  in  ports  were  25,000,000  bushels.  It  is  conceded  India 
moneys  and  valuations  make  a  bushel  of  wheat  pay  more  debts  than  to  ship  it  to  Liverpool  anrl 
convert  the  money  received  there  into  Indian  standards.  It  is  estimated  the  Argentine  crop  will 
fall  short  of  last  season  about  60  per  cent.,  or  be  only  about  41,000,000  bushels,  against  88,000,000 
bushels  in  1894.  Speculative  rumors  now  generally  point  to  a  less  acreage  in  1805,  with  crop 
appearances  equaling  an  average.  Argentine  shipments  from  January  1  to  April  4  were  14,8'' 8,000 
bushels  against  16,736,0^0  last  season  same  time.  March  shipments  to  Europe  were  about  2,500,000 
bushels  less  than  for  March,  1894.  The  United  Kingdom  took  more  than  three  times  as  much  wheat 
and  flour  from  us  in  1895  as  for  March,  1894.  Bradstreet's  reports  the  North  American  decrease  in 
wheat  for  January,  February  and  March  as  25,264,000  bushels,  or  more  than  twice  what  it  was 
same  time  in  1894,  and  five  times  as  large  as  in  1893,  and  claims  Europe's  available  supplies  arc  less 
than  any  April  since  1892.  A  French  paper  claims  their  crop  will  be  280,000,000  bushels  against 
336,000,000  bushels  in  1894.  According  to  our  Government  report  furnished  from  July  1,  1882,  to 
June  30,  1889,  the  various  wheat  crops  grown  equalled  3,134,670,000  bushels,  exports  848,512,000 
bushels,  home  requirements  3,086,280.000  bushels,  snowing  probably  a  small  gain  in  the  invisible  from 
July  1,  1882,  to  July  1,  1889.  From  July  1,  1889  (when  the  invisible  was  again  considered  to  be  at 
a  minimum  point)  to  June  30,  1895,  the  wheat  crops  equaled  2,873,950,000  bushels.  On  same  basis  of 
consumption  and  exports,  the  amount  disposed  of  up  to  June  30,  1895,  will  equal  3,209,536,000 
bushels,  or  about  335,000,000  bushels  more  than  was  reported  grown. 

Evidently  the  Government  report  has  fallen  into  grave  errors  the  past  few  years  at  the  expense 
of  growers.  We  think  the  recent  conference  held  in  Washington  has  resulted  in  wise  recommenda- 
tions that  will,  if  adopted  by  officials,  reinstate  as  reliable  and  secret  reports  as  were  given  out 
prior  to  1890,  at  a  large  saving  in  general  expenses  and  vast  improvement  in  securing  and  dissemin- 
ating crop  news  generally.  The  small  expense  saved  in  not  giving  the  usual  export  reports  appears 
to  be  but  another  sample  of  cupidity  shown  by  experimenting  officials. 

Oil,  wool,  iron,  rye,  meats  and  cotton  all  record  large  advances.  The  visible  supply  of  rye  is 
but  167,000  bushels,  or  about  the  smallest  on  record,  and  is  nearly  50  per  cent,  above  the  price  of 
wheat.    Sentiment  continues  bullish.    Many  people  look  for  75c.  wheat  in  Chicago  for  July  dehvery. 

Corn. 

Lighter  receipts,  less  visible  supplies,  increased  speculation  and  an  increasing  New  England  and 
export  demand,  has  caused  corn  to  oecome  far  more  speculative,  yet  it  ranged  relatively  more  below 
wheat  than  before  on  the  crop.  There  are  many  in  the  trade  who  predict  55  cents  will  seem  low 
and  look  cheap  for  July  corn.     New  corn  is  seldom  available  before  October  for  feeding  purposes. 

Oats. 

The  U.  K.  is  securing  less  than  usual  supplies  from  Russia.  America  seldom  exports  oatB. 
Crop  reports  of  late  are  varied.  Dry  weather  is  complamed  of.  Sentiment  has  been  bearish  and 
speculation  limited  on  account  of  the  disuse  of  oats  in  cities  on  a  large  scale. 

Provisions. 

Speculation  is  increasing.  Sentiment  is  bullish  for  July  or  more  distant  delivery.  It  is  gener- 
ally conceded  the  summer  run  of  hogs  will  be  both  light  in  weight  and  light  in  number.  The  domes- 
tic demand  from  the  South  and  New  England  countries  fairly  good.  Exports  thus  far  this  month 
are  about  SO  per  cent,  of  those  of  April,  1804.  Estimates  are  out  that  the  stock  May  1  will  show  up 
less  than  generally  conceded.  The  last  Government  report  indicates  9.2  per  cent,  as  the  average 
loss  from  disease  in  swine  last  season  as  against  4.9  per  cent,  for  1804,  and  6.3  per  cent,  for  1893. 
Packing  from  March  1  to  April  18,  1,830,000  hogs  against  1,735,000  last  year. 

Yours  truly.  CLAPP  «&  COMPANY. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QDOtalions  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  ipril  24.  1895,  and  tor  April,  1894 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  <t  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weekly 
Saleb. 


0.646 

2.489 

187,S37 

3,154 

19.813 

£4.818 

4430 

6.417 

17.151 

23.031 

48  072 

101.233 

104,:J01 

021 

82.C21 

6.300 

48.1)08 

150 

so.ocs 

7.505 

1.6(« 

10,356 

11.874 

2  WO 
41.781 
84.617 

103 
400 
935 
6,0(;0 
Il.(j30 
8B79 
2870 

BceiG 

16.203 
3.724 
43.2:1 

22,142 
84,(06 
5.039 
9.748 
14.205 
40.495 
1(1.442 
7,430 
5..V25 

3  255 
80.708 
10  445 

1  .-.'OO 
loC.'.'OO 

2.0.54 
20.000 

2.160 
61.080 
80:W9 
24.190 

7.f70 
2:0 

8.557 

8  280 

2  347 
8.809 
6.4.57 
6  825 

63,241 

4,224 

600 


Cinrix 
Stock. 


$20,237,100 
10,198,600 
36,773,000 
36  773.000 
17,900.000 

102  000,000 
25,000,000 
15,000,000 
22,488.000 
60.805.400 
82  262.700 
24,885,800 
46.027,261 
25,923,900 
46.1.'.6.000 
18,559,360 
39.054,907 
22,3.35  170 
28  000  000 
1 1  606,000 
35,4.30,000 
26.200.000 
35  000.000 
38  OCO.OOO 
•  8*  148.500 
30,459.700 
8.5,000,000 
8,000.000 
50000,000 
10,000,000 
11,840.000 
11,840,000 
49,466.500 
52,800.000 
30,000,000 
18  738,204 
13,000.000 
47,844  100 
47.436  5:5 
14,0C5.400 
14  904.000 
89  428.300 
77,427.000 
20.000,000 
58  119.982 
13  000  000 
.SO  707,200 
49.IH)0.0O0 
89.269,516 
20.000,000 
8  500.000 
40  426  361 
86,000,000 

68.V02,900 
125,1)00.000 
60.000,000 
li),t>,">0,000 
88,710,900 

6,500  000 
60,868,-500 
&S,837  003 
20.166.000 
18.159  600 

7,381,850 
28,000,000 
24.000,000 
94,820,000 
10,000.000 

4.500,000 


DiTiDENB  Record. 


Pays  3pc  J-D 

Pays  8pc  O-.r-A-J 

Pays  3i^pc  J-J 

Pays  8pc  FM  A-N 

Paid  5Mpc  in  1888 

Paid  2po  1895 

Pays  li^pu  F-A 

Pays  l^PC  F-M-A-N... 


Paid  Ipo  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Annum. 
Paid  i^pc  Feb.  Ib95... 


I  aid  214PC  Jan.  1805. 
Paid  8Kpc  Jan.  :8'J5. 
Paid8pc  in  1893 


I'ays  2pc  M-J-S-D 

Pays7pc  per  annum, 
rays  7pc  t,er  annum. 


Paid  IKpo  Jan.  1803. 
I'aid  2pc  Aug,  St  1803. 
Pays  5pc  per  annum. 


Pays  2i^pc  M-S. 


Pays  IMpc  F-M-A-N. 

Pa.vs  ."ipc  FA     

Paid  2pc  Augruftl803. 
Pays  IKPC  J-A-J-O.. 
Paid  2pc  in  Feb.  I805. 


I'aid  .3t)C  1801 

Paid  Ipc  in  Dec.  180.). 
Pays  jJirc  M-J-S-D., 
Pays  Ire  J-A-J-O. 


Paid  IMPC  Nov.  1803. 


Paid  Ipc  April  1802.. 
Paid  Ipc  in  1887..., 


Pays  2pc  F-M-A-N. 


Paid  Ipc  In   1887. 


I'aid  8^pc  in  1884... 
Paid  2Kpc  March  15,' i895 


Nahes  or  Stocks. 


Pays  WiVC  J-A-J-O.. 


Paid  IPC  in  Feb.  1894. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
.\m.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atcliison,  Topeka  &,  S.  Fe. 

Baltimore  &  Onto  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio.   

Chicago,  Bur.  &  Qnincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Panl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicaco,  R.  I.  &  Pac  flo... 
Chic.  St  Paul  M.  A  Omaha 
Chicago  &  Nortliwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve..  Cin.,  Chic,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Ga*  of  N.  Y. 
Delaware.  Lack'a  &  Wn. 
Del.,  <t  Budson  Canal  Co 
Denver  <fc  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  1st  In  pd 

Gt-neral  Electric  (  o 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central .. 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  <fc  Wefteru.   . 
Lake  Erie  A  Western  Pfd 
Lake  Shore  4  Mich.  So'n.. 

Louisville  <fe  Nashville 

Manliattan  R'yConsol... 

.Michigan  Central 

Mo..  Kansas  &.  lexas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Liad  Co    

National  Lead  Co  Pfd . . 
N.  Y.  Cent'l  &  Hudson  Riv 
N   Y.  Lake  Erie  &  Wesfn 
NYAN  E  tstcoct-iall  in  pd 
N.  Y  Ontario  &,  Western 
N.  Y.  Susq.  &  VV'n  Pfd.. 
North  American  Co  .... 

Northern  Pacific  

Noithern  Pacific  Pfd... 

Pacific  Mail  S.  S.  Co 

Pecjria.  Dec.  ifc  Evan.sville 
Philadelphia  A  Reading. 
Pullman's  Palace  Car  to 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  &  R  R  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  <fc  Nor.  Mlcb 

Union  Pacific .. 

L'nion  Pac.  Den  v.  4  Gulf. 
United  States  Rubber  Co. 

U.  S.  Coidage  Co 

V.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Laka  Erie.... 
W  heeling  &  Lake  Erie  Pfd 


Thursday. 
April  18. 


2896  rM 

75  7414 

106%  105H 

96^  96M 

99i|  98 
6  (>% 

549^  53 

95%  94% 


17% 
73J6 


71%    71 

60^4  591^ 

118      118 
05%    6.5% 
34%    &3% 
06        ^% 

40%  8^ 
20%  2.-,94 
136  135% 
imi  160 
127  U6\ii 
*m  40% 
15%  15^ 
33%    8^ 


26%  26% 
211-4  199^ 
78       :6?i|  78V4 


Friday. 
April  19. 


28% 
75% 
107 
97 
90% 
OM 
56 
52% 
95% 
18% 
74% 

•m 
mi 

66% 

ay* 

40% 
26?i 

160% 
127 

mi 

I5H 
84% 


27% 
75 

1C5!4 
96M 
89% 
5% 
64M 
52^ 
95 
i&% 
739-4 
71 
6OJ4 

65% 
84  Vs 
95% 

40% 
26i4 

1599i 
127 

4094 

16 

83% 


Saturday, 
April  20. 


27% 

76% 
ICOU 


5594 

52% 

35 

lt% 

74% 

7l9i 

61 

66% 
34% 
9694 


26% 
7S9i 
1069!, 

99  " 

6% 

52\4 
9494 

71^ 
60 

6.594 
84H 
95% 


4094  40% 
26%  20% 
135%  135)^ 
160%  160% 
12694 
40^! 
15%  15 
8894    83M 

% 


92       01% 

26%    20% 

21  >4    209i    21%    80% 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 1.5S0.538 


COTTON,  in  ba  es. 

I  World's  visible. 
1895  4  272.631 

18941  8  935.264 


Total  In  sight  i  I  Total  Exports. 
9,312.308  0,001.072 

7,025,261        I        4,614.610 


WHEAT,  In  bush* Li. 

I     U   S    Visible.     iPrimary  rec'ts* 
1895         6-<.626.000  13».6'.)4  000 

189  i  I        68  4;.>5,000  I     147  432  000 


Tiital  Exports. 
121.t<0?727 
140.623  938 


CORN,  in  bushels. 
I     U-  S.  Visible. 
1895         11.529  000 
18941        14.566  000 


IPrimary  rec'ts*  I  Tntal  Exports. 

5-  002  000  16  851  240 

I     13.5.346.000        I      54  205  508 


Chicago  <  May.. 
Wheat.  I  July.. 


OATS,  in  bushels. 
I    U.  S.  Vi-ible. 
1895  6  242.000 

1894|         2,665,000 


N.  Y.  Stocks, 

810  403 

755  no 


Chgo.  Stocks,  r*'*  • 

1  240  000  p   ^ 

547  000         \^0^^- 


UI94  141% 
64%    53% 

119%  117 
9994    99% 
80        29 


2.5% 

84% 

8- 

99^ 

11% 

88'.1. 

10^4 
2414 

4% 
14% 
104^4 
67 
17% 
^m 

■m 
22^ 

lOM 

1314 
5^ 

40 
5!^ 
9^ 
694 

i5>a 

69 
13 
43% 


141%  141%  l4l%  141>i 
55        54H    54%    54J4 
118^4  n7%lll7%  117% 
100%    (.994 ;  101      101 
81%    80       82%    30% 

25% 

85 

69 


24% 
82*i 
85% 
98% 

1U%|  Il^ 

3b%|  89% 

16%l  i'YA 

36%'  87^4 

5%i     694 

4%      4H 

189i'  19% 

;3^'  24% 

4% 

14!.4     1*% 
16-194  165 
67     1 

KM  ir94 
i!94  1*: 
84    ,  80 
21 H    2*=!^ 
lOWi    io->i 

12%    13% 

5     I     6% 

89%'  89->-4 

6V4|     5% 

894      6i4 

6%'     6)4 

1494'  10 

88%,  8894 

129i'   12% 

43%    43% 


13H 
594 

8094 
6% 
0 

694 

15% 
889* 
124« 
43% 


825  706 


248.885 


6,75  6.72 

6.77  6.71  I  6.82  6  73 

6.77  6,67     6  76  6.69 

6.80  6.71     DbO  6  75 


Monday. 
April  22, 


28% 
77 

100% 
9:% 
99% 
^6% 
66 
5294 
97% 
19 

61% 
118 
6694 
35 
97% 

«' 

26% 
136 
162« 
130 

•*C% 


27% 
76^ 
l<i5% 
9694 
99 
6 

65% 
52% 
95 
1S% 
74 
7194 

6094 

117% 
66^4 
;U94 
96% 

40 

26 

13596 
1009i 
12;  ^ 

409* 


33%  83% 

ik  1% 

26%  26^4 

21%  20^) 


Tuesday. 
AprU23. 


■AH    28 


100% 

97 

99% 
6!4 

56% 

53% 

97 

19M 

74% 

74 

62% 
118 

«:% 

8.5*4 
9894 

14! 
41% 
26% 

l.''.5% 

162 

130% 
41% 


10596 
97 
9894 
6 
66% 
529| 
95% 

1894 

74 

73% 

61 M 
118 

669* 

85 

96% 
141 

40% 

26 

r!5Vi 
16IH 
i2.'*94 

iWA 


33%    83% 


6.88  6.88  6,77  6.75 

6.92  6.86  6.83  6.75 

0.85  6.78  6  75  6.68 

6.00  6,84  6  78  6.72 


63 ,S  62%    64%  63       64%  6.3^  6,5%  WIJ    65  6.3% 

04,'.  63%'  65  6.3*i    05!^  64  66%  65!  j,    CO  04 |i 

5(1%  50%!  51%  5C%    51 H  5m  5396  5'294    biH  5194 

51J4  Wa.\  51%  51%    5194  5196  5394  52/4    52%  Uy^ 

5894  57^1  59%  58    !  60  58%  62%  «9>4    60%  59% 

59%  58%    60H  59     I  m  5;iV<i  63^4  019*    02  60% 

46  4?%'  40V6  45%    47%  4.5%  49  47%l  4r94  40% 

4096  46       40%  40%    47?4  46%  49%  4:%|  48%  47% 


2894    28%'  29%    209,,    2994    2896    28%    2SK> 
2^98    27m  28^M     27%    29!-4     2S%'  28%     2^ 


^May 28%    28 

■  Jnly j    2796    2r        *(78    *'«r4;  ^o-rA  <';'2    -^'^^4     *-'7x    .co>g     «^ 

.  May '12.'25  1'2,10    12  35  12  07  ,12  37  12  ^5   12.47  12.30   12.40  12.27 

'July i  12  4r  12.32  112.60  12.80  1;',C0  12  45  12  70  1250^12,70  12.52 


I  LARD-tos 
World's  vis. 
1895         -^79.487 
1894|       117,092 


CHICAGO  CONTRACT  STOCKS.  ]t-^h 

PORK-bbls,   LARU-tcs.  ■   RlBS-lbs.  ^™ 

13,-.,450     I  41,119     I  33432.000 

75,750     I  1,450     I     8,010,000 


Ribs 


,<  May.. 

■  July... 
May    . 

■  July... 


6.92 
7.07 
6.25 
6.42 


6.87 
7,00 
6.20 
6.35 


6  90 
705 
6.32 
0  45 


6.85 
700 
C.'20 
0.35  ' 


6  92 
7,07 
6  30 
6  45 


690 
7  02 
6  30 
6  40 


7  CO  6.95  0  97  6.92 

7  15  :  07  ;  7.10  7.07 

6.37  6  32  I  6  32  6  27 

6  50  6  45  i  6  50  6.40 


Wed., 
April  24. 


42%  41% 

2C%  26^4 

135%  135 

162  159 

130%  12794 

42%  42 

34%  8394 


29       28 

2094    211% 
78      7:w 

14194  Hl% 

56  559}, 

118%  116 

■'10%  100S.6 

32%    3:94 

26%    26% 
34       83% 

99%    W 
12%    1-'% 
40        39 

ir%  i7?f, 

37%    30% 
594      5% 


23ki 


6.86  6.82 

6  95  6.83 

6  86  6  73 

6,86  617 

6494  64% 

65%  64:>4 

52^  51% 

52%  tit 

6096  59% 

0'%  6OV4I 

47!4  46^ 

4794  47% 

28%    28% 

28^4  2-*     I 

12  27  12  20  ' 

12,57  12.45 

6  90  6  87 

7,02  7  00 

6.25  6  22 

6.42  6,37 


6,94  e,2l 

6,96  6  20 

O.'Wi  6  19 

6.90  6  20 

65%  89i| 

06%  601.4 

5396  50  rt, 

5344  60% 


Ranee  for 
April  1894. 


74% 
107% 
97% 
94^ 
16 
81% 

ur,' 

20V4 
83% 
6»^ 
6.594 

121 V4 
7296 
41% 

110% 

145 
4094 
20% 

140 

167 

144% 
8496 
28 
4294 

106 
7M 
95 
I8>4 
16% 
6994 

1311% 
52V| 

12796 
9894 

r-hi 
894 
82% 
4296 
8814 
101% 
1^% 

45 

5% 
6V6 
22% 
17% 
5% 

■m 

64 
24 


20 

10% 

11% 

22^4 
694 
43 


8% 

18% 
8.5-->4 

\m 

51% 


29^ 

72*4 

87% 

88J4 

83 

18% 

79 

iioi4 

r.% 
6:% 

61% 
119% 

6.-96 

38% 
10; 
142 

37% 

17% 
13494 
161% 
137% 

8l9i 

8794 

104% 

6% 

93V6 

16% 

18 

6794 
128^ 

49^6 
125 

97'-4 

2414 
T% 

2816 

8';% 

83--I 
9'"i, 
I.5J4 

896 
40V4 

4% 
4% 
IS94 
10% 
4*4 

Kl% 
64 
20% 


16 
8% 

8 
1-% 

5% 
88% 


7V4 
16% 
8.394 
12% 
48 


7.67  7» 

7.70  7  09 

7.77  7  13 

7.83  7  18 

68  60)1 

;o%  ia,». 

44%  4296 

46  43% 


62'>4     5496     66H  57% 

6354    5.5941    6fr>4  •■>«% 

399»  37^ 

40%  38 

84%  8(V4 
30V4  21-!-* 
13.a5  1 1  2r 
13.40  11  27 

7.90  6.02 

7.50  6..^0 

6.80  5.70 

6  ?2  .V67 


49 

49% 

45%l 

30V4    27% 
2914    2694 
12  57  11  05 
12.77  12  00 

7  10 
7,25 
640 
655 

8.82 
6.95 
617 
630 

'.805 
lb94 


OLD  PORK,  Chgo.  bbls. 
...     bbls. 


WHEAT  on  i  assage. 
41.040.000  bush. 
40,096,000    '• 


CORN  on  passage. 
2,800.000  bush 
7,b8l'.000     " 


Russian  Shipmts.  for  wk. 
2.240,000  bush. 
2.432,000    " 


Indian  Shipmts  for  wk.  1  Argentine  Shpts.  for  wk. 
344,000  bush.  1.840,000     bush. 

80,000    "  I 


t  Since  Aug  31.    •  Since  June  3a  Compiled  and  Copyrighted  bf  CT.APP  &  COMPANY.  BANKERS.  MILLS  BUILDING,  NEW  YORB 


HOcct^I^  flDarhct  Xctter. 


No.  427. 


Copyright,  1S0S,  by  Clapp  A  C«m*«My« 

O.  W.  Clapp. 
owiQHT  O.  Clapp 


CLAPP    &    COMPANY, 

Banhers  anb  Brohers, 
MILLS    BUILDING,    IM.   Y. 

ENTRAN<„tiS:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE, 
OPPOSITE   THE    NEW    YORK   STOCK    EXCHANGE,    IN    THE    HEART    OF   THE    BANKING    CENTRE. 


277   BROADWAY,  Corner  Chambers  St. 
Brancm    \  gy,    BROADWAY.  Broaowm  Central  Hoteu 
Omct.:  ]  753  pipTH  AVENUE,  Corner  68tm  6t. 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Telephone. 


H 
X 

no 
> 
o 
m 

o 
o 
z 

> 
Z 

o 

> 

PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "LEADING  AI^ERICAN  EXCHANGES.'^         — 

< 


New  York,  Tliursday  Morning,  May  2,  1895. 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


"We  have  received  from  Clapp*  Coinpany,  the  bankew,  a  very 

han(\s«iue  compilation  of  their  weekly  lettei-s  for  the  year  1894.    In 

laiiciiif;   lliwugh  the  lettera,  an  oljscrver  is  bonnd  to  admit  that 

lessi-s.  Clapp  are  nolonly  an  enterprising  fliin  bnt  for  the  past  veiir 

shown  discernment  iw  to  the  movement  of  the  markets,  which 


;h  extiaoi-diniiry.    The  book  is  handsomely  bound,  is  a 


have 

is  well    ...^..    -  .  .  . 

boiiiilifnl  s|)cclmen  of  the  printers' art,  and  contains  a  number  of 
fine  half  tone  illustmtions."— The  Journal  of  Finance.  N.  Y.  City. 

'•  We  have  received  Clapp  *  Comiwny's  annual  souvenir  book  for 
the  vear  1894,  giving  valuable  inforn\ation  and  comparisons  of  prices, 
iiitKiucta.  etc.,  at  the  li!adin»  American  exchanges.  The  Ixxik  is 
iM'aiitifully  printed  and  bound,  and  contains  statistics  from  the  best 
*)nives  to  which  consftint  reference  is  likely  to  be  made."— Dow, 
Jones  A  Co..  tlnancial  reporters  and  publishers.  Wall  Street  Daily 
Journal,  New  York  City. 

"  Clapp  &  Company,  linkers  and  brokers.  Mills  building.  N.T.  have 
Issued  a  'Souvenir  of  ISSi  on  American  Exchanges,'  a  bound  volume 
of  :Wl  pages  that  is  a  mine  of  information.  It  contains  the  firm's 
weekly  market  lettei-s,  with  valuable  data  concerning  the  fluctua- 
tions during  the  years  and  In  the  years  fiom  1889,  of  the  stock  and 
grain  tnarket.s."— The  Dally  News,  Itatavia,  N.  Y. 

"  We  acknowledge  with  tlianks  the  receipt  of  a  handsomely  bound 
book  of  Clapp  &  comimnv.  bankers  and  commission  merchants,  35 
Wall  Street.  New  York.  I'he  book  contains  weekly  market  letters, 
valuable  information  and  comparisons  of  the  leading  American  ex- 
changes. Also  brief  historical  sketches  of  the  princiml  buildings 
and  ct>ncerus  having  to  do  with  the  gieut  tlnancial  and  commercial 
bn.sine-ss  of  New  Y'ork.  The  tlrm  of  Clapp  &  Company  have  unlim- 
ited facilities  for  the  prompt  execution  of  commission  oiilers  of  any 
kind.  They  also  buy  and  sell  property  for  cash  or  for  future  dellv- 
ei-y."— Nyack  Evening  Journal,  Nyack,  N.  Y. 


"Clapp  &  Company,  bankera,  this  city,  have  Issued  a  handsome 
■onvenir  for  the  year  '8!)t,  in  which  the  outlook  for  1895  is  poeticiillv 
set  forth,  toj^ether  with  tinely  executed  p<}rlialtsof  the  members  of 
the  tlrm.  The  work  also  contains  valuable  .statistics  and  tables  on 
stocks,  bonds,  cotton,  wheat  and  all  commodities  dealt  In  on  the 
various  exchange-.  Parties  wishing  to  Interest  themselves  in  the 
market  for  the  coming  season  should  secure  a  copy.  ' — Hecoi-d  and 
Guide,  New  York  City. 

"Messrs.  Clapp  &  Company,  the  bankers  and  commi.sslon  mer- 
chants of  this  city,  have  Just  issued  a  handsomely  bound  volume  of 
iW  pages,  containing  much  valuable  information  for  future  refer- 
ence, embracing  statistics  of  finance,  cxnnmerce  and  pnxluctlon  for 
last  and  previous  years,  brief  history  of  leading  American  e.x. 
changes  with  illusti-iitloiis,  all  the  weekly  lettei-s  issued  by  the  tlrm 
during  the  year  and  other  interesting  features.  This  souvenir 
volume  for  1891  should  be  in  every  oflice  libnuy.  Thiougliout  the 
liublication  the  fact  is  made  prominent  tliat  '  brevity  U  merit.'" — 
Shipping  and  Commercial  List,  New  Y'ork  City. 

"  Clapp  *  Company,  the  bankei3,  have  issued  a  novel  souvenir  In 
the  form  of  a  beautifully  bound  volume,  quarto  size,  of  their  weekly 
market  lettei-s  for  the  year  189't.  It  Is  a  compendium  of  the  world's 
exchanges,  and  embraces  not  only  market  prices,  but  a  vast  amount 
of  Invaluable  information  In  the  way  of  compiirisons  between  prices 
in  cotton,  grain,  provisions  and  stocks  and  lx)nd8.  The  Ixjok  is 
artlsticallj'  illustrated,  and  a  pi-omlnent  feature  Is  a  beautifullj-  III- 
ustnitcd  plate  of  ISioad  Street,  with  the  Stock  Kxchange  as  the  cen- 
tral subject  Beneath  is  printed  a  succinct  histoiy  of  the  exchange, 
which  is  a  masterpiece  of  brevity  without  the  sa'critice  of  material 
facts.  Illustrations  are  given  also  of  all  the  other  marts  of  tinde 
and  commerce  in  New  York,  as  well  as  the  principal  buildings  in 
other  cities  devoted  to  the  same  puiTX)3e."— Mall  and  Express,  N.  Y. 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
re  ceipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


Financial  Outlook. 


Higher  prices,  wages  and  money  give  cumulative  evidence  of  growing-  activity  and  profit  in 
manufactures,  trade  and  commerce.  Confidence,  as  a  product  of  right  attitudes  and  methods  in 
law  and  finance,  is  rarely  appreciated  at  its  true  value,  and  never  was  in  as  excessive  production  as 
silver  and  gold.  Financiers  without  fear  are  now  steadily  pushing  reconstructive  work.  Foreign 
capital  is  inclined  to  check  its  importunity  and  embrace  its  opportunity.  Where  enterprise  leads, 
labor  and  capital  will  follow  in  the"  general  revival  of  business. 

Straws.— 3r), 524,890  pieces  of  mail  were  handled  by  the  tJnited  States  Post  OflRce  in  March, 
against  32,()35.370  pieces  a  year  previous.  April  will  likely  show  larger  gains.  The  production  of 
gold  is  reported  increasing  steadily.  Latest  reports  indicate  that  1894  produced  more  gold  than  any 
previous  year,  and  that  1895  may  e.xceed  it.  Clearings  Southern  States  show  increase  of  double  that 
shown  by  all  cities  outside  of  New  York.  The  first  six  months  under  the  McKinley  tariff  of  1890. 
United  States  custom  receipts  were  $114,531,953,  against  receipts  from  the  first  six  months  under  free 
trade  of  1894  $79,087,458. 


X 

m 
o 
o 

DO 
D 
C/3 

o 


r 
m 

> 

D 

2 

O 

m 

X 

o 

X 

> 

z 

o 
m 

03 


KEEP  OUR  LETTERS.      PORTFOLIO  FOR  FILING 

S7 


FORWARDED  APPLICANTS    FREE. 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Stocks  and  Bonds. 

Bonds. — The  market  continues  strong.  Lower-priced  Railways  have  seldom  been  stronger,  and 
show  handsome  gains.  Many  have  been  marketed  in  London.  Norfolk  and  Western  5s  sold  at  iS/j 
in  February,  and  recently  at  70.  Northern  Pacific  general  6s  at  49>4  in  March,  recently  60^. 
Reading  2ds,  18K  in  March,  32}i  in  April;  3d  inc.  Q'A  March,  W/s  April.  M.  K.  &  T.  2ds  at  44 
March,  59>4  April.  Atchison  4s  at  62^  March,  73>4  in  April.  Many  bonds  still  offer  opportunity  for 
gains  at  minimum  risk  and  can  always  find  a  quick  market.  Municipals  continue  slow  and  not 
readily  converted  into  cash. 

Railroads.  —April  earnings  generally  show  gains.  Prominent  roads  are  using  earninjgs  and 
borrowing  money  for  repairs  and  improvements.  The  tonnage  shows  increase.  The  Pacific  roads 
show  best  gains.  Eastern  lines  come  next.  Grangers  continue  showing  a  loss,  caused  largely  by 
crop  failures.  Prices  of  Grangers  and  other  active  leading  stocks  in  1895  compared  with  figures  of 
four  preceding  years  are  : 

^                                               1895.  1894.                          1893.  1892.  1891.  Total  Gain  from 

High.  Low.  High.  I/)w.  High.  Low.  High.  Low.  High.  Low.  range  low  point. 

N.Y.  Central lOO)^  92^  102K  95H  nVyi  93  119)^  107^  119%  98^  27%  8}i 

Northwestern 99  S7%  110^  96)^  116%  84%  121%  110^  nS%  m}4  37  14>^ 

Burlington T5}^  69  84%  68%  103%  69%  110%  96%  110  75^^  43  6% 

St.  PaSl 62%  53%  67%  54%  83%  46%  99%  75%  82%  50%  53  16% 

Eock  Island 67%  60%  72%  60  89%  51%  »i%  7.5%  90%  63%  42%  16% 

Missouri  Pacific 27  18%  41%  18%  60  16%  65%  53%  77%  54%  60%  10% 

Western  Union 89%  86  92%  81%  101  67%  100%  84%  85%  76  83%  22% 

LouisviUe  &  Nashville.  56%  46%  57%  40%  77%  89%  84%  64%  83%  65%  44%  16% 

Atchison 7%  3%  16^        3  36%  9%  46%  32%  47%  24%  44%  4% 

Reading 16^  7%  23%  14%  53%  12  65  38  43%  2,5%  57%  8% 

Nor.  Pacific  pfd 21%  13  23%  12%  50%  15%  73>^  44%  77%  58%  64%  8% 

It  seems  to  be  conceded  the  stock  market  will  scarcely  be  influenced  by  breatheories  about  sil" 
ver  or  finance  or  last  year's  crops  as  long  as  commodities  and  wages  continue  to  rise  and  trade 
reports  show  gains.  Lincoln  said  '•  everybody  knows  more  than  anybody."  Now  everybody  says  a 
boom  is  pending  towards  anti-panic  conditions  and  prices.  Europe  continues  taking  our  bonds  and 
cereals  and  sending  -gold  this  way.  We  repeat  our  views  expressed  April  25.  A  much  larger  variety 
of  stocks  are  daily  bought  and  sold.  Sentiment  is  less  nervous  and  more  aggressive  on  the  buying 
side.  The  consensus  of  opinion  seemingly  indicates  much  higher  prices  will  prevail  in  the  near 
future.     Taking  profits  harms  no  one. 

Industrials.— Sugar  imports  for  six  months  ending  March  1  are  40  per  cent,  less  than  preceding 
season,  and  the  American  Company  must  have  reduced  its  stock  to  a  good  profit  basis.  Pointers  are 
out  the  stock  will  sell  at  118  before  any  material  decline.  All  Distillers' assessments  are  paid  and 
the  stock  is  likely  to  advance,  having  many  more  frierds  than  when  selling  at  half  present  prices. 
Cotton  Oil  products  continue  in  better  demand.  The  stock  will  likely  improve.  Lead  is  good  prop- 
erty and  likely  to  advance.  General  Electric  has  too  large  assets  in  "old  patents  and  franchises." 
Its  officials  appear  more  anxious  to  "  beat  Wall  Street"  than  make  a  success  of  the  " business  end" 
of  the  propertv.  Chicago  Gas  has  a  first  class  backing.  Pointers  are  out  the  stock  will  sell  at  80. 
Tennessee  Coal  &  Iron  is  in  a  favorable  position  and  likely  to  sell  at  30. 

Cotton. 

'  The  usual  drawbacks  prevailing  about  planting  season  have  occurred,  such  as  drought,  cold 
weather,  etc.  The  Government  report  indicates  planting  was  mostly  completed  under  good  condi- 
tions in  most  of  the  cotton  States  Our  information  leads  us  to  conclude  the  acreage  planted  will  be 
about  15  ^  less  than  in  1894,  and  fertilizers  used  about  50  per  cent.  less.  The  Government  report  due 
May  10  will  give  percentage  and  acreage  to  Mav  1.  We  believe  spinners  all  over  the  world  have 
ample  supplies  to  carry  them  into  a  new  crop,  and  can  afford  to  wait  for  more  definite  crop  appear- 
ances in  July  and  August.  Liverpool  has  been  selling  freely  to  Manchester.  European  spinners 
never  took  our  cotton  so  freely.  Their  consumption  is  now  about  180,000  bales  per  week— 160,000 
being  American,  Liverpool  and  Continental  stocks,  and  the  American  cotton  afioat  aggregate  only 
298,043  bales  more  than  last  year.  Our  exports  from  this  crop  have  been  1.392,804  bales  more  than 
last  year.  Northern  spinners'  takings  have  been  1,940,854  bales,  against  1,224,251  bales  last  season. 
Southern  spinners  have  taken  579,000  bales,  against  543,000  last  year.  The  South  claims  manufac- 
turers have  superior  advantages  of  "nearness to  the  cotton,"  "  cheap  tenements  for  the  operators," 
"low  priced  coal  close  at  hand,"  "mild  climate,"  "low  taxes,"  "abundant  water  power,"  and 
"  absence  of  restrictive  labor  laws."  The  cotton  "  weevil,"  which  devastated  fields  about  Browns- 
ville, Texas,  in  1892,  is  said  to  be  very  destructive  in  many  portions  of  the  State  this  year.  Many 
think  the  boll  weevil  will  prove  a  serious  menace  to  the  Texas  crop.  Bradstreet  reports  damage  last 
year  in  the  infested  region  averaged  90  percent.,  or  about  15  per  cent,  of  the  entire  crop  of  this 
State.    For  statistical  information  always  examine  fourth  page  of  our  weekly  letter. 

Receipts  of  Sea  Island  cotton  have  been  74,390  bales  against  59,658  bales  last  year.  Three  cities 
in  Texas  have  received  1,946,201  bales  of  cotton  against  1,115,580  bales  last  year  same  time.  Indian 
shipments  to  date  have  been  311,000  bales  against  70J,000  bales  last  season  ;  Egyptian  533,000  bales 
against  516,000  bales  last  year.  American  manufacturers  exported  the  nine  months  ending  March 
31  $10  10:j,204  against  $10,833,883  same  time  previous  season.  Total  clearances  from  this  crop  equala 
6,198,798  bales.  Total  exports  from  the  big  crop  of  1891  were  but  5,830,000  bales.  The  rapid  ad- 
vance in  values  since  February,  equaling  25  per  cent.,  seems  to  justify  realizing  or  taking  the  short 
side  for  a  turn.  Apparently  most  of  the  insiders  or  recent  champion  bulls  are  out  of  cotton,  and 
outsiders  are  long  and  expecting  another  "Inman"  will  come  to  their  rescue. 


OIAPP  ft  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Wheat. 

We  do  not  believe  any  "  deal "  in  May  wheat  in  Chicaj^o  exists.  Apparently  the  actual  demand 
from  winter  wheat  millers  and  export  sales  for  shipment  direct  from  Chicafjo  continues  and  exceeds 
any  previous  record  and  appears  defeating  champion  bears  and  bucket  shop  interests,  and  reinstat- 
ing the  fact  that  demand,  supply  and  sentiment  dictate  values. 

Chicago  continues  the  cheapest  market.  The  visible  for  the  first  time  this  season  is  less  than 
last  season,  and  decreased  last  week  more  than  export  clearances.  It  is  conceded  that  the  invisible 
is  near  a  minimum  point,  and  winter  wheat  millers  must  draw  supplies  from  primary  centres  until 
new  wheat  appears.  Flour  is  reported  higher  than  a  year  ago,  when  wheat  ranged  higher  than  re- 
cently. Drought  reports  have  been  numerous.  General  rains  the  past  day  or  so  have  been  re- 
ported. It  is  whispered  and  denied  that  the  large  part  of  the  7,000,000  bushels  May  wheat  held  by 
the  •'  Fair  estate,"  both  in  San  Francisco  and  Chicago,  has  been  sold  ;  that  every  iron  ship  in  San  Fran- 
cisco has  been  chartered,  a  condition  never  before  existing.  The  Orange  Judd  Farmer  reports  the 
condition  of  winter  wheat  as  84.1  or  1.2  less  than  April  1.  Of  spring  wheat  as  90  per  cent,  that  of  a 
year  ago.  The  Prairie  Farmer  estimates  the  condition  as  8.3.2  against  85.8  April  1,  and  the  crop  of 
winter  wheat  likely  to  be  344.000,000  bushels,  with  likelihood  the  spring  wheat  acreage  will  be 
much  less.  It  is  rumored  that  the  speculators  in  AustraUan  and  South  American  mines,  who  have 
made  gains  ranging  from  10  to  3,000  per  cent.,  and  then  transferred  their  active  operations  to  cot- 
ton, have  closed  their  cotton  and  have  become  large  buyers  of  wheat.  Their  nerve  and  daring  efforts 
may  enthuse  great  confidence.  Already  Argentine  wheat  is  up  20  cents  over  last  season,  and  the 
crop  is  reported  as  becoming  exhausted,  and  the  surplus  will  not  be  over  half  that  in  1884. 

India  shipments  continue  small  and  indicate  no  appearance  of  again  controlling  values.  Aus- 
tria's crop  is  reported .  large.  Russian  and  Argentine  shipments  continue  moderately  large,  the 
amount  put  afloat  the  last  week  was  never  larger.  English  and  French  grain  merchants  have  been 
buying  liberally.  A  London  cable  recently  said  :  **  We  are  in  American  hands  that  can  dictate 
values."  Germany  and  Holland  continue  liberal  buyers.  The  new  crop  of  wheat  is  too  far  off  and 
too  uncertain  to  guess  intelligently  its  quantity,  quality  or  price.  It  can  be  bought  for  September 
delivery  at  less  than  carrying  charges  would  be  for  old  wheat.  Speculation  is  more  feverish  than 
since  August,  IS.'^l,  when  a  25  cerrt  advance  took  place,  culminating  at  114  August  17,  1891.  Since 
February  18  wheat  in  this  market  is  up  11>4  cents,  in  Chicago  12^  cents.  Sentiment  continues 
bullish.  Bears  nervous — bulls  aggressive  ;  export  and  milling  demand  good  and  dominant  factors 
The  visible  is  decreasing  about  10,000,000  bushels  per  month.  Exports  to  date  are  about  130,000,000 
bushels.  Radical  operators  predict  dollar  wheat  this  summer,  others  claim  it  is  possible  60  cent 
wheat  is  a  thing  of  the  past,  and  that  75  cents  for  July  wheat  is  more  likely  than  a  proportionate 
decline.  We  believe  a  strong  feature  in  the  situation  is  the  closing  of  thousands  of  bucket  shops  and 
the  sending  of  orders  to  the  Exchanges,  where  they  are  having  an  effect  on  the  markets,  adding  to 
the  activity  and  advancing  values. 

Corn 

The  visible  continues  decreasing  as  usual  about  planting  season.  It  is  less  than  either  of  the 
past  two  years  and  about  20  per  cent,  less  than  a  year  ago.  The  export  and  New  England  demand 
continues  liberal ;  speculation  has  been  broader,  traders  being  wilhng  to  pay  practically  carrying 
charges  to  transfer  their  holdings  to  July  delivery.  The  acreage  in  1895  will  likely  be  large,  but  it 
should  be  remembered  the  crop  is  seldom  available  before  October.  It  often  happens  any  advance 
created  in  the  summer  of  a  short  crop  is  repeated  or  exceeded  once  or  twice  beK)re  new  corn  again 
appears.    Last  fall  corn  sold  at  60c.,  it  may  sell  higher  this  summer. 

Oats. 

It  is  conceded  there  will  be  a  large  acreage  this  season  from  Texas  to  Canada  The  visible  is 
two  and  a-half  times  as  large  as  a  year  ago,  and  twice  as  large  as  in  1893.  The  decrease  was  small. 
The  domestic  shipping  demand  is  small.  Consumption  seemn  to  have  decreased  in  many  sections. 
Speculation  continues  nominal,  but  will  likely  enhance  value-i  if  wheat  and  corn  continue  advancing. 

Provisions. 

Larger  receipts  since  January  or  March  1  have  had  a  depiassing  influence  on  values.  Exports 
in  April  fell  off  about  20  per  cent,  compared  with  those  for  A\■)^  il,  1894.  The  Price  Current  reports 
packing  for  the  winter  season  as  7,191,000  hogs,  averaging  in  veight  232.73  pounds  against  4,884,000 
hogs  the  previous  winter,  averaging  248.20  pounds.  It  was  the  largest  season's  killing  save  two, 
1890-1  and  1891-2.  The  packing  for  eight  months  ending  November  1,  1894  was  8,812,000  hogs,  and 
has  only  been  exceeded  once,  and  then  in  18!.tO,  when  the  total  summer  packing  was  j,  540,000  hogs. 
The  gain  in  the  meat  product  for  the  eight  months  was  230,000,000  pounds  or  25>4  per  cent.  Tlie 
exportation  of  meats  in  that  time  was  85,000,000  pounds  in  excess  of  the  summer  of  1893.  The 
winter  season  of  1894-5  the  aggregate  weight  equaled  258,000,000  pounds  in  meats  and  65,000,000 
pounds  of  lard  more  than  the  previous  winter.  Exports  for  same  four  months  were  4,000,000  pounds 
more  meats  and  32,000.000  pounds  more  lard.  The  total  exports  of  hog  product  for  the  year  ending 
October  31  on  basis  of  the  net  weight  averaged  175  pounds  per  hog  equaled  5,943,000  hogs,  and  was 
only  exceeded  in  a  decade  in  the  calendar  years  1890-1-2.  The  trade  generally  predict  the  May  1 
Chicago  visible  stocks,  out  to-morrow  morning,  will  show  moderate  decreases.  Packing  March  1 
to  April  25  was  1,955,000  hogs  against  1,925,000  last  rear  same  time. 

Yours  truly,  CLAPP  &  COMPANY. 

6i) 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatioDs  for  Stocks,  Cotton,  Grain  and  ProTisions  for  Week  ending  Mr 7  t,  1895,  and  lor  May,  1894. 

-'  Par  value  of  all  stocks  SIOO.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 

FROM    NKW    YORK    STOCK    EXCHANGB    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weeklt 

Capitai 

Sales. 

Stock. 

2.800 

$20,237,100 

1.106 

10,198. '^00 

t62,893 

36.773,U00 

4  736 

36.773,000 

43,687 

17,900,000 

10,259 

102  000.000 

2230 

2.5,000,000 

3.635 

15,000,000 

86.332 

22,488.000 

10,838 

60.805,400 

27,599 

82  262,700 

63.466 

24,885,800 

63.507 

46,027,261 

423 

85,923,900 

14.743 

46,156,000 

7,ti06 

18,559,360 

12.767 

39,054,907 

22,335  1:0 

6.810 

28  000.000 

8.088 

11696,000 

6.68<l 

85,430,000 

10.173 

26,200,000 

15,228 

85.000.000 

1.680 

38  000,000 

82  148.500 

67.099 

30,459,700 

140 

2.5,000.000 

250 

8.000,000 

8:0 

50,000.000 

2.350 

10,000,000 

7,658 

11,840,000 

1  183 

11,840,000 

4.437 

49,466,500 

14.113 

52,800.000 

Ub09 

80.000,000 

1.302 

18,738,204 

81.8(12 

18,000.000 

2.825 

47.844,100 

11.700 

47.4.'i6.5T5 

80.b70 

14.905.400 

2.370 

14  904,000 

2.140 

89,428,300 

6,92^ 

77.427.000 

13.276 

20.000,000 

8.550 

58.119,982 

1.7W 

13  000,000 

8,560 

39,767,200 

7.495 

49.000.000 

10  850 

89.269,516 

3.210 

20.000.000 

U08 

8.500,000 

157,097 

40,426.881 

4.E.81 
20.000 

86,000,000 

3.080 

68.402,900 

51  530 

125,000.000 

23,459 

60.000,000 

12.688 

19,850,000 

18,085 

88,710,900 

..•• 

6.600.000 

1257 

60.868,500 

5.800 

83,837,093 

13,3.51 

20,168.000 

n.lTS 

18.159  60O 

8  556 

7.381,850 

5,140 

28,000,000 

16.561 

24.000,000 

10.088 

94,820,000 

14,930 

10.000,000 

460 

4.500.000 

DiviBBND  Record. 


Pays  3poJ-D 

Pays  3po  0-J-A-J.... 

Pays  8!^pc  J-J 

Pays  3pc  F  M  A-N... 
Paid  5Mpc  in  1888.,. 

Paid  2do  1895 

Pays  1J4PC  F-A 

Pays  IMpc  F-M-A-N. 


Paid  Ipo  Dec.  1894 

Pavs  Ipc  M-J-S-D 

Paid  Ipc  

Pays  7  re  Per  AnnuTn. 
Paid  ^po  Feb.  1895... 


Paid  2!/>P0  Jan.  1895. 
Paid  3K>pc  Jan,  :896, 
Paid8po  in  1893 


Pays  2po  M-J-S-D 

Pays  7pc  per  annum. 
Pays  7pc  per  annum. 


Paid  IK'PO  Jan.  1898. 
Pald2pc  An  p..  St  1893. 
Pays  5pc  per  annum. 


Pays  8}^pc  AI-S. 


Pays  iMpc  F-M-A-N... 

Pays  .Spc  FA  

Paid  2pc  Aupustl893... 
Pays  i^pc  ,r-A-j-o.... 
Paid  2pc  in  Feb.  1895... 


PaJd3pc  1S91 

Paid  Ipo  in  Dec.  1804.. 
Pays  l9ipc  MJ-S-D... 
Pays  Ipc  J-A-J-0 


Paid  IMpo  Nov.  1893.. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2po  F-M-A-N... 


Paid  Ipo  tn   1887... 


Names  of  Stocks. 


Paid  S^po  in  1884 

Paid  2V,po  March  15,' i895 


Pays  IHPC  J-A-J-O. 
Paid  IDO  in  FebVisui! ! ! . 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co 
.'^m.  Sugar  Refining  Co  Pf. 

Amerioao  Tobacco  Co 

Atchison.  Topeka  &  S.  Fe. 

Baltimore  &  Ooio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago.  Bur.  A  Qnincy.. 

Chicago  Gas  Cos 

Chicago.  Mil.  AStPanl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
ClPve.,  Cin.,  Chic,  &  St  L. 
Col  Hock  ng  VaUey  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ot  1st  In  pd 
General  Electric  Co 

Great  Northern  Pfd 

Ore^n  Bay  W  &  St  P  Tr  Reo 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. 
Lake  Erie  &  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  A  Mich.  So'n. . 

Louisville  A  Nashville 

Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

M)?.«ouri  Pacific 

National  Lead  Co    

National  I^ad  Co  Pfd 

N.  Y.  Cenfl  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
N  Y&N  E  tst  CO  ct*  all  in  pd 
N.  Y  Ontario  &  Western 
N.  Y.  Susg.  A  W'n  Pfd.., 
North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 
Pacific  Mail  S.  8.  Co. 
Peoria.  Deo.  A  Evansville 
Philadelphia  A  Reading. 
Pullman's  Palace  Car  Co 
Silver  Bullion  Certificates 
Southern  Pacific  Co 

Southern  Railway 

Southern  liailway  pfd 
Tenn.  Coal.  Iron  A  R  H  Co 
Texas  A  Pacific. 
Tol.  Ann  Arb.  A  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  A  Gulf. 
United  States  Rubber  Co, 

U,  S.  Cordage  Co 

'U.  8,  Cordage  Co  pfd,... 

Wabash 

,  Wabash  Preferred 

iWestem  Union  Tel.  Co... 
Wheeling  A  Lake  Erie.... 
Wheeling  A  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  davi 1  509.177 


COTTON.  In  ba  es. 
I  World's  visible. 
\!m\  4  175.466 

:h94|  8  847,240 


Total  iT)  »lgbti-|  Total  Exports. 
9.3r6,9S5  6,071  230 

7,075,5'12        I        4.678.866 


«■  y    f  Apr  A  May 

'•  •*•  J  M.-jyJtJune 

Cotton  I  JuneiJulyl 

I  July  A  Aug 


WHEAT,  in  bushels. 
I    U.  S.  Visible.     Prlrrmry  rec'ts*!  Total  Exports. 
1895         65,775.000  139.700  000  123.9.32  9fl3 

891         66  218.000         I     149  021UOO        |     142.961622 


^>^««t]Ju7y:.: 


.  •!  ^'a.y 


Com. 


July... 


CORN,  in  bushels. 
I     U.  S.  Visible. 
1895        11.107.000 
18941        13.115  COO 


Primarv  rec'ts* 

S^  ti40.000 
186,851,000 


Total  Exports. 
17.205  228 
65  612.E94 


Chicago  S  May.. 
Wheat.  (July.. 


OATS,  in  bushels. 
I    U.  S.  Vi-ible. 
1895  6.199  000 

189l|  2  497,000 


N.Y.  Stocks, 
673  514 
73r  610 


Cbeo.  Stocks. 

1  420  000 

704  000 


Oats. 

Pork. 


■■\ 


May.. 

July. 

i  May. 

July.. 


1895 
1894 


LARD-tcs. 

World's  vis. 
279.487 
117,092 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,!  LARD-tcs.  ,   RlBS-lbs. 

13.5,450  41,119        38.432.000 

75,750     I  1,450     I     8,610,000 


Lard., 

Ribs . . 


( May.. 

■  1  July.. 

3  May 


an  M%   66,',  641! 

65H  65AI  66^  6,5}^ 

529*  iiW  52^  62 

SZa  ti,\    53}^  62^ 


60^  699i 

61 4^4  61 

4792  47« 

48K  tm 

'»V 


47V» 
48 


595b 


4796 


889ij  29  mi 
. .  28^1  2894  289fi 
12,25  12,10  12  30  12  25 
12  52  12.35    12.60  12.47 


6.85  6.85 
7.00  6.97 
6.2r    6,22 


I  July 6,42    6.35 


6«r  6.83 

7  02  7  00 

6.30  0.25 

6  45  6.40 


671 
53 
539i 


66IS 
62« 


67J6  6C)J  689i  67M 

mi  67k  69«  6798 

b:M  5-2%  sm  5.3^ 

5J%  63H  B4Hi  53^ 

63H  em'  649i  62M 

6414  6294  65%  <'.3^ 

48«  47H  48%  47H 

48^  48!|  4991  4696 


29       29%    :)8%    2S%   2SV4    279; 

28%  2891  29  2^<%'  28!4  27% 
12  a'  12..'0  12.17  12.05  il2,i)5  11  87 
li'.eo  12  50  12  47  12.35  il2,87  12.17 


mi  61% 

61^  63 

iryi  46% 

4S9i  4794 


685 
7,00 
627 
6  45 


665  682 

7  00  ;  6  !>7 

6  25  I  6.22 

687  640 


677 
6  92 
6  20 
635  ■ 


6.77 
6.92 
615 
635 


6.87 
7.85 
6.07 
6.27 


6.63  6,60 

6.61  6.48 

6  63  6  54 

6,U9  6  5i- 

6894  67^ 

68%  6r9(. 

54kl  62Vi 

549i  629^ 

64  62!^ 

65  6V/4 
49  46% 
4994  4% 

29  279s 

28%  2->     I 

12  00  11  80  I 

12.25  12.10 


28^  25U 

:7  7l9i 

lIO  9994 

loo  9394 

105^  8.3« 

7^  5M 


Range  for 
April  1895. 


82 
919* 
13894 
3:« 
85 
1.92 
IM 
1219^ 
37^ 
14 

,-,„   8194 

106      105 

m     \i 

29  2594 

2m  17% 

.78«  74 

48H  13694 


99 

141 
42!- 
275 

140 

163 

130V 

1 


18        1694 
!4^    11% 


Range  for 
May   189i. 


KM 
66 


1099^  92^ 
9794    88jJ 

fA% 
77  71 
51       4t 

111      104 
18%    18.^ 
809^    75H 
7494    62 
63%    56% 
n9V4  117i4 
69%    6.594 
8S«|    84% 
109%  lor 
141>^  141 
89        85U 
I8i4    16^ 
137      135 
162      158 

140%  :3m 

40%  32% 
'04      ICO 

a      s 

94  89% 
I79<  I614 
16        14% 

im  i28-'»4 
1 .50%  mi 

!2B      113 

08'4  9594 
2.5s/;  am 

m   m 

8:%   24^4 

42  8>!M 

8794  8-^ 

1(10  95V4 

IB  129^ 

8V4    m 

UM  14'^ 

40%  86 

4%  3^J4 

6  Sli 

199<  12^ 


6,'W  «.2I 

6,96  6.20 

O.'^O  6  in 

690  620 

6394  691} 

6''%  60)4 

5.394  50A 

54%  6096 

6494  6496 

65%  55« 

49  45% 
4996    45% 

80V4  2794 
29M  2694 
12  57  11  f5 
12.77  12  00 


6.70 

660 

7  10 

6,67 

6,85 

680 

7,25 

685 

6,  '.0 

0  02 

640 

607 

6.27 

6,20 

6.5S 

627 

16 
6 
19 


158 


20%    13 


18  16 

9  794 

R  5 

19WS  14% 

5U  5 

89'4  S3U 

20^4     i!'^H 
83 
6% 
1192 


40 
7% 
17% 

85%  cm 

49%    419I 


7.67  7  30 

7.70  7  09 

7,77  7  13 

7.83  718 

63  0O)i 

70%  63.''. 

41%  42% 

16  43% 

66%  57% 

6694  59% 

399fi  37  !4 

4096  88 

81%  sm 

30  H  &'% 

I,3.a5  1127 

13,40  11.27 


7,90 
7,50 
680 
6.72 


6.C2 
6.50 
5.70 
.5.67 


1895 
1B9 


LD  PORK,  Chgo.-bbls. 
...     bbls. 


WHEAT  on  passage. 
41.040.000  bosh. 
42,792,000    " 


CORN  on  passage. 
2.560.000  bush. 
8  896.000    '• 


Russian  Shipmts.  for  wk. 
3.520.000  bush. 
2  120.000    •' 


Indian  Shipmts  fur  wk. 
328,000  bush. 
2C0,r00    " 


Argentine  Shpts.  for  wk. 
2.616.000     bush. 


t  Since  Aug   31.    *  Since  June  30, 


Compiled  and  Copyrighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING,  NEW  YOEB 

90 


JQechlp  HDarhct  Xcttcr. 


No.  428. 


Copyright,  1808,  by  Clapp  <t  Contvann, 

O.  W.  Clapp. 
OwiQMT  O.  Clapp 


CLAPP    &    COMPANY, 

MILLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


(  277    BROADWAY,  Corner  Chambers  St. 
BnANCH    1  g7,    BROADWAY,  Baoadw.*  Central  Hotbu 
O"'"*-  (  753  FIFTH  AVENUE,  Cohhm  68tm  8t 


Private  Teleqraph  Wires. 
Cable  Address:  "Ozro." 
LoNQ  Distance  Telephone. 


New  York,  Thursday  Morning,  May  9,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "LEADING  A^IERICAN  EXCHANGES." 


*■  Messrs.  Clapp  &  Company,  bankers  and  brokere.  Mills  building, 
New  York,  Issue  a  handsome  volume,  giving  their  market  lettci-s  of 
lt'94  Willi  valuable  slnlislics  and  fuels  i-clatin!<  to  the  financial  and 
coinnu-ivial  movements  li\st  year.  The  book  is  illustmted  with 
numerous  cuts  and  Is  as  useful  as  it  is  unique  and  beautiful,  whicli 
iB  saying  much."— Boston  Evening  Tnmscript,  Boston,  Mass. 

"This  excellent  book,  published  by  the  liankers  and  bix)kers, 
Clapp  ^:  Comivxny,  Mills  buildintt,  New  Voik,  in  the  interests  of 
stocks,  cotton.  Ki'ain  and  pi-ovisions,  which,  as  a  book  of  reference, 
t  lie  News  and  Courier  finds  a  great  accession  to  its  libi-ary.  Thanks 
for  the  kindly  i-euiembrunce."— Norfolk,  Va  ,  News  and  Courier. 

"  We  have  received  fi-om  Clajni  &  Coinnany,  bankei^s.  Mills  build. 
Inif,  New  Vork,  'Souvenir  of  ISU^l  on  American  Exchangea'  This 
volume  is  of  immense  value  to  bankeis,  business  men  and  profes- 
sional men  and  is  handsomely  bound."— TI.e  Argus,  Albany,  N.  Y. 

"  Messrs.  Clapp  A  Company,  the  enterprising  bankers  and  brokers, 
of  New  York  City,  have  published  I  heir  annual  souvenir  of  a^  jHujes, 
called  '  Leading  Americun  Exchanges,'  wliicli,  like  their  previous 
editions,  contains  statistics  of  all  things  financial  and  commercial, 
and  so  presented  as  to  be  always  available  tuv  the  seekei-s  after 
InioiTuation.  On  yaiio  fo  are  found  enirniviiigs  of  thirty-nine 
inembei's  tickets  of  the  Cliicat;o  IJoanl  of  Tnide,  showing  that  Mr. 
O.  \V.  Clapp.  the  senior  meuiliorof  the  comiwinv,  has  been  a  con- 
linous  meinbersince  the  vejir  ISJS.  when  the  Ixiiiixl  was  Jnst  assuming 
Importance.  Tickets  prior  to  ISTI  ai-e  pretty  well  blackened  in 
consequence  of  being  in  his  .safe  during  the  great  Chici\go  fire  of 
1871.  There  is  a  very  interesting  account  of  the  origin  of  the  Chicago 
Boaixl  of  Trade  and  the  New  York  Slock  Exchange.  The  Ixwk  is 
es|)ecially  valuable  sxs  showing  the  11  net lUU ions  of  all  i-allies  during 
the  p^ntc  year  of  l5S4.  It  shonld  bo  i-ead  by  every  pi-ogiesaive  busi- 
ness man.'"'— Uailv  Centnil  ilerald,  Eli  .abelli,  N.  J. 


"  Clapp  &  Company,  of  New  York,  have  Issued  their  souvenir  book 
of  18!)4,  and  an  elegant  b  ok  It  Is  too,  containii.g  their  weekly  lo  U  is 
for  the  year  and  in  addition  very  valuable  tabies  in  regard  to  prices, 
etc.,  of  stocks,  cotton,  gniin  and  pitjvi-ions,  and  of  receiiit.s  and  ex- 
ports, pixxliict  ion  and  value  of  minerals  and  vegetables,  as  well  as 
manufactured  articles  of  the  countrv.  It  is  a  comjxind  iim  of  in- 
formation, beautifully  bound  ami  liandso'i.ely  illusti-aled  with 
engmvings  of  nearly  all  the  exchange  buildings  of  the  Union. 
Trice  83  00.  Clapp  &  Compauy,  Mills  building.  New  York."— Daily 
News,  St.  Joseph,  Ma 

"The  old  established  finn,  Clapp  &  Company,  New  York,  bankers 
and  commission  mercliants,  have  just  published  a  book  which  will 
be  of  'nterest  to  every  banker  a^  d  business  man.  The  book  has  for 
basis  the  lifiy. two  weekly  market  lettei's  issued  during  the  year 
181)1  by  this  arm  and  sent  to  customei-s  a.od  others  thr..ugli<)ut  the 
country,  so  that  in  this  one  th  ng  alone  the  lxx>k  gives  a  ranning 
histoi-j-  of  commercial  life  in  America  ior  the  rear.  In  addition  the 
book  contains  a  vast  amount  of  otherwise  uuoUtainable  infonnation 
concerning  jn-oduction,  consumption  and  commerce  tliroughout  the 
world  compiled  from  rccoixls  of  tli>-  exchanges  to  which  the  firm  has 
access.  There  are  also  tal/les  showing  the  trunsjictions  kI  va  iou< 
exchanges  throughout  the  ccmnliy  furnished  by  the  oJlicials  of  the 
exclianges.  Tlie-^e  facts  are  invaluable  to  bnsille^^  men  inteiestcd 
in  such  subji  cts.  The  book  i-i  a  handsome  one,  in  tvpogi-aphical 
apiXMtnince  and  binding.  It  is  lUusti-ated  with  )mnd.>«rjme  engnvv- 
iiigsof  nearly  all  the  exchange  buildings  in  thcc-ouiitrv.  tl-eclearitig 
houses,  offlco  buildings  and  banks  of  Wall  Street  and  elsewhere. 
One  page  is  esiiecialiy  intcrealing,  as  it  shows  the  membei-ship 
tickets  of  the  firm  in  the  Chicago  Boaitl  of  Trade  since  the  beginii- 
Ing.  A  number  of  these  ai-e  damaged  by  the  heat  of  the  great 
Chicago  lire.  a.s  they  were  in  the  safe  of  the  company  at  that  tiuie," 
— Journal,  Sioux  lity,  Iowa. 


4^ 

H 
X 

> 

o 
m 

o 
o 

H 

H 
> 

Z 

o 

> 

r 
-< 

X 

m 
o 
O 

a 

C/3 

o 


r 
m 
> 

o 

z 
o 

m 

X 

o 

X 

> 

z 
o 
m 

C/3 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  LETTEKS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS   FREE. 


2         CIAPP  &  COMPANY.  BANKERS  ASD  BROKEES,  NEW  YORK,  WEEKLY  MARKET  lETTER. 

Financial  Outlook. 

The  Banking  Syndicate's  expensive  aid  to  the  Government  may  yet  result  in  benefits  equaling 
its  cost.  The  fight  against  possible  silver  evils  may  serve  to  emphasize  present  substantial  values. 
In  building  upward,  reaching  outward,  and  pushing  ahead  there  is  likely  to  be  room  over  the  hill 
and  just  around  the  corner  for  industrious  sons  of  Uncle  Sam. 

Straws.— It  is  estimated  that  out  of  1,400,000,000  tons  of  freight  carried  by  the  world's  railways 
in  1894  about  800,000,000  tons  were  moved  by  United  States  railroads.  Only  $976,023,865  bonds  of 
steam  railways  are  in  default,  or  about  16  ^  of  total  issues.  The  Bland  silver  dollars  in  the  United 
States  Treasury  would  now  bring  SZjVsV  cents  each  in  gold  if  sold  by  weight  in  London,  against  a 
value  at  one  time  in  1894  of  46. 399  >^  cents.  In  1892  the  value  was  as  high  as  64.643  cents  ;  in  1890 
the  highest  value  was  93.873  cents  ;  in  1863  a  silver  dollar  was  worth  103>^  cents  in  gold.  The  four 
countries  of  the  world  on  a  silver  basis  are  Mexico,  India,  China  and  Japan.  Wages  there  are 
smaller  than  in  gold  countries. 

Stocks  and  Bonds. 

Bonds. — Railway  bonds  continue  active,  with  an  upward  tendency.  Sales  the  first  four  months 
of  1895  aggregate  in  value  $88,038,068  at  an  average  of  $70.2,  against  $93,828,250  at  an  average  of 
$72.9  per  share  in  1894.  Government  bonds  outstanding,  including  interest  (and  excluding  $64,623,- 
512  outstanding  issues  in  aid  of  Pacific  roads),  amount  to  $716,201,910,  and  are  firm  at  from  108>^  to 
121  >2.  Some  gold  is  coming  this  way  and  bonds  going  to  Europe  in  fulfilment  of  the  Government 
contract  with  the  Morgan-Rothschild  syndicate. 

Railway  Stocks. — Over  $950,000,000  worth  of  stocks  were  sold  on  New  York  Stock  Exchange 
in  first  four  months  of  1895  at  an  average  of  $51.50  per  share,  against  $944,000,000  last  year  same 
time  at  an  average  of  $58.40.  April  transactions  exceeded  those  of  a  year  ago  by  over  $1,000,000. 
The  third  week  of  April  shows  a  gain  of  2.91  %  on  81  roads.     The  net  earnings  of  the  Reading  Rail-  | 

way  and  Coal  Company  combined  from  January  1  to  March  31  were  $1,879,373,  against  $1,416,606  in  f 

1894.     Madam  Rumor  claims  control  is  passing  to  Jersey  Central  interests.    Tennessee  Coal  and  ' 

Iron  reports  handsome  gains  and  much  enterprise.  Many  predict  the  stock  will  sell  at  30.  St.  Paul's 
earnings  first  quarter  ot  1895  show  gains.     Its  stock  friends  predict  70  on  crop  prospects,  and  80  if  t 

they  materialize  as  now  promised.    Burlington  shows  a  loss  of  $699,996.   C.  C.  C.  &  St.  Louis  shows  I 

net  gain  first  quarter.     Louisville  «fe  Nashville  shows  loss.     Foreign  buying  continues  advancing  j 

the  stock.     Southern  Railway  reports  a  loss.     Its  friends  predict  20  for  the  stock.     Missouri  Pacific  !• 

appears  stronger,  and  earnings  are  better.     Granger  roads  in  April  lost  10.6  %  as  compared  with  i 

1894.     Other  groups  show  gains,  and  the  tonnage  steadily  increasing.     The  Atchison,  Northern  J 

Pacific  and  Union  Pacific  roads  show  much  improvement.    Activity  on  the  part  of  pools  in  these  ' 

stocks  continues  a  bull  feature.  Western  Union  appears  booked  for  higher  prices.    Missouri  Pacific,  I 

Wabash  and  Texas  and  Gould  properties  will  likely  do  better  as  the  market  broadens.  The  specu- 
lative rise  is  reaching  into  many  and  varied  channels;  and  Europe  and  the  American  public  continue 
buying  Wall  Street  ofiferings  and  ready  to  discount  sanguine  possibilities,  and  Nature  appears  to 
favor  a  boom  while  Washington  oflBcials  are  absent  from  their  posts. 

Industrials. — Sugar  pomters  to  buy  now  are  as  numerous  as  to  sell  in  the  nineties.  Standard 
Oil  people  are  not  so  reticent  as  formerly  about  Chicago  Gas.  It  is  evidently  headed  for  80.  Gen- 
eral Electric's  recent  statement  continues  to  be  interpreted  as  manipulated.  It  has  advanced  about 
50  per  cent.  Cotton  Oil  and  Lead  continue  firm  and  quiet,  and  are  reported  earning  fairly  good 
average.  Cordage  interests  are  reported  trying  to  secure  understanding  with  competitors  that  will 
allow  money  to  be  made.  Tobacco  and  Leather  are  the  new  mysteries  puzzling  the  street.  We  do 
not  favor  purchases  of  Leather,  after  a  50  per  cent,  advance,  largely  maintained  by  matched  orders. 
Tobacco  it  is  predicted  will  sell  higher. 

Cotton. 

The  Georgia  Agricultural  Bureau  claims  that  State  will  show  a  decrease  in  cotton  acreage  of  20 
per  cent.  Louisiana  official  reports  indicate  a  15  per  cent,  decrease  in  acreage.  Our  Texas  advices 
mdicate  the  acreage  will  likely  be  10  per  cent,  less  than  last  year,  and  if  rain  does  not  soon  come 
the  yield  will  be  light.  The  statistical  position  of  cotton  seems  very  strong.  The  subsiding  of  wild 
speculation  in  futures  in  this  market  is  a  depressing  feature.  Appearances  indicate  large  holders 
have  liquidated  and  new-born  bulls  and  spinners  hold  the  unexported  balance  of  a  large  crop,  which 
now  shows  only  a  small  amount  in  sight  in  this  country.  The  larger  part  of  the  1894  crop  appears 
in  second  or  third  hands  at  unusually  low  prices.  The  use  of  fertilizers  has  doubtless  been  less  than 
for  many  years.  The  weekly  Government  report  just  out  claims  plenty  of  moisture  has  fallen  in 
the  cotton  belt,  and  fears  of  drought  are  mostly  eliminated.  We  have  always  been  great  believers 
that  plenty  of  moisture  in  the  planting  season  makes  a  good  harvest.  The  China-Japan  question  is 
apparently  interfering  with  English  values  and  business,  and  causing  liquidation  in  the  speculative 
months.  The  Government  forecast  of  the  Indian  crop  of  1894-5  indicates  15,399.400  acres  will  yield 
about  1,727,000  bales  against  2,033,300  bales  the  previous  year.  This  year's  acreage  is  estimated 
14,865,100  acres.  Their  exnorts  by  sea  for  nine  months  ending  December  31,  1894,  were  739,355 
bales,  against  824,776  bales  preceding  year  same  time. 

Overland  shipments  to  May  1  have  been  1,677.267  bales  against  1,137,527  bales  same  time 
last  year.  Total  came  in  sight,  9,404,139  bales  against  7,097,551  bales  last  year  and  8,614,- 
901  in  the  years   189'  '93 ;   tha,t  year  423,806  bales  came  in  sight   after   May   1.     The    average 

92 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


weight  of  bales  is  reported  to  be  503.73  pounds  against  496.28  pounds  last  year  and  499.08  pounds  in 
189.?-3,  indicating  a  crop  of  about  10,000,000  bales  for  1894^5.  The  Government  report,  due  the  lOth, 
will  give  acreage.  May  1.  1894,  the  report  indicated  the  acreage  was  81. G  against  89.3  in  1893,  78.3 
in  1893,  77.5  in  1891  and  75.8  in  1S90.  The  April  report  of  1895  indicated  the  forthcoming  report  will 
show  a  shrinkage  in  acreage.  The  trade  are  waiting  for  crop  reports  and  basing  nearly  all  their 
operations  on  its  outcome,  apparently  paying  little  or  no  attention  to  visible  or  mvisible  supplies, 
evidently  assuming  they  are  all  wanted  and  nothing  less  than  a  ten  million  bale  crop  in  1895  will 
prevent  a  large  advance  in  values.  At  the  moment  the  market  seems  to  be  " over-bought"  and  de- 
pressed in  consequence  of  decreasing  stimulants. 

Wheat. 

It  appears  to  be  safe  to  say  Chicago  is  the  lowest  market  on  earth,  freights  considered  ;  that  they 
have  more  red  wheat  than  any  other  market ;  that  over  one-third  our  visible  is  there  ;  that  specula- 
tion in  that  market  exceeds  that  of  any  five  markets  on  earth.  Atlantic  port  stocks  are  only  about 
4  million,  against  5^  in  1894.  A  year  ago  the  price  in  Chicago  was  above  many  winter  wheat  mar- 
kets. Our  visible  was  3,000,000  larger  ;  now  it  is  about  13,000,000  more  than  this  day  in  1893.  Our 
grimary  receipts  the  past  10  months  nave  been  10,000,000  less  than  for  the  previous  season  same  time, 
lurope  has  about  ;;i2, 000,000  less  in  her  visible  than  a  year  ago.  Spain  imported  more  than  15,000,- 
000  each  of  the  past  two  years.  France  imported  16,256,000  bushels  the  last  8  months,  against 
50,725,000  the  previous  year.  It  is  claimed  their  wants  the  coming  season  will  be  three  times  as 
large  as  in  1894.  Argentine  exports  since  January  1  have  been  about  23,000,000,  against  last  year's 
exports,  equaling  about  56,000,000  bushels.  It  is  now  predicted  they  will  not  have  over  37,000,000 
to  spare  in  1895.  Canada,  Russia,  India,  Argentine,  Australia  and  our  shipments  to  Europe  between 
July  27  and  April  20  are  reported  as  229,5.^2,000  bushels,  against  235,880,000  bushels  in  1893-4,  and 
226,440,000  bushels  in  1892-3,  same  time.  Great  Britain's  potato  crop  in  1894  was  2,789,000  tons, 
against  3,476,000  in  1893  ;  hay  crop,  3,448,000  tons,  against  1,918,000  tons  in  1893  ;  permanent  grasses, 
6.942.000,  against  2,681,000  tons  in  1893.  Our  potato  crop  in  1894  was  170,787,338  bushels,  against 
183,034,208  bushels  previous  year.  It  now  seems  to  be  conceded  feeding  of  wheat  to  live  stock  was 
larger  than  conservative  estimates.  The  world's  visible  decreased  in  April  about  13,000,000  bushels, 
last  year  the  decrease  from  January  to  May  was  only  about  half  as  fast,  and  two  years  ago  only 
about  one-third  as  fast.  Invisible  supplies  are  reported  unusually  small.  Country  mills  continue 
buying  wheat  freely  at  primary  points.  The  various  State  reports  indicate  a  less  acreage  is  sown. 
The  iLansas  agriculture  secretary  reports  53  per  cent,  of  the  winter  wheat  acreage  is  worthless,  and 
very  little  wheat  will  come  from  that  State  m  1895  ;  that  the  acreage  was  11  per  cent,  less  than  in 
1892.  Many  believe  backward  crops  are  rarely  good  ones.  We  think  the  majority  of  the  world's 
wheat  fields  now  promise  fairly  average  yield  but  are  backward.     Prices  are  still  low. 

Corn. 

Russian  corn  shipments  to  Great  Britain  and  the  Continent  continue  large,  last  week  equaling 
560,000  bushels.  Our  visible  decreased  1%  million  bushels  and  was  less  than  a  year  ago.  Cnicago 
has  very  small  stocks.  It  is  believed  Illinois  is  about  the  only  State  having  any  surplus  of  old  corn, 
most  of  their  interior  towns  reporting  a  good  shipping  demand.  The  ordinary  demand  from  old  and 
New  England  will  deplete  stocks  and  likely  enthuse  speculation.  Old  methods  of  arriving  at  values 
have  been  seldom  considered  after  corn  gets  above  fifty  cents  in  Chicago.  An  old  saying  is:  "  Bear 
corn  for  handsome  profits  under  fifty  cents,  and  bull  it  for  big  gains  above  fifty  cents."  Corn  is 
about  ten  cents  lower  than  in  September  ;  all  the  bull  conditions  then  existing  have  been  confirmed. 
Wheat  was  then  lower  than  corn,  now  it  is  13  to  15c.  higher  ;  short  crops  of  corn  seldom  fail  to 
make  three  or  four  large  and  sharp  advances  ;  this  crop  is  the  second  short  one  in  succession.  Only 
one  sharp  and  large  advance  has  occurred.    Many  crop  scares  often  happen  from  May  to  October. 

Oats. 

Crop  reports  are  generally  good;  old  supplies  ample,  bulls  discouraged  ;  city  consumption  cut 
off  by  trolley  systems ;  grass  on  the  farm  is  taking  the  place  of  oats.  Unless  some  crop  scare 
occurs  we  see  no  cause  for  any  material  advance. 

Provisions. 

Large  receipts  of  hogs  from  a  crop  reported  10^  less  than  last  year  continue  to  surprise  the 
trade.  Packing  at  Chicago  since  Marcn  1st  shows  an  increase  of  14,000  hogs  over  1894.  The 
Cincinnati  Price  Currein  estimates  the  summer  packing  as  likely  to  be  10;^  less  than  in  1894  ;  on 
the  other  hand  live  hogs  continue  about  the  parity  of  the  speculative  articles,  such  as  pork,  lard  and 
ribs,  thus  preventing  their  manufacture.  Chicago  stocks  are  liberal  and  being  depleted  by  moderate 
domestic  and  export  shipments.  With  the  cost  of  the  hog  advancing  and  a  likelihood  receipts  will 
fall  off  and  average  weights  decrease,  many  predict  the  recent  decline  indicates  prices  are  low 
enough.  The  world's  visible  lard  supply  is  reported  as  276,683  tierces  against  123,594  tierces  a  year 
previous,  and  92,358  in  1895.  Apparently  packers  have  aided  a  decline  to  freeze  out  speculative 
noldings,  and  will  be  ready  to  assist  an  advance  when  receipts  of  hogs  begin  falling  off.  Receipts 
of  live  stock  in  Chicago  in  April  were  17,729  cars  against  23,876  April,  1S94.  Packing  at  all  point* 
from  March  1  to  May  2  was  2,290,000  hogs  against  2,155.000  hogs  in  1894. 

Yours  respectfully,  CLAPP  &  COMPANY. 

93 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER. 


Qnotalions  for  Stocks,  Cotton,  Grain  and  Proiisions  for  Week  ending  May  8,  1895,  and  lor  May,  1894. 

Par  Talne  of  all  stocks  $100.  except  D.,  L.  t  W.;  P.  4  R.  and  Am.  Tobacco  Co., 
FROM    NKW^    TORK    STOCK    EICHAXGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weekly 
Sales, 


12.249 

l,ti51 

«1(,755 

4.510 

18.952 

S2.3d3 

8.833 

7.9d5 

83,795 

60.381 

70.097 

113,119 

112.78S 

614 

82.036 

9  630 

41,274 

14,2i0 

4.830 

6.206 

e.650 

11,420 

2.215 

102,703 

83.bU(j 

IfiO 

l!229 

2,250 

6,465 

8.115 

8,807 

14.547 

7,410 

3.570 

18  074 

»U0 

84.461 

13,316 

3,408 

6.V70 

5,920 

U  140 

18.585" 

9,485 

6,805 

9  713 

24,711 

900 

105  605 

4.486 
10.000 

5.195 
87.011 
67  441 
24.965 

4.804 
8850 
18.439 

&ioa 

6.437 

5.716 

14.195 

49.594 

21,055 

1.840 


Stocx. 


120,237,100 
10.19S,600 
86.773,000 
86.773,000 
17.900.000 

102.000,000 
85,000,000 
16.000,006 
22.488,000 
60.805.400 
82  262,700 
24,885.800 
46,027,261 
25,923,900 
46.156.000 
18,659.860 
89.054,907 
22,836  170 
28  000.000 
11656,000 
35.430.060 
26,200,000 
85  000.006 
38  000,000 
84  091900 
30,469,700 
25,000,000 
8,000.000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466.500 
52.800.000 
30,000.000 
18  788,204 
13,000.000 
47,844,100 
47,436,576 
14.906,400 
14  904,000 
•9.428,300 
77,427.000 
20,000,000 
58.119,982 
13  000.000 
89.767,200 
49.000.000 
89.369,546 
80,000,000 
8.500.000 
40.426,361 
86,000,000 


68.403,900 
125,O00,(X)0 
60.000,000 
19,850,000 
88,710,900 

6.600.000 
60,868,500 
83,837,093 
20.166,000 
18.205  600 

7,410,810 
28.000,000 
84.000,000 
94,820,000 
10.000,000 

4.500.000 


DiTIDEND  RiCOKS. 


Kaves  or  Stockj. 


Payg  3pc  J-D 

Pays  3130  O-.J-A-J 

Pays  3!^pc  J-J 

Pays  3pc  FMA-N 

Paid  5fepc  in  1888 

Paid  2oc  1805 

Pavs  iVipc  F-A 

Pays  IJipo  F-M-A-N... 


Paid  Ipo  Dec.  ]f<94 

Pays  Ipc  M-J-S-D 

I'aid  Ipc  

Pays  7  PC  Per  Anmim. 
Paid  }4po  Feb.  1895... 


Paid  2K.po  Jan.  1K)5. 
Paid  3V..pc  Jan.  :8'j6. 
PaidSpc  m  1893 


Pays  2po  M-J-S-D.... 
Pays  7po  perannnm. 
Payi  7pc  i.er  annum. 


Paid  iKpc  Jan.  ms. 
Pald2pc  Aue.stlS<.<3. 
Pays  5pc  per  annum. 


Pays  2>ipc  MS. 


Pays  IKpc  F-M-A-N. 

Pays  3pc  FA 

Paid  2pc  Angurt  1893. 
Pavs  IHpc  J-A-J-0.. 
Paid  2pc  in  Feb.  1896. 


Paid  3pc  1801 

Paid  Ipc  in  Dec.  18r»4.. 
Pays  i9ipc  M-J-S-D... 
Pays  ipo  J-A-J-0 


Paid  ij^po  Not.  1893. 


Paid  Ipc  April  1892., 
Paid  IPC  in  1887..., 


Pays  2po  F-M-A-N.... 


Paid  Ipo  in  1887. 


Paid  S^po  in  1884... 
Paid  2Ji?c  M*rch'i5,'i895 


Pays  1J4P0  J-A-J-0 

Paid  1  Dc' in  Feb.*  1894 ! ! '. , 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co- 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  S.  Fe. 

Baltimore  <fe  Onio  

Canada  Southern 

Central  of  New  Jersey.... 

Cliesaoeake  &  Ohio 

Chicago,  Bur.  &,  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  StPanl... 
Chicago  Mil.  t  St  Paui  Pfd 
Chicago,  R,  L  4  Pac He. .. 
Chic.  St  Paul  M.  &,  Omaha 
Chicago  4  Northwestern. 
Chicago  4  Northw'n  Pfd. 
CleTe.,  Cin.,  Chic,  4  St  L. 
Col  Hock  ng  Valley  4  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack's  4  W'n. 
Del.,  4  Hudson  Canal  Co 
Denver  *  Kio  Grande  Pfd 
Dis  *  C  F  Tr  Co  ct  all  in  pd 

G^ne^al  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  4  St  P  Tr  Bee 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. . 
Lake  Erie  4  Western.  . 
Lake  Erie  4  Wefrtcrn  Pfd 
Lake  Shore  4  Mich.  So'n.. 
LoDlsTille  4  Nashville.... 
Manhattan  R'y  Consol... 

Michigan  Central 

Mo..  Kansas  4  Texas  Pfd 

Mexican  Central 

Mis.'^oari  Pacific 

National  Lead  Co 

National  Lead  Co  Pfd.... 
N.  Y.  Ceat'l  4  Hudson  Rlv 
N.  Y.  Lake  Erie  4  West'n 
NT4N  E  tst  CO  cU  all  m  pd 
N.  Y  Ontario  4  Western. 
N.  Y.  Susq.  4W'n  Pfd... 

North  American  Co. 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  4  Evansville 
Philadelphia  4  Rearimg. 
PuUman'8  Palace  Car  Co 
SilvtT  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  4  R  R  Co 

Texas  4  Pacific 

Tol.  Ann  Arb.  4  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  4  Gulf. 
United  States  Rubber  Co. 

U.  8.  Cordage  Co 

U.  8.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 

Wheeling  4  Lake  Erie 

Wheeling  4  Lake  Erie  Pfd 


Thursday. 
May  8. 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 1 89S.453 


COTTON,  in  ba  es. 

I  World's  visible.  I  Total  In  slghtH  Total  Exports. 
1806  4  07tf.0-..'6  9.423.091  6.195.6S6 

'.K94  8  743,876  7,l;i6,639        I        4,761,142 


•*•  '•   J  June... 

Cotton  I  July 

I  August.. 


WHEAT,  In  bushtls. 
I    U.  S   Visible.     iPriroarv  rec'ts*!  Total  Exports. 
1805        82.196.000  14:.C:j6  000  126.123  503 

189l|        86 168,000         |     150  051  UOO        |     145.358  690 


^h-t-]j"u7y:. 


CORN,  in  bushels. 

I     U.  S  Visible.  IPrimary  rect8*l  Total  Eiporta 
1805           9.a>4  000  69  617.000  18  076  218 

IS94|        10  359  COO  |     138.604,000        |      66  862.994 


Chicago  1  May.. 
Wheat,  t  July., 

co™...j,*'«.y- 


I  July.. 


OATS,  in  bushels. 
I    US.  Vi-ible. 
IFP5  5  816  000 

l.'*94|  2,659,000 


N.  Y.  Stock^ 
642  4cd 
614  756 


Cbgo.  Stocks. 
1601000 
798  000 


OaU...-!*'ay. 


Pork. 


July. 
1  May. 
IJuly.. 


2954 

VM 
113!^ 

99^ 

104J4 

5?4 

57 

53H 

96  Vi 

19 

I'M 

75« 
63}| 
118 
0714 
8.■i^ 
87>4 

41^ 

139 
160 
130 

i  isH 

84H 


«2W 

I48M 
I  66« 

III8>4 

1UI96 
32 

26W 


mi 

12 

li9<^ 

1796 

6 

il% 
24W 

17H 

m 

14H 

r% 

23 

4.'H. 

11 
7 

16% 

8yj2 
13-^ 
43)4 


Fridav. 
Hay  8. 


77       ~~ 
11194'!  14'4 

Ts9ii  «£?» 

'M  594 
56%  5794 
52^  53M 
9.->J4|  97« 
18>4  <9 
74H  75M 
74J^'  75% 
62941  »«* 

US   \nm 
66%  6;^ 

9696  WX 


Saturday. 
May  4. 


29U   «S« 

77W 

112H113»4 

9s9il  9£%    9894'  9SH 

■      ""-     lOti^lOJ^ 


969i 
I8?| 


969^ 
18% 
7494 
74  M 

62%  . , 
ll'rt4  118^, 
6C94      ■"' 


8.iL4 
»6H 


75 
74% 


009i 


29^4 

11294 
98H 

6H 


9694 
1894 
749i 

7a9(. 

6294 

1I8V1, 

6694 


flC3!li    9<H 


4m!  <\%  4194  *m 

21941  27^  27^4  2794 
\VJ  |141^  138^  140 
1  0^18094  160  110094 
l;i9  iiao^  129  <t  12^94 
43  4S9i  4294 
\fH  IS'i  \»%\  I0V4 
mi   SSii    «%,  8394 


41% 

8:^4 

140 
159Vi 
129 
42' t 


92V4I     •• 

28H   29  88^' 

20%   209«  20W 

77     I  77^  nv^  . 

14294  113H  14194  ^i^-f' 

66     I  50^  659S    *'!' 

118^  118H  117^1  lObi'* 

lOOW    9!»9i  98^i|   ... 

81^1  82^  81%   88 


88  2«H 

84^'  84% 

88%  69V6 

98%  !-8% 

12     I  12Vt 

87  I  40 
179i  1"^ 

88  I  3796 

6  6 

81%'  .... 

k8^4  24% 

494        • 

16H  i;9i 

173M  177 

. .    I  66' 

18  11. , 

13%'  H9j 

86%  3996 

21H  2:1^ 

;o9i  105; 


Monday. 
Xay  6. 


77% 

115 
099* 
104% 
5% 

53^4 
9694 
19 


Tuesday. 
May  7. 


29V4    •■i9 

77%l  77% 
]139«,1159i 


Wed.. 
May  6. 


64% 

119% 

6:^ 
3594 
9734 


l(B9li 

696 

6294 
95% 
1>% 
7494 
73% 
63% 
119% 
6C96 
35% 
86^ 


104V4 

58 
6.396 
96% 
21 

7886 

fc96 


28%   8994    8896 

77     I     .. 

1U9611SU  1I4M 

99%'  99%  9994 

104      1(M%  103% 

6        6%  6% 

58       59  68 

53       54  68% 

Q^    97  96Vv 

]ru,6,  2;%  21' 

fsi^l  7496    73% 

6494  6594   61% 


69% 

87 

9696 


fl79ii 


42%    4196   44' 

27%  27  2: 
142  140%  143' 
lti0%  l.')954  ICOi^  I6'i% 


69^    68 

37       86% 
98M    97% 


1-X9i  '29?^ 
44        44        45        44% 
19%     18%    1996    19 
34%    8^'  8494 


143%  143 

16094  16094 

""■     130 


46^    45H 
•i^H     19J4 
83)4    •'*^'*    34 
109%  109% 


1895 
1894 


LARD-tcs. 

World's  vis. 
27ri.683 
12^,594 


CHICAGO  CONTRACT  STOCKS. 
PORK-bbls,]  LARD-tcs.  1  RLBS-lbs. 
125.820  46,181        29539.741 
70,196     I  4,039     I     6,792,679 


Lard. 


I  May..  . 
(July..., 

K'-^ytSL:: 


13%  >3:4 

6  I 
41%    42^ 

7  I     '>Vi 
10       1096 

7    I  6% 

16%  16% 

89%  89% 

13  13% 

43  43% 


827  83 


8T7.264 


8:«    8.71     6,70    6.6-1 


6.67  6.62 

6.71  6.65 

6.77  6.71 

6994  88% 

69tJ  68A 

6496  5394 

64%  53i] 

6494  03% 

659^  64% 

49%  46% 

50J^  48% 

28%  28!.4 

29  28U 

12.15  12.  :5 

12  SO  12.33 

8.78  6.72 
6.93  8.87 
6.20  6,17 
6,37  6.32 


G.04  6  56 
6C9  6  6! 
0  74    6.6a 


17%  I79J 
175     il76 

19  80 

14%  1494 

8794  *JH 

ijy.\  4.'94 

l<»9s  10% 


69s 

10% 
6% 

1096 

89% 

13 

43% 


41J6    42% 

044 


6% 
169i 

89-H 

1896 

439* 


42  42 

694  6% 

9%  10!^ 

6%  7^4 

1696  17!* 

80  89% 

18  1396 

43%  ... 


258,604 


8,M  8  84  6,6S  8.57    8  8)  6  62 

6.03  6.56  6..',6  6  49     6  55  6  51 

6.68  6.61  6  61  6.54  .  6.f,:  8  .'i5 

6.78  6,66  6  67  6o9l060  6.61 


68%  67 U  68%  68  67%  86    |  66%  85%   m\  65%    6994    65%     69       «f| 

69.%  66%  60%  m\k  68  66|J,  6796  6*i,',l  6794  m\i     6^fi    66%     70%    ta,". 

55  M  56%  5494  54%  54V«'  559!;  6496'  5.594  5596     5594    52^     44%    42»6 

53  64     I  S6%  6494  64%  54%^  56,'.  6496!  56  5696     58        6^94     46        43% 

84%  6294  64  88    '  62%  61  62%  &ifi^  62'4  61% 

66%  6«i  W-i  64  6.34s  t2'4'  03%  t\%    (*%  8296 

49%  4  46  V%  49%  4996  4Ss  ^K  49!  6    50  ^4  50^ 

49%  48J6  50%  4996  49%  49%  5096  49%  |  51%  6096 

2W4  «8«6  2894  28%  2896  28M;  »»%  »'^i\  2^94  28%     2^    27?i'l  349<    8i>'»4 

2»%  28-v  2894  28H  2j46  2S%  2SH  28%'  2S^  2-,H     29        2-t     I'  80^*    2!-% 


ij^Jt^^if^'-'Raneefo, 


29%    87 

78       77 
11594  1099* 
I  99%    98% 

'"i  '''^ 
69  6594i 
64  62% 
97%    94%I 

21%     1«6 

7896  7334 

75%  78% 
6594  61J 
119%  118 

9t9i  K^ 

45'  41% 
2794  2698 
143%  138% 
I6094  )f894 
13094  12794 
4696  42% 
2096  1«« 
84%  83% 
109%  109% 


1594  1296 
6%  6% 
42%    40 


1%     696 

17||  1594 

9194  8896 

I89i  1294 

44M  48 


8.78  8.^7 

6.67  6.48 

U.ri  654 

6.77  6  57 

6994  65% 

6^«  66% 


31 

26% 

7fi 

66 

10996 

92>4 

y7;»4 

88% 

87% 

81 

1  % 

8 

77 

71 

61 

49 

111 

104 

18-% 

16 

8096 

7=94 

74*4 

62 

63% 

6n% 

119%  117% 

69% 

10; 

lolft 

14:^4 

141 

89 

35% 

18% 

i^ 

:37 

136 

l(>2 

158 

140% 

J3m 

82V4 

2894 

25% 

21*6 

40% 

82% 

104 

10« 

6 

S 

94 

89% 

1796 

l6Vi 

16 

14% 

«•"-<■ 

66-yi 

1R3 

l28'-< 

.50% 

m„ 

126 

lis 

98% 

9694 

2596 

21^-4 

42 

6% 
24% 

8794 
ICO 

82 
95  !4 

16 

1296 

8% 

»^ 

Ifi^i 

14»» 

40% 

86 

4% 

3*4 

5 

3H 

1996    12^ 
16        13-^ 


6 
19 

:<-2 


I4B6 
158 


20%    " 


18  16 

9  794 

8  5 

19%  14% 

5%  5 

39%  .3:^% 

■iOM  1.'^.% 


40 

776 


83 

6% 


1796  n** 

8.';%  81 V4 

13%  9-14 

49%  4196 


7.87  7  TO 

7.70  7  01 

7.77  7  13 

7.83  718- 


6494  6096    t'6%  57% 

6:.96  61%    my^  5'.'98 

5094  46'X"  X\%  37V4 

61%  4r94|l  4096  W 


1200  11  rt)    1185  1180   11.80  11,80   II. bD  11  .^0   12  02  12  00 
12.47  12.12  12,18  11  92  11  97  11.85   11,95  11.77  112.20  11.97  i 


12  15  11  ^0 
12.50  IX  77 


6  60  860 

6  87  6  75 

6.05  6.U5 

6  37  6.15 


8  52  6  52  6  52  6  52     852  6.47     d  55  6  S6  1 

6,72  8  C2  6  67  6  62     6.65  8.60  |  6,67  6  65  I 

6  00  5  92  COO  6  uO  I  6  07  6  00  1  6.02  6  Qrl . 

6  17  6.05  6  10  6  02  I  8  22  8.15  '  6.12  6,07  , 


3  35  1 1  2r 
13.40  11  27 


1!^ 
U9 


LD  PORK,  Cbgo. 
...     bb&. 


-bbls. 


WHEAT  on  passage. 
42.000.0C0  buall. 
42,384,000     '• 


CORN  OB  passage. 
2,800.000  busa. 
7  7(M,C00     •• 


Russian  Shipmtt.  for  wk. 
3,1^.000  bush. 
1  327,000    '• 


6.73    6.47    '  7.90  6.6S 

6.92    6  60   :  7.."0  6..tO 

6.20    6  92      6  80  5.70 

6  37     8tOi:  6.72  5.67 

Indian  Shipmts.  for  wk.  I  Argentine  Shpts.  (or  wk. 
112.000  bush.  I      1.440.000      bush. 

160,000 


1 


t  Since  Aug  81.    •  Since  June  30.  CompiUd  and  Cop^'ngkitd  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  yOEK 


McclU\>  flDarhct  Xcttcr. 


Copyright,  1896,  by  Ctapp  <^  Co<i-nnnif. 


No.  429. 


O.  W.  Clapp. 

CJWIQHT  O.  CLAP^ 


CLAPP    &    COrvlPANY, 

Banhecs  anb  Brohers, 
MILLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


277    BROADWAY,  Corner  Chamber*  8t. 
671    BROADWAY,  Broadly  Centhai  Horn. 
Officm:  ;  753  pipTH  AVENUE,  Corner  68th  St. 


Private  Teueqraph  Wires. 
Cable  Address:  "Ozro." 
LoNQ  Distance  Telephone. 


New  York^  Thursday  Morning,  May  16,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private"  ivire  facilities  are  unsurpassed  to  all  Neio  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  m,ay  be  made  with  local  out-of-town  banks.-  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


The  bucket-shop  interests  and  their  assistants  or  backers,  "  the  public,"  seem,  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 


PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "  LEADING  AIMERICAN  EXCHANGES." 


*  Without  doubt  the  handsomest  and  most  carefully  compiled  volume 
of  the  year,  from  a  financial  and  literary  standpoint,  is  Clapp  &  Com- 
p:iny"s  '  Leading  American  Kxchan^es,"  a  coi>y  of  which  has  reached  the 
Fin'anci'r.  The  book  contains  nearly  400  pases,  is  superbly  bound  and 
illustrated,  and  worth  many  times  the  price  asked  for  it.  To  review  the  vol- 
ume in  extenso  would  necessitate  more  si)ace  than  the  oidiuary  publica- 
tion could  spare,  and  yet  even  a  cursory  examination  shows  that  it  is  de- 
serving of  the  highest  encomiums.  The  volume  before  us  contains  in 
complete  form  Clapp  &  Company's  weekly  market  letters  for  1894,  and 
ir.  addition  a  mass  of  valuable  statistical  information  to  be  found  nowhere 
else.  It  is  indeed  marvelous  that  so  much  information  of  value  to  the  busi- 
ness man,  the  student,  the  investor,  the  financial  writer  and  the  public 
generally,  has  been  given  concisely  and  yet  so  fully  in  the  compact  vol- 
ume beifore  us.  The  world's  markets  and  piices  are  treated  exhaust- 
ively, and  the  compiler  has  also  brought  together  in  convenient  form 
lor  ready  reference  tables  of  United  States  production  and  prices,  which 
could  not  be  obtained  by  the  ordinary  reader,  only  after  days  of  patient 
delving  in  public  archives  and  statistical  publications  which  are  for  the 
most  part  out  of  his  reach.  We  confess  that  there  is  nothing  which  this 
admirable  volume  does  not  seem  to  contain.  For  instance,  such  out  of 
the  way  statistics  as 'natural  gas  production  values'  are  given  in  full, 
and  in  addition  there  are  pages  running  into  the  dozens  of  American 
shipping,  banks,  bonds,  cereals,  clearings,  copper,  exchanges,  exports, 
fiailures,  interest,  etc.  By  actual  count  there  are  eighty-eight  main 
divisions  in  the  index  such  as  enumerated  above,  and  every  one  is  sub- 
divided in  turn  into  separate  references  running  from  one  hundred  in 
number. 

The  book  Is  illuminated  with  numerous  full  page  and  smaller  illus- 
trations of  the  highest  character,  accompanied  by  de-scriptive,  biograph- 
ical and  explanatory  notices,  prepared  by  able  writers.  Among  the 
more  interesting  are  pictures  of  the  leading  exchanges  of  the  United 
Stales,  portraits  of  Messrs.  0.  W.  and  D.  O.  Clapp,  the  members  of  the 


enterprising  firm  of  Clapp  &  Company,  and  a  full  page  photographic 
reproduction  of  Mr.  O.  w.  Clapp's  membersliip  tickets  in  the  Chicago 
Board  of  Trade,  running  back  to  1858.  No  library,  pubhc  or  private,  can 
be  called  complete  unless  it  posesses  this  volume,  and  for  bankers  it  is 
invaluable.  Messrs.  Clapp  &  Company  are  rendering  a  real  service  to 
the  financial  and  hterary  world  through  their  yearly  pubhcation  of  this 
work.  The  cost  of  preparation  must  be  enormous,  although  the  book  ia 
sold  at  an  unusually  low  figure." — The  Financier,  New  York  City. 

"The  weekly  market  letters  of  Clapp  &  Company,  the  New  York 
bankers  and  commission  miTchants.  are  periodical  visitors,  giving  well- 
balanced  views  on  finaiiciiil  affairs,  as  well  as  a  resume  of  railroad  mat- 
ters and  grain  markets,  that  make  valuable  reading  to  those  interested 
in  their  movements.  These  letters  are  edited  so  carefully  and  present 
such  fresh,  reliable  data,  as  to  make  them  of  much  service  in  studying 
the  phases  of  the  markets.  Brevity  and  clearness  lend  additional  merit 
to  their  usefulness.  The  publisliers,  Messrs.  Clapp  &  Companv,  have  re- 
cently published  in  book  form  these  weekly  letters  from  the  issue  of  De- 
cember 29,  199.3.  to  that  of  .January  3,  1895,  inclusive.  This  publication, 
therefore,  presents  a  complete  liistory  of  the  course  of  the  markets  diir'- 
ing  that  period,  reflecting  the  ups  and  downs,  cau.ses  and  effects,  giving 
statistics  on  various  subjects  and  making  a  volume  that  will  be  of  great 
utility  for  reference  and  advice.  There  are  also  other  features  in  the 
book  which  are  of  value.  The  leading  commercial  bodies  and  exchanges 
of  the  United  States  are  sketched  and  their  relative  importance  shown 
by  tables  giving  business  done.  The  compilation  Is  carried  out  wirh 
creditable  judgment  and  enterprise,  and  has  been  warmly  welcomed  in 
financial  circles."— Mauufaoturers'  Record,  Baltimore,  JId. 

"Clapp  &  Company,  bankers.  Mills  Building,  New  York,  have  Issued 
an  elegant  'souvenir  book  of  1694,"  the  product  of  much  patient  work 
and  expense.  It  contains  a  fund  of  valuable  information  to  investors,  and 
is  handsomely  illustrated."— The  Banking  Law  Journal,  New  York  City 


Clapp  &  Company's  annual  Souvenir  book  for  1894  -will  be  delivered  free  to  applicants  upon 
receipt  or  $3.    A  few  copies  of  1S93  can  be  had  for  $2  each. 


H 
X 

"0 
> 

o 
m 

o 
o 
z 

H 
> 

z 

D 

> 

r 
-< 

:d 
m 
o 
O 
:o 
D 
en 

O 
"n 


r 
m 
> 

D 


O 

m 

X 

o 

X 

> 

z 
o 
m 

C/3 


KEEP  OUB  L.ETTEKS.      POBTFOHO  FOR 


FILING 

ft-. 


FORVVAKDEJD  APPLICANTS   FKEE. 


2         CLAPP  A  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Financial  Outlook. 

No  commodity  affects  the  value  of  any  other,  except  sympathetically  and  relatively.  Intrinsic 
values  always  stand  firmly  related  to  supply  and  demand.  Unnatural  and  abnormal  demand  may 
be  temporarily  caused  by  extraordinary  consumption,  undue  speculation,  human  whims,  contracts 
and  laws.  Temporary  apparent  advantage  may  be  gained  by  agriculturalists  and  their  dependants 
against  manufacturers  and  their  employees  by  change  from  gold  to  silver  standard  ;  the  outcome 
might  mean  loss  to  all  classes. 

Straws.— It  is  estimated  the  silver  production  of  1895  will  not  exceed  100,000,000  ounces,  and 
Chinese  indemnity  will  require  more.  Imports  of  textile  fabrics  and  other  fibre  goods  average  76  ^ 
more  than  under  the  former  tariff.  Total  imports  for  seven  months  are  $54,000,000  more  than  in  1894. 
The  United  States  Minister  says  banks  in  Paraguay,  South  America,  will  not  take  American  silver, 
or  handle  American  exchange  not  specifically  payable  in  gold.  The  bond  syndicate  are  reported  as 
paying  a  small  premium  for  gold  in  gold  producing  States,  and  offering  4  per  cent,  bonds  in  other 
States  at  less  than  New  York  quotations.  It  is  reported  the  French  people  own  all  their  Govern- 
ment securities  and  some  3>4  billions  of  Russian  and  Spanish  securities.  The  income  tax  wanted 
by  the  experimenting  administration  may  be  declared  unconstitutional  after  much  trouble  to 
encourage  the  people  to  swear  falsely. 

Stocks  and  Bonds. 

Bonds.— Recent  transactions  in  bonds  equal  $25,000,000  per  week,  exceeding  all  records  since 
1892.  Foreign  purchases  have  seldom  been  equalled,  turning  the  tide  of  gold  toward  instead  of  from 
us.  New  Governments  have  recently  sold  at  1  23  that  the  Government  sold  at  and  around  par,  and 
the  syndicate  reissued  a  part  of  at  112)^.     The  general  bond  market  has  a  broadening  tendency. 

Railway  Stocks. — Twenty-eight  railway  companies  report  gains  first  week  of  May  averaging 
26.37  per  cent. ;  five  companies  show  losses  averaging  11.7  per  cent.  The  March  decrease  on  125 
roads  is  more  than  made  up  by  the  increases  of  April,  so  that  the  year  shows  substantial  gains  over 
1894.  Gains  in  prices  are  remarkable.  We  reprint  our  table  of  May  2,  giving  prices  of  Grangers 
and  other  leading  stocks  in  1895  compared  with  figures  of  four  preceding  years. 

1896.  1894.                           1893.  1892.                          1891.  Decline  from  Advance  from 

High.      Low.  High.  Low.  High.  Low.  High.  Low.  High.      Low.  high  point.  low  point. 

N.Y.  Central 101?^      92^  10J><  QHV  Ul!4  92  1193<  107>^  119|i      98K  27Ji  9% 

Northwestern 9S%      87%  110?|  96)^  116%  84:5^  121%  110><  U8%    102>^  37  13^ 

Burlington. 79%      69  84>i  68%  103%  69)^  110%  96%  110         75%  42  11% 

St.  Paul 68%      53%  67%  54%  83%  46%  99%  75%             82%      50%  53  21% 

Rocklsland 70%      60%  72%  60  89%  51%  94%  75%             90%      63%  42%  18% 

Missouri  Pacific 29%      18%  41%  18%  60  16%  65%  53%             77%      54%  60%  12% 

Western  Union 93%      86  92%  8H<  101  67%  100%  84%             85%      76  33%  26% 

'      •     •"    —    '    •"        '  -■■'  -"-'  —'  ~J5|  84%  64%             83>|      65%  44%  21% 


LouisviUe  &  Nashville.  61  46%  57%  40%  77%  89% 

Atchison 9%  8%  16  3  86%       9% 

Reading 21%  7%  23%  14%  53%  12  uo         oo  «?-.      ^y^  o,>* 

Nor.  Pacific  pfd 27  13  -23%  12%  50%  15%  72%     44%  77%      58%  64%  14% 


Atchison 9%       8%  16  3  86%       9%  46%      82%  47%      24%  44%  6% 

Reading. 21%        7%  23%      14%  53%      12  65         88  43%      25>|  67%  13% 


Ei^ht  bankrupt  stocks  have  gained  about  $8  per  share.  Reading  continues  a  favorite.  Many 
low  priced  stocks  have  advanced  sharply  upon  manipulation  and  general  buying.  Western  Union's 
earnings  are  reported  increasing  with  a  possible  control  with  Telephone  interests.  Many  low- 
priced  stocks  have  been  bought  freely.  Texas  roads  report  excellent  earnings.  Foreign  buying 
continues  in  the  Granger  list.  It  seems  to  be  conceded  everywhere  the  1895  corn  acreage  will  be 
larger  than  any  preceding  year,  and  the  yield  will  be  about  double  that  of  1894.  Our  experience 
teaches  us  May  and  June  have  little  to  do  in  making  a  corn  crop  in^  comparison  with  July  and 
August.  The  financial  depression  of  1893-94  has  mostly  disappeared  on  the  Exchanges.  Appear- 
ances for^^shadow  a  bountiful  harvest.  Let  us  be  thankful  and  "make  hay  while  the  sun  shines." 
The  consensus  of  opinion  indicates  a  much  higher  range  for  the  stock  market.  Our  London  advices 
think  the  little  shakeout  to-day  will  strengthen  the  market. 

Industrials. — Sugar  has  reached  highest  prices  yet  shown.  There  appears  no  less  prospect 
of  selling  above  120  than  when  first  it  reached  the  "teens."  Distillers,  receiver  and  officials  appear 
to  work  narmoniously  to  advance  the  property  and  the  stock.  Cordage  evidently  has  disease  it  had 
in  fall  of  1893.  Lead  has  many  friends  tor  the  property  and  stock,  and  looks  like  selling  higher. 
Cotton  oil  continues  firm  and  may  do  better.    General  Electric  still  has  a  list  of  believers. 

Cotton. 

9,461,681  bales  appeared  in  sight  from  September  1  to  May  10.  Present  indications  are  the  crop 
will  pan  out  over  10,000,000  bales.  The  movement  into  sight  continues  larger  than  ever  before. 
Exports  to  May  10  were  6,248,273  bales.  Northern  spinners  took  1,959,617  bales  and  Southern  spin- 
ners 606,000  bales,  indicating  that  8,813,890  bales  left  the  plantation  at  an  average  price  now  exceed- 
ing 5  cents  per  pound,  or  for  less  money  than  the  crop  of  1893-94,  which  contained  about  1,500,000 
bales  less  cotton.  The  visible  is  only  about  9  per  cent,  larger  than  a  year  ago,  and  is  about  25,000 
bales  less  than  in  1892,  and  90  per  cent,  is  American.  Receipts  of  Sea  Island  cotton  to  May  10  were 
74,585  bales,  exports  39,934  bales.  Northern  mills  took  34.461  bales  against  22,002  last  season.  The 
Government  report  indicates  the  1895  acreage  as  78.5  against  81.6  last  May.  Mr.  Ellison  estimates 
European  weekly  consumption  as  180,000  bales,  and  from  September  1  to  May  1st,  2,425,222,000  lbs. 
in  bales  of  497.9  lbs.  each,  against  3,23i, 5*0,000  lbs.  in  bales  of  471.6  lbs.  each  last  season,  leaving 
spinners'  stock  May  1  of  1,060,000  bales  6  763,000  bales  a  year  ago. 


CLAPP  4  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


There  is  a  growing  bullish  feeling  on  cotton  all  over  the  South.  The  general  claim  is  there  has 
been  less  fertilizers  used,  and  the  acreage  is  kss.  Much  of  the  crop  is  badly  put  in,  and  will  not 
mature  as  good  as  usual ;  that  at  picking  season  the  fields  will  be  green  instead  of  white.  Rains 
and  cold  weather  are  reported  by  our  correspondents  in  many  States.  Mr.  Neil's  report  is  expected 
to  be  bullish  and  affect  foreign  traders  and  orders.  Others  claim  the  advance  in  all  cereals  and 
stocks  has  exceeded  that  in  cotton.  As  cotton  led  the  list  it  is  likely  to  again  advance  to  7  or  7/^ 
before  the  buU  fever  is  over,"  and  sell  ai'ound  8  or  9  cents  next  fall. 

Wheat. 

The  average  May  condition  for  the  past  six  years  represented  a  crop  of  .307,000,000  bushels  of 
winter  wheat,  the  final  outcome  indicated  a  yield  of  324,000,000  bushels.  The  greatest  extreme 
being  last  ^ear,  when  the  final  crop  equalled  76  million  mure  oushels  than  the  May  report  predicted. 
We  think  it  quite  probable  the  acreage  in  18.^5  will  be  reduced  and  that  winter  seeding  in  many 
places  has  been  damaged.  Reports  from  India  indicate  their  acreage  has  been  reduced  30%. 
Argentine  reports  their  probable  exports  will  be  ooly  about  34  millions  against  56  millions  last 
season.  The  Daily  Bulletin  May  1  reported  the  European  visible  as  81,500,000  against  99,500,000 
last  year  and  the  World's  visible  as  186,523,500  against  206,913,000  May  1  KS94.  Danubian  crop 
prospects  are  generally  reported  good,  little  or  no  complaint  reaches  us  or  is  heard  of  the  German, 
French  or  English  crops.  Stocks  in  Europe  are  light  and  continue  decreasing.  The  amount  being 
put  afloat  has  seldom  if  ever  been  larger  per  week.  The  amount  afloat  continues  near  the  maximum 
amount  and  seems  to  cause  great  alarm  among  foreign  buyers,  yet  it  is  noticeable  they  accept 
most  C.  I.  F.  offers  when  the  prices  show  slight  declines  from  previous  offers.  Rye  evervwhere  is 
bringing  better  prices.  Chicago  receipts  of  wheat  and  flour  since  January  1,  1895  equal  about  35 
million  bushels,  against  46  million  same  time  in  1894.  Chicago  official  stock  Jan.  1  was  26,465,112 
bushels.  Now  it  is  21,051,000  bushels.  They  are  shipping  some  wheat  to  mills  in  Toledo  and  St. 
Louis  ;  these  points  sent  them  wheat  in  1894.  Primary  receipts  of  wheat  since  June  30  equal  about 
143,000,000  bushels,  against  about  151,000,000  a  year  previous,  and  250,000,000  the  previous  season 
same  time.  Exports  to  date  have  been  about  129,000,000  bushels,  against  about  150,000,000  same  tim.e 
previous  season.  Sentiment  continues  bullish  ;  a  leading  wheat  operator  and  packer  is  reported  as 
predicting  wheat  will  soon  sell  at  70  cents  in  Chicago,  and  then  have  more  friends  than  around  55 
cents,  and  further  that  wheat  is  likely  to  sell  very  high  this  year.  The  80  cent  prophets  are  now 
about  as  numerous  as  the  50  cent  guessers  in  midwinter  1  Then  winter  wheat  flour  was  50  to  75  cents 
under  spring  samples,  now  the  difference  is  only  about  10  cents,  and  it  will  disappear  if  primary 
receipts  of  winter  wheat  do  not  show  up  soon.     Ihfe  invisible  is  conceded  to  be  very  smalL 

Various  Government  reports  of  condition  winter  wheat  for  years  named  show  : 

Fmal  Govern-  Estinialed  Tfield  of  Wiuter  Actual  ^eld 

ment  acreage  May  June  yield  per  acre  Wheat  In  bu.  July  per  acre  Actual  yield 

foi  year  con  jl-  condi-  indicated  by  indicated  by  condi-  Winter  and  Winter  W  heat 

named  tioQ.  tion  May  condition  May  condition.  tiori.  Spring.  Crop 

1889 25,:«J4,70a  96  0  93.1  14  1   bu  3.57.924,298  92  0  12.9  332,243,000 

1890 23,520,104  80  0  "8.1  11  8  ba.  277  537  227  76  2  11.1  255,374,000 

1891 26.581,284  97  6  96  8  14.4  bu  882,770.401  96  2  15.3  392,245.000 

1892 25,989,076  84.0  88. 3  12  4  bu.  322,264.532  89  6  13.4  359,19i;0()0 

1893 22.868,539  75.3  7.'',. 5  11.1  bu.  2.53,840,782  7'  1  11.4  275,488  Si K< 

1894 23,306,500  814  83.2  11.8  bo.  250,313,116  8;S.V  13.2  826,398  840 

1895,  estimated 24  224,000  82  9  12.c<  bu.       '      297.955,200 

Average  for  years  named 24,608,^6'?  85  9  85  8  12  7  bu,  807,441,7^  65. »  12.9  823,480,108 

Corn. 

The  visible  decreased  last  week  about  16  %.  Primary  receipts  continue  under  the  domestic  and 
export  demand.  Ambitious  bears  have  contracted  a  little  corn  for  December  delivery  in  Chicago  at 
42  cents,  and  for  May,  1896,  at  46  cents ;  this  has  astonished  some  enthusiastic  bulls,  who  do  not 
realize  that  little  or  no  corn  ever  reached  any  of  our  speculative  markets  to  grade  contract  in  the 
year  in  which  it  was  grown.  We  scarcely  look  for  any  to  do  so  this  year  before  October,  provided 
the  best  of  corn  weather  continues  until  the  crop  is  fit  to  crib,  which  does  not  ordinarily  occur  before 
November  in  the  commercial  corn  states.  May  and  June  corn  crop  conditions  seldom  guide  specu- 
lators to  be  of  benefit  to  them.  Jul  -  and  August  maices  or  unmakes  the  American  born  crop,  which 
unthrifty  bears  and  their  raiWay  friends  predict  will  equal  ;a, 500,000,00.'  bushels.  Speculation  is 
broadening.    Corn  merchants  appear  sanguine  of  better  prices.    The  bears  are  not  aggressive. 

Oats. 

Crop  reports  continue  of  the  best.  Stock  of  old  oats  is  con«;idered  ample  to  satisfy  consumptive 
wants.    Bulls  have  but  faint  hearts,  as  losses  have  been  severe  and  prices  not  up  to  expectations. 

Provisions. 

$12.00  pork  for  July  delivery  in  Chicago  with  live  hogs  above  parity  prices  sounds  tempting  and 
might  be  so  if  speculation  was  more  aggressive.  Exports  of  lard  for  ten  mouths,  ending  April  30, 
were  398,672,504  pounds,  against  358,672,501  pounds  same  time  the  previous  year  ;  of  other  hog  pro- 
ducts 522,938,935  pounds,  against  472,435.185  pounds.  Chicago  packing  since  ^March  1  has  exceeded 
any  of  the  past  4  years  same  time,  and  is.  May  9th,  2,530,000  hogs,  against  2,385,000  last  year. 
Receipts  there  were  12  ^  larger,  yet  18  i  less  at  the  six  packing  centres.  Packing  at  all  points 
2,430,000,  against  2,385,000.  The  Price  Current  reports  packing  last  summer  was  1,135,000,000 
pounds ;  estimated  this  year  will  be  1,130,000, OCO  pounds. 

Yours  respectfully,  CLAPP  &  COMPANY. 

97 


CIAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Quotations  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  May  15,  1895,  and  tor  May,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weekly 
Sales. 


9.348 

3,467 

213.9?7 

2-i74 

40  876 

217.024 

7,048 

9  482 

27.246 

5rf357 

68  8:  • 

107.329 

139.963 

1.939 

34.283 

4.745 

46.343 

13.576 

6.035 

2.507 

7  312 

9.316 

4.950 

2ii8.020 

31.905 

SiO 

1.0.50 

2  439 

780 

10,122 

1.635 

5.363 

81,263 

9.713 

4.354 

17.185 

110 

81.971 

82.504 

3.678 

13.704 

20.837 

28,779 

20,407 

8.254 

43.129 

52,362 

16,679 

20.053 

7.495 

839.142 

2.795 

90,000 

3,800 

88.196 

20.961 

aH990 

S.8U2 

3.755 

15.298 

5.8J0 

10,694 

32.438 

18.022 

22,115 

62.005 

40.184 

66  402 

3,570 


Capital 
Stock. 


$20,237,100 
10.198,600 
36.773,000 
86.773,000 
17,900,000 

102  000,000 
25,000,000 
15,000.000 
22,488.000 
60.805.400 
82  262,700 
24,885.800 
46,087,261 
85,923,900 
46,156.000 
18.559.860 
39.054.907 
22.335  1?0 
28  000  000 
1 1  696,000 
85,430,000 
86.200.000 
35  000.000 
38  000.000 
84  091900 
30,459,700 
85,000,000 
8,000.000 
50,000,000 
10.000.000 
11,840,000 
11,840,000 
49,466,500 
52,800.000 
30,000,000 
18,738,204 
13,000,000 
47,844,100 
47,436,576 
14.905.400 
14  904.000 
89.428.300 
77,427.000 
20.000,000 
58.119,982 
13  000.000 
39.767,200 
49.000.000 
89.269,546 
80,000,000 
8,500,000 
40.426,361 
36,000.000 


Paid  Ipc  Deo.  1R94 

Pays  Ipo  M-J-S-D 

Paid  Ipc  

I'ays  7  PC  Per  Annum. 
I'aid  K'PC  Ftb.  1895... 

Pai'd'2i4pc  JanVisgs!.".' 
Paid  Sii-pc  Jan.  :8fl5... 
Paid8pc  in  1893 


68.408,900 
125,000.000 
60.000,000 
19,8,50,000 
38.710,900 

6.500.000 
60.868..500 
33,&37.093 
80.166,000 
18,245  000 

7,414,810 
28.000,000 
24  000,000 
94,820,000 
10.000.000 

4.500,000 


Dividend  Recobd. 


Pays  .3pc  J-D 

Pays  3pc  0-.I-A-J 

Pays  3i^pc  J-J 

Pays  3pc  FM-A-N.... 
Paid  5^DC  in  1888.... 

Paid  2dc  1895 

Pavs  1J4PC  F-A 

Pays  ]14pc  F-M-A-N.. 


Pays  2pc  M-J-S-D 

Pays7pc  per  annum. 
Fays  7pc  ler  annum. 


Paid  li^pc  Jan.  1803. 
Paid2pc  AugTi  St  1893. 
Pays  5pc  per  annum. 


Pays  2^pc  MS. 


Pays  IMpc  FM-A-N. 

Pays  3pc  FA    

Paid  2pc  August  1893. 
Pays  IK-Pc  J-A-J-O.. 
Paid  2pc  in  Feb.  1895. 


Paid.Spc  1891 

Paid  Ipc  in  Dec.  1894. 
Pays  l^pc  M-J-S-D.. 
Pays  Ipc  J-A-J-O 


Paid  IMpo  Nov.  1898.. 


Paid  Ipc  April  1892. 
Paid  Ipc  in  1H87..., 


Pays  2pc  FM-A-N.... 


Paid  Ipc  in  1887. 


Paid  3^pc  in  1884. 


Names  or  Stocks. 


Paid  2i^pc  March  15, 1895 


Pays  1J4PC  J-A-J-O 

iia'ld  Ipc  in  Feb/isw! '. '. . 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

.\tchison,  Topeka  &  S.  Fe. 

Baltimore  &  Ooio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio.   

Chicago,  Bur.  <fc  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Panl. . . 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  L  &  Pac  fie . . . 
Chic,  St  Paul  M.  &  Omaha 
Chicapo  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  Cin.,  Cbic,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  Wn. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 

General  Electric  lo 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Reo 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  <fe  Western.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. . 

I.onisville  &  Nasliville 

Manhattan  R'yCousol... 

Micbiffan  Central 

Mo..  Kansas  <fe  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd.... 
N.  Y.  Cenfl  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
NY&N  E  tst  CO  cU  all  in  pd 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.  &  W'n  Pfd.,.. 

North  American  Co. 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Teiyi.  Coal,  Iron  &  R  R  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  A  Gulf. 
United  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie.... 
Wheeling  &  Lake  Erie  Pfd 


Thursday. 
May   9. 


299i  29 

7«  77 

115%  1139* 

9994  93^^ 

106  low 

7«  6% 

59H  59 

S4%  539i 

99(4  OOf^ 

22)^  21% 

58%  77% 

74%  73!^ 

661^  65 


Friday. 
May  10. 


29% 

7m 

114% 
9994 

106 
9 
62 
^% 

100% 
23^ 
79% 
75« 
67% 

120M 
69% 
37(4 
98% 


Saturday 
May  11. 


2C% 

78^4 

116H 

mi 

9% 
64 
54% 

loo 

28% 
79H 

75% 
68% 
120W 
70% 

a7h 


44%    44% 
26^    26% 
142    1 143 
161%!  .... 

imi  131)4 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 2  805.572        455  592        589,655        833.659         690,856        355  383        439  127 


COTTON,  In  ba  es. 
I  World's  visible. 
1895  4  005.25i 

1894 1  8  656,816 


Total  in  »lghtt|  Total  Exports. 
9..I61.0S1  6.248.273 

7,159,927        I        4,829,538 


^^-  '■    I  June... 

Cotton  1  July 

I  August.. 


WHEAT,  In  bushels. 
I    U.  S.  Visible.     , Primary  rec'ts* 
1895         59.623.000  142.919  000 

1891         63  511,000         I    15;  309  000 


Total  Exports. 
128.930  039 
150.218  967 


^beat.]»lf,y- 
i  May 


Corn.. 


July.. 


CORN,  in  bushels. 
I     U.  S   Visible. 
1895  7.981000 

18941  8.9.'0  000 


Primary  rec'ts*!  Total  Exports. 

61  orr.ooo  20  229  015 

140,851,000        I      68  612.268 


Chicago  I  May.. 
Wheat.  I  July.. 


OATS,  in  bushels 
I    U.  S.  Vi-ible. 
1895  6.155  000 

18941         2.576  000 


N.  Y.  Stocks, 

777  016 
683  352 


Chgo.  Stocks. 

1417  000 

956  000 


oat--{ju1^V 


I  LARD-tcs.  I    CHICAGO  CONTRACT  STOCKS. 

World's  vis.  PORK-b bis, I  LARD-tcs.  1  RIBS  lbs. 
18951        276.683  125,820  46,181        29.539.741 

1894]        18j,594    I         70,196    I  4,099     I     6,792,679 


Lard 
IRibs . 


'  May„ 
■  ■  1  July.. 

!  May 
••  1  July.. 


21J4    21 


147 

60% 
119 
100% 

83 


78V4 

114^4 

99^^ 
105^ 

68 

54% 


75 

669i 

69 
37 
979^ 


180% 
4794 
20% 
8894 


97% 
29 
2m 
,  77% 
144%'l4694 
5il     I  61 
1189i  '19>^ 
lOOk  101 
82^4   mi 


29% 
85% 
8994 
liX)^ 
14Vi 
45% 
19 


28% 
85% 


29M 
8594 


87M»  87 

6%      5% 

5%      4% 

24  82% 

28^  i7k, 

5%      5 

1894  16%      _ 
174      173%  174 

67%  67% 

20^4  20 

149i  U% 

4l»%  89% 

24%  28** 

1194  IIM 

2%      2 
1694    16% 

69i      6% 

i-M  41% 

;%    6% 


18%    18% 
44%    i*% 


89%   89% 
100W,,101J4 

\m  '"•■ 

42% 
18% 


24!4 
87^4 
6% 
19% 
174 


6.71  6.66 

6,64  6,54 

6.69  6,64 

6.75  6.68 


63%  C29i 

6494  63 

51  50V4 

6IK  50% 


6.62  6.62 

6.75  6.67 

I!  6.10  6,10 

M  6.30  6.07 


895* 
100% 
14% 


14% 
41k4 
24% 
12% 

17% 


9^ 
20^4 
9394 
14% 
45 


Monday, 
luay  13. 


Tuesday. 
May  14. 


45^ 

2n% 
143 

161% 
131% 


21% 

77% 
148 

59% 
119 
102% 

33 


22% 
78% 
73% 

12o4 
6S% 
36' 
9- 

48% 
27 

142% 

160% 

131 
47% 
22!4 
8394 

125 

Jl^ 

97H 

29  J4 

21 

7T% 


54 
89% 
23^4 
79% 
74% 
67% 
120 
69M 
8!% 


43 

28 

141% 
161 
181^ 

48 

22'^ 


14654147 
59^1  :>W^ 
118%  1:8% 
101  .  101% 
32%^  82% 

28%  29^4 
349I  36% 
90  90% 
101% 
14^ 
43% 
1894 
8?94 

6^ 

2^^ 

2694 

7 

21% 
175 


6,63  6,61  6,60  6.60 

6.57  6  61  6.58  6  52 

6  62  6.57  6  64  6.58 

6  68.6.60  6  69  6.52 


67%    67%   67       «6K   68%    67% 


6894  *>8 

65%  M% 

56  65% 

63%  62% 

W%  61% 

509i  50% 


28% 
28% 


28M 


1192  11  92 

12.20  12.05 

6  6a  6,62 

6  77  6.75 

6.05  6,u5 

6  20  6.12 


67»|    67A    69,',    68.', 

5494    54^    55%    55 

55%    66     ,  66        55% 


6-3%  62%  64% 
64^  62%  65% 
49%   60% 


50 

50%    60' 


28%    88%   28% 
289S    2S       2SH 
11  92  11.92  12.02  1 
12,12  12.02  18  20  1 


63% 
6.3% 
50 
60M 


6  65    6  65 
6,77    6.75 


6  67 
680 
6  03    6  05     6,10 
6  15    6  12    6  17 


6  67 
6  75 
610 
616 


20% 

14% 

41 

24% 

13% 


8494 
8994 
10C% 
14 
41% 
18V4 

^Sl 
6% 

25^ 

2054 
6% 

20% 
174 

80 

1<>4 

40% 

12% 
4% 

V>% 
7 

41 V4 
6% 

I»% 
98« 
14!.4 
45% 


6  66  6  59 

6  60  6.52 

6.65  6  57 

6.71  6.62 

68%  69% 

69A  6811 

55  64% 

56%  65% 

64%  64% 

65^  64% 

5094  49% 

51J4  50% 

28  2794 

88%  87% 

11,77  1177 

12,07  11  90 

6.57  6.57 

6.72  6.70 
8  95  6.95 
617  6.05 


Wed., 
May  15. 


80%    29 

X 

117  11594 
99%    99% 

107%  105 
8%      794 

63  63 

53%  53)^ 

99H  9- 

82%  21% 

78%  77% 

75  73% 

6694  65% 

69  6794 
36'»4  36% 
98%    97 

43%  42% 
2b94  26H 
142  141 
162  160% 
180%  130 
4794  47% 
23%  22>| 
:14%  a3% 
121      121 

9694  9694 

29%  28% 

20%  20% 

7.-%  7r% 

146      146 

5894    58% 

118  11.5!-!. 

:"i%  loiM 

82  31 

12^  12V4 

29  28% 

369»  8494 

106%  100% 

13%  121/2 

42  4014 

18%  1794 

8^91  3694 

6  6% 
694  6>4 

24%  23 

27  26 

<%      6% 

20%  18% 

I74%  174 

67%  67; 

20  l4 

14%  13% 

40%  39% 

24  28 

13  12U 

4%      4^ 

15%  16 

7  7 


92%  9% 
14%  1394 
48        45% 


6.64  6.58 

6.62  6.55 

6.67  6  60 

6,78  6  65 

69%  68% 

70%  68% 

55%  65% 


65H    64 
66%    6494 

51%    50% 

88%  27% 
28V4  2794 
11.92  11  87 
12,05  11.82 

6  52  6  52 

6,65  6  62 

6,00  6.00 

6.07  6,08 


Ran^e  for 

May    1895, 

to  date. 


80%    27 

''^%    77 

11794  109% 
99%    98% 

107%  102' 
9%      5^_ 
65        6594 
51%    52% 

100%  94% 
23%  l.«% 
79%  7394 
76%  73% 
6SV6    61% 

120%  118 
70%    66% 

^^ 

143%  188% 

16294  15894 

131%  12794 

48%    42% 

24%     18% 

84%    83)4 

126      109% 

1%      1 

98       92 

2994    2^ 

21%    1^ 

7S       77 

148      I4-294 

61       55% 

119'/!.  115% 

102%    «8% 

33%    30% 

18        (0^ 

29%    2.5% 

86%    34 

9094    S.HV4 

101%    .18(4 

15%     11% 

43%    38% 

19^4    :7% 


7  4« 

2:%  15% 

177  172 

6794  6^ 

20%  17% 

:4%  13% 

*lVi  86 

2494  2094 

13%  10(* 
494     2 

17%  12% 

7%  5% 

42)4  40 

7%  4^4 


20%  1594 

9r%  88% 

15M  13 

48  43 


6,78  6.57 

6.67  6.48 

6,71  6  54 

6.77  6  57 

6994  65% 

70%  66)4 

.'>594  52)^ 

56%  5294 

65%  60% 

66%  61% 

51  46H 

51%  47% 

28%  87% 

29  2794 

12  15  11  77 

12.50  11  77 

6.78  6.47 
6,92  660 
6.20  592 
6  37  6  00 


109%    92H 

9794  SUM, 

87%    81 
1.%     8 

;7  71 

51  49 

III  104 
18%    16 

80%  7.^94 

7494  62 

63%  5ti% 

119(4  117)4 

69%  6.^% 

8J%  34% 

109%  10  r 

141^4  141 

39  35% 

18)4  16% 

;37  m 

162  158 

140%  131 H 

32)4  2894 

25Vi  21% 

40%  .32% 

104  lOo 

6  5 

94  89).^ 

17%  161^ 

16  14% 

68K  63i.j 

188  128»4 

50%  43% 

126  113 

98>4  9594 

2.5%  21^4 

6%  6)4 

Z\\i  24)4 


Range  for 
May   1894. 


42 


0^ 


«794    ^-i 

100        95)4 


16)4  '<% 

40%  36 

4%  394 

5  3'-t 

19%  12% 

16  13% 

5  3»4 

19  14% 

72  158 

20%  19" 


19%  14% 

5)4  5 

89%  .33% 

20)4  15% 


17%    11% 

8.5%     "Wi 

-  ■      9-14 


13% 
49% 


7.67  7  20 

7.70  7  09 

7.77  7  13 

7.83  7  18 

68  60)i 

70%  >i3», 

44%  429^ 

46  43% 

66%  57)4 

6694  ^"^ 

89%  37)4 

40%  38 

84%  30-94 
30^1    28)^ 

13.35  1 1  2,- 

18.40  11  27 

7.90  6.62 

7.J0  6.50 

6.80  5.70 

6.72  ,5.67 


'.895 
189, 


LD  PORK,  Chgo.-bbls. 
....     bb&. 


WHEAT  on  passage. 
44.240.000  bush. 
45,344,000    " 


CORN  on  passage. 
3,440.000  bush. 
8  240,000    " 


Russian  Shipmts.  for  wk. 
4.000,000  bush. 
2346,000    " 


Indian  Shipmts.  for  wk. 
432,000  bush. 
120,COO    " 


Argentine  Shpts.  for  wk. 
1.640.000     bush. 


t  Since  Aua  31.   •  Since  June  30.  Compiled  and  Copyrighted  hy  CLAPP  &  COMPANY.  BANKEES.  MILLS  BUILDING.  NEW  YOEK 


'HIlccIUv  HDarkct  Xcttcr. 


Copyright,  IHttB,  by  Clapp  A  Cotnttanjf. 


No.  430. 


O.  W.  Clapp. 
OwiQHT  O.  Clapp 


CLAPP    &    COMPANY, 

Banhevs  n\\i>  Broheis, 
MILLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  S6   EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


277    BROADWAY,  Corner  CHAHBEfls  St. 
,   671    BROADWAY.  Broad-v«y   Central  Hoteu 
OmcEi:   I  753  piFjH  AVENUE,  Corner  58th  Sr 


EI*ANCH 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
LONQ  Distance  Telephone. 


New  York,  Thursday  Morning,  May  23,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery.  - 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    3^  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "LEADING  AIMERICAN  EXCHANGES." 


"  We  have  been  favored  by  a  subscriber  In  America,  the  flnu  of 
Clapp  vt  CoiniMnr.  Mills  Buihlin^,  Sew  York,  with  a  bantlsome  vol- 
nii\(!of  350  quarto  r^i^ea,  recordiriii  the  history  of  tlie  leading  American 
Ki.-hanges  during  the  year  lS9t.  The  volume  contains  tine  piocess 
blocks  of  all  the  K.xchanges  in  the  United  States— some  scores  of 
them— with  a  statistical  history  of  each  trading  centre.  The  book 
l3  undoubtedly  the  flnest  publication  of  its  class  that  was  ever 
brought  to  our  notice.  Messi-s.  Clapp  *  Company  are  commission 
mercliants,  and,  we  believe,  supply  a  copy  of  this  useful  and  hand- 
some book  of  reference  to  their  customei'S  giutuilously."- Corn 
Trade  News,  Livei-pool,  England. 

"  Clapp  &  Company's  Year  Book  is  oat.  It  is  a  carefully  compiled 
iW  jttsie  volume,  covering  the  leading  financial  exchanges  of  the 
I'm  led  States,  and  cont-.iining^a  vast  amount  of  statistical  informa- 
tion of  value  to  speculators  The  tecliivcal  and  typographical  work 
is  e-xcelleully  executed."— The  New  York  Recorder.  N.  i  .  City. 

"  There  are  often  times  when  the  man  Intercs'  ed  in  securities  or 
the  genenxl  niarlcets  requires  information  wliich  it  is  impossible  to 
ouiain  from  the  mere  daily  or  weekly  reiwrts  i  hat  are  available.  It 
is  ne -assary,  of  ten,  in  determining  the  actual  market  value  of  a 
commodity  to  know  not  only  its  present  price  as  commred  with  past 
rulings,  but  to  be  able  to  note  the  fluctuations  of  the  market,  and 
dctemine  fix)m  these  the  act  u<\l  influences  at  work  upon  the  vatue 
of  agiven  stock  or  article  of  commerce.  It  is  here  that  the  value  of 
the  souvenir  i-ecenlly  issued  by  Me^>3l•3.  Clapp  *  Company,  .Mills 
Building,  becomes  apparent.  This  volume,  covering  the  year  189t, 
contains  the  weekly  letters  of  advice  issued  by  tie  firm,  giving  in  a 
comimct  form  the  state  of  the  markets  from  week  to  week,  as  well 
asa  brief  history  of  the  leading  .American  Exchanges,  together  with 
a  d»  tailed  statistical  i-ecord  of  the  finances,  commerce,  banking  and 
piixl actions  of  the  year,  with  valu.ible  tables  and  statistics.  Such  a 
work  is  absolutely  'indispensable  to  the  banker,  broker  or  merchant 


whose  business  touclies  any  sideof  the  chronicle  dealt  with  in  this 
souvenir.  There  are  works  of  similar  character  published  and  sold 
throughout  the  United  Stales,  many  of  them  being  catch  penny  coin- 

f illations  of  imperfect  data.  The  work  of  Messi-s.  (Mapp  lias  t'.issier- 
ing  ad  vantage  :  it  ispreiured  inlheinterestsof  the  vei  vcla-ssof  men 
to  whom  it  appeals,  and  it  is  compiled  by  men  in  direct  toncli  with 
evei-y  plia.se  of  the  business  of  which  it  treat.s.  No  man  can  atl'oitl 
for  the  sake  of  83.00  (the  price  of  the  work),  to  be  without  this  valu- 
able compend  of  information,  which  in  a  monent's  use  may  save 
many  times  its  cost  to  the  purchaser."- Trade  Review  and  Banking 
Journal,  N.  r.  City. 

"  We  have  received  from  Messrs.  Clapp  *  Company  of  New  York, 
one  of  their  handsome  souven  r  volumes,  which  embraces  excellent 
views  of  the  leading  American  Exchanges,  as  well  as  a  coniplcie  tile 
of  the  valuable  weekly  flnancjal  circular  letters  issued  by  the  fli-m 
during  the  year  1S94.  The  publication  has  been  arranged  in  the  be^l 
style  of  tyiK)graphical  art,  and  will  constitute  no  unlmpirtiint  fea- 
ture in  our  library  of  financial  works."- The  Trade  Index,  Mew  Or- 
leans, La. 

"The  Trade  Journal  acknowledges  the  receipt  of  the  annual 
souvenir  for  1834,  of  Messi-s.  Clapp  and  Company,  bankers  and  com- 
mi.ssion  merchants  of  NcW  York  City.  This  is  the  leading  finn  in  its 
line  in  the  United  Stales,  and  otTers  unsurpsis-sed  faciliti«;s  for  the 
execution  ot  commission  oi-ilers  to  buy  or  s.ul  stocks  or  bonds,  cotton, 
grain  or  provision  on  the  leading  exchanijes.  The  souvenir  In  qutw- 
tion  is  a  very  beautiful  piece  of  mechanical  work,  and  contains  the 
letters  and  inarKet  quotations  of  the  firm  fi-om  December  29,  1893.  to 
Januarys,  ls9.i,  together  with  much  other  information  arranged  in 
convenient  tabular  form.  Its  price  is  H.00  and  it  is  worth  many 
times  this  sum  to  any  business  man."— Nebraska  Trade  Journal, 
Omaha,  Neb. 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 

TvKEP  OUK  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS    FREE 

'.9 


4^ 

H 
X 

> 
O 

m 

o 
o 
z 

H 
> 

i 

w 

a 

> 

r 
-< 

:o 

m 
o 
o 
:o 
a 

o 

-n 


r 
m 
> 

a 

z 
o 

n 

X 

o 

> 

z 
o 
m 

03 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Love,  air  and  sunshine  are  without  price.  We  pay  most  for  that  each  of  many  wants  a  little. 
Merit  and  divisibility  combined  are  found  in  love,  knowledge,  money  and  corporate  co-operation  in 
public  service.  Wherever  the  most  generally  approved  money  is  in  the  most  liberal  supply  there 
shares,  labor  and  commodities  bring  the  best  prices. 

Straws. — France  must  pay  out  in  1895  about  $23,980,000  of  interest  on  guarantees  of  railway 
securities,  some  of  which  are  on  railways  not  profitable.  The  coin  in  hands  of  foreign  banks  of 
issue  increased  during  the  past  year  over  192  million  dollars.  The  exports  of  food  products  in  189i 
were  $62,897,780  more,  and  of  raw  material  $8,881,207  less  and  of  manufactured  goods  $676,973  less 
than  in  1893.  The  financial  policy  of  a  nation  determines  its  strength  and  prosperity.  A  nation  that 
consents  to  another  and  competing  nation  handling  its  finances  is  likely  to  find  its  producers  im- 
poverished and  its  industries  crippled  or  dependent.  The  income  tax  has  been  declared  unconstitu- 
tionaL    Shame  to  its  promoters  and  credit  to  the  United  States  highest  court  decision. 

Stocks  and  Bonds. 

Bonds. — Foreigners  bought ;  investors  increased  the  trading  in  292  different  securities.  The 
extra  demand  reduced  the  quantity  of  many  securities  and  doubled  the  price  of  some  of  the  junior 
bonds  of  bankrupt  roads.     Reading  Second  Incomes  show  advance  from  9}i  to  24>^  since  January  1. 

Railway  Stocks. — The  volume  of  business  at  the  Stock  Exchange  is  nearly  three  times  as  large 
as  at  corresponding  time  in  1894.  Sale  of  stocks  this  month  exceeding  7,000,000  shares,  reflecting  the 
change  in  industrial  and  trade  conditions.  Burlington  &  N.  Y.  Central  sold  securities  which  give  them 
ample  funds  to  continue.  St.  Paul's  earnings  show  gain  over  last  year.  Rock  Island  is  boasting  of  a  big 
promise  of  corn  crop.  Manhattan's  bonds  may  greatly  benefit  the  road.  Canada  Southern,  Chesa- 
peake and  Oliio,  and  Tennessee  coal  and  iron  are  among  the  new  speculative  revivals  that  promise 
well  for  the  future  and  a  10  to  30:^  rise  is  predicted  in  them.  Atchison  appears  improving  its  credit 
and  increasing  its  chances  of  successful  reorganization.  Missouri  Pacific's  prospects  are  reported 
good  ;  other  southwestern  properties  will  likely  show  advance.  Louisville  foreign  support  appears 
increasing,  Ontario  &  Western,  Norfolk  &  Western,  and  the  Texas  roads  are  being  bought  in  a 
quiet  way.  Northern  Pacific  may  have  to  pay  $13.00  assessment.  Northwestern  appears  strong 
and  may  lead  the  Grangers  in  the  next  advance,  on  account  of  its  iron  trade  and  superior 
support  and  management.  The  Lake  Shore  likely  to  further  advance.  Michigan  Southern 
and  Canada  Southern  are  largely  owned  by  two  different  Vanderbilts,  a  liberal  advance  in 
these  stocks  is  looked  for.  The  V  and erbi It-Morgan  interests  are  reported  owning  most  of  the  C.  C. 
C.  and  Chesapeake  and  Ohio.  First  National  Bank  people  and  tne  Vanderbilts  are  reported  in 
control  of  Delaware  and  Hudson,  Delaware  and  Lackawanna,  and  N.  Y.  and  N.  J.  Central.  It  is 
generally  conceded  the  Vanderbilt  interest  in  N .  Y.  Central  is  small  and  that  where  their  inter^st  is 
large,  better  prices  will  prevail.  Many  look  for  the  Gould  properties  to  score  a  good  advance  and  be 
the  signal  for  a  declining  market  to  follow.  The  general  market  appears  broadening  and  the  public 
willing  to  buy  on  crop  reports  and  further  foreign  demand. 

Industrials. — The  German  Reichstag  is  a  case  of  •'  Sugar  in  Politics"  that  may  equal  our  Con« 
gressional  experience  in  its  effect  on  Sugar  stock,  and  the  Cuban  insurrection  may  also  cut  off  near- 
by supplies.  It  is  near  enough  120  to  decline  10  or  more  points.  Chicago  Gas  is  reported  likely  to 
get  some  setback  from  its  competitors  building  operations  and  legislative  movem.ents.  General 
Electric  is  dull  and  is  hard  to  advance  in  spite  of  perhaps  too  many  things  said  in  its  favor.  Cotton 
Oil  is  probably  making  more  money  than  usual  and  ought  to  sell  higher.  Cordage  appears  to  have 
no  merit  in  management  and  but  little  property.  Lead  appears  doing  a  fair  business,  with  a  divi- 
dend on  Common  in  order.    An  advance  in  inaustrials  is  quite  possible. 

Cotton. 

Cotton  is  the  only  staple  that  rules  lower  in  prices  than  a  year  ago.  About  nine-tenths  of  the 
1894  crop  is  in  consumers'  districts  or  spinners'  control.  Southern  spinners  are  running  night  and 
day  with  orders  booked  ahead  for  six  months.  Exports  have  now  reached  6,335,726  bales  and  have 
exceeded  the  crop  of  any  year  prior  to  1885-86,  except  those  of  1880-81  and  1882-83,  and  are  477,000 
bales  in  excess  of  exports  of  any  preceding  year.  Spinners'  takings  to  May  17th  were  2,579,047 
bales,  and  exceed  any  year  except  1890-91,  when  for  the  year  they  were  2,856,000  bales,  and  the  pre- 
ceding year  when  they  were  2,540,000  bales,  and  at  the  end  of  this  season  they  are  likely  to  show  a 
broken  record  of  the  largest  domestic  consumption  known. 

Traveling  men  report  the  shelves  of  merchants  bare  of  cotton  goods  and  plantation  hands 
generally  in  rags,  and  a  large  fall  demand  inevitable.  At  present  we  think  it  quite  possible,  the  de- 
crease in  acreage  in  Florida,  North  and  South  Carolina  and  Texas  is  about  15jg.  In  Alabama, 
Louisiana,  Tennessee  and  Missouri,  about  11  or  12$^.  In  Georgia  and  Arkansas  from  14  to  16%. 
Other  states  will  likely  vary  from  10  to  15$^.  Worms,  cold  weather,  too  grassy  and  too  much  rain  and 
various  other  complaints  seem  to  be  the  prevailing  factors  now  enthusmg  southern  operators  with  a 
view  that  cotton  will  soon  sell  at  8  cents  and  the  growing  crop  may  be  marketed  at  9  or  10  cents. 

Generally  speaking  planting  is  completed.  A  year  ago  a  slight  frost  in  Georgia  and  some  other 
places  nipped  the  plant,  and  much  damage  was  feared.  The  visible  supply  in  tms  country  is  only 
about  50,000  bales  more  than  a  year  ago,  yet  more  than  2,000,000  bales  more  cotton  has  come  in  si^ht 

100 


ClAPP  &  COMPANY,  BAlfKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


than  grown  in  18f»3,  evidently  with  increased  consumption.  The  supply  the  coming  four  months 
will  be  unusually  short.  Southern  markets  now  range  higher  than  this  market.  New  cotton  will 
scarcely  find  European  spinners  in  less  time  than  six  months.  Prospects  scarcely  indicate  a  crop  of 
more  than  7,500,000  hales.  Consumption  has  practically  reached  a  maximum  point,  or  where  supply 
is  decreasing  unusually  fast.  If  this  pace  is  to  be  kent  up  and  the  acreage  reduced  as  much  as  now 
seems  likely,  there  are  lively  times  ahead  for  all  hands,  from  the  growers  to  the  consumer. 

t^*  The  bucket-shop  interests  and  their  assistants  or  backers,  "  the  public,"  seem  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 

Wheat. 

Recent  wheat  market  changes  indicate  to  us  this  is  a  "U.  S."  market,  and  that  bucket-shops 
and  professional  traders  are  left  out.  It  is  said 'there  is  but  little  standing  room  on  the  Chicago 
Board  of  Trade  unoccupied,  each  countryman  reporting  his  crop  looking  very  bad,  and  at  once 
ordering  his  commission  merchant  to  buy  more  wheat  and  some  corn  and  provisions.  Seldom  have 
crop  reports  at  this  season  been  worse  or  more  numerous.  The  concensus  of  opinion  seems  to  indi- 
cate invisible  supplies  are  below  an  average.  That  Chicago  has  the  bulk  of  interior  supplies  and 
must  distribute  her  stock  to  Kansas,  Missouri  and  other  adjoining  winter  wheat  States  that  are 
buying  Chicago  wheat  for  milling  purposes,  aside  from  furnishing  a  share  of  the  export  demand. 
Wheat  at  Kansas  City  is  3  to  5  cents  over  Chicago,  at  St.  Louis  3  to  5  cents  higher.  Chicago 
railways  have  made  special  rates  to  shippers  of  wheat  back  to  country  points.  July 
wheat  sold,  February  18,  at  53,  yesterday  at  an  advance  of  25  cents ;  an  advance  of  about 
16  cents  thus  far  this  month.  The  price  is  now  higher  than  since  May,  1893.  "Wheat  is  still 
low.  If  the  bad  crop  reports  are  true  from  the  fifteen  States  reporting  that  cold  weather 
and  frost  have  done  great  damage,  wheat  is  liable  to  sell  at  85  cents  soon  and  $1  this  season.  Minne- 
apolis reports  our  English  cousins  accept  all  the  flour  offered  bj'  nightly  cables  and  at  advanced 
prices.  The  varied  reports  of  damage  consist  of  chinch  bugs,  Hessian  flies,  insects,  cold  weather 
and  drought.  It  is  often  true  the  first  10  cent  advance  is  the  result  of  manipulation  and  the  hardest 
to  secure.  Just  now,  it  seems,  "the  country  is  very  much  in  wheat,  and  professionals  are  very 
much  out  of  it."  Primary  receipts  since  January  30  have  been  iess  tran  ei'her  of  the  past  four 
years  same  time.  Russian  exports  for  ten  weeks  ending  May  2  are  reported  as  11,29^,080  quarters 
against  17,907,960  quarters,  and  buc  2,448.880  quarters  two  years  ago  same  time,  Argentine  ship- 
ments January  1  to  May  11  were  reported  as  23,744,000  bushels  against  27,440.000  bushels  previous 
year  and  but  17,440,000  bushels  two  years  .ago.  Australian  shipments  from  December  30,  1894,  to 
May  4,  1894,  4,048,000  bushels  agamst  y,M76,000  bushels.  Foreign  houses  were  covering  shorts  to-day 
at  loss  for  the  first  time  since  IS'H.  July  wheat  sold  on  curb  in  Chicago  last  night  at  79  cents. 
Crop  reports  show  no  improvement. 

Corn. 

Planting  is  about  complete  ;  ordinarily  this  indicates  a  bull  market  is  about  ended.  June  sel- 
dom is  "a  bull  month."  Frost  scares  of  May  and  ravages  by  gophers  have  then  generally  disap- 
peared. Farmers  are  kept  busy  fighting  weeds  and  marketing  the  surplus  of  old  corn,  July  and 
August  generally  makes  or  unmakes  a  crop  of  corn.  The  writer  bought  corn  in  Chicago  July  od, 
1858,  at  35  cents  and  sold  it  the  same  month  at  72  cents.  Corn  often  scores  a  large  advance  in  July 
and  August  after  a  depressed  market  in  June.  We  look  for  liberal  receipts  of  corn  until  more  is 
known  of  the  crop — a  good  export  and  domestic  demand  will  likely  continue.  We  favor  purchases 
until  July  only  for  quick  turns,  a  further  aavance  this  month  on  weather  scares  is  possible. 

Oats. 

The  strength  to-day  was  in  sympathy  with  other  grains  and  reports  of  damage  similar  to  that  in 
wheat.  If  these  same  causes  prevail,  oats  bought  around  30  cents  for  September  delivery  might 
prove  very  profitable,  subject  to  only  a  small  risk. 

Provisions. 

The  export  and  domestic  demand  seems  to  be  anything  but  aggressive.  Speculation  in  provis- 
ions is  narrower,  and  the  packing  interest  appears  bearish  abiaing  a  time  to  create  a  bull  fever, 
Some  packers  are  reported  as  having  made  millions  out  of  wheat,  and  only  waiting  to  get  possession 
of  the  products  in  Chicago  cellars  before  starting  a  bull  campaign  that  will  cause  a  25  per  cent,  ad- 
vance in  September  contracts. 

Corn  crop  prospects  also  have  much  to  do  in  dictating  values  of  provisions  the  coming  100  days. 
Packing  at  Chicago  from  March  1st  to  May  18th  shows  an  increase  of  86,000  hogs;  at  ail  points  th€ 
packing  was  2,685,000  to  May  17th,  against  2,600,000  a  year  previous. 

Yours  respectfully,  CLAPP  &  COMPANY. 

K.l 


CLAPP  &  COMPANY,  BANKERS  AND  BEOZEES,  NEW  YOEK,  VEEZLY  MAEKET  LETTER. 


QnotatiODS  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  May  22  1895,  and  tor  May,  1894. 

Par  value  of  all  stocks  flOO.  except  D.,  L.  &  W.:  P.  &  R  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weeklt 
8Ai,Ea. 


8.020 

464 

242.536 

6.578 

32.509 

73  483 

4,955 

n.762 

16.988 

88.844 

80.379 

92.672 

117.695 

383 

28,050 

12.1 18 

64.433 

410 

10,605 

4,  53 

6.836 

8,650 

6  202 

1.040 

203,240 

16,252 

8.840 

200 

8u2 

6,580 

7.655 

2  432 

4.948 

aO.KOO 

12.768 

3.150 

13,553 

8,.'i30 

19,006 

10,5o6 

3,006 

16.205 

6..>88 

7.640 

15  no 

7.306 
12,515 
24. 163 
88.899 
10.970 

3.836 
J80.C57 

1.412 
80  COO 

3.t00 
17.fc08 
17  819 
65.825 
32.010 
600 

6,G7B 

1.186 

7.160 
SO -.Si 

7.9..3 

16  872 
810;!6 
22.6^ 
48  292 

1895 


Capital 
Stock. 


$20,287,100 
10.198,600 
86,773,000 
86,77.3.000 
17,900.000 

102,000.000 
85,000,000 
15.000.000 
22.488.000 
60.805,400 
82.262,700 
24,885,800 
46,027,261 
25,923,900 
46,156.000 
18,659,360 
89,064,907 
22,385  170 
88  000.000 
11696,000 
85,480,060 
26.200,000 
35  000,000 
88  000.000 
84  091900 
30,469,700 
8.5,000,OCO 
8.000.000 
50.000,000 
10.000,000 
11,840.000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18.738,204 
13,000.000 
47,844.100 
47,436.576 
14.906.400 
14  904,000 
89.428,300 
77,427,000 
20,000,000 
58.119.982 
13  000  000 
89,767,200 
49.000.000 
89.269,516 
20.000,000 
8.600,000 
40.426.861 
86,000.000 


68.402.000 
125,000.000 
60.000,000 
19,850,000 
88,710,900 

8,600.000 
60,868,.V)0 
8.3,837.093 
20.166.000 
18.820  850 

7.440.220 
28.000,000 
24.000,000 
94,820,000 
10,000.000 

4.500.000 


DrvTDBNi)  Recohd. 


Pays  3pc  J-D 

Pays  3pc  0-J-A-J.. 

Pays  8^pc  J-J 

Pays  3pc  F  M  A-N, 
Paid  5MDC  in  1888. 

Paid  2pd  1895 

Pays  IWpc  F-A.. 


1X4 


Pays  1J4PC  P-M-A-N. 


Paid  Ipo  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  ipc  

Pays  7  PC  Per  Annnm. 
Paid  ^po  Feb.  ls9o... 


Paid  2i^pc  Jan.  1895... 
Paid  3K>pc  Jan.  :8;»5... 
PaidSpc  m  1898 


Pays  2pc  M-J-S-D.... 
Pays7pc  per  annum. 
Fay»  7pc  rer  annum. 


Paid  IHpc  Jan.  1893. 
Paid  2pcAufri.  St  1893. 
Pays  5pc  per  anonm. 


Pays  2^pc  M-S. 


Pays  l)<ipc  F-M-A-N. 

Pays  Spc  F  A     

Paid  2pc  August  1893. 
Pays  l^pc  J-A-J-0.. 
Paid  2pc  In  Feb.  1895. 


Paid  Spc  1891 

Paidlpoln  Dec.  1894. 
Pays  i%\ic  M-J-S-D.. 
Pays  Ipc  J-A-J-O... 


Paid  lJ4pc  Nov.  1893. 


Paid  Ipc  April  1892..., 
Paid  Ipc  in  1887....^. 


Pays  2pc  F-M-A-N.,, 


Paid  Ipo  In  1887. 


Paid  3^pc  in  1884... 
Paid  2'^pc  March  i5.'i895 


Nauks  07  Stocks. 


Pays  IMpc  J-A-J-O 

Paid  IPC  In  FebVi^oi! '. '. . 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co- 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topeka  &  8.  Fe. 

Baltimore  &  OQio  

Canada  Southern  

Central  of  New  Jersey 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  AStPanl... 
Chicago  Mil.  &  St  Paul  Pfd 
ChicaKO,  R.  I.  &Pac  fie... 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern . 
Chicago  &  Northw'n  Pfd. 
Cleve..  Cin.,  Chic,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  T. 
Delaware,  Lack'a  <fc  Wn. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  In  pd 

General  Electric  lo 

Great  Northern  Pfd 

Green  Bay  W  <fe  St  P  Tr  Eeo 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  &  Western.   . 
Lake  Erie  A.  Western  Pfd 
Lake  Shore*  Mich.  So'n.. 

Louisville  &  Nashville 

Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

.Mexican  Central 

Mi.«souri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd . . . 
N.  Y.  Cent'l  <fe  Hudson  Riv 
N.  T.  Lake  Erie  &  West'n 
NY&N  E  tst  CO  cts  all  In  pd 
N.  Y  Ontario  &  Western 
N.  Y.  Susa.A  W'n  Pfd., 
North  American  Co  .... 

Northern  Pacific 

Northern  Pacific  Pfd.... 
Pacific  Mail  S.  S.  Co.... 
Peoria.  Dec.  *  Evansville 
Philadelphia  &  Reading. 
I'uUman's  Palace  Car  Co 
Silver  Bullion  Certificates 
Southern  Pncific  Co... 

Southern  Railway 

Southern  Railway  pfd 
Tenn.  Coal,  Iron  &  R  K  to 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Pacific 

Union  Pac.  Denv.  &  Gulf. 
United  States  Rubber  Co. 

U.  S.  Coidage  Co 

V.  8.  Cordage  Co  pfd.,,, 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie.... 
W  heeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 2  012.256 


COTTON,  in  ba  e». 
I  World's  visible. 
1895  8  896.127 

1894{         8  566,8:19 


Total  In  Mghttl  Total  Exporta. 
9.4n2.4r2  6..3S5.726 

7,189,604        I        4.e(59.?38 


N.  T. 


fMay... 
I  June... 

Cotton  ]  July 

[  August.. 


WHEAT,  in  bushels. 
I     V.  S   Visible.     iPrimary  rec'ts* 
1895         66.48*.000  144.S52  000 

18941        62  044,000         I     152  618U00 


Total  Exports. 
130.9[-5  045 
152,294  0:9 


Wheat. 


I  May. 
I  July. 


Corn...|]',Vy;. 


CORN,  in  bushels. 
I     U.  S.  Visible. 
1895  7.666000 

18941         8.274  000 


Primary  rec'ts* 
61  939.000 
142.5o0.000 


Total  Exports. 
21  266  811 
69  565.068 


Chicago  \  May.. 
Wheat.  \  July.. 


OATS,  In  bushels 
I    U.  S.  Visible. 
1895  6.883  000 

I894I         2.494  000 


N.  Y.  Stocks, 

1.313  607 

685,087 


Cbgo.  Stocks. 

1526  000 

686  000 


Oats . . 


I  May.. 

)July. 

Pork       i  May. 


1895 
1894 


LARD-tcs. 

World's  vis. 
276.683 
183,594 


CHICAGO  CONTRACT  STO(  KS 
PORK-bbls,|  LARD-tcs.  1  RIBS-lbs. 
135,820  46,181        29.639.r4l 

70,196     I  4.039     I     6,792,67t< 


Lard 


i  May.. 
( July.. 


Thursday, 
May  16. 


80H    2994       „ 
76       78       769i 
117f^  1I6M  119 
9i%    9994100^ 


Friday. 
May  17. 


Saturday, 
May  18. 


Wed.. 
May  28. 


107>i  10694 

>^  '■% 

CSH  62 

55H  5394 

100  07% 

2294  2l|s 

80  7714 

75  74^6 

6794  65% 

120U  l20Mi 

09J4  67^ 

3794  86M 

lOu  97 


45  43  4-46 
2C94  26H  27 
144V^  H3  iVAi 
162-^  162H  I6i5* 
131^  131  I131H 
iVA    47%i  48 


107% 

8% 

64^ 

559ft 

28^ 
81 

75^ 
68>4 


80 

100    ICOH 

106J4  107J8 

6c^i  63H 
547^'  65 

99J6  lor 

2294    ~ 

7494 
67k 


2i9<;  20^ 

7'*9i  .S  11774 

147!4  146%  i479i 

69%  5848  599i 

[117  116   117« 

1C2%  lOlH  lO.-k 

82)4  81^  8294 

12^  12  I  l4» 

2914  28  2994 

8596  8t>6'  85^ 

90^  90  I  91 

104  IOI94  103 

13%  13  I  1894 

4i%  41  42t- 

18>6  "94  IS^s 

379),  86k  8'^ 
6H  6^1  «!^ 
7^   6k   7^ 

24k  S8  I  249i 

694     6«'    694 

19J1,  18k  20H 

174  174      17494 

20k  26'  2096 

1496  14  144)< 

41^  89k  *^y< 

13^  I2k  18>i 
4          4 

16  16 

4196  40 
&96     6>6 

8 
■9 
20 
93 


8H 
lf#6 
9196 

14H    18'^    14?* 
4694    4o94    47« 


402  806 

8  6S  6.60 

6.63  6,58 

6.r0  6,64 

6.75  6.69 


7196  6996'  73  73       7294  7-'94  '""^  74J< 

tM  my  73%  72A    73iS  '.9%  7796  74^ 

56  5.-)96;  55?*  6,->96l  5»4  5.S94  *9^  68 

67  56,\  57>4  6696    5t94  56,'.  6994  6e56 

67%  65k  69k  6794!  70%  6S94  ?«  72 

6»!^  65?*  j  7096  68>6!  72H  69!^  74%  7194 

bV/,  609^1  5m  60m  52%  6';94  5494  63 

51%  61k  &iii  51!^    5594  51!^  55  B3k 

28 


7J96  72^ 

74k  71>i» 

5394  52H 

6496  63 

27%;  28k  eSk!  29  29  29%  29  29  2fi96 
2896  28  2894  28k  I  29^  2896  30  MH,  29H  28H 
12.05  12.110  1 12  02  18  02,12  4?  12.40  12.72  12.(0  12.60  12  55 
12  25  12,00    12.25  12.10  U',50  1218  13  07  12.56   \-4,Hi  12  60 


6.55  6.55 

0.70  6.62 

6.05  6,05 

6.17  6.05 


6  67  6.67 

6«  6  67 

6.0.'i  6.05 

6  20  6.15 


6.70  6  70  6  77  6  77  '  6  65  6.65 

6.82  6  70  6  97  6  85  I  6.80  6.77 

6  22  6  22  6.35  6  35  6  20  6  20 

6  80  6  15  6  ."■S  6  JO  6  37  6.30 


76k    7394 

77k      74V!; 

54  5:3^ 

55  54^ 

2!'k  2S%' 
30  29-96 
12  62  18  62  1 
12.97  12.60 

6  67  6  67 
6,H2  6  72 
6.27    6i;7 


Range  for 
May  1895, 
to  date. 


2(Jk  23k 

7  4« 

2196  16% 

177  171 

6794  66^ 

2094  17^1 

UH  1396 
41k 


Range  for 
May   1894 


26H 
66 


10996  92v4 
9794  «8« 


87% 
1JJ6 
77 
51 
111 
18% 


81 
8 
71 
49 
104 


7,04  6.57 

7,14  6.48 

7.19  6  54 

727  657 

78%  65!^ 

fO  86k 

.^9^;  52k 

59%  52>4 

rok  6056 

7:k  ei'H 

.M-M  46'-i 

55  47?4 

20%  27Vi 

30  27*^ 

12  72  11  77 

13.07  11  77 

677  6.47 

6,97  6.60 

6  35  6  92 


6.42    6,32 'I  6  35    6.00 


16 

-,„  'im 

7494  62 

63%  5i.% 

n9k  117k 

69%  <■>■-^ 

3J96  84% 

1099s  107 

14:.k  HI 

89  35V6 

18k  1^ 

;37  135 

162  168 

I4u-^  131!^ 

8.!k  2894 

25M,  21^ 

40%  .32^ 

104  100 

6  5 

94  8916 

1796  16k 

16  U% 

6f}i  66k 

1,33  U8>i 

50^  4396 

128  113 

96k  9594 

2596  21^ 

696  6l4 

8:V6  ■'^'^ 

42  8'ik 


C794 
1(!0 
16 
8^ 
I6k 

'fi 

5 


Si 

9ftk 

1296 

896 
n*v 
nr> 

3(4 

m 


i9%     12k 
16        13k 


3^4 
1496 
158 


20%    IS 


16 

794 

5 


19V6  14% 

5k  5 

39%  8:3k 

iOii  l'>4 

40  33 

7%  6% 

1796  1<'*6 

SUM  Clk 

13%  914 

49%  4196 


7.67  7  20 

7.70  7  Oil 

7  77  7  13 

7.83  7  18 

63  6«)!5 

?0!4  68,'. 

44%  4296 

46  4:3% 


57k 


ti6k 
6694 
399ft 

4096 


.^3196   so?4 

30H  2f% 
13  ai  1 1  27 
13.40  11  27 

7.90  6.62 

7.cO  6..TP 

6  80  5.711 

6.7J  5  67 


1895 
189. 


OU)  PORK,  Chgo.-bbls. 
...     bbU. 


WHEAT  on  passage. 
43.920.000  busb. 
44,944.000    '• 


CORN  on  passage. 
8.600.000  bush. 
7,636,000    " 


Russian  Shipmts.  forwk. 
8  510.000  bush. 

2"929,000     " 


Indian  Shipmts  forwk.  I  Argentine  Sbpts.  for  wk. 
44e.000busb.  1.392.000     bush. 

iso.roo  "  I 


t  Since  Aug  31.      ♦  Since  June  30.  Compiled  and  Copyrighted  hy  CLAPP  &  COMPANY,  BANKERS,  MILI 6  BUILDING.  NEW  YORK 


l(r_' 


Kllcchip  fIDarhct  Xcttcr. 


No.  431. 


Copyright,  ItlOS,  by  Clnpp  Jt  Comvamif, 

O.  W.  Clapp. 
DWIQHT  O.  CLAPP 


CLAPP    &    COMPANY, 

aSnnhcfs  anb  Brohers, 
MILLS    BUILDIIMC,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


(277   BROADWAY,  CoKNEH  CHAMwnii  St. 
BRANCH    ^  g7,    BROADWAY,  Broaowm  Central  Hot«. 
OFFict.:   I  753  pipjH  AVENUE,  CORNM  68TH  8T 


Private  Teleqraph  Wires. 
Cable  Address:  "Ozro." 
Long  Distance  Telephone. 


New  York,  Thursday  Morning,  May  30,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  ISale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  hank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customer^. 


PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


"Clapp  &  C!ompany,  bankers  and  brokers.  New  York  city, 
have  issued  their  Souvenir  of  \b'M  on  the  Leading  American 
Exchanges.  It  is  a  handsome  volume  of  352  pages,  comprising 
a  daily  and  weekly  record  of  stocks,  cotton,  grain  and  provis- 
ions, their  protluction,  supply  and  distribution  by  states  and 
countries,  in  this  regard  excelling  any  other  book.  There  are 
fortv-odd  half-tone  engravings,  including  buildings  occupied  by 
leading  exchanges  in  the  United  States,  the  United  States  Treas- 
ury at  Washington,  Custom  House,  Wall  Street,  Broad  Street 
an'd  Clearing  Elouse  at  New  Y'ork.  and  portraits  of  the  firm.  A 
brief  history  and  statistics  for  a  period  of  years  accompanies 
each  picture  of  an  exchange  or  public  building,  etc." — Chicago 
Journal. 

"Messrs.  Clapp  &  Company,  bankers.  New  York  city,  have 
just  issued  a  'Souvenir  Book  of  liS94.'  It  is  a  handsome  produc- 
tion of  :iV2  gilt-edged  pages  quarto,  and  contains  a  vast  amount 
of  information  relating  to  the  banking  and  mercantile  interests 
of  the  country.  The  'Souvenir  Book  of  1891'  may  be  said  to 
furnish  interessting  statistics  of  everything  from  a  needle  to  an 
anchor,  and  what  renders  it  an  agreeable  bodk  for  the  delver  in 
trade  lore  is  its  convenient  index.  Photogravures  of  the  leading 
financial  and  trade  exchanges  of  the  country  abound  in  endle>is 
profusion,  and  not  the  Iwist  interesting  portraits  are  those  of 
Mr.  O.  W.  Clapp  and  his  son,  Mr.  Dwight  O.  Clapp.  There  is 
also  a  reproduction  through  photography  of  membership  tickets 
issued  to  Mr.  O  W.  Clajip  by  the  Chi»  ago  Board  of  Ti-ade,  those 
of  1858  to  1871  inclusive  havmg  passed  through  the  Chicago  fire 
of  October,  1871,  in  Mr.  Clapp's  s;ife.  Financiers  and  mercantile 
men  will  find  in  the  'Souvenir  Book  of  1894'  an  indispensable 
work  of  reference,  and  the  Trade  Review  takes  pleasure  in  rec- 


ommending a  perusal  of  it  to  all  who  are  interested  in  the  trade 
of  our  country." — The  Trade  Review,  Los  Angeles,  Cal. 

"  An  exchange  encyclopedia  of  information  has  been  issued  by 
Clapp  &  Companj',  bankers  and  brokers,  in  the  form  of  their 
souvenir  of  1891  on  the  leading  Ameriain  exchanges.  It  is  a 
handsome  volume  of  3.52  pages,  comprising  a  daily  and  weekly 
record  of  stock-s,  cotton,  grain  and  provisions,  their  production, 
supply  and  distribution  by  states  and  countries,  in  this  regard 
excelling  any  other  book.  There  are  forty-odd  half-tone  en- 
gravings, including  buildings  occupied  by  leading  exchanges  in 
the  United  States,  the  United  States  Treasury  at  Washington, 
Custom  Hou.'^.  Wall  Street,  Broad  Street,  and  Clearing  House  at  • 
New  York,  and  portraits  of  the  firm.  A  brief  historj'  and  sta- 
tistics for  a  number  of  years  accompany  each  picture  of  an 
exchange  or  public  building.  The  financial  tone  and  philosophy 
of  the  book  is  unique,  sound  and  interesting.  "Ttie  finance,  for- 
eign trade  and  monetary  systems  of  the  United  States  and  other 
countries,  and  the  statistics  of  gold  and  silver  and  other  pro- 
ducts, are  treated  in  a  very  thorough  manner.  The  statistical 
treatment  of  the  national  banks  of  the  United  States  is  unique 
and  very  complete.  Every  banker,  railroad  man,  publicist  or 
economist,  and  especially  every  person  interested  in  the  move- 
ments of  commodities,  or  in  stocks,  grain  or  cotton  for  either 
investment  or  speculation,  will  find  this  superb  book  worth 
many  times  its  cost.  There  seem  unusual  inducements  to  keep 
an  account  with  a  firm  offering  so  many  advantages  in  the  way 
of  information  free  of  charge  to  customei-s.  No  up-to-date  bu.si- 
uess  man  or  editor's  desk  or  library-  would  seem  complete  with- 
out this  very  useful  book."— Montana  Mining  and  Market  Re- 
porter, Butted  Mont. 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


H 
Z 

-a 
> 

o 

m 

o 

o 

z 

H 
> 

Z 
C/D 

a 

> 

r 
■< 

J3 

m 
o 
O 
ro 

a 
(J) 

o 


r 
m 
> 

o 


o 
m 

X 

o 

X 

> 

o 
m 
en 


KKKP  OUK  LETTEKS.      PORTFOLIO 


FOR   FILING 

ii,f 


FOKWAKDED  APPLICANTS  FKEE. 


2         CLAPP  ft  COUP  AFT.  BAITKERS  AND  BEOKEBS,  IfEW  YOBK,  WEEZIY  1IAEB31T  LETTEE. 

Financial  Outlook. 

Transportation  facilities  facilitate  human  brotherhood  and  usher  in  the  Golden  Age.  The 
progress  of  the  world  is  emphasized  more  in  its  improved  methods  of  communication  than  in  im- 
proved laws  or  morals.  The  next  generation  will  enjoy  an  elbow  touch  with  a  world  in  which 
there  will  be  few  unfed,  unclothed,  or  living  in  the  wilderness.  The  generation  born  to  abundance 
of  gold,  silver,  iron,  cotton,  coal,  electricity  and  foodstuffs  will  revolutionize  methods  and  multiply 
blessings  on  every  hand. 

Straws. — June  4th,  1894,  we  said,  "The  country  is  on  the  eve  of  great  prosperity."  October 
18th,  1894,  we  said,  "  The  verdict  of  the  people  is  likely  to  renew"  confidence  in  the  stability  of 
American  methods,  finances  and  industries."  February  14th,  1895,  "  The  persistent  faith  of 
investors  seems  likely  to  secure  the  reward  it  deserves."  United  States  railways  carried  60,000,- 
000  tons  more  freight  in  1894  than  all  the  railways,  steamship  and  sailing  vessels  of  the  balance  of 
the  world  combined  and  at  lower  average  rate  of  freights.  Statistician  MulhaU  says  the  United 
States  has  the  greatest  productive  power  in  the  world,  and  increased  its  wealth  in  the  past  thirty 
years  more  than  the  total  wealth  of  Great  Britain  I  That  the  United  States  possess  as  much  energy 
as  Great  Britain,  France  and  Germany  together. 


The  bucket-shop  interests  and  their  assistants  or  hackers,  "  the  public,"  seem  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 


Stocks  and  Bonds. 

Bonds. — Last  week's  sales  were  14,988,000.  The  demand  appears  increasing.  The  Atchison 
general  mortgage  4s  may  become  very  good  property.  Northern  Pacific  and  Reading's  junior 
securities  have  good  speculative  possibilities.  New  issues  of  leading  roads  would  likely  be  over- 
subscribed, if  offered  in  the  present  condition  of  the  market. 

Railway  Stocks.— The  earnings  of  79  roads,  reporting  for  the  second  week  of  May,  show  an 
increase  of  6. 02  per  cent. ,  which  is  an  improvement  over  any  week  of  the  year.  St.  Paul's  average 
daily  earnings  for  the  third  week  are  $67,795  against  $68,088  corresponding  week  last  year.  The  net 
for  April  shows  an  increase.  Burlington's  record,  management,  financial  condition,  and  prospect 
of  corn  crop,  warrant  higher  prices.  Rock  Island's  friends  predict  a  big  corn  crop.  Jersey  Central's 
earnings  appear  improving.  Louisville  is  still  supported  by  foreign  friends.  Many  roads  are 
increasing  their  rolling  stock.  Reading  is  producing  a  large  amount  of  coal  with  prospects  of 
higher  prices.  The  finance  companies  contract  and  other  acts  of  j^arties  in  power  tend  to  restore 
confidence.  Atchison's  plan  of  assessment  is  operative  and  the  first  installment  of  $3.00  quite 
generally  paid.  Chesapeake  &  Ohio  continues  attracting  the  attention  of  investors.  Northern 
Pacific  is  not  as  weak  or  neglected  as  during  the  winter.  Pointers  indicate  gradually  improving 
conditions,  prospects  and  pricetj.  A  very  large  extra  force  has  been  employed  to  conduct  Western 
Union's  increased  business.  Union  Pacific  likely  has  seen  its  worst  days,  and  lowest  rates  and 
tonnage.  The  Southern  Railway  syndicate  is  biding  its  time  to  make  an  active  and  higher  market. 
Growing  June  weather  and  gold  imports  may  give  the  market  a  new  impetus  and  higher  prices. 

Industrials. — Sugar  may  be  influenced  by  the  Cuban  crop  and  the  large  sales  by  professionals. 
A  ten  point  decline  is  predicted.  Cotton  Oil  profits  should  be  large  for  1895.  Distillers  companies 
deposed  oflBcials  seem  willing  to  discredit  its  stock.  Lead  is  reported  doing  a  safe  and  profitable 
business.  General  Electric's  enemies  appear  to  exist  in  its  own  household,  while  outsiders  appear 
willing  to  wait  until  insiders  have  faith  enough  and  show  merit  enough  to  "bull"  their  own 

f)roperty.  Cordage  is  a  back  number  unworthy  of  notice.  Chicago  Gas  appears  dependent  on 
egislation ;  evidently  its  new  officials  are  knocking  off  its  obnoxious  contracts.  Leather  and 
Tobacco  are  heavily  capitalized,  over  boomed  and  much  manipulated,  and  scarcely  warrant 
conservative  investors*  attention.  Activity  in  the  Street  is  liable  to  put  new  life  into  industrial 
stocks. 

Cotton. 

Crop  conditions  and  acreage  are  now  the  dictators  of  prices.  The  most  of  the  0, 572, 765  bales  that 
have  come  in  sight  from  1894  crop  has  disappeared,  leaving  reports  of  ruin  and  starvation  where  it  was 
grown  and  enthusing  the  hearts  and  pockets  of  the  present  foreign  owners,  who  secured  the  cotton 
at  less  than  its  first  cost  to  growers.  Optimistic  views  prevail  now  from  planter  to  spinner,  based 
largely  on  the  idea  that  consumption  will  exceed  production,  or  that  consumption  now  requires  eight 
or  nine  million  bales,  and  production  will  not  likely  equal  three-quarters  of  last  year's  crop. 
The  reduction  in  fertilizers  ranges  from  25  to  60  per  cent. ,  perhaps  40  or  45  per  cent,  will  be  the 
average.    Cold  rains,  frost,  weevil,  lice  and  other  damaging  reports  continue  to  come  from  nearly 

im 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


the  whole  cotton  belt ;  a  cessation  of  rains  anrl  more  sunshine  will  likely  encourage  the  planter  and 
dampen  the  ardor  of  sensational  bulls,  who  now  predict  that  there  is  no  halt  in  tho  values  until  cot- 
ton reaches  8  cents  for  August  in  this  market.      Nine  cents  continues  to  be  the  objective  high  point. 

New  Orleans  is  the  admitted  headquarters  for  late  and  reliable  crop  news.  Ortiinarily  their 
market  rules  from  28  to  40  points  below  this  market,  now  it  is  only  about  9  to  10  points  below.  Tlie 
Greeks  have  recently  been  liberal  buyers  of  near  months  in  this  market,  evidently  for  export.  While 
this  market  continues  the  lowest  of  all  specula;bive  markets  and  the  stock  of  cotton  is  small,  we  per- 
ceive no  reason  to  look  for  any  material  decline.  The  growing  crop  will  likely  be  a  month  late  and 
supplies  of  old  cotton  well  exhausted. 

Last  year  Northern  spinners  took  from  about  this  date  to  August  31st  about  200,000  bales — 
Southern  spinners  this  season  will  likely  drain  Southern  holdings  ;  last  year  they  took  135,000  bales 
after  this  (late.  Exports  last  year  from  about  this  date  to  August  31st  were  about  330,000  bales, 
making  Northern,  Southern  and  the  export  movement  of  last  season  after  this  date  equal  about 
665,000  bales.  The  visible  warehouse  supply  is  but  594,000  bales.  Apparently  there  is  but  little  cot- 
ton'to  come  from  planters  and  factors.  The  average  Imt  grown  per  acre  for  the  past  ten  years  has 
been  183.47  pounds.  We  think  this  season  it  must  and  will  be  much  less.  Many  tnink  this  crop  will 
look  green  when  in  ordinary  seasons  the  fields  look  white. 

Wheat. 

About  April  and  May  crop  scares  annually  emanate  from  central  speculative  markets,  and  the 
fertile  brains  of  market  leading  manipulators  to  affect  values.  About  every  three  to  five  years 
natural  forces  assert  themselves  plainly  ;  then  the  husbandman  and  his  neighbor  can  be  seen  in  the 
various  market  centres  buying  wheat  because  real  cinch  bugs,  actual  frost,  drought  and  other 
causes  for  real  damage  to  the  growing  crop  have  occurred  and  are  really  occurring.  In  April,  1895, 
the  ordinary  crop  scare  news  were  heralded  far  and  near,  and  the  markets  advanced  to  about  G5 
cents  in  Chicago  for  July  wheat.  This  month  actual  facts  confirmed  the  early  news,  but  to  the  utter 
diso-ust  of  the  news  manufacturers  in  April,  who  now  find  the  exception  to  the  rule  has  materialized 
andf  wheat  is  up  50  to  100  per  cent,  more  on  fact  than  on  fiction.  This  different  set  of  reports  and 
real  causes  now  seem  to  be  influencing  values  and  markets.  The  new  men  claim  no  reserve  exists, 
and  that  Kansas  grew  70  millions  of  wheat  in  1893,  about  35  in  1894,  and  will  not  have  over  12  this 
season.  That  Nebraska  will  grow  only  about  enough  for  home  seed  and  bread.  That  Illinois  will 
grow  only  18,000,000  bushels  ;  Missouri  yield  will  not  equal  15  million  bushels  ;  Indiana  crop  will  be 
decreased  one-third;  Michigan  crop  decreased  one-quarter;  Ohio  falling  off  20  per  cent. ;  Iowa  30  per 
cent,  decrease,  leaving  about  bread  and  seed  in  1895.  The  winter  wheat  crop  of  1894  was  326  million 
bushels,  and  averaged  about  323  millions  for  the  past  six  years.  Now  the  "New  Born  Guessers" 
predict  the  yield  will  fall  one-third,  and  be  the  least  since  1888,  or  225  million  bushels.  Recent 
advices  indicate  some  damage  to  spring  wheat.  Seldom  does  frost  damage  spring  grain  in  May. 
Hot  and  dry  winds  are  the  fear  just  now.  Northwest  elevator  men  reported  short,  and  but  little  old 
wheat  in  country  elevators.  Reports  indicate  little  reserves  of  moisture  in  the  Mississippi  valley 
north  of  Cairo,  and  too  much  for  cotton  south  of  the  Ohio.  Apparently  a  5  to  10  per  cent,  decrease  in 
the  world's  wheat  crop  may  occur  this  season.  If  so,  it  is  scarcely  possible  low  prices  will  prevail 
until  bountiful  crops  again  appear.  ^  All  things  considered,  we  deem  it  wise  to  look  closely  to  one's 
margins,  and  be  in  readiness  for  radical  changes. 

Corn. 

Everywhere  from  the  Gulf  to  Canada  it  is  reported  various  crops  are  being  plowed  up  and  the 
land  planted  to  corn  ;  that  planting  has  progressed  on  a  large  scale  and  often  resulted  in  replanting 
the  third  time.  Our  observation  teaches  us,  good  corn  is  often  grown  in  the  corn  belt  when  planted 
the  first  week  in  June.  The  movement  of  corn  from  first  hands  is  always  large  the  latter  pact  of 
this  month  and  during  the  month  of  June.  The  domestic  and  export  demand  seldom  quite  equals 
supply,  and  crop  prospects  and  the  bears'  notions  until  farmers  quit  fighting  the  weeds  in  the  corn 
about  Independence  Day.  No  corn  is  being  fed  to  live  stock.  We  see  no  reasons  for  any  material 
and  permanent  advance  in  corn,  unless  bad  corn  weather  continues  in  June.  The  price  is  not  high 
and  this  is  the  second  short  crop  i  no  new  corn  can  be  inspected  before  January,  1896. 

Oats. 

Should  reported  damaging  conditions  prevail  much  longer,  35  or  40  cents  for  September  oats  in 
Chicago  might  seem  cheap. 

Provisions. 

Present  prices  are  not  high  or  extremely  low.  Speculation  is  small ;  sentiment  appears  bullish. 
It  is  estimated  the  stock  of  lurd  in  Chicago  June  1  will  be  larger,  and  that  of  ribs  and  pork  show  large 
decrease.  The  export  demanu  is  improving  slightly.  Live  stock  people  at  the  Union  stock  yards 
are  reported  as  predicting  the  run  of  hogs  to  market  in  June  will  be  small,  both  in  weight  and 
numbers.  The  Price  Current  estimates  the  total  marketing  of  hogs  from  March  1,  1894,  to  March  1, 
1895,  was  21,619,000  hogs  (about  one-half  of  the  Government  report  of  the  number  in  the  country.) 
We  see  no  reason  why  wheat,  lard  and  ribs  will  not  sell  for  8  cts.  before  the  stuff  bought  for  Septem- 
ber delivery  is  delivered,  or  pork  will  not  sell  at  $15  or  $16  bbl.  Packing  from  March  1  to  May  23, 
equaled  3,000,000  hogs,  against  2,860,000  last  season. 

Yours  respectfully,  CLAPP  &  COMPANY. 

10.-) 


CLAPP  &  COMPANY,  BANKERS  AND  BEOZERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

^~-' —  ■ 

Qnotations  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  May  29,  1895,  and  lor  May,  189i 

Far  valae  of  all  stocks  $100.  except  D.,  L.  A  W.:  P.  &  R  and  Am.  Tobacco  Co., 
raoM    NEW    TORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    mGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  BEKLT 

Sales. 
1,270 

832.283 
1,462 

72.:«)9 

31,344 
6,072 
1370 
6.555 

18.074 
116.146 

47.002 

104.805 

386 

85147 
3.211 

48.664 
600 
6.850 
6.820 
8,492 
1,200 
3,178 
1.400 
220,800 

43.319 

810 

900 

842 

4.721 

82,942 

8  533 

540 

U.707 

3,578 

1,178 

9,005 

550 

12  758 
9.959 
1,857 
2.232 

11,860 

10.-183 
4,860 

10,H6 
4.523 
9,019 

14  534 

M.310 
310 

KitO 
1.450 

10.000 
2.070 

11.742 
7.748 

82  542 

22.785 

400 

8,471 

2.150 

83.!I75 
9.469 
6038 
4  739 

19.782 

13.448 

80,980 
1,016 


Capitai. 
Stock. 


$20,237,100 
10,198,600 
36,773,000 
36  773,000 
17,900,000 
102,000,000 
25.000,000 
15,000,000 
22,488,000 
60.805,400 
82.262,700 
24,885,800 
46,027,261 
25,923,900 
46,156,000 
18,559,360 
39,054,907 
22,335  170 
28  000.000 
11.696,000 
35,430,000 
26,200,000 
35.000,000 
38  000,000 
84  091900 
30,459,700 
2,5,000,000 

8,000.000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18,738,204 
18,000,000 
47,844.100 
47,436,575 
14,905,400 
14.904,000 
89.428,300 
77,427,000 
20,000,000 
58.119,982 
18  000.000 
39,767,200 
49.000.000 
89,269,546 
80,000,000 

8,600.000 
40,426,861 
86,000,000 


68.408,900 

125,000,000 
60.000,000 
19,850,000 
38,710,900 

6,600,000 
60,868,500 
83,887,098 
20,168,000 
18,820  850 

7,440,220 
28,000,000 
24.000,000 
94,820,000 
10,000,000 

4,600.000 


SrVTDSKI)  RiCOBS. 


Pays  8poJ-D 

Pays  8po  0-J-A-J 

Pays  SJ^po  J-J 

Pays  8pc  F  M-A-N 

Paid  5Hpc  in  1888 

Paid  2do  1895 

Pavs  l!4pc  F-A 

Pays  IMPC  F-M-A-N... 


Paid  Ipo  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Annum. 
Paid  J^po  Feb.  1895... 


Paid  2MPC  Jan,  1895. 
Paid  3K'P0  Jan.  ;895. 
Paid8D0  in  1893 


Pays  2po  M-J-S-D.... 
Pays  7po  per  annum. 
Pays  7pc  per  annum. 


Paid  l>^pc  Jan.  mi3. 
Pald2pc  Au(ri.st  1898. 
Pays  5pc  per  annum. 


Pays  2}^po  MS. 


Pays  l^po  FM-A-N. 

Pays  3po  FA  

Paid  2pc  Aufrust  1893. 
Pays  li^po  J-A-J-0.. 
Paid  2po  In  Feb.  1895. 


PaidSpc  1891 

Paid  Ipc  In  Dec.  1894. 
Pays  l%j)o  M-J-S-D.. 
Pays  Ipo  J-A-J-0 


Paid  1J4P0  Not.  1693. 


Paid  Ipc  April  1892., 
Paid  Ipo  In  1887..., 


Pays  2po  F-M-A-N. 


Paid  Ipc  In  1887. 


Paid  8^pc  in  1884... 
Paid  2Ji"po  March  15,' 1895 


Namxb  or  Stocks. 


Wed., 
May  29. 


Pays  IHpc  J-A-J-0.. 
Paid  IDC  in  Feb.' 1894! 


American  Cotton  OU 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf . 

American  Tobacco  Co 

Atchison,  Topeka  &  S.  Fe. 

Baltimore  &  Obio , 

Canada  Southern 

Central  of  New  Jersey., 

Chesapeake  <fe  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Panl. 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Paoiflo... 
Chic.  St  Panl  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Clere.,  Cin.,  Chic,  <fc  St  L. 
Col  Hocking  Valley  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del.,  &  Hudson  Canal  Co. 
Denver  A  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ot  all  In  pd 
General  Electric  Co... 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Reo 

Illinois  Central . 

Laclede  Gas  Co.  of  St  L. . 
Lake  Erie  &  Western. 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. 
Louisville  <fe  Nashville... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  'I'exas  Pfd 

Mexican  Central 

Mi«.«ouri  Paoifio 

National  Lead  Co    

National  Lead  Co  Pfd.... 
N.  Y.  Cent'l  &  Hudson  Rlv 
N.  Y.  Lake  Erie  &  Wcsl'n 
NY&N  E  tst  CO  cti  allm  pd 
N.  Y  Ontario  <t  Western. 
N.  Y.  Susq.AW'n  Pfd... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec  &  Evansville 
Philadelphia  <fe  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  <fc  B  K  Co 

Texas  &  Pacific 

Tol.  Ann  Arb.  &  Nor.  Mich 

Union  Paoifio 

Union  Pao.  Denv.  <fe  Gulf. 
United  States  Rubber  Co. 

U,  S.  Cordage  Co 

tr.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie.. 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 1.657.787 


COTTON,  In  ba  es, 
I  World's  visible. 
1896  8  762.75a 

1894|  8.447,577 


Total  In  slghttl  Total  Exports. 
9.512. 7t.5  6.385.026 

7,209,050        I        4,9(>1,876 


Cotton  1  Ju: 


May,... 
ne,,. 
July., 
i  August.., 


WHEAT,  In  btishel.«. 
I    U.  S.  Visible.     -Primary  rec'ts*!  Total  Exports. 
18S6         64.244.000  145.534  000  13.3.345  6.S1 

18941       61330,000         I    153  745  UOO        |    154.274  445 


IMay. 

1  July.. 


Com. 


CORN,  In  bushels. 
I     U.  S.  Visible. 
1895  8.978.000 

18941         7.648  COO 


Primary  rec'ts* 
63  213,000 
143,930,000 


Total  Exports. 
22  151  618 
59  999  638 


Chicago  1  May.. 
Wheat.  (July.. 

C<>™-]j"u7y:, 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  7.880  000 

18941         2,847  OOO 


N.T.  Stocks, 

1.419  000 
636  087 


Cbgo.  Stock  a. 

8  094  000 

49b  000 


OaU...-j**^y' 


Pork. . 


July.  . 
i  Way.  . 
(July... 


1895 
1894 


LARD-tcs. 

World's  vis. 
276.683 
12^,594 


CHICAGO  CONTRACT  STOCKS. 
PORK-bbls,|  LARU-tcs.  ,   RIBS-lbs. 
125,820  46,181        29.589,741 

70,196    I  4,099    I     6,792,679 


Lard...-!?^y- 

X^<UU...    -(July 

Ribs.     -J^ay 


8«V<    80«; 
84A    6^W, 

60?2    69 Ji 


I  July. M  6,60    6.47 


SOU  78^   SO^    80^4   80W    80^1  i\%    81% 

6lJi  79^   81!?    78       83^    80*,:  88^    d\h> 

59  67M,    57^    6696    67%    665«'  57'/*    67Ji 

699i  68       S8>i    67     .  &8>i    67^;  68^    67^4 

78^  76 

79^  70-% 

63>i  62 

54^  63 

a9?i  29M 

81H  2«^ 


7,18  T.17 

7.1i  7.11 

7  23  7  14 

7,28  7  21 

^m  81% 

65  8296 

mi  67-vj, 

i'M  681^ 


Range  for 
May  1895, 
to  date. 


65 
55« 
102^4 


33^  30H 

18J«  10^4 

29i>i  2.596 

a6>2  8 


15%     IIH 


ISM) 


219i  16^ 
177  171 
67J4  66^ 
mi  I7H 
!4%  1396 
41!^     86 


20%  16-M 

93%  *>8% 

16^  12 

48  48 


7,18  8,57 

7,18  8.48 

7.23  6  64 

7.28  867 

82%  65^6 

85  66>i 

•WW;  52)4 

00%  52^ 


78%  78    'sow  7794    79%  79%!  81%  79961    31%  6096 

799i  7494    8194  781,1,1  81  79     i  S.'m  SO'/h     ri\i  6lH 

52%  51%    5294  5196    52%  52!4:  53  62^!|  55  48'/* 

54  62     ,  6394  62%|  54%  53     .  55%  63%     58  4794     4096    8^ 


299^    2894    MW    ««%'  80%    80%!  80%    80%;  |  80%    27% 


3t%    2894    30%     299*1  81 


i*        31     i    33        2794 


12.2;;  ls>.22    n-Zf,  12.25   12  42  12  J2   12,60  18  60;i«80  12  80   il2  80  1177 
12  60  12.20  :12,35  12.10   12.70  12.27    12,78  12.68  il8.06  12.80,  |18.07  1177 


6.68  6  52 

6.87  6  65 

6,15  6  15 

687  628 


6  50  6  50  6  52  6.58 

6,62  6.60  667  6  62 

6  16  6  15  6.17  6.17 

6  25  6  12  6  35  8.22 


6  60  6,60    6 «  6  72,  8  77  6,47 

8.72  6.67     6,86  6  80   I  6,97  6  60 

6  25  6.25     6.^5  6  36   !  6.36  6  92 

6  40  6.32 '6,50  6,45   |  6.55  6  CO 


Range  for 
May   1894. 


10996    62% 
9794    88% 


94  89% 
179<  16^ 
16  14% 
68Jf    66U 

133      12894 
50%    4396 

128  118 
98^  9594 
25)6  2m4 
696  6% 
81%  24^ 
42        80^4 


16!^  W^ 

40%  86 

4%  8)4 

6  3'.6 

1996  I2V6 

16  13% 

6  84j 

19  14H 

72  158 

20%  13' 


1916  14% 

5!4  5 

39%  33% 

20^4  15% 


49%    4196 


7.67  7  20 

7.70  7  09 

7.77  7  13 

7.83  718 

68  60)1 

70%  68,'. 

44%  4296 

48  43% 

e6%  57%- 


m%   5»96 

89?i     37ki 


,  8496  3094 
!  30  V.  2f% 
1,3.35  1 1  27 
13.40  11.27 


1895 
189 


OLD  PORK,  Chgo.-bbls. 
....     bbU. 


WHEAT  on  passage. 
44.320.000  bush. 
45,192,000    " 


CORN  on  passage. 
8,920.000  busll. 
6,832,000    " 


Russian  Shipmts.  for  wk. 
8  440.000  bush. 
2"814,000    " 


Indian  Shipmts  for  wk.  I  Argentine  Sbpts.  lor  wk. 
600,000  buslt.  I      1.848.000     bush. 

440,000    " 


t  Since  AU8  81.     •  Since  June  8a  Compiltd  and  Coityrighted  bj>  CLAPP  &  COKIPANY,  BANKEES,  MILLS  BUILDING,  NEW  YORK 


lOti 


WHccI?rp  fIDarhet  letter. 


Mo.  432. 


C^pyrinht,  1808,  by  Clapp  Jt  Cotnmmnf, 

O.  W.  CLAPP. 
DWIQHT  O.  CLAPF 


CLAPP    &    COIMPANY, 

Banhers  nnb  Brohecs, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES  :  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Branch 
Office*  : 


277   BROADWAY,  Corner  Ch*mber»  St. 
671    BROADWAY.  Broaow«y  Central  Hoteu 
753  FIFTH  AVENUE,  Corner  58th  8t 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
LoNQ  Distance  Telephone. 


New  York,  Thursday  Morning,  June  6,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  with  local  out-of-town  banks.  The  local  bank  should  always 
wire  us  at  once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for 
whose  account,  thus  allowing  us  to  fill  customer's  order  promptly. 

A  General  Banking  Business  conducted.    Sfc  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  NEW  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


"The  Blade  lias  received  from  Clapp  &  Company,  bankers  and 
brokers,  Mills  Building,  New  York  City,  their  splendid  souvenir 
of  18SH  on  the  leading  American  Exchanges.  It  is  a  handsome 
volume  of  352  pages,  comprising  a  daily  and  weekly  record  of 
stocks,  cotton,  grain  and  provisions,  their  production,  supply, 
and  distribution  bv  States  and  countries,  in  this  regard  excelling 
any  other  book.  "There  are  over  forty  half-tone  engravings,  in- 
cluding buildings  occupied  by  leading  Exchanges  in  the  United 
States,  the  United  States  Treasury  at  Washington,  Custom 
House,  Wall  Street,  Broad  Street  and  Clearing  House  at  New 
York,  and  portraits  of  the  firm.  A  brief  history  and  statistics 
for  a  series  of  years  accompanies  ea<;h  picture  of  an  Exchange 
or  public  building.  Every  banker,  railroad  man,  publicist,  or 
economist,  and  especially  every  person  interested  in  movements 
of  commodities  or  in  stocks,  grain  or  cotton  for  either  invest- 
ments or  speculation,  vrill  find  this  superb  book  worth  many 
times  its  cost,  which  is  only  $3  delivered."—  Blade,  Toledo,  Ohio. 

"  Clapp  &  Company  have  issued  their  souvenir  of  1894  on  the 
leading  American  Exchanges,  one  of  which  is  on  our  desk,  thanks 
to  that  enterprising  firm  of  New  York  bankers  and  brokers.  It 
is  a  handsome  volume  of  352  pages,  containing  numerous  half- 
tone engravings  of  leading  Exchanges  and  other  buildings,  and 
is  a  daily  and  weekly  record  of  stocks  and  commodities,  their 
pn>duction,  supply  and  distribution.  It  is  a  valuable  work,  and 
Its  many  excellencies  are  difficult  to  describe. "—Enquirer,  Cin'ti. 

"The  souvenir  book  of  Clapp  &  Company,  bankers.  Mills 
Building,  New  York,  for  1894,  is  a  most  complete  commercial 
and  financial  record  and  reference  book  for  business  men  of  all 
names.  The  principal  feature  is  the  republication  of  the  daily 
records  and  weekly.market  letters  verbatim  as  originally  written : 
also  leading  American  Exchanges.    In  these  letters  the  financial 


outlook  is  written  up  from  the  intelligent  standpoint  of  keen 
business  observation  and  philosophy.  A  great  mass  of  miscel- 
laneous, financial  and  statistical  information  is  given  outside  of 
the  weekly  letters.  The  volume  is  a  handsomely  bound  one  of 
3.52  pages,  and  includes  more  than  40  half-tone  engravings  of  the 
principal  business  structures  in  the  United  States.  All  persons 
interested  directly  or  remotely  in  banking,  finance,  commerce, 
grain  and  cotton  markets,  and  the  many  material  interests  sub- 
sidiary to  these  matters  wiU  find  the  volume  invaluable  for 
reference  and  even  occasional  study." — The  Evening  News,  De- 
troit, Michigan. 

"We  are  indebted  to  Clapp  &  Company,  bankers  and  brokers. 
Mills  Building,  New  York,  for  a  copy  of  '  Clapp  &  Company's 
souvenir  of  1894,'  comprising  the  52  weekly  market  letters,  pub- 
lished during  the  year  With  a  large  amount  of  valuable  statistics 
of  finances,  trade  and  commerce,  foreign  and  domestic,  fonning 
a  4to.  volume  of  352  pages,  finely  bound  in  beveled  covers,  on 
heavy  book  paper,  with  numerous  illustrations.  The  volume  is 
a  valuable  booK  of  reference  for  financiers,  merchants,  dealers 
in  stocks  and  securities.  Of  course  the  current  issues  of  the 
weekly  market  letter,  published  by  Clapp  &  Company,  furnish- 
ing a  brief  summary  of  the  financial  and  commercial  doings  and 
outlook  of  the  country,  is  of  immense  present  value  to  every- 
body engaged  in  financial  or  commercial  transactions.  Clapp  & 
Company  are  bankers  and  commission  merchants;  receive  de- 
posits, subject  to  check  at  sight;  make  advances  on  marketable 
securities  at  current  rates;  buy  and  sell  municipal  bonds  and 
bank  stock  on  commission;  buy  and  sell  property  for  cash  or 
future  delivery;  give  personal  attention  to  customers'  orders  and 
requirements  and  furnish  the  latest  news." — Merchant  and  Man- 
ufacturer, Cincinnati,  Ohio. 


Clapp  &  Company's  annual  Souvenir  book  for  1894:  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 

KEEP  OUK  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS  FREE. 

1U7 


H 
X 

"0 

> 

o 
m 

o 

o 

z 

H 
> 

Z 

O 

> 

r 
•< 

m 
o 
O 

J3 
O 
(/) 

O 
-n 


r 

> 

o 

z 
o 

m 

X 

o 

X 

> 
z 
o 
m 

C/3 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROZEES,  NEW  YORK,  WEEKIY  MARKET  LETTER. 

Financial  Outlook. 

The  golden  sunshine  in  this  year  of  rosy  views  carries  positive  energies  that  give  much  compen- 
sating joy,  even  to  those  who  bear  the  heat  of  the  days.  Ocean,  gulf  and  lake  cities  are  brilliant 
borders  to  a  carpet  of  green  covering  a  country,  where  everything  cooperates  now  for  gain. 

Straws. — The  pig  iron  product  of  the  world  is  estimated  by  London  authorities  as  36,4G0,000 
tons;  that  of  steel,  20,605,000  tons,  and  United  States  heads  the  list  of  producers.  Nearly  all  produc- 
ing countries  have  a  surplus  over  home  needs.  The  United  States  spends  $156,000,000  yearly  for 
schools,  or  over  three  times  as  much  money  each  year  as  is  spent  by  any  other  government.  Brad- 
street  says  178,000  industrial  employees  received  advances  of  10  %  in  wages  since  April  1,  only  one- 
seventh  of  them  struck  to  accomplish  the  advance.  The  rise  in  all  kinds  of  iron  averages  5  %. 
During  May  the  United  States  mints  turned  out  587,255  gold  pieces,  valued  at  $4,163, 9;57,  mostly  in 
half  eagles  ;  in  same  time  4,923,416  pieces  silver  were  coined,  valued  at  $4.961,951 — $150,180  being 
in  standard  dollar,  balance  in  minor  coin.  Chili  has  established  the  gold  standard.  United  States 
Governments  outstanding  money  obligations  only  exceed  gold  coin  values  of  money  assets  by  about 
70  million  dollars. 

Stocks  and  Bonds. 

Bonds.— Buyers  have  been  absorbing  offerings  at  about  V/t  to  3  million  dollars  per  day,  at 
advancing  prices.  Laroer  first  class  offerings  might  create  important  improvements  in  demand 
and  prices.  Public  se»»timent  appears  enthusiastic  over  pro.spects  that  natural  energies  and  forces 
will  offset,  and  counteracts  damaging  acts  and  effects  of  Washington  officials.  The  fact  that  most 
of  them  have  gone  home  never  to  return  is  thankfully  noted. 

Railway  Stocks.— ^The  volume  of  trading  is  less,  few  care  to  sell,  the  number  opening  new 
accounts  have  lessened  but  slightly,  while  many  are  arranging  for  active  operations.  St  Paul  shows 
a  net  gain  in  earnings  past  four  months.  The  Reading  system  is  ahead  of  its  operating  account 
same  time.  It  is  a  great  property.  The  stock  offers  great  possibilities.  Southern  Railway  gains. 
It  is  but  a  question  of  time  when  the  stock  will  advance  materially.  Burlington  and  Rock  Island's 
corn  crop  may  offset  all  discouraging  advices  about  winter  wheat.  It  is  conceded  acreage  will  be 
about  four  millions  larger  than  any  previous  crop.  ^Manhattan  affairs  appear  prosperous  and 
its  treasury  supplied  with  funds  for  contemplated  improvements.  Atchison  reorganization 
appears  likely  to  prove  a  success.  Northern  Pacific  stockholders  feel  stimulated  by  favorable 
spring  wheat  reports.  New  England  maintains  mysterious  strength  Fince  its  successful  reorganiza- 
tion. Western  Union  reports  a  favorable  business,  warranting  usual  dividends.  June  1st  we 
wrote:  "Large  number  of  staples  show  considerable  increase  in  value  since  March,  and  the 
tendency,  looking  at  the  situation  from  a  broad  standpoint,  appears  to  warrant  the  stubborn  position 
which  investors  in  all  products  and  securities  of  intrinsic  value  have  recently  taken.  The  surprises 
are  likely  to  favor  them,  and  those  who  have  less  faith,  money  or  endurance  will  be  likely  to  pay 
higher  prices  later  on  in  the  season." 

Industrials. — Sugar  stock  creators  have  declared  its  business  unprofitable,  but  now  claim  bet- 
ter gains  likely  on  better  fruit  crop  prospects.  We  see  no  reason  for  a  radical  advance  until  recent 
belated  bulls  sell  out.  General  Electric  is  being  bought  freely  by  parties  reported  as  figuring  on 
consolidation  with  Westinghouse  Co.  Distillers'  fight  is  more  complex,  and  since  the  small  decline 
stock  is  possibly  more  likely  to  advance.  Gas  appears  to  be  gaining  strength  and  slowly  preparing 
for  a  good  advance,  manipulated  by  Standard  Oil  people.  Cotton  Oil  Company's  stock  appears  a 
purchase  based  on  reported  earnings.  Lead  is  farm,  earnings  large,  insid  p  stockholders  appear 
happy.  Cordage  Company  again  in  court  and  bankers' hrids  and  possibly  beyond  control  of  its 
worst  enemies.  We  have  been  bears  on  the  stuff  since  Feb  ua  y,  1893,  when  quotations  were  made 
at  1.47,  and  since  the  10  per  cent,  assessment  was  paid  in  1ol4. 

Cotton. 

The  Tennesee  Bureau  of  Agriculture  claims  the  acreage  will  be  18  per  cent,  less  than  in  1894. 
The  Texas  News  predicts  15^  per  cent,  less  than  last  year  and  crop  three  weeks  late  ;  plant  small ; 
that  bad  condition  is  due  to  drought  and  cold  nights,  grass  and  bugs.  The  Chronicle  will  have  a 
special  acreage  report  out  Thursday,  June  6.  The  Government  report  will  be  out  Monday,  June  10. 
Both  are  expected  to  furnish  bullish  indications.  The  bears  say  Northern  spinners  must  have  fair 
stocks,  as  they  have  taken  600,000  bales  more  than  last  season,  and  that  their  increased  consumption 
has  only  been  100,000  bales  more,  and  that  they  have  in  shed  stocks  ample  to  carry  them  to  January. 
The  outside  speculative  buying  interest  appears  to  be  on  the  wane.  Bears  claim  the  New  Orleans 
clique  may  be  compelled  to  dump  their  June,  July  and  August  holdings,  and,  that  as  they  control  all 
the  cash  cotton  a  "money  scarcity  "  might  make  a  compiutory  decline.  T\\q Manufacturers'  Record 
claims  $1,200,000,000  invested  in  the  cotton  belt  would  bring  :^  1,000, 000, 000  annual  revenue  instead 
of  only  one-third  that  amount.  The  present  spindles  running  number  three  million  and  five  hundred 
thousand;  more  are  building,  employing  altogether  $li9,000,000,  that  produces  $50,000,000  annually. 
Our  advices  as  a  rule  all  indicate  the  crop  has  oeen  badly  rumed.  One  correspondent  says,  "  Lice  and 
cut  worms  cannot  stand  the  hot  sun.  Cotton  can  get  sick  quicker,  hold  on  to  life  longer,  and 
recuperate  faster  than  anything  ei.se  cultivated  South."  The  boii  worm  is  scarcely  ever  seen  in  June 
in  any  Cotton  States.  Yesterday's  reports  say  Mexican  fly  is  desiroying  the  bolls.  Crop  in  sight  to 
May  "31st,  9,553,393  bales,  against  7,243,393 'last  year.  Average  weighi  of  bales,  503.71,  against 
496.24  last  year  and  499.05  year  previous.  It  seems  to  be  cuij<-eded  au  eight  and  a  half  million 
crop  would  not  enhance  vrfues,  while-a  seven  million  crop  woula  likely  i)ut  piices  up  2c.  per  pound. 

108 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Wheat. 

Ordinarily  two-thirds  of  our  wheat  crop  is  winlcr,  and  two-thirds  of  that  is  gro'-vn  in  ahout 
ieven  States.  Al)out  two-tliirds  of  sprinj?  wheat  is  grown  in  tiio  two  Dakotas  and  5Iin7icsota,  prac- 
tically the  ten  States  annually  furnish  our  export  surplus,  which  averages  every  decade  about  H2,- 
000,000  bushels  from  an  average  crop  of  about  456  million  bushels.  It  is  now  claimed  that  half  the 
export  winter  wheat  States  will  not  produce  more  than  about  half  a  crop  or  have  any  to  sj)are  over 
and  above  bread  and  seed.  That  Hessian  flics,  drought,  cold  weather,  frost,  chinch  bugs  and  rust 
have  done  nuich  damage  and  greatly  decreased  the  acreage  ;  that  in  |)roof  the  Deering  Hnivesting 
(Jompany  report  the  cancellation  of  orders  for  15,000  reapers  ;  that  the  Osbon  Reaper  Manufacturing 
Company  claim  that  fifty  per  cent,  of  their  orders  have  been  cancelled.  The  Orange  Judd  Farmer 
reports  the  June  condition  of  winter  wheat  as  71.5,  against  S4.5  a  month  ago,  and  of  si)i'ing  wheat 
93.5  of  that  grown  in  1894;  indicating  crop  of  winter  wheat  of  274:  millions,  and  of  spring  100 
millions,  or  total  of  434  million  bushels.  The  I'rairie  Farmer  is  reported  as  estimating  the 
present  acreage  of  winter  wheat  at  23,310,200  against  24,438,942  harvested  in  1894,  and  of 
spring  wheat  as  10,344,000  acres,  against  11,014,400  acres,  or  a  grand  total  of  33,(;54.000  acres  against 
35,480,000  acres  harvested  in  1894,  or  a  decrease  of  11  per  cent.,  claiming  the  condition  of  wheat  is 
73.2  against  »3.2  May  1st,  and  indicating  a  crop  of  282,000,000  bushels  of  winter,  and  forecasting  a 
total  crop  of  446,000.000  bushels  against  603,000,000  bushels  grown  in  1894.  Last  fall's  seeding  is 
placed  at  24,884,300  acres. 

Apparently  1.500,000  acres  of  winter  wheat  has  been  abandoned  or  devoted  to  other  crops.  Each 
State  reports  a  decreased  acreage  and  condition  except  Pennsylvania,  Iowa,  Oklahoma,  California 
and  Washington,  where  increases  are  small.  Ohio  state  reports  give  condition  68  against  85  by  Gov- 
ernment last  month.  The  condition  of  spring  wheat  is  placed  at  96.5  June  1st,  against  90.7  June  1st, 
1894.  The  season  is  reported  as  perfect  with  the  three  large  spring  wheat  States  likely  to  grow 
125,000,000  bushels,  and  164,000,000  bushels  for  all  spring  wheat  States  against  151,000,000  bushels 
in  1894.  San  Francisco  reports  the  receipt  of  a  car  of  new  winter  wheat.  That  four  firms  have 
bought  the  7,000,000  bushels  of  the  Fair  Estate  and  chartered  freight  room  to  move  it  the  coming  60 
days.  Chicago  has  most  of  our  red  wheat,  and  but  V^  millions  bushels  of  spring  wheat.  The  in- 
visible is  conceded  to  be  small.  The  visible  is  less  than  any  time  since  Oct.  8,  1892.  Europe's  visible 
is  about  20,000,000  bushels  less  than  this  date  in  1894.  Wheat  advanced  since  February  18th  30 
cents.  It  is  but  natural  that  a  10  cent  decline  may  follow.  Prices  now  range  about  five  cents  lower. 
We  still  think  wheat  a  good  purchase  for  a  few  cents  on  sharp  breaks,  or  a  sale  for  one  or  two  cents 
on  sharp  rallies,  believing  this  plan  can  be  followed  indefinitely  or  during  June,  or  until  more  is 
known  of  the  growing  crop,  both  on  this  and  the  other  side  or  the  water.  A  continuation  of  bad 
weather  and  crop  reports  any  length  of  time  might  send  wheat  to  90  cents  a  bushel.  Liberal  rains 
and  good  growing  weather  will  scarcely  send  it  much  below  72  cents  this  month,  or  down  to  the 
high  point  in  1894.  


The  bucket-sJiop  interests  and  their  assistants  or  backers,  "  the  public  "  seem  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 

Corn. 

The  Prairie  Farmer  predicts  the  1895  acreage  will  equal  81,763,000  acres,  or  11.2^  more  than 
1894,  no  State  showing  a  decrease  from  1894  but  New  York.  Our  previous  largest  acreage  reported 
was  78,319.651  in  1888.  It  appears  to  be  generally  conceded  that  many  acres  of  small  grain  from 
Texas  to  Canada  have  been  plowed  up  and  planted  with  corn  both  by  planter  and  farmer.  The 
movement  from  first  hands  always  is  large  in  June,  and  nature  always  puts  on  her  most  encourag- 
ing aspects  in  June.  Demand  seldom  exceeds  supply  or  equals  the  expectations  of  the  bulls.  Sen- 
timent quiets  down  as  clean  corn  rows  present  themselves  one  very  hand,  while  every  preparation 
is  being  made  to  let  nature  fulfil  yearly  promises  in  July  and  August. 

Provisions. 

Chicago  average  weight  of  hogs  in  May  was  one  pound  more  than  April  and  equalled  that  for 
May,  1894.  Total  stocks  of  all  kinds  of  meats  June  1  were  207,164,000  pounds,  against  96,343,000 
pounds  last  June.  fFor  further  statistical  facts  see  fourth  page  of  our  Weekly  Letters.)  The  hberal 
stocks  seem  to  make  packers  with  limited  orders  bearish,  and  visible  sellers  of  September  provisions 
rather  than  buyers.  Prices  are  neither  very  low  or  above  parity  with  manufactured  cured  meats. 
Stocks  of  lard  in  Liverpool  June  1  were  460,000  tierces  ;  in  the  world  295,700  tierces,  against  276  683 
last  June.  Total  packing  to  May  30  was  3,385,000  hogs,  against  3,140,000  last  season  :  at  Chicago 
to  June  1st,  1,251,000  hogs,  against  1,406,000  last  year.  Receipts  of  cattle  in  Chicago  since  January 
I  have  been  22%  more  than  last  year ;  of  hogs  14^,  and  of  sheep  Ijt  more. 

Yours  truly,  CLAPP  &  COMPANY. 

109 


CLAP?  &  COMPANY,  BANKERS  AND  BEOEEES,  NEW  YOEK.  WEEKLY  ILAEKET  LETTEIL 


QnotatiODs  for  Stocks,  Cotton,  Grain  and  ProTisions  for  Week  wiling  Jnne  5,  1895,  and  lor  Jane,  1891 

Par  value  of  all  stocks  $100.  except  D.,  L.  A  W.:  P.  <fc  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EEKLT 

CiJTTAI. 

Sales. 

Stock. 

900 

120,287.100 

170 

10.198,600 

108.&45 

36.773,000 

1.048 

86.773,000 

1G.479 

17,900,000 

80.583 

102  000,000 

608 

85,000,000 

1,250 

15,000.000 

7.884 

22.488.000 

8,190 

60.805.400 

84.926 

82  262  700 

19.900 

24,885.800 

48.296 

46,027,261 

365 

85.923,900 

9,560 

46.156,000 

8.800 

18,559,360 

15,494 

39.054.907 

800 

22,385  170 

860 

28  000,000 

1.800 

1 1  696,000 

1,581 

35,430,060 

1.970 

88,200,000 

8.186 

8B0OO.0OC 

80O 

38  000.000 

67.108 

84  091900 

8&422 

30,459,700 

8.5,000,000 

8s000.000 

591 

50,000,000 

4.100 

10,000,000 

7.025 

11,840,000 

419 

11,840,000 

J.834 

49.466,500 

6,780 

52,800.000 

6,169 

30,000,000 

460 

18.788,204 

4  831 

18,000.000 

47,844.100 

8  679 

47.436,576 

82.767 

14.905,400 

3.018 

14,904,000 

1.163 

89,428,300 

19.4.55 

77,427,000 

2.110 

20,000,000 

2.285 

58,119,982 

6.170 

18,000,000 

900 

89,767,200 

1.377 

49.000.000 

5.249 

89,269,546 

17.615 

80.000.000 

915 

8.600,000 

89.588 

40.426,861 

1288 

86,000.000 

7.322 

««.  402,900 

2.591 

125,000,000 

8574 

60.000,000 

12.085 

19.850,000 

9.650 

88.710,900 

3  525 

60,868,500 

9.754 

58  9'U,600 

8.928 

62,261  .500 

48,838 

20.166.000 

16.978 

18.320  850 

9.636 

7,440,220 

1.550 

88,000,000 

7.500 

24.000,000 

5.629 

94,820,000 

10,630 

10.000,000 

125 

4,500,000 

Pays  3pc  J-D 

Pays  3pc  0-J-A-J 

Pays  SJ^po  J-J 

Pays  8pc  FMA-N 

Paid  5Hpc  In  1888 

Paid  2dc  1895 

Pays  ikpc  F-A 

Pays  IHpc  F-M-A-N... 


DrvTDKirD  Rkcord. 


Paid  Ipo  Dec.  1894 

Pays  ipo  M-J-S-D 

Paid  ipc  

Pays  7  PC  Per  Annam. 
Paid  ^po  Feb.  1895... 


Paid  2)^pc  Jan.  1895... 
Paid  3i^po  Jan.  :8y5... 
Paid3pc  in  1893 


Pays  2pc  MJ-S-D.... 
Pays  7pc  per  annum. 
Pays  7pc  ;  er  annum. 


Paid  mpc  Jan.  1803. 
Paid2pc  AURi  stl893. 
Pays  5pc  per  annum. 

Payi"2Jipd"ii-s!.";;! 


Pays  IMpc  F-M-A-N. 

Pays  .Spc  FA     

Paid  2pc  August  1893. 
Pays  IJ^pc  J-A-J-O.. 
Paid  2pc  in  Feb.  1896. 


Paid  3PC1891 

Paidlpc  in  Dec.  1894... 
Pays  J?ipo  M-J-S-D.... 
Pays  Ipo  J-A-J-O 


Paid  l^po  Not.  1893. 


Paid  Ipo  April  1892., 
Paid  ipc  in  1887..., 


Pays  2po  F-M-A-N.... 


Paid  Ipo  In  1887. 


Paid  3>ipc  in  1884. 


Paid  Ipo  Vay  1895... 
Paid  2}^pc  March  15, 1895 


Pays  1J4P0  J-A-J-O. 


Paid  ipo  in  Feb.  1894. 


Navxs  or  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd . 
Am.  Sn^r  Refining  Co- 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atchison,  Topelia  &  S.  Fe. 

Baltimore  &  Odio 

Canada  Southern  

Central  of  New  Jersey.... 

Chesapeake  &  Ohio.   

Chicago,  Bur.  <fe  Quincy.. 

Chicago  Gas  Cos 

Ciiicago,  Mil.  &  St  Pan!. . . 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic.  St  Paul  M.  <fe  Omaha 
Chicago  &  Northwestern. 
Cliicago  <fe  North w'n  Pfd. 
Cleve.,  Cin.,  Chic.  <fe  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consohdated  Gas  of  N.  Y. 
Delaware.  Lack 'a  <t  W'n. 
De!.,  &  Hudson  Canal  Co 
Denver  <fe  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 
General  Electric  Co... 
Great  Northern  Pfd.... 
Green  Bay  W  &  St  P  I'r  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. 
Lake  Erie  <fc  Western     . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n 
Louisville  <fe  Nashville.. 
Manhattan  R'yConsol.. 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mis.^ouri  Pacific 

National  Lead  Co 

National  Lead  Co  Pfd.. 
N.  Y.  Cent'l  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  Wesfn 
NYAN  E  tst  CO  cti  all  in  pd 
N.  Y  Ontario  A  Western. 
N.  Y.  Susq.AW'n  Pfd... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading. 
Pullman's  Palace  Car  Co 
Stiver  Bullion  Certificates 
Southern  Pacific  Co... 

Southern  Railway 

Southern  Railway  pfd 
Tenn.  Coal.  Iron  4  R  R  Co 

Texas  <fc  Pacific 

Cnlon  Pacific 

U  8  Leather  Co 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 

U,  S.  Cordage  Co 

U.  S,  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie .... 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


875.637 


COTTON,  in  ba  eg. 
I  World's  visible. 
1895  8  674.553 

!H94|  8  326.641 


Total  in  slghttl  Total  Exporta. 
9.653.39.^  e.447.445 

7,243,027        I        4,93(1,460 


V  fr    f  May  &  June 

•"•  '•  J  JuneAJuly 

OoOon  1  July  &  Aug 

I  Aug  &  Sept 


WHEAT,  In  bnshtls. 

V.  S.  Visible.     iPrimary  rec'ts* 
18951        5?.229.000  146.967  000 

18911        69.395,000         I     156  296  000 


Total  Exports. 
135.425  639 
156.333.158 


Wheat  i  May  &  July 

i  May  &  July 
I  July*  Sept 


Com.. 


CORN,  in  bushels. 
I     U  S  Visible. 
1S95  10.762.000 

18941  7.496  OOO 


[Primary  rec'ts* 
65.537.000 
146.272,000 


Total  Exports. 
23.043  333 
60.696.236 


Chicago  1  May  &  July 
Wheat.  I  July&  Sept 
Com  J  May  i  July 
^<>"'--1  July*  Sept 


OATS,  in  bushels. 
I    U.  S  Vi-ible. 
IPOS  8.626  OOO 

18941         2,606  000 


N.  T.  Stocks, 

1,457  865 

879  384 


Cbgo,  Stocks. 

2  <o7  000 

845  000 


Oats       )  May*  July 
"*"•••  IJulyJt  Sept 


Pork, 


j  May  &  July 
••  I  July&Sept 


1895 
1894 


LARD-tcs. 

World's  vis. 
895.700 
12iS0OO 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,|  LARD-tcs.  ,  RlBS-lbs. 

125.915     I  70,225        88.701.699 

63,498     I  17,.'?44     I     6,724.109 


Lard. 


I  May  &  Jnlyi 
';  July&Sept 
~h.  1  May  A  July 
"'"•iJnlyASept 


Thursday. 
May  80. 


0 

V 

H 

f 

b 

► 

■ 

I 

H 

Q 

W 

Q 

(D 

Q 
f 
0 

(D 

b 


Friday. 
May3L 


27     ae!H 

urn  liw 


26 

145« 

129% 
47H 

2m 

35  Jt 


88 
145 

129% 
47^ 
20V^ 
S4^ 


281^ 


18 

43% 
1894 


80^i 
39H 


17B.6S8 


7.10  7  07 
7.18  7.12 
7  22    7.16 


82H  80^ 
67ii    bTii 

7896  779i 
80  78% 
6194   51H 

53        62% 

29J6  29« 
.30H  2tfW 
12.>i2  12.b2 
12  72  12.67 

«  65  "6  65 

6  80  6  75 

6,27  6  27 

640  635 


Saturday, 
June    1. 


28 

74'.* 
318>4 

11^ 

m 

68ii 
68W 

22J4 
8lH 


68Ji 
9SH 

26« 


74% 
117H 

11494 

794 

62Li 

63« 

«2H 
80« 
74 
86^4 

6^ 

44H 
86)^ 


8m 

35W 


209^ 
85Hi 


82Mt  sm 

24%    2194 

1<6H  146^ 
68  67H 
114      113^ 

82       81% 


2* 

86^ 

89 

10194 

10}4 

80 
5% 

19% 
30 


85 

89 

10194 
10 

isU 

2994 
B% 

18% 
29 

18^1 


Monday. 
Jane    8. 


2896   2896 


118 

lOl'M 

115 
8 

62H 
539^ 

10194 
22^ 

74% 
6<% 


lOOH 
114% 
796 
62% 
53^ 
101 H 
22% 
8094 
78  V» 
66% 


69%  69 

8S%  38 

99%  98 

^496  iivi 

27  26*4 

XU4  1431b 

162  162 

130  130 

2196  2096 

3e94  85% 


88"  ■  31% 
24%    24% 

l46%  l46Vi 
5896  57% 
1|4      118 

32%    81% 


28% 
87% 
90 

1019» 
11 

44% 
18% 

3m 

6« 
5% 
199* 
80^ 
6 

1996 
l72% 


28M 
36 

101% 
10^ 
4496 
18% 
80% 
694 

189* 
29% 
6 
19 
172% 


.... 


S4.484 


7.18  7.07 
7.16    7.08 

7.19  7.10 


182,296 


7.00 
7.07 
7.10 
7.18 


692 
6,97 
6.9!' 
7,02 


S2i'.  em  82  71 

88       82j',  82,',  81    _ 

57%    57     j  67%  65% 

58%    58%l  68%  67 

79%  7896  7996  7696 

80!4  79*!.  80  77?i 

53  52^6  52%  5094 

54  63%  63%  5194 

80V«    29%'  8096    2&96 

3(.?6    29%  30U  29 
12  7.5  12.42    12  60  12  45 
13,00  12.70   12.67  12.;0 

I 

6  72    6  70  6  87  6,65 

6,95    6.87  6  87  6  86 

6  32    6  80  6.S2  6.80 

6  55    6  50  6  52  6.47 


Tuesday. 
Jnne    4. 


88       28 


118% 
10096 

115 
8 
62 
64% 

101% 
23 
8296 
74% 
6796 

6994 

89 

9996 

45" 

2694 

"62J4 
130 

21% 
3796 


tl7% 
100% 
114 
6% 


689a 

38% 
9894 

45" 

2694 

lei" 

129% 

2096 
86% 


82%    8194 
25%    84 

82%    82% 
146!^  146% 

5894  58 
114   11394 

82%    82' 

2894  aii 

87%    86% 


18^4 
172% 


827.876 


91%  80,'. 

eay*  81,', 

56%  55« 

57,',  6696 

7896  76% 

799h  78 

5154  5096 

6296  51% 

80  2996 

29%  29% 
12,75  12  50 
13,02  12.77 

670  6.65 

6.90  6.85 

6  85  6.30 

6  56  6.47 


Wed., 
Jnne    6. 


27%    27^ 
lis'    117% 

10O96  looki 
111  11.5% 

6%      6 
62%     62 
63%    53% 
100%    90% 
229^     22% 
8194    81 
74%    74 
66?4    66% 
128      121 
69       6896 
39       8oy4 
9896    979a 
145      145 
44%    44% 
26%    26% 
142      14m 
161      160^ 
129%  128% 
47        47 
2<l%     19% 
S69»    JJ596 


82%  82 

2496  23V4 

82%  8296 

140  146 

.57%  57« 

114  113 

32' ■  8i94 

2S%  27^6 

85%  35% 

89%  89^-4 

16%  16% 

43%  43% 

18^  18 

81%  29% 

5%  6% 

5%  5i> 

1894  18% 

29y,  28  Vj 


92%    92^ 
14%    1894 


192  498 


7.09 
7.14 
7.1s 
7,19 


6.98 
7.02 
704 
706 


80S<;  79% 

8196  80 

56A  55% 

57%  56% 

77%  75% 

78W  77 

619*  60% 

5896  6196 

30%  89% 

8996  29 

12  50  12  37 

12,77  12.62 

6  68  6  57 

6,82  6  77 

6,27  6  22 

6,45  6,42 


Range  for] 

May 

1895, 

3om 

2694 

li^ 

75  Ji 

109^ 

100^ 

'J8% 

117 

102% 

996 

696 

65 

6594 

5596 

52% 

102!^ 

94% 

239« 

1H»6 

88 

n% 

7696 

78% 

63% 

61% 

12] 

118 

70% 

66% 

39% 

3494 
95% 

145 

144 

4696 

41% 

27% 

85)^ 

14594  138m 

163% 

158-*:, 

12794 

48% 

42Mi 

2496 

18% 

85% 

82 

183 

109% 

1% 

1 

98 

92 

33 

28% 

2.5% 

19% 

84 

77 

148 

14294 

61 

55% 

119%  112^1 

102% 

98H 

30H 

18^ 

101/4 

2994 
86% 

2596 

34 

91 

SkVa 

104 

im 

1596 

10% 

45% 

88% 

19% 

:7% 

88 

28% 

7 

6^ 

8% 

4% 

87 

18^ 

2994 

23% 

7 

49-4 

2196 

15% 

177 

171 

6794 

66% 

8094 

17% 

14% 

1396 

4m 

■4 

36 

E094 

lo^ 

17% 

1^ 

2494 

20 

"i 

SOVa 

49 

11 

bVi 

20% 

1,5-'U 

9,;% 

fc896 

15!4 

12 

48 

48 

7,18 

8,57 

7,18 

6.48 

7,2;3 

654 

7.29 

667 

88% 

65% 

85 

66^ 

.59m 

52% 
62^ 

6094 

31% 

6096 

tiiVA 

619* 

55 

46'/i 

56 

4% 

80% 

87% 

83 

2794 

12  80  1177   ' 

13.07  11  77 

677 

8.47 

6,97 

6.60 

635 

692 

635 

6.00 

Range  fof 
June  1894. 

29%    2696 
70        66 

108%  9^ 
98%  8994 
90  82% 
8%  4% 
73  69 
50%    49 

107%  105 
17%    1«% 
7^    ■/696 
80       73% 
61%    579-4 

120       119 
6994     ti6% 
87%    85 

11096  104% 

88^4  86" 
1896  16^ 
:8494  125^ 
161%  160 
182  129% 
80%  84 

27  23 
88%    84% 

108      lOU 
696      •«% 
90%    90 
1796    16% 
16%     14% 
67%    8.VJ4 

133J.a  129 
46%    43!4 

118  114 
97%    96 

28  18% 
7  6% 

29  25 
4:%  87 
8494  82 
99%  97% 

U%   im 

10  896 

1594  14 

4m  89% 

4%  894 

4%  8% 

17%  12** 

1494  14% 

4  3 

1:94  14% 

166  158 

20%    M" 


20%  17^ 
9%      8 
16%      9 

64%  52% 

3994  36 

2394  1994 

41  37 

796     B96 

16^  13 

8596  «J36 
11%     994 

4594  43% 


7.23  6  96 

7.88  6  9S 

7.32  7  01 

7.84  7  02 

61,',  67% 

66,V  59% 

47%  43,>b 

48%  44% 

6196  54% 

68%  56% 

4294  8794 

48  88% 

45  81% 

32%  26^ 

12  62  11. ro 

12.75  11  82 

6.82  6.60 

6.95  6.65 

6.57  6.07 

6.60  6.07 


1895 
U94 


OlH  POBK,  Chgo.-bbls. 
....     bb&. 


WHEAT  on  passage. 
43.920.000  bush. 
43,872,000     " 


CORN  on  passage. 
4.160.000  bush. 
6,144,000     •• 


Russian  Shipmts.  forwk. 
8.440.000  bush. 
2  918.000     " 


Indian  Shipmts.  for  wk. 
676.000  bush. 
600,000    " 


Argentine  Shpts.  for  wk. 
L440.000     bush. 


t  Since  Au*  31.    •  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 

110 


cacet^Il?  noarhct  Xcttcr. 

No.  433. 


Copyrtght,  1H98,  by  Ctapp  A  Cetneatty. 

O.  W.  Clapp. 
DwiOHT  O.'  Clapp. 


CLAPP    &    COMPANY, 

Baiihevs  anb  Brohers, 
MILLS    BUILDING,    IM.   Y. 

ENTRANCES:  3s  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


277   BROADWAY,  Co^-ibh  Ch«vi«eii«  8t. 
BnANCM    )  g7,    BROADWAY,  Bio^owm  CENrR»L  Hortu 
OFFicEt:  J  753  piFTH  AVENUE,  Co«.«ii  68rM  Sr 


Private  Telegraph  Wires. 
Cable  Address:  "Ozro." 
LONQ  Distance  Telephone. 


New  York,  Thursday  Morning,  June  13,  1895. 

Financial  Outlook. 

The  motto  on  the  silver  dollar  is  being  emphasized  by  the  courageous  men  of  field,  factory  and 
finance.  Political  and  commercial  pessimists  offer  their  stock  of  woes  and  difliculties  to  a  people 
too  busy  making  money  to  hear  or  heed.  The  ripening  harvest  begins  to  call  for  the  few  who  still 
stand  idle  in  the  market  place. 

Straws. — The  mineral  production  in  the  United  States  in  1804  is  valued  at  $553,352,996.  The 
Census  Bulletin  says  47.95  per  cent,  of  all  persons  in  the  United  States  in  1890  over  10  years  old 
were  earning  their  own  living.  Nearly  five  times  as  many  men  as  women  were  at  work.  It  is  esti- 
mated the  silver  owned  and  coined  in  the  United  States  Treasury  equals  1,527  cords.  One  million 
dollars  in  gold  weigh  about  two  tons  ;  one  million  silver  dollars  weigh  nearly  30  tons. 

Mr.  Andrew  Carnegie  is  reported  claiming  the  country  at  large  does  not  realize  the  boom  which  has 
started  in  the  industrial  world.  That  iron  and  steel  mills  all  over  the  country  have  contracted  their  full 
capacity  for  several  months  ahead,  and  many  are  actually  unable  to  take  additional  orders.  That 
since  the  bulk  of  their  contracts  were  booked,  there  has  been  an  advance  of  50  cents  in  pig  iron. 
This  fall  consumers  will  find  they  cannot  place  orders.  The  country  is  on  the  threshold  of  the 
biggest  revolution  in  business  it  has  ever  experienced,  and  it  is  not  a  long  way  off. 

Stocks  and  Bonds. 

Bonds.— The  feeling  in  bond  circles  strengthens  as  general  business  improves.  There  is  no 
uneasiness  or  default  of  conseciuence  ;  good  seuuriues  must  meet  a  good  demand,  and  such  issues 
assist  the  market. 

Stocks. — St.  Paul,  Burlington  &  Roclc  Island  tonnage  of  corn  and  spring  wheat  in  1895-96  now 
promises  to  be  larger  than  in  any  recent  year.  Missouri  Pacific  6l  Southern  Eailway  are  a  little 
slow  but  likely  to  show  advances.  Northwestern  handles  iron,  spring  wheat  and  corn  ;  its  pros- 
pects are  good.  Atchison  securities  are  being  deposited  freely,  with  reorganization  likely  to  prove 
a  success.  Northern  Pacific  earnings  improve,  with  evidence  capital  is  taking  some  of  its  junior 
securities  ;  prices  will  likely  advance.  Union  Pacific  is  doing  better.  Reading  is  sandwiched  with 
the  coal  roads  and  grain  fields  in  a  way  to  warrant  better  earnings  and  prices.  Erie  holders  need 
not  get  discouraged,  foreign  interests  will  likely  protect  them.  Western  Union  appears  cliqued  for 
par  and  doing  a  better  business.  Manhattan  is  likely  cliqued  for  another  boom  similar  to  that  of 
1893,  then  it  sold  to  175.  Lake  Shore  and  Canada  Southern  will  likely  score  higher  prices.  Senti- 
ment appears  well  supported  by  pools  to  assist  further  advances,  but  few  shares  will  likely  suffer 
any  serious  declines.  It  is  a  strong  market  with  the  elite  and  alert  in  front  ranks  as  buyers  of 
dividend  stocks. 

Industrial  Stocks. —Sugar  people  and  their  allied  cliques  seem  to  have  changed  front  and  be 
working  for  a  boom.  General  Electric  is  likely  to  advance  to  40  soon,  its  friends  and  enemies 
being  about  ready  for  an  advance.  Cordage  has  passed  through  about  all  the  assessments  it  may 
be  heir  to  ;  as  a  gamble  it  may  do  to  buy,  but  as  an  investment  it  is  a  good  thing  to  let  it  alone. 
They  have  wonderful  facilities  for  making  mistakes  and  borrowing  on  all  tangible  securities,  and 
bunco  the  public.  Lead  people  predict  higher  prices.  Manipulators  of  Chicago  Gas  appear  to  have 
ample  time  to  wait  an  advance  that  may  not  come  before  next  fall. 

Clapp  &  Company's  annual  Souvenir  book  for  1894  will  bo  delivered  free  to  applicants  upon 
receipt  of  %i,    A  few  copies  of  1893  can  be  had  for  $2  each. 


X 

> 
O 

m 

o 

o 

z 

H 
> 

Z 

0) 

a 

> 

r 

-< 

:a 
m 
o 
O 
:o 
a 

C/D 

o 


r 
m 
> 

o 

z 
o 

m 

X 

o 

> 

z 
o 
m 

C/3 


KEEP  OUit  i^liTXtUS.      POKTtOLIO  FOB  FILIi^G  FORWARDED  APPL.HJANTS   FREE. 


in 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


'i^^  The  bucket-shop  interests  and  their  assistants  or  backers,  "  the  public,"  seem  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 


Cotton. 

Since  1890  Texas  has  led  all  cotton  States,  and  now  annually  produces  about  one  quarter  the 
world's  crop  and  about  one  third  of  our  crop.  The  Government  report  estimates  about  88  per  cent, 
of  the  last  ten  year's  planting  was  done  annually  on  or  before  June  1st.  Cotton  is  a  healthy  and 
hardy  plant  whose  solid  growth  begins  about  the  middle  of  June.  Good  weather  after  Decoration 
Day  often  secures  a  good  crop.  The  poorest  condition  ever  reported  June  1  prior  to  this  season  was 
June  1,  1891 — 85.7  ;  then  the  largest  crop  was  grown  prior  to  1894.  Based  on  the  171  lbs.  average 
lint  produced  for  past  ten  years  and  the  last  Government  acreage,  the  coming  crop  will  only  be  about 
6,840,000  bales  of  500  lbs.  each.  We  believe  the  concensus  of  opinion  expressed  in  several  hundred 
letters  to  us  from  most  of  the  cotton  States  indicates  the  crop  is  about  eighteen  days  late,  acreage 
about  12  to  16  per  cent,  less  than  1894;  fertilizers  used  about  30  per  cent,  that  of  1894,  indicating  a 
crop  of  about  7,500.000  bales,  with  plant  generally  healthy  and  small,  and  fields  fairly  well  chopped 
out,  plant  small  and  healthy,  with  a  great  and  rapid  improvement  shown  the  past  ten  days  ;  and 
that  the  biggest  bears  in  cotton  are  those  who  sold  out  on  the  recent  decline. 

Government  revised  acreage  and  crop  1894  to  April,  1895  ;  condition  crop  1895,  Junel,  with  pro- 
portion acreage  each  of  years  named,  and  Chronicle  acreage  : 


t  Gov't 

Acreage 

1894. 

Gov't 

Acreage 

1895. 

Condition 

June  I, 

1895. 

Movem't 

to  April  1, 

1895. 

Acres 
£^e 

Bales 

Propor. 

Crop 
Planted 

May  1, 

1895. 

Propor. 

Crop 
Planted 
June  1, 

1895. 

♦Propor. 

Crop 
Planted 
June  1, 

1894. 

•Propor. 

Crop 
Planted 
June  1, 

1893. 

•Propor. 

Crop 
Planted 
June  1, 

189-2. 

•Propor. 

Crop 
Planted 
June  1, 

1891. 

Chronicle 

Acreage 

1894. 

Chronicle 

Acrt-age 

1895. 

Alabama 

Arkansas 

Florida 

Georgia 

Indian  Terrify. 

Kansas 

Kentucky 

Louisiana 

Mississippi  .... 

Missouri 

North  Carolina 

Oklahoma 

South  Carolina 
Tennessee.  .   .. 

Texas 

Virginia 

2,064,861 

1,483.319 

301,621 

3,010,9!>8 

233,898 

168 

8,243 

1.813,296 

8,826.2r2 

63.696 

1.296,.V?.' 

28.99i 

2,1W)..391 

879,954 

6,854,621 

61,128 

2,371.726 
1.186,655 

191.539 
8,069,322 

212,847 

1,142,567 
2,487,119 

47,772 
1.050,182 

26,092 

1,214,728 

712,762 

5,826.427 

44,733 

85 
89 
62 
82 
70 

85 
68 
89 
61 
70 
72 
87 
79 
87 

854,122 

709,r22 

48,005 

1,183,924 

104,887 

67 

8,685 

721,591 

1,167,881 

24,114 

454,9-20 

13,001 

818,330 

286,030 

8,0r3,821 

12,735 

3.12 
2.09 
4.20 
8.05 
2.23 
2.50 
.3.07 
1.82 
2.42 
2.64 
2.85 
2.23 
2.64 
3.07 
2.23 
4.80 

0.32 
.48 
.24 
.33 
.45 
.40 
.33 
.55 
.41 
.38 
.85 
.45 
.38 
.33 
.45 
JJl 

87 
79 
95 
79 

86 
64 

65 

75 
79 
75 

89 
80 
95 
85 
91 

87 
88 
75 
81 
90 
84 
81 
85 
73 

99 
107 
97 
95 

98 
102 
89 
98 
120 
99 
96 
107 
97 

100 
93 
109 
102 

loi 

98 
104 

104 
95 

102 
87 

8> 

82 
81 
84 

80 
85 

76 

84 
83 
85 
78 

96 
96 
99 
95 

06 
95 

94 

96 
95 
105 
96 

2,858,847 

1,429,8-2 

247,509 

8,346,928 

l,lffl,948 
2,862,783 

KB,741 

1,963,7,53 

628,806 

4,474,310 

0198,580 

2,544,374 

1,257,847 

235,124 

2,9ii.»-.:r 

966,.595 
2,576.505 

7K,193 

1,785,027 

572.-2(i8 

8,982,136 

0173,677 

Totals  and  Gen 
Averages 

23,687,950 

/20.182,133 

81 

9,476.435 

2.60 

.40 

78.6 

65.2 

100.6 

lOO.S 

83.5 

97.7 

80,107,247 

17.767,663 

•  Compared  vrith  previous  years  based  on  census  year.       t  Rovised  May,  1895.       /  Based  on  general  average.       o  Others  included. 

Government  and  Chronicle  reports  acreage,  crop  and  condition  for  months  and  years  named  : 


Oovernm't  acre- 
age  

Government  re- 
port crop 

Proportion  crop 
planted  May  1. 

Condition  crop 
June  1 

Chronicle  acre- 
age  

Chronicle  crop.. 

Chronicle.  1  b  8. 
per  acre  


1895-6. 


1894-5. 


20,182,000  23,687,950 


78.6 
81. 

17,767,063 


81.6 

88.3 

20,107,000 
*9,850,000 

•233 


1893-4.        1802-3.        1891-8. 


86.8 

85.6 

19,701,000 
7,527,211 

179 


t6,700,365 
78.3 
85.9 


9,035,879 
77.5 
85.7 


18,302,000,  20,838,000 
6,<17,000|    9,039,000 


173 


203 


1890-1. 


8,6SC,59; 

76.8 

88.8 

20,910,000 
8,656,000 

194 


1889-90. 


f20, 175,270 

t7,472,511 

87. 

86.4 

20,173,000 
7,314,000 

169 


1888-9. 


tl9,058,591 

6,938,290 

79.9 


19,781,000 
6,935,000 


163 


1887-8.        188e-7.        1885-6.        1884-5. 


18,641,067 
7,046,833 

82.4 

96.9 
19,438,000 


18,454,603 
6,505,087 

80. 

86.7 
18,994,000 


7,018,000.    6,514,000 
166  157 


18,300,865 

6,575.691 

80. 

K. 

18,710,000 
6,550,000 

160 


17,439,612 

5,706,165 

67. 

87. 

17,8.14,000 
5,669,000 

144 


1879-80. 


tl4,480,019 
{5,766,869 


*  Estimated  June,  1895. 


t  Commercial  figures  credit  given. 


t  Census. 


According  to  Government  acreage  and  condition  the  crop  of  1895  will  be  about  8,140,000  bales 
of  500  lbs.  each.     According  to  Chronicle  acreage  it  will  be  about  7,180,000  bales. 

In  February,  cotton  averaged  about  56.2,  "nary  bull  in  sight."  Spinners  and  foreigners  large 
buyers  of  spot  cotton,  at  about  5  cents  in  the  cotton  States.  In  March  average  price  was  about 
6.07  ;  spinners  and  foreigners  continued  buying  liberally.  Exports  large.  A  few  bulls  appeared 
in  the  horizon.  April  average  price  vjas  about  6.69.  Bears  retired  in  disgust.  In  May  the  average 
was  about  7  cents.  The  export  movement  continued  large.  Spinners  and  foreigners  practically 
ceased  buying.  Planters  and  factors  claim  crop  badly  damaged ;  that  the  invisible  supplies  are 
unusually  small  and  9  cent  cotton  very  p'-cbable.  June  crop  reports  are  very  bad.  Movement  from 
first  hands  very  small.     "Nary  a  bear  in  >=ight."    Average  price  about  <. 25. 

11:.' 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Wheat. 

The  world's  visible  supply  as  given  by  Dailij  Trade  Bulletin  and  BromhalVs  Corn  Trade  News 
equals  June  1st,  171,109,300  busbels  against  195,703,000  bushels  a  year  previous.  St.  Louis  received 
her  first  car  of  new  wheat  June  8  from  Kansas,  inspecting  No.  2,  and  weighing  G0>2  pounds.  Nearly 
all  States  south  of  Cincinnati  are  cutting  wheat;  where  thrashing  is  done  samples  and  weight  are 
below  expectations.  The  reaper  will  continue  moving  northward  about  10  miles  per  day.  yt.  Louis 
predicts  the  five  States  of  Illinois,  Kansas,  Indiana,  Missouri  and  Ohio  reported  will  only  have  05,- 
000,000  against  184,000,000  in  1894.  Based  on  Government  report  figures  of  average  condition  and 
acreage,  Ohio,  Michigan,  Indiana,  Illinois,  Missouri  and  Kansas,  may  produce  only  97,713,000  bush- 
els wheat  this  year  as  against  204,300,000  bushels  ia  1894,  which  was  00  p(;r  cent,  of  the  1894  winter 
wheat  crop.  Spring  wheat  condition  is  97.8  against  88  June  10,  1894.  The  indicated  acreage  is  94.1 
per  cent,  of  winter  and  99.5  of  spring,  a  total  of  405,000,000  bushels. 

A  San  Francisco  telegram  yesterday  reported  hot  winds  doing  a  great  deal  of  damage  and  ridi- 
culed the  Government  report.  Chicago  is  higher  than  Liverpool.  It  is  reported  Chicago 
speculators  have  been  Liberal  buyers  of  American  Red  in  Liverpool.  Russian  shipments  are 
now  about  their  largest,  and  nearly  double  our  weekly  exports.  Indian  exports  since  April 
1  have  been  4,378,000  bushels  against  2,400,000  in  1894.  Argentine  exports  continue  large  and 
to  date  exceed  those  last  season.  Our  primary  receipts  of  wheat  since  June  30,  189+,  have 
been  about  148,000,000  bushels  against  157,000.000  bushels  last  year.  Exports  since  June  30,  138,000,- 
000  bushels  against  about  158,000,000  bushels  last  season.  A  year  ago  the  indicated  acreage  was 
10,420,050  acres  spring  wheat  and  22,039,853  acres  winter  wheat,  with  a  prediction  the  spring  wheat 
would  equal  135,000.000  bushels  and  winter  wheat  equal  279,000,000  bushels,  or  a  total  crop  of  414,- 
000,000  bushels.  The  outturn  was  460,000,000  bushels  from  23,300,500  acres,  that  produced  13.2 
bushels  per  acre.  Now  the  estimated  acreage  and  crop  is  about  the  same  (for  details,  see  1894  Sou- 
venir, page  117).  The  visible  is  the  least  since  October  1,  1^92.  Amount  on  passage,  44,880,000 
bushels,  which  is  far  above  the  average  for  ten  years  and  is  near  the  maximum  amount  for  a  score 
of  years. 

Government  reports'condition  and  acreage  and  yield  estimates  of  various  authorities  years  named  : 


•Government  report  Spring  Wheat  acreage,  June 

"  "  condition, . I une.. 

"  "  "  crop,  December.. 

t  CMeago  Trade  Bulletin  estimate,  June 

tC*n.  Price  Current  estimate,  June 

tJ.  E.  Browm,  statistician,  estimate,  June 

tClanp  &  Company  estimate,  June 

GOT^'i'nment  report  Winter  Wheat  acreage,  June 

"  •'  "  condition,  June.. 

"  "  "  crop,  December.. 

^Chieatjo  TYade  Bulletin  estim&to.  June 

\Cin.  Price  Current  estimate,  June 

tJ.  C  Brown,  statistician,  estiiuate,  June 

tClapp  &  Company  estimate,  June 


18!).5. 


•11.518,056 
97.87  ){ 

169,357',000 


167,795.075 

22,397,.548 

71.1  < 

244,137,000 
235,6^',184 


1894. 


11,575.938 

88  )C 
1.33,868.576 
132,670,000 

IS.S.'STl'.OOO 
135,000.000 
2.3.;«)6,500 
83.2* 
320,398,840 
271,300,000 

278,473'.000 
277,000,000 


1893. 


11,760,879 

86.4 

120,042,916 

147,019,000 

153,556,000 

22,868',539 

275  4-*8,8l)9 
251,770,000 

255,*562,000 


1892. 


12,.^05..354 

93.2  < 
156,758,000 
178,675,000 
180.000,000 
181,908.000 

25.989,075 

88.3* 
8.59,191,000 
.^S9,778,000 
235.000,000 
^12,556,000 


1891. 


13,335.613 

92.0  )S 

219,285,000 

174,000,000 

174,133',000 

26,'258',284 

96.6* 
292,495.000 
369,000,000 

364,K7',000 


1890. 


1889. 


12.567,050 
91.3  ;{ 
143.888,900 
173.685,000 
159,000,000 
175,200,000 

23,52(»*,104 
78.1  % 
2.')5,3r4.000 
262,538.000 
254,000.000 
260,500,000 


12.719,157 

94.4  X 

153,317,000 

185,l;i4,000 

158,317,000 

25,:i8V.702 

93.1  f 

&32,243,000 

838,164,000 

232,243',000 


•  Estimate  based  on  per  cent,  of  former  year  ;  all  other  years  final  report.       t  Preliminary  estimates  based  on  Government  report  of  June  10  each  year. 

The  wheat  case  is  now  on  trial.  Witnesses  will  continually  be  called  until  about  the  last  of 
August,  when  most  of  the  world's  1895  crop  of  wheat  will  have  been  measured  and  weighed,  and  the 
judges  (the  world's  consumers)  shall  have  about  decided  the  case  whether  to  become  aggressive 
buyers  or  not.    We  advise  watching  what  daily  witnesses  say  to  anticipate  the  verdict. 

Corn.     ^ 

The  first  Government  report  on  corn  is  aunually  published  June  10.  Amount  of  corn  on  pas- 
sage, 4,800,000  bushels.  Export  shipments  are  decreasing.  Egypt  must  buy  corn  ;  Russia  can  furnish 
a  part ;  Argentine  may  assist.  Crop  and  acreage  conditions  seem  to  favor  a  larger  yield.  We  see 
no  reason  now  to  bull  corn,  but  think  conditions  are  materializing  that  may  aid  a  large  advance 
in  old  corn  before  the  new  crop  ripens  ana  matures  enough  to  be  deUverable  on  contracts,  which 
will  not  likely  occur  before  December. 

Oats. 

The  country  buying  of  oats  at  Chicas:o  for  a  week  past  has  been  noticeable,  and  based  on 
drought,  reports  and  fears  o^'  great  damage  since  June  1st  A  cent  a  pound  for  September  oats  is 
not  high.  There  appear  reasons  why  an  advance  may  be  as  likely  as  a  decline.  Rye  has  advanced 
the  past  week.  The  American  crop  promises  a  small  avei-age,  and  the  European  crop  is  predicted 
to  be  200,000,000  bushels  short.    Barley  is  up  several  cents. 

Provisions. 

It  is  estimated  receipts  of  hogs  this  month  will  oe  650,000.  The  Ohio  State  report  indicates  the 
number  of  hogs  to  be  fed  this  summer  is  but  50  per  cent,  of  those  of  1894,  with  conditions  92.  The 
English  demand  for  lard  is  fairly  good.  Hog  products  of  late  have  "  allowed  "  the  packer  a  fair 
margin.  The  cash  demand  is  not  large.  Packers  have  sold  quite  freely  for  July  and  September 
delivery.  Live  stock  ihen  and  many  provision  speculators  predict  a  decided  falling  off  in  the  hog 
movement  and  better  prices  before  any  material  decline.  Total  JMarcti  1  to  June  6  was  3,745,000 
hogs,  against  3,480,000  the  previous  season,  and  quality  very  satisfactory. 

Yours  truly,  CLAPP  &  COMPANY. 

113 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qnotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Jnne  12,  1895,  and  tor  Jane,  1894. 

Par  Taloe  of  all  stocks  $100.  except  D.,  L.  A  W.;  P.  *  R.  aid  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wekklt 
Balk*. 


3«) 

158,0S7 

l.«84 

18.911 

I7,H1.3 

1.585 

4.920 

17.350 

8ST0 

VZ^  405 

3vxm 

9'J,874 

343 

38.2^5 

6.397 

39,792 

2^98? 

4.^10 

10.967 

3.706 

5.008 

295 

B4,.V)0 

18.891 

300 

235 
8.750 
9.1.S5 
1.305 
8  9J6 

l5  051 

8.891 

635 

8.7.52 

100 

10,617 
8.697 
1.100 
8.784 
4,770 
5.393 
4.919 

68.4.'i8 
7.9-20 
8.242 
4  755 

10.086 
610 

91.5.30 
595 

2!566 

15.351 

34.038 

58  083 

6565 

4  818 

5.028 

4.a33 

28.314 

13,295 

8.483 

6.2C5 

17,302 

19  3'.>4 

14,1,30 

460 


Capital 
Stock. 


120.237,100 
10.198,600 
36,773,000 
36,773,000 
17,900,000 


25,000.000 
15.000,000 
22.488,000 
60.805,400 
82  262.700 
24,8H5.800 
46.027.261 
25.923,900 
46,1.56.000 
18.5.59.300 
39,054,907 
i2.3.35  170 
28  000.  OOO 
1 1  096,000 
35,4,30,060 
26,200,000 
R5  OOO.OOO 
38  000.000 
34  001  900 
30,459,700 
25,000.0(10 

8,000.000 
50.000,000 
10.000.000 
11,840,000 
11,840,000 
49.406.500 
52.800.000 
30,000,000 
18  738,204 
13,000.000 
47,844  100 
47.4,16..576 
14.905,400 
14.904,000 
89,428.300 
77,427,000 
80,000,000 
58  119.982 
13  000000 
39.767,200 
49,000.000 
39,269,546 
20,000,000 

l,.500,000 
40.426,361 
36,000.000 


Dividend  Rscokd. 


rays  3pc  J-D 

Pays  3pc  O-.r-A-J.. 

Pays  3^pc  .I.J 

Hays  3pc  FM  A-N. 


Paid  2do  1895 

Pavs  114PC  F-A 

Pays  1J4PC  F-M-A-N. 


Paid  ipo  Dec.  1894 

Pavs  lj»o  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  Annum. 
Paid  K-PC  Feb.  1895... 

i"ai(i  2i4p'c"JanViR95!!! 
I'aid  3Vi-po  Jan.  :895.,. 
Paid3DC  in  1893 


Pays  2pc  M-J-S-D 

Pays  7pc  per  annum. 
Fays  7pc  per  annum. 


Paid  IJ^ipo  Jan.  1803. 
Paid  2pc  Auff L  st  IK'.IS. 
Pays  5pc  per  annum. 


Pays  2i^pc  il-S. 


Namk*  or  Stock*. 


68.402.900 
125,000,000 
60.000,000 
19,8,50,000 
38.710,900 
60.868.500 
52  9i- 1.500 
52.36l.,500 
20  166,000 
18.320  85(1 
7,440,220 

8«,ooo,mx) 

24,000.000 

94.820,000 

19  000.000 

4,500,000 


Pays  l!4pc  F-M-A-N.. 

Pays  3pc  FA     

Paid  2pc  August  1893.. 
PaTs  IKpc  .l-A-J-O... 
Paid  2pc  in  Feb.  1895.. 


Paid.3pc  1891 

Paid  Ipc  in  Dec,  1894. 
Pays  i?ipc  M-J-S-D.. 
Pays  Ipo  J-A-J-0 


Paid  iHpo  Not.  1893. 


Paid  Ipc  April  1892., 
Paid  ipo  in  1887..., 


Pays  2po  FM-A-N.... 


Paid  Ipc  in   1887. 


Paid  3,Hpc  in  1884. 


Paid  Ipc  Vay  l.-'OS... 
Paid  2).ipc  March  15, 1895 


Pays  IHpc  J-AJ-0.... 
iPaid  IPC  in  Feb.'isgi!!! 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am,  Sugar  Refining  Co. . 
.Am.  Sufrar  Refining  Co  Pf. 
AmericaD  Tohacco  Co... 
Atch.Top.  &  S.  F,  1st  ins, pd 

Baltimore  *  Ohio  

(anada  Southern 

Central  of  New  Jersey.... 

Chesapeake  <fc  Ohio 

Chicago,  Bur.  <t  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Panl. . . 
Chicago  Mil,  <fe  St  Paul  Pfd 
Chicago,  R,  I.  i,  Pac  He. .. 
('hie.  St  I'aul  M.  A  Omaha 
Chicago  i,  Northwestern. 
Chicago  A  Northw'n  Pfd. 
Cleye,,  Cin.,  Chic,  &  St  L. 
Col  Hock  ng  Valley  A  Tol 
Consolidated  Gas  of  N.  Y, 
Delaware,  Lack'a  A  W'n. 
Del.,  A  Hudson  Canal  Co 
Denyer  A  Rio  Grande  Pfd 
DistCFTrCoct  all  in pd 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  A  St  P  Tr  Rec 

Illinois  Central 

I  nclt^de  Gas  Co.  of  St  L. . 

.ike  Erie  A  Western.   . 
Lake  Erie  A  Western  Pfd 
Lake  Shore  A  Mich.  So'n.. 

Louisville  A  Nashville 

Manhattan  R'yCousol... 

Michiean  Central 

Mo..  Kansas  A  Texas  Pfd 

Mexican  Central 

Mi«.«ouri  I'acific 

National  Lead  Co 

National  Lead  Co  Pfd ... 
N.  Y.  Cent'l  A  Hudson  Rlv 
N.  Y.  Lake  Erie  A  West'n 
NVAN  E  tst  CO  cti  all  in  pd 
N.  Y  Ontario  A  Western. 
N.  Y.  Suso.  A  Wn   Pfd... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S,  Co 

Peoria,  Dec,  A  Evansville 
Philadelphia  A  Reading. 
Pullman's  Palace  Car  Co 
Silver  Bullion  Certificates 
Southern  Pacific  Co.... 

.'Southern  Railway 

Southern  Railway  pfd. 
Tenn.  Coal.  Iron  A  R  R  Co 

Texas  A  Pacific 

Union  Pacific 

D  S  Leather  Co 

U  S  Leather  Co  pref... 
United  States  Rubber  Co 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd... 

Wabash 

Wabash  Preferred  

Western  Union  Tel.  Co.. 
Wheeling  A  Lake  Krie... 
Wheeling  A  Lake  Erie  Pfd 


Thursday, 
Jane    6. 


lisw  iim 

lOOffi  100J4 

114  my4 

62  61^ 

5.39^  53 

99^  98^ 

22$»  2% 

Siy,  81^ 

74^6  74^4 

66%  66M 

69' '  6^ 

38  •i7Vt 

^m  97% 

**^  43% 

•-im  25Jt, 

144>4  lU^ 

129^128J4 


20V^ 
30H 


20 
3!>H 


mi    82^ 
24        23!^ 

S;!>4   fi2k4 

146      146 


Friday, 
Jane    7. 


Saturday, 
June    8. 


■ir       27 

74 

118U  117^118^4 
100^  lOOH  100>i 
114   113H 

62  eiM 

58H  53 

3896  97^ 

«^  22>s 

81!^  81 

74!4  73^ 

120S  120->i 
B8?i     68(4 
.3SM     38 
98       9?H 


^?^ 

2.-.« 
47H 

162 

129 

20^ 
36% 


74 

117V4 
lOOH 


83% 

98^ 
22  >4 
81% 

39 
98H 


43V6    44«  44^ 

251^    26Ji  i.^ 

144%  149  148 

161     |161H  161^ 

128M  l<i9  129 


l9Vt 
85J6 


82M    32 
23^    i^iH 
82       SIH, 

147H  !■'<' 
57^     67 


113^  U3yi\U3^  112'-!. 
ICOH  100  99'/*  9^% 
31%    31«    sm    8UH 


Total  sales  of  all  Stocks  each  day  and  for  iba  six  days 1,365,555 


•r  -tr    fJune 


COTTON,  Id  baei  I 

World's visibla.  [Total  Id  tlthttl  Total  Exports  ;  , 

1895           3  626  401                  9  5:0  325                 6,509.663         \  Cotton  ]  A'jzntt... 

\*9i\         S  211.00*        I       7,263,181       I       4,d69,902        |  Ueplember 


July. 


1898 
1891 


WHEAT,  IB  bushtls  'wh««f   i -^"JIt 

U  S.  Vi.<iibl«.     iPrlmary  rec'ts*  Total  Exports.       ""'*''    I  September 


49.76S.000 
5<211.000 


143.594  000 
157  515  UOO 


1.37  90f  009 
l£a.«83  971 


>-__        Uuly 

i^""-  •  ■!  September 


CORN,  tn  bushels. 
I     U  S.  Visible. 
1895  11.583.000 

18941  7.514  000 


I  Chict<r»  t  July 

iPrimary  rec'ts*!  Total  Exports  jWheal.  I  September 
68  581  000  24  028  623  "    " 

14|j.923,0e0        I      61  531  OSS 


Corn       ^"'"'y    • 

^°""-  -I  September 


M       27«    27% 
85%    85H   85% 

-   .      89^ 

101^  loiHJioi^ 
lOH  io»^  10! 

4344  43^  43! 

18%  IS 

29  24M 

59i  5% 

6>4  5^!  'M 

I8H  18%  18% 

29  ;:8!^i  29 

6  5?i  .. 

i:  16%  16% 
172% 


27% 
35!^ 
89^ 
lOIM 
10(4 
43Vi 
17% 
21^ 

5^4 

5 
17% 

sm 

15% 
172 


24  83% 

13%  13% 

39^  39 

29  i8%, 

12%  12 

13%  13%l 

21!^  20% 

94  93% 

44  42    I 

2%  2^ 

5%  4%i 

19%  19 

92!^  92 

14!^  13? 

45%  45^ 


2m  20% 

94%  93% 

4  8M 

8^  8% 

19  18% 

92^  91% 

13%  13% 

45%  44  Hi 


176424    I    264.516 


20«     19% 
36%    3C>4 


83%    23% 


"7% 

53!^. 
113 


l47ti 
,57% 


31%    31 


35% 


18% 

24% 

18% 


10% 

isw; 

22% 
5% 
5 

18% 
28% 


10%    16% 


V^ 


24V 
V. 
39 
81 
12 
1-3% 
21 
94 
42 
1% 

8% 
19% 
92% 
14^ 


24 

13% 
89 

^ 
13^ 
20% 
«3% 
41 
1% 
2% 
8hi 
1 


Monday. 
June  10. 


118 
101^ 
113% 
10% 
88% 
53% 
99 
22% 
f2% 


121% 
69% 
39 

197% 


Taetday. 
Jane  11. 


27% 
73% 
117%  118% 
101      102 
113%  116 
9%      '■ 
63 
63% 

9&H 
22H 
81% 


66% 
121% 
69^4 
39 
97% 


26%  26% 
149  148^ 
161%  161% 
I2.S%  128% 
46%  46% 
20%  20% 
37        86% 


80% 
24% 

83% 
147% 

58% 
114% 


82% 

23% 

82 
147 

58% 
113% 


32%  sm 


28% 
36% 
891.4 
»01% 
11% 
44 
18% 
2.3% 
5% 

29 

17 
»W% 

24% 

13% 
89% 
32^ 
12Hi 
14 

21% 
94 

42% 
2 

3% 
8% 
19% 


92%  92% 
13%  14% 
...      45% 


28M 
35% 
89^4 
101% 
liVd 
43% 

T 

5% 

19^ 
88% 

15% 
172% 

84% 

1.3% 
39% 
3IH 
11% 
13% 
20% 

^^ 
1% 
S 
8% 

19% 

92% 

14 

45% 


82% 

25 

83% 
147% 

59 

114% 
10O« 

32% 

29% 
«6% 
90 

102^ 
11% 
45 
18% 
24% 

6 

5% 
20% 


93.188 


170,739 


7.06    7.08  7.11 

7.11    7.04  I  7.14 

7.16    7,0*  720 

7,19    7.09  7  23 

82]  I    80%'  84% 

83^    S:%  85 

57%"  56  ^,'  58% 

58%     57%  5i)% 

79%    77%'  t\M 

10%    7814  82'^ 

13        51%  53% 

54        52%  55 


7.09  7,15 

7  09  7,16 

7,12  7.20 

7  15  1  7  23 

82%j  93% 
83%  84ii 
57%;  57% 
66%    58% 

79%   81% 
80%!  82% 
52%  I  53 
»3%    54% 


MS  7.14  713 

7  14  7.18  7.14 

7,16  7,23  7,16 

7.19  7.25  7,20 

82!J  »i\  82% 

8313  84%  83% 

57  5?Vi  66% 

58%  68%  66 


Wed.. 
June  12. 


17% 
173% 

85 
14 

40^4 
33% 
12>4 
14 

21% 
93% 
42 
2 

8% 
9% 
20% 
93% 
14% 


32% 

24 

83 
146% 

58% 
114 
100% 

82 


35% 
89H 
101% 
10% 
43% 
18% 
2?% 

J, 

19!^ 
29 

ie' 

173 

84% 
13% 
89% 
32% 
12% 
14 
21 

93% 

41% 

1% 

3% 

9 

19% 
93 
14 


88%    28% 
74        74 
119%  118% 
10;;%  102^ 
115%  115 
10%     10% 
63%    63 
65        54% 
99%    98% 
22%    22H 
86        84% 
74%    71% 
69%    67% 

72%    71^ 
4uM     40 
99%    98% 

46%    44% 
26%    s;6 
149      148 

129%  12»' 

•X>'  18% 
30%  35% 
131       131 

96%  96% 
83%  32% 
24%    24 

149"  147% 
59%     58% 

115!^  H4H 

102  lOOH 
S3  32% 
12%  12% 
29%  29 
80%  3o?4 
mi    89% 

102%  102H 

44%    44% 

18%    18V* 


800  372 

7  14  7  11 

716  7.12 

7.21  7  15 

7.23  7.19 

S4%  82 

85,'.  83 

57%  56,\ 

56%  67^-4 


79%  81%  79%'  81%  79% 

80%  82%  80%  I  82%  60% 

52H  52%  52     I  52%  61% 

53%  63%  S3%i  53%  52% 


OATS,  in  bastaels. 
I    U.  S.  Visible. 
1895  8.749  000 

laJll         2,764  000 


N.  T.  Stocks. 

1.427  89S 
399.344 


Ckgo.  Stocki. 

2  009  000 

174  000 


'Oatl.. 

I 
IPorlc, 


iJ«Iy,..    ., 
I  -Septeniber 

iju'y 

'  )  Septembe 


I  LARD -tee. 
World'svis, 
1895         295,700 
1«94|        123,800 


1895 
1894 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,' LARD  tcs.     RIBS  lbs. 

125.915  I    70  225   33,791.699 

63,498  I    17,'i44  ]     6,724,109 


WBBAT  en  passage 
4«.l«r«00  busb. 
41,464,090    " 


27  Vi 
6% 
6 

20 

8-3 
6% 

17 


24% 

6 

5% 
19*1 
30^ 

SVi 
16% 


25  244j 

14%  1.3% 

41%  40 

s;i%  32% 

12%  12% 

1.3%  13% 

21%  21 

94  93^ 

42  41 

2  1% 

3%      3 

9V|      9 

20%  19% 

93%  93% 

14%  U% 


SCO  381 

7.08  7.08 

7.11  7.08 

7.15  7  II 

7,1s  715 

88%  81% 

84  ay* 

55%  55% 

57  56K 

80%  78% 

81  79    I 

61%  50%1 

52%  51%: 


Ranire  Tor 

June  1895 

to  date. 


O1.D  PORK,  Cheo.  bbla. 
...     bbU. 


88%    27 

75V4  73! 
119%  1171 
102%  100% 
116  118% 
10%  9% 
63%  61% 
55  53 
101%  97% 
23  82% 
86  80% 
74%  71% 
69%  65% 
I22!.i  120% 
72%  68% 
40)i  STTi 
99%  9/% 
145  145 
46%  43% 
27  25V4 
149  141% 
168%  !59^ 
13U  128% 
47  47 
21%  18% 
37%  85% 
131      129% 

96%  96% 
33%  81% 
25  V6  im 
R3%    81% 

149      146 
59%    57 

115%  112% 

I02  99% 
.33  30V4 
12%  12% 
29%  27% 
8:%  35 
90        89 

102%  I01V4 
11%     10 


45 

i 

6 


43V4 
-.7% 
21 

5% 

S 


20%  17% 

32  28% 

6Vi  5% 

19%  15% 

173%  172 

25%  20M 

14%  13!4 

41%  ,38 

83%  27% 

12%  11% 

14  12% 

■HH  20% 

■J5%  93% 

48  4094 


3% 
6V4 


1% 
2% 
S% 


20%  18H 

9.3%  91% 

14%  IS'H 

46%  44% 


7.15  «,92 

7,18  6.97 

7,23  6  99 

7  26  7  02 

84%  79H 

85,'.  80 

.58V4  55V< 

59V4  56% 

31%  75% 

82%  77 

6S%  60% 

65  61% 


6  70  6.65  6  <2  ceo  1  6  57  •  55  ;  *  70 

6  90  6,45  4,65  6.80  6,80  677  ;  I  5,99 

6,40  6,35  6  32  6  82  |  6,30  6  27  ,1  6  4« 

6  60  6,55  6  55  6.50  '  6.5»  6.45   I  >  00 


Range  for 
June  1894. 


29%  26% 

7u  66 

mi4  96% 

96  Vi  89% 

9*  82^ 

73"     69' 
50%    49 

107%  105 
17%     I6V4 
79%    76% 
80        73% 
61%    57»i 

120      119 
69%     66% 
37%    85 

110%  104% 

8BM     86" 
1S%    16V4 
;.34%  125^4 
161%  160 
182      129% 
30%    21 
27        23 
38%    84% 
102      lOo 
5%      4% 
90%    90 
17%     16Vi 
16%     14!^ 
67%    6.5% 
1331.4  1-^9 
46%    *iH 
118      114 
97%    95 
23        18% 
7  6V4 

29        25 
4:%    87 
84%     82 
99%    97J4 
14%    nvi 
10  b% 

15%     14 
41%    39^ 

4%    m 

4%  3% 

17%  12% 

14%  14V4 

4 


17% 
165 


14% 
158 


20%    18 


17W 
8 
» 


64%    52% 

39%    36 


23% 
41 
7% 


19% 

37 
6% 


16V4  IS 

85%  «% 

11%  9« 

45%  43% 


7.23  6  96 

7.2H  6  95 

7.32  7  01 

7.34  7  02 

61,',  57W 

66,%  .^9% 

47%  43,', 

48%  i*H 

81%  54% 

63%  56% 

42%  37% 

4S  38% 


6  75  6.95 
6  23  6  57 
6  42  H  6.60 


6.65 
6.07 
6.07 


CORN  en  passage. 
4.600.000  ousb. 
6,384,000    " 


RusiiaB  Shipmts.  for  wk. 
6.280.000  buth. 
2.814.000    " 


Indian  Shipmta.  fer  wk.  \  Argentine  Shptb.  tor  wk. 
»44.000bu8lL  I        026.000     busk. 

»00,C00    "  I 


t  Since  Aua   Jl-     *  Since  June  3i!. 


Compiud  and  Co^righud  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING.  NFT'  YORK 

in 


IPClcchip  flDarhct  Xcttcr. 


1o.  434. 


Copyrtght,  1S9S,  by  Ctapp  Jt  0»fn9mm9. 

O.  W.  CLAPP. 
OWIQHT  O.  CLAPP. 


CLAPP    &    COMPANY, 

Banhcrs  anb  Brokers,  *; 

MILLS    BUILDING,    N.   Y.  no 

ENTRANCES:  35  WALL  STREET,  IS  BROAD  STREET  AND  55  EXCHANGE  PLACE.  O 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.  PI 

/  277    BROADWAY,  CORNER  Chambers  St.  PRIVATE  TELEGRAPH  WIRES.  X 

J   ^.V    S^S^S^^X  ^''^'"■'  ^'"'°"'°-  ^°'"'"  "°""°''^'  lONQ  DISTANCE  TELEPHONE.  O 


Offices:    J  671    BROADWAY,  Broaow4»  Central  Hotel.  ,,  "-^ 

(  753  FIFTH  AVENUE,  Corner  68th  St.  CaBLE  ADDRESS:      OZRO."  ^ 


New  York,  Thursday  Morning,  June  20,  1895. 
We  respectfully  solicit  Commission  orders  for  the   Purchase  or  Sale  of  Stocks,   Bonds, 


> 


2 

Cotton,  Grain  and  Provisions.  ^ 

Our  private  wire  facilities   are  unsurpassed  to   all    New    York,    Chicago   and    Western 

Exchanges.      Close  relations   to   important   interests   enable  us   to   give   early    and  valuable  D 

information.  ^ 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  p* 

delivery.  "^ 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office  -« 

Orders,  or  by  deposit  with  local  out-of-town  banks.     The  local  bank  should  always  wire  us  at  pr] 

once,  at   our   expense,    stating   amount    that  has   been  placed    to   our  credit,    and  for   whose  O 

account,  thus  allowing  customers'  orders  to  be  filled  promptly.  O 

A  General  Banking  Business  conducted.    3^  Interest  allowed  on  Avern.sfe  Daily  Balances,  p 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers.  ^ 

O 


Financial  Outlook.  "^ 

Alternate  clouds  and  sunshine  fit  the  feverish  conimorcial  pulse  for  more  aggressive  effort  later  .^ 
on.     The  plumpest  ripening  grain  and  fattest  cotton  fields  will  not  suffice  for  him  who  thinks  he 

wants  the  product  now.     The  wise  man  waits  on  impulse  in  the  speculative  marts  and  seeks  an  P" 

opportunity  to  realize,  in  order  that  the  open  fields,  running  streams  and  white  capped  waves,  may  rn 

claim  his  time  and  money.  ^ 

Straws. — The  director  of  U.  S.  Mint  estimates  the  world's  production  of  gold  in  calendar  year  n 
1894  as  about  8,730,518  fine  ounces,  valued  at  8181,510,100,  an  increase  of  $22,678,000  over  1893.  — 
The  silver  production  at  1(35,918, 338  fine  ounces  bullion,  value  $105,348,135,  or  an  increased  produc-  2 
tion  of  722,000  ounces.  In  the  production  of  gold  Africa,  Australia,  United  States  and  Mexico  led  q 
tiie  increase  in  order  named.  The  United  States  produced  $61,000,000  silver,  coining  value,  commer- 
cial value  $31,400  000.  Mexico  ^60,817,000,  coining  value.  North  America  exceeded  the  balance  of  [t| 
the  world.  Australia's  product  is  *41, 1 60,000  gold.  Africa  $40,306,00u,  and  these  with  $39,500,000  s<j 
by  United  States  were  two-thirds  o"*'  the  world's  total.  f^ 

European  banks  hold '^1,089,603,000  gold.  $480,400,000  silver;   Russian   and  Austro-Hungarian  ll 

stores  increase  gold  to  about  ^1, 265, 000,00*.' ;  about  one-fourth  to  one-third  is  legitimate  bank  reserves,  -*■ 

and  the  balance  emergency  or  war  resei'ves.     The  coffee  crop  of  1894—5  is  now  placed  at  about  12  ^ 

million  bags,  agamst  last  year's  crop  of  10,j7i,5:j3  bags,  and  average  crop  of  9,848,952  bags.  2 

Stocks  and  Bonds.  ^ 

Bonds. — Railroad  bond  sales  in  New  York  and  London  since  .January  1  are  reported  as  about  (/j 
8280,000,000,  and  exceed  the  to*al  of  all  bonds  listed  on  the  New  York  Stock  Exchange  in  1894,  or 
new  bonds  listed  in  any  year  during  the  past  decade.     Their  availability  makes  them  among  the 
best  of  American  investments.     N  >'e  will  soon  issue  a  list  of  such  securities  that  we  recommend. 

Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 

KEEP  OUB  LETT"   -fcSL     POBTFOHO  FOK  FLLIJiG  FORWAKDEJJ  APPLICANTS  FK££. 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Railway  Stocks. — The  gross  earnings  of  131  roads,  aggregating  100,253  miles,  were  in  May, 
$189,690,197,  or  an  increase  of  $4,08t3,522.  For  five  months  ending  June  1,  132  roads  gained  $2,361,- 
407.  58  roads  first  week  of  June  gained  10.45  per  cent.,  or  largest  gain  any  week  this  year.  The 
N.  Y.  Stock  Exchange  transactions  to  date  are  nearly  10  percent,  more  than  last  year.  Total  values 
are  larger.  A  year  ago  the  Northwestern  roads  were  threatened  with  light  business,  and  were  in  the 
midst  of  the  worst  railroad  strike  the  country  ever  experienced.  Their  excellent  management  now 
shows  them  in  full  possession  of  good  equipment  and  rail,  peaceful  and  contented  employees,  and 
with  the  best  prospect  for  spring  crops  on  record.  Business  of  other  descriptions  is  growing  and  is 
larger  and  more  profitable.  Baltimore  &  Ohio  has  bought  electric  engines  for  an  experiment.  The 
Manhattan  Elevated  may  equip  its  road  with  the  revolutionizing  electric  power.  A  new  under- 
ground trolley  is  being  laid  on  125th  Street  that  has  had  a  wonderful  success.  Coal  is  being  mined 
so  cheaply  and  plentifully  that  all  manufacturers  and  non-coal  roads  are  largely  benefited.  Low 
profits  to  coal  roads  may  be  made  up  by  increased  tonnage. 

Southern  Railway  appears  acquiring  some  excellent  franchises,  and  will  likely  sell  much  higher 
before  Christmas.  Atchison  methods  are  growing  in  favor.  Missouri  Pacific,  Kansas  Pacific  and 
otlier  Southwest  roads  are  reported  pooled  for  a  five  or  ten  point  rise  Tenn.  C.  &  I.  will  likely  do 
better,  yet  more  caution  should  be  used.  We  advise  giving  the  "  belated  bull  a  chance."  Western 
Union,  Manhattan  and  Lake  Shore  are  still  looked  on  with  favor.  Canada  Southern  and  C.  C.  C. 
are  good  properties,  and  will  likely  advance  and  probably  pay  an  extra  dividend  in  1^95.  Read- 
ing's franchises  and  property  make  it  always  a  tempting  purchase  on  a  sharp  decline.  Sentiment 
appears  well  supported  by  pools  to  assist  further  advances.  Some  stocks  may  suffer  fractional 
losses  pending  the  closing  up  of  holdings  of  those  who  are  seeking  their  summer  vacation. 
Dividend  stocks  will  likely  range  higher  as  good  crop  reports  continue.  The  Chicago  Stock 
Exchange  permits  members  to  trade  in  stocks  listed  on  the  New  York  Stock  Exchange. 

Industrials. — Chicago  Gas  is  likely  to  sell  at  90  this  year,  if  Chicago  aldermen  are  prevented 
from  further  tampering  with  franchises  as  now  expected.  Cordage  appears  to  have  been  killed 
by  bankers  and  Stock  Exchange  methods.  Sugar  seems  to  be  a  favorite  and  likely  to  be  advanced 
by  manipulation.  General  Electric  shows  more  signs  of  going  to  40  or  50  than  under  30.  Cotton 
Oil  is  likely  to  advance  in  consequence  of  its  good  business.  Distillers  continues  being  hauled  over 
the  coals.    We  would  rather  buy  it  than  sell  it  short. 

Cotton. 

Seldom  have  conditions  materialized  as  they  appeared  to  us  a  week  ago,  when  we  wrote  thie 
most  bearish  letter  yet  sent  out,  and  when  prices  were  practically  the  highest  on  the  crop.  About  a 
year  ago  many  drought  reports  were  circulated,  yet  some  cotton  planting  in  the  elder  cotton  States 
was  done  after  June  15,  1894.  This  year  as  last  high  prices  prevailed  about  general  planting  time, 
with  a  decline  in  values  beginning  about  the  time  the  fields  had  been  chopped  out  once. 
Ten  or  tAventy  years  ago  it  was  considered  a  man  could  cultivate  twelve  acres  of  cotton  in  a  season  ; 
now  with  improved  machinery  and  new  lands  opened  up,  and  more  white  labor,  it  is  estimated  a 
man  can  cultivate  30  or  40  agres,  and  do  it  better  in  proportion  if  very  dry  or  very  wet,  and  that 
under  favorable  circumstances  he  can  care  for  five  acres,  against  one  a  score  of  years  ago.  It  is 
scarcely  five  years  since  cotton  was  considered  cheap  at  ten  cents  a  pound  and  wheat  at  a  dollar  a 
bushel.  Speculatively  speaking,  a  decline  of  10  points  on  50,000  pounds,  or  a  single  contract  of  100 
bales  of  cotton,  is  the  equivalent  of  one  cent  a  bushel,  and  70  cent  wheat  may  be  relatively  ranging 
on  a  parity.  From  February  to  May  23,  cash  cotton  advanced  about  two  cents  per  pound  ;  then 
August  cotton  sold  at  7.29.  This  is  about  the  equivalent  of  20  cents  per  bushel  on  wheat,  or  40  per 
cent,  over  February  cotton  quotations.  Staple  cotton  goods  sold  in  February  at  2>&  cents  for  fi4  x 
64's.  Now  the  quotation  is  2J/i.  The  weekly  consumption  of  American  cotton  is  placed  at  about 
100,000  bales,  of  all  cotton  about  166,000,  in  1893  ;  173,000  bales  in  1894,  and  about  180,000  bales  (all 
400  pounds)  in  1895.  Spinners  are  reported  well  supplied,  and  holding  more  than  either  of  the  past 
few  years.  India  grows  about  one-fifth  the  world's  cotton  crop.  The  Monsoon  is  reported  favorable 
to  a  large  crop.  The  visible  is  larger  than  ever  at  this  date,  except  June  1892.  Values  are  not 
materially  lower  than  in  June  of  either  of  the  past  three  years.  Imports  of  cotton  goods  the  past  60 
days  exceed  those  of  any  similar  60  days  the  past  two  years. 

It  is  reported  a  few  speculative  spinners  at  Fall  River  and  other  places  recently  invested  heavily 
in  print  cloths  and  then  advanced  wages  of  mill  hands,  thus  causing  the  recent  firmness  more  than 
real  demand.  New  Orleans  traders  appear  to  have  overbought  for  August  delivery,  and  ma^  yet 
come  to  realize  our  advices  were  true  as  given  out  two  weeks  ago,  indicating  they  might  find  a 
(noney  scarcity  and  compulsory  decline  when  more  promising  crop  prospects  should  appear,  and  a 
freer  selling  of  satisfied  bulls  and  foreigners,  against  purchases  they  made  early  in  the  year  at  about 
oc.  per  lb.  The  present  owners  of  cotton  futures  seem  to  be  pyramid  holders,  or  those  who  reside 
near  cotton  growers,  who  usually  market  the  cotton  crop  in  the  fall  at  moderate  prices.  Bulling 
cotton  futures  in  speculative  markets,  about  the  time  crop  prospects  look  poorest,  is  not  always 
profitable.  Spinners  and  successful  speculators  have  sold  new  futures  with  impunity,  at  about 
40  per  cent,  more  than  they  paid  for  the  1894  crop  but  four  months  ago.  The  last  Government 
report  said  out  of  720  counties  88  indicated  the  acreage  will  be  about  the  same  as  last  year ;  5 
reported  an  increase  of  10  per  cent. ;  2  an  increase  of  from  11  to  20  per  cent. ;  3  an  increase  of  from  21 
to  30  per  cent.;  the  total  a  decrease  of  ly  per  cent,  on  the  revised  acreage,  which  some  interpret  as  in- 
dicating a  supply  of  about  9,000,000  bales,  or  say  2.000,000  in  excess  of  probable  taking  for  consumption. 

U6 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER. 


The  bears  say  the  crop  in  the  cotton  belt  has  greatly  improved  the  past  twenty  days  and  is  only 
about  a  week  late,  that  the  plant  is  strong  and  healthy,  and  the  weeds  and  grass  well  under  control. 
That  fields  are  usually  clean,  blooms  appearing,  and  insect  troubles  below  an  average,  and  port  re- 
ceipts increasing.  On  further  decline  it  may  be  well  to  again  reinvest,  especially  so  when  the  New 
Orleans  "  clique  "  give  up  trying  to  corner  old  cotton,  and  futures  seek  relative  values  in  various 
markets. 


The  bucket-shop  interests  and  their  assistants  or  backers,  "  the  public,!  seem  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  Thejilhng  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  tuill  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 


Wheat. 

From  February  to  May  23  wheat  advanced  thirty  cents  per  bushel,  or  58  per  cent.  The  Russian, 
India,  Argentine  and  Australian  wheat  countries  now  export  weekly  more  tlian  evr.^r.  All  countries 
shipments  exceeding  ten  million  bushels  per  week  since  about  May  1,  Our  exports  recently  show  a 
falling  off  of  40  per  cent,  on  both  coasts  and  over  50  per  cent,  on  this  coast.  Liverpool  reports  no 
spring  or  red  American  in  store,  yet  has  ample  supplies  for  immediate  wants,  with  practically  the 
largest  amount  atioat  ever  known.  The  maximum  amount  afloat  was,  June,  1891,  45,344,000  bushels; 
it  is  now  45,200,000.  Primary  receipts  the  past  60  days  exceed  those  of  a  year  ago.  The  bears  now 
predict  the  invisible  is  larger  than  a  year  ago.  That  new  wheat  will  reach  Southern  markets  and 
soon  cut  off  the  demand  from  lake  cities,  that  millers  will  only  buy  from  hand  to  mouth,  that 
thrashings  already  indicate  a  good  crop  where  the  wheat  was  reported  plowed  up  a  few  weeks  ago, 
that  the  July  delivery  day  is  near  at  hand,  that  18,000,000  bushels  of  wheat  in  Chicago  is  more  tlian 
enough  to  enthuse  the  bulls  until  some  more  facts  are  known  about  the  amount  of  wheat  likely  to 
be  thrashed  and  an  export  demand  reappears.  The  spring  wheat  crop  is  now  generally  conceded  to 
promise  the  largest  yield  grown.  The  Daily  Trade  Bulletin  reports  various  estimates  for  the  1605 
crop  as  follows : 


Departments  of  Affricultare busbels,  400,000,000 

Sec.  Brown,  New  York  Produce  Exchange, 


Daily  Trade  BuUelin  (on  Government  figures) 

Duilt/  Trade.  Bulletin  (own  advices) 

Ciucinuati  Price  Current,  (on  Govt,  figures).. 
Cincinnati  P»"ic-e  Current  (own  advicesi 


402,(K)0,0()0 
413,000,0(K) 
42.5, 000, 00() 
420,000,(K)0 
425,000,000 


Orange  Judd  Farmer bushels,  4*1,000,000 

'Td\^o  Market  Report "        440,000,000 

Frairie  Farmer.. "        446,'o00,'o00 

Mum&ApiyWs  Mar kri  Record "        470,000,(XK) 

Minneapolis  7our.ia/ «•        SuiooojOOO 


The  Orange  Judd  Farmer  reports  the  winter  wheat  condition  from  May  27th  to  June  10th  de- 
creased 7  per  cent.  For  some  years  it  has  been  conceded  that  when  St.  Louis  paid  a  large  advanced 
price  for  a  single  car  of  new  wheat,  that  prices  were  near  top,  or  if  no  premium  were  paid  prices 
would  do  better.  Last  week  a  car  of  contract  2  red  were  sold  tliere  for  a  dollar  a  bushel.  In  a  gen- 
eral way  the  world's  wheat  crop  thrashed,  being  thrashed,  and  yot  in  the  milk,  promise  about  an 
average  yield     The  same  may  be  said  of  rye.     Crop  reports  wxU'likely  diciaie  vctiuos. 

Corn. 

Corn  crop  prospects  cause  "long  range  bears"  to  predict  this  year's  crop  will  sell  as  low  as  32 
cents  for  May,  1896,  delivery  Bulls  claim  42  cents  for  December  delivery  affords  good  chances  for 
profit.  That  July  and  August  make  a  crop  rather  than  glowing  promises  and  indications  in  June, 
Old  1894  corn  seems  to  be  in  good  demand  for  fall  delivery  at  about  50  cents.  The  supply  is 
"  reckoned "  small.  It  is  considered  the  demand  must  be  up  to  an  average.  The  hay  crop  every- 
where is  reported  poor,  with  oats  and  oat  straw  likely  to  bo  under  an  average. 

Corn  and  oats  for  S'^-ptember  delivery  qre  about'20  cents  ai)att,  and  for  May  delivery  about  4 
cents  apart.  Country  traders  and  cribbers  are  making  the  split  trade,  expecting  to  pocket  the 
difference. 

Oats. 

Oats  for  May  delivery,  1896,  are"  now  selling  at  Chicago  around  33  to  34  cents,  based  on  bad  crop 
reports  ;  at  this  price  free  of  char:>':i  :or  delivery  ten  months  bonce.  Oats  do  not  appear  dear  when 
it  is  considered  the  crop  will  likely  be  very  short  on  account  of  droughi  and  a  very  small  hay  crop. 

Provisions. 

It  is  expected  receipts  of  hogs  will  fall  off  this  week  about  20  per  cent.,  or  only  be  about  125.000 
for  Chicago.  The  average  of  hogs  received  there  this  year  is  below  last  year  The  export  and 
domestic  cash  demand  is  improving  slightly,  yet  is  far  from  brisk.  Packing  to  date,  4,080,000  hogs 
against  3,845,000  last  season. 

Yours  truly,  CLAPP  &  COMPANY. 

117 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QaotatioQS  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  Jnne  19.  1895,  and  lor  Jane,  1894 

Par  yalue  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


fl  EEKLT 

Salei. 


4.896 

1.T28 

191,933 

3.598 

41.858 

80.090 

830 

11.600 

9.389 

14.561 

6W,905 

169.640 

84.995 

1,093 

80.688 

6.000 

23,484 

301 

8,772 

1.180 

4.905 

2.528 

2.754 

118 

59  065 
18.476 

590 

300 

617 

17,125 

5.470 

620 

2.310 

17.588 

10.934 

1.662 

26.631 

60',365 
5.879 
2.649 
1613 
6.320 

25.475 
2500 

28.515 
5.442 
5.166 

16  032 

22,980 
215 

111,910 
4.706 

60  000 
2.400 

24.546 

81.678 

77.U26 

27.581 

3455 

10.030 

4.412 

18  M4 

6.565 

l.HOl 

5.b'35 

51. 135 

18,937 

10.060 

1.658 


CAPITA!. 

Stock. 


$20,837,100 
10,198,600 
36,773,000 
86.77.3,000 
17,900,000 


25,000,000 
15,000,000 
22,488,000 
60.805,400 
82.262,700 
24,885,800 
46,027,261 
25,923,900 
46,156,000 
18,559.360 
89,054,907 
22,335  170 
28  000,000 
11,696,000 
85,430.060 
26,200,000 
85.000.000 
38  000,000 
84  091900 
30,459,700 
85,000,000 

8,000,000 
60,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
80,000,000 
18,788,204 
18,000.000 
47,844,100 
47,436,5';5 
14,905,400 
14  904,000 
89,428,300 
77,427.000 
20,000,000 
58,119,982 
18.000,000 
89,767,200 
49,000,000 
89,269,516 
20,000.000 

8,500,000 
40.426,361 
86,000,000 


DiTIIIBNS  RiCOBD. 


Kami*  ot  Stocks. 


Pays  3pc  J-D 

Pays  3pc  O-J-A-J.,, 

Pays  3^pc  J-J 

Pays  3pc  FM-A-N.. 


Paid  2do  1895 

Pays  Ikpo  F-A 

Pays  IMpo  F-M-A-N. 


Paid  Ipo  Dec.  1894 

Pays  Ipo  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Annum. 
Paid  }4po  Feb.  1895... 


Paid  l!^pc  June  189.5.. 
Paid  2!^po  June  :895.. 
Paid3Dc  in  1893 


Pays  2pc  M-J-S-D 

Pays  7pc  per  annum. 
Pays  7po  per  annum. 


Paid  IJipo  Jan.  1893. 
Paid 2pc  August  1893. 
Pays  5pc  per  annum. 


Pays  2MjPC  MS. 


Pays  IHpc  F-M-A-N. 

Pays  ,3pc  FA   

Paid  2po  August  1893. 
Pavs  l^pc  J-A-J-O.. 
Paid  2po  in  Feb.  1895. 


Paid  .3pc  1891 

Paid  Ipc  in  Dec,  1894. 
Pays  l^l)c  M-J-S-D.. 
Pays  Ipo  J-A-J-O.... 


68.402,900 
125,000,000 
60.000,000 
19,850,000 
38.710,900 
60,868,500 
52  9fM,6nO 
52.361.500 
20,166.000 
18.445  950 
7.546,000 
28.000,000 
24  000,000 
94,820,000 
10,000,000 
4,500,000 


Paid  l!4pc  Not.  1893. 


Paid  Ipc  April  1892., 
Paid  Ipo  in  1887..., 


Pays  2po  F-M-A-N.... 


I  Paid  Ipc  in  1887... 
Paid'sj^PO  in'issi! 


IPald  Ipc  ^ay  1895... 
iPaid  2Hpc  March  15, 1895 


Pays  IMpc  J-A-J-O.... 
Paid  IDO  in  FebVisw!!! 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

At  cli.Top.  &  S.  F.  1st  ins.pd 

Baltimore  &  Ooio 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  <fc  Ohio 

Chicago,  Bur.  &  (^uincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  L  <S;  PacHo... 
Chic..  St  Paul  .M.  &  Omaha 
Chicago  &  North  western. 
Chicago  &  Noithw'n  Pfd. 
Cleve.,  Cin.,  Chic.  &  St  L, 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  <fe  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  In  pd 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  St  PTrRec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.- 
Lake  Erie  <fc  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  <fe  Mich.  So'n.. 

Louisville  &  Nashville 

Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co.   

National  Lead  Co  Pfd.... 
N.  Y.  Cent'l  &  Hudson  Riv 
N,  Y.  Lake  Erie  &,  West'n 
NY*N  E  tst  CO  cti  all  in  pd 
N.  Y  Ontario  &  Western 
N.  Y.  Susq.i  W'n  Pfd.. 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd,,.. 
Pacific  Mail  S,  S.  Co.... 
Peoria.  Dec.  &  Evansville 
Philadelphia  *  Reading. 
Pullman's  Palace  Car  Co 
Silver  Bullion  Certificates 
Southern  Pacific  Co... 

Southern  Railway 

Southern  Railway  pfd 
Tenn.  Coal.  Iron  4  R  K  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  pref.. 
United  States  Rubber  Co. 

U,  S.  Coidage  Co 

U.  S.  Cordage  Co  pfd... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co.. 
Wheeling  A  Lake  Erie... 
W  heeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 1,575.047 


COTTON,  in  b«  es. 

I  World's  visible. 
1895  8.554.  .'55 

1894  8.114.090 


Total  In  sightt]  Total  Exports 
9.58r.l;32  C  557.(65 

7,282,338        1        4,999,575 


I  y.  r. 


(■June 

J  j"'y 

Cotton  I  August 

I  September 


WHEAT,  In  busheLe. 
I    V.  S  Visible.     Primarv  rec'ts* 
1895         47,71  r,000         I     150.330  000 
18941        67.106,000         I    158:31000 


Total  Exports.  ^^'*^*'"  i  September 
142.261  7*1 
163.155  500 


Corn...^ifci,VV 


CORN,  In  bushels. 
I     U.  S.  Visible. 
1895  10.785000 

18941         7.077  000 


Primary  rec'ts*!  Total  Exports. 

71  6•^3,0O0        1      SjtKOlll 
151,574,000        I      03  047  452 


CMcaffo  S  July 

Wheat.  "I  September 

Corn      H"'y • 

corn...  ■)  September 


OATS,  in  bushels. 
I    V.  S.  Vi-^ible. 
1895  8  686  000 

18941         2,517  000 


N.  T.  Stocks, 

1.449  929 

481.209 


Obgo.  Stocks. 
2  no  000 
126  000 


OaU. 


iJ"'y 

I  September 

IPork      i^^^^ 

|i  orK.  .  1  September 


I  LARD-tcs.  I    CHICAGO  CONTRACT  STOC  KS. 

World's  vis.  ,PORK-b bis, I  LARD-tcs.  >  RlBS-lbs. 
1895         295.700  125.915  70,225     i  83,701.(i99 

1894|        128,000     I  61,498     I  17,i44    '     6,ri:4.109 


; Lard . 
iRibs 


I  July 

'  September 

tJuly 

I  September 


Thursday.!    Friday. 
June  13.  ;  June  14. 


sm  279-4  .... 

74  739i  ... 
1219<  1191^118% 
lOiH  102)^  1009i 
116H  lHVi  116 

im    10>4|  lOK 


Saturday, 
June  lo. 


64J4'  55 
99k  101 

84^    85^ 

7-2^    76^ 


54% 
101^ 

22?^ 

85-K 

75M 

689i  _        _ 

12214  18214  123 

72J^    719i|  72H 
40        ... 

.     145 
45%    i^ 
26H    2ljB6 
147i4'l47 
162>4  -lH'HlOiH 
129^  129>4  130 


117  118H 
100^100^ 
113  iVAVa 
10  10^ 
..  63 
54%l  bhZi 
ICOJi  10^ 


40H 
99H 

45';^ 
2? 
148 


22^ 
814^ 
74% 
6S 

12-'J4    „ 

:m  78 


22% 

74!^ 
69 


99 

145 


1179i 
lOOH 
I13V4 

10 

63 

54?i 

mm 

22h 
85?6 
72 
68^ 

72k 


46 


99>i    99 


4.'>94 
26^ 
144 
162k 
129H 


^9% 


i^H]  19% 

355s|  36>6 


132      131!^ 

IH     1%     .  . 

...    95U 

32%    82^1  82% 

24^  24  I  mh 

HS%  147%'l48' 
59M     5-%l  68% 
ll5%i  11514  11.' 9i 
1U1?4  101  Hi  102^ 
33        82^    83 


2i;52l  ■2('H 

147     1147 
16214 '162!^ 
129%;129?4 


185^1  19«     19 
34k    36        35?i 
...  jl38      133 

95%  96H  9uk 
3-294  82-K  82!^ 
24)4    8-4H    **^ 

148 

68H    BS%    58% 
113      114       114 
102      102k  r2k 

8294    82%    8294 


6.39 
6  99 
7,02 
705 

B-Z%  80,'. 

83',%  81,'. 

5Sii  54% 

5b94  56 

79%    77%,  7i 

mi  '8^\  7! 

51k     50'/.;!  5L_ 
52!4    51Mj  52)4 

90  29k  80  29k 
29%  2914.  29-M  29% 
12.40  12.:i0  12.42  12.37 
12  70  12,60   12  72  12.67 


6.60 

6.80 
6,27 

6,47 


6.5,-. 
6,75 
6,2,1 
6.4.'i 


Monday. 
June  17. 


Tuesday. 
June  18. 


27H 
73k 
118% 
10094 
11494 
Ilk 
63k 
56% 
100 
23 

75)1 
69% 

123k 
7394 
41)4 

100)4 

46% 
26-/(, 
U6)4 
102H 
129% 

19% 

36)4 


27%   80 

73k    75k 

100   1 100 

11394  114)4 
10?*    11 
63%'  64 
55941  5694 
9694  100% 
22%    23)4 

734 
6^% 


Wed.. 
June  19. 


1-23 
72% 
40 
999^ 

4594 
269i 
146 
162)4 
129% 

19)4 
85% 


329i 

25 

83)4 
14*i 

59% 
115)4 
102% 

85)6 


30 

24% 
83)4 

148% 
59 

113 


74 

117 

9994 
113)<,  114 

lO-H    '- 

63)6 

56 


85)1 
74 
68% 
123 
78 
41 
99)4 


7494 
69)1 

123)2 
73% 
41  )i 

100)1 


4694  i"^ 
26%  26k 
148  116 
162k  161)^ 
130  1299-4 
4794  4794 
19%  19 
36       869^ 


96%  96% 

81%  25k 

•25  24k 

83)4  83)4 

148k  148k 

59k  6894 

1:5%  114 

l02k  103  102% 

33     I  85%  849^ 


118.690 


6.36  6.96       6  86  8  86 

6.98  6  95  7.01     6  94  6  S9  6  82 

r02  6,93  7.04    6.96  6  93  6  84 

7.05  7,02  7.o8    7,00  6.95  6.87 


78A  77% 

79%  78'7i, 

54%  54.', 

56%  bbi^A 

7494  73k 

76)4  75% 

50!^  49(4 

51%  50% 


8i;i 

80,', 

7994 

78U 

78 

76  A 

82% 

81-^ 

*)% 

53^ 

79 

77)4 

55 

M)^ 

.'>4i4 

63 

56k 

66 

b5)5 

64% 

55)4 

64 

76%  74^i  74%  72)4 

77k  75%  7.i%  7m 

im  4894  4'%  48% 

60%  49%  50%  49)a 

29k  29  89  88 


i9H  28k 
75k  75 
11934  117% 
100)4  100% 
■  11394 
10%  10% 
63%  63k 
66  5594 
100%  9994 
23%  22% 
85%  a5)4 
74k  73% 
68%    68)4 

73%  73' 
4uk  40 
89J4     99)4 

46  4594 
26)4  26)4 
140%  144% 
162)4  162)4 
130      130 

ii%  1894 
3594    84% 

1%    ik 

2^  28 
2494    2494 

14994  148% 
58%  68% 
115%  114k 
102%  102% 
34%    34)4 


Rauge  for 

June  1895. 

to  date. 


6.98  6.75 

6  97  6.79 

7,00  6:18 

78A  75% 

79,'.  76% 

55k  54 

56%  65)4 

74%  7194 

76'4  7.3)4 

60%  49'4 

61%  60)4 


Sm   29)4    88%  31%    28 

2J%    28)4    2*94    27%    88%    28  •,    29%    28V4  31%    27% 

12  45  12.35    12  45  12  32   12.,50  12  42   12  45  12  30  12  70  12.30 

12,77  12.62   13.76  12.62  .12,82  12.70  12,75  12,60  13,07  12.60 


80  87 

75%  73% 

181%  117 

102k  9994 

llr,%  113 
i:%     994 

64  61)4 

5694  63 

mH  97% 

XIH  2«% 

86)4  80% 

76)4  7l9i 

69%  66% 

12.3%  12094 

7394  68)4 

41)i  37% 

100)4  9^)4 

145  145 

46%  43% 

27  85)4 

149  14  Ik 

168k  )f9k 

130  128)4 

4r94  4694 

21k  I8k 

37%  84k 

133  12994 

96%  95% 

33)1  25% 

25k  22)4 

8.394  81% 

I4994  146 

69%  57 

11594  lli'/i 

l03  99% 

35%  30k 

12%  12% 

83)4  8794 

srk  85 

90^  89 

102%  101!^ 
11%      9% 


80)4     16k 
S2k     28)4 


2M    20)4 
!4%     13)4 


•22)4     19% 
0594    » 


21)4  18k 

94k  91-94 

1494  13% 

4694  44)i 


7.15  6.86 

7.18  6.75 

7.23  6  79 

7.26  6  87 

84%  75% 

85,',  76% 

.58'm  53 

59)4  64 

3194  71-94 

ti2-94  73)4 

5394  4f% 

55  49)4 


6  67  6.^5  6  60 

6  77  6  75  !  6.82 

6,:»  6  27  ■  6  ■•« 

6  50  6  47  I  6  57 


6  55 
6  75 
635 
6  47 


6  62 

6s8 
6.35 
6  57 


6.60 
6.80 
6.80 
6.52 


6  60 
6.H5 
635 
665 


6.57 
6,80 
635 
6.57 


6  57 

6,80 
6.32 
6.55 


655 
6  75 
627 
6,47 


6  70 

6,90 
6  40 
6  65 


6.55 
675 
6  22 
6  42 


Ranee  foi 
June  1894. 


29%  •269< 

70  66 

108)4  9«k 

93  k  S*'^ 


90 


82k 


73       69 
50k    49 

!07k  105 
17%  16)4 
79%  i6% 
80   73% 
61%  5794 

120   119 
6994  «e% 
37%  85 

110%  104% 

88t4     M 
1896    16)4 
:3194  i-25k 

161%  160 

182      129% 
30%    24 
2,-        23 
38k    3*H 

102      100 
5%      4% 
90%    90 
17%     16k 
16k     U% 
67)6    6^ 

133)4   1^9 
46%    43)4 

118       114 
97k    96 

28     im 


6k 
25 


7 
29 
4:%    37 

M-><     S2 
99%    97)4 


U% 
10 


1114 
8-% 


1594    '< 
41k   snk 


4)4 

4k 


2-94 
3% 


17%     I-2H 

1494     HJ-i 
4         8 
1794     14% 
:66      156 

•20%    13° 


'iO'4 

16)1 

61% 
1994 


17)4 


;-2k 

i^4  33 

2394  1094 

41  87 
7%      6% 

I6k  13 

8,5%  8296 

11%  944 

4594  43k 


7.23  6  96 

7.28  6  9f. 

7,32  7  01 

7.34  7  02 


67k 
?9k 
43,'. 
44)4 

51% 
Nik 
37^)4 
38% 

81% 
•26k 

12  62  11  ro 

12.75  11  82 

6  82  6.60 

6.95  6.65 

6  57  6.07 

6.60  6.07 


61,'. 
66,", 
47)2 
18% 

61% 
63)6 
4291 
48 

45 
38)6 


1895 
1894 


OuD  PORK,  ChKi..-bbls. 
....      bbis. 


WHEAT  on  passage. 

45.200.000  busb. 
89,336,000    " 


CORN  OD  passage. 
4.720.000  bush, 
6,848.000    " 


Russian  Sliipmts.  for  wk. 
5  440,000  bush. 
■i  769,000     " 


Indian  ShIpmts.  for  wk. 
816,000  bush. 
&j0,C00    " 


Argentine  Sbpts.  for  wk. 
I     1,048.000     bush. 


t  Since  Aug  »l.    •  Since  June  M  Compiled  and  Copyrighted  bj>  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING.  NEW  YORK 

118 


HOcchli?  HDarf^ct  letter. 


No.  430. 


Copyright,  1998,  by  Olapp  *  0»m,9mm^, 

O.  W.  Clapp. 
OwiQHT  O.  Clapp. 


CLAPP    &    COMPANY, 

Banhere  anb  Brohers, 
MILLS    BUILDING,    IM.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Branch 
Offices 


/■    277    BROADWAY,  Corner  Chambers  St. 

)    621   BROADWAY  (Casli  Buildino,  corner  Houston). 

''    I    753  FIFTH  AVENUE,  Couhbr  68tm  8t, 


671    BROADWAY,  BROAOwAt  Central  Hoteu 
753  FIFTH  AVENl 
SARATOGA,  N.  Y. 


Private  Telegraph  Wires. 
LoNQ  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  June  27,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  BondSf 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers*  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOll  OUR  1894  SOUVENIR,  "LEADING  AI^IERICAN  EXCHANGES.'* 


'■  The  handsome  souvenir  volume  of  352  pages,  Issued  by  Messrs. 
Caapp  &  ijompiny.  Mills  Buildmg,  New  Tork,  comprising  their  weekly 
market  letter  issu.-d  during  1894,  with  much  other  information,  forms  a 
work  of  great  value  for  refeieuce  by  h«nkei-s,  railway  officers  and  others 
Interested  in  finaricial  att,-iirs.  The  duly  record  of  stocks,  and  of  the 
prices,  productions  supply  and  distnbuuon  of  colton,  giain  and  provis- 
ions is  especially  useful  foVpreservaiion,  as  are  also  the  statistics  of  geld 
and  silver  production.  The  builrtinga  occujiied  by  financial  exchanges 
and  boards  of  trade  throughout  the  oounli-y  are  handsomely  illustrated, 
and  statements  are  given  of  the  transactions  at  each  of  these  points.  In- 
formation furnished  by  the  Railioay  Age,  in  regard  to  railway  construc- 
tion and  railway  insolvencies  is  drawn  upon  in  several  places  through 
the  volume,  but  It  is  not  pleasant  to  find  that  tables  occupying  one  entire 
page,  giving  a  detailed  statement  of  recent  railway  receiverships  and 
foreclosures,  and  the  summary  of  foreclosure  saW  for  the  past  liineteen 
years,  are  credited  to  a  Wall  street  publication,  instead  of  to  tlie  Railway 
Age,  which  originated  and  has  been  the  sole  source  of  this  information 
ever  since  it  commenced  publication,  nineteen  years  ago.  It  is  to  be 
supposed  that  Messrs.  Clapp  *  Company  will  take  the  first  opportimity 
to  correct  this  mistake,  and  give  credit  for  paiiistakinj;  work  like  this 
where  it  belongs  The  volume  is  furnished  postpaid  foi  $;100."'— Railway 
Age  and  Northwestern  Railroader  Chicago.  111. 

"  Clapp  &  Company,  bankers  and  brokers.  MUls  Building,  New  York 
City,  have  issued  their  souvenir  volume  for  1894  It  makes  a  very  large 
and  tasty  book  cf  over  350  pages,  about  two-thirds  of  which  is  devoted  to 
a  reproduction  of  the  weekly  market  letters  for  lB94of  this  eminent  firm. 
These  letters  thus  put  into  a  permanent  form  ar»  invaluable  for  refer- 
ence and  comparison,  on  account  o'  their  el.ihorate  Rtati.sti.-s.  The  re 
■lainder  of  the  bool"  comprises  classified  statistics  from  the  I 'Oding  ex- 
chacges  of  this  country  An  indel  renders  references  to  any  department 
Tcry  convenient."— Boston  Journal  of  Commerce,  Boston.  Mass 

"  One  of  the  most  elegant  volumes,  typographically,  and  miw.t  valu- 
able in  contents  that  has  reached  our  office,  is  Clapp  &  Company's 
Souvenir,  it  being  a  compilation  of  commercial  facts  and  conditions  for  llie 
J  ear  1884.    It  embod>-a  the  reprnd'iction  of  their  weekly  market  letters. 


and  thoroughly  comprehensive  and  complete  statistical  reports  of  finan- 
cial, industrial  and  cmmercial  movenienis.  The  souvenir  embraces  all 
conceivable  information  on  all  matters  and  influences  that  have  relation 
to  the  business  of  this  country.  The  Messrs.  Clapp  are  men  of  unusual 
independence  of  thought,  and  have  the  unquestioned  couratre  of  their 
convictions.  They  never  mince  words  in  their  conference  with  the  public 
nor  shade  a  thought  to  promote  or  stimulate  traffic  to  their  advantage. 
The  souveuii  is  an  invaluable  compendium  to  the  counting  house  and 
business  office,  and  the  recipient  of  one  can  well  afford  to  congratulate 
himself  on  his  exceptional  fortune.  Clapp  &  Company  are  banke'-s  and 
commission  merchants,  with  main  office  in  the  Mills  Biiiding,  New  York 
City."— The  Bessemer  Weekly,  Bessemer,  Ala. 

"  The  Herald  is  in  rc^ipt  of  Clapp  &  CompaLv's  beautif a'  so\i\  entr 
for  1894.  an  elegai.tly  bound  volume,  full  of  valuable  information,  skill- 
fully cla.s,sififd  and  carefully  n.i>ned,  sc  as  to  make  it  easy  t/j  readily 
find  desii able  data  upon  matiei-s  of  financial  commercial  and  agricul- 
tural interest  The  volume  contains  3,50  pages,  of  which  2.30  are  devoted 
to  the  repubUcalion  in  convenient  form  of  the  firm's  weekly  market 
let'ei-s.  These  letters  cont.iin  able  reviews  of  the  course  of  the  financial, 
cotton,  gi-ain  and  provision  niarlip;?,  together  with  reliable  statistics  of 
visible  supply  of  farm  products,  t  sport  movement,  and  other  information 
of  use  to  lUe  merchant  and  planter  Added  to  these  is  a  compilation  of 
weekly  bank  statements  for  the  year  1894.  population  of  leaning  ciiies  of 
the  United  States,  witn  their  annual  bank  clearances,  a  table  of  tlie 
range  of  prices  of  leading  stocks  for  eight  years,  a  table  of  the  gros« 
earnings  of  fifty-seven  railrividsannually  since  I8S9,  the  daily  and  weekly 
•Hilton  movement  for  M"M.  and  a  mass  of  mis  :el  aneous  information  coii- 
•■eriiin^  Wi>ol,  cofrte,  grain  and  other  products  of  the  field  and  farm. 
Th^book  is  profuselj  illti.strnted  with  engravings  of  every  board  of  trade 
or  exchange  building  of  consequence  in  the  United  States,  is  printed 
upon  heavy  paper  with  a  wide  marem,  and  is  altogether  a  gorgeons 
specimen  of  the  printer's  and  lookbinder's  art.  Ciapp  &  Company  aie 
New  York  backers  and  commi.ssiin  merchants,  and  their  weekly  letter 
is  among  the  Heraid'i  most  valued  excbauge.'i.  ° — The  Denisoo  Herald, 
DeniaoD,  Texas. 


X 

-0 

> 

o 
m 

o 
o 

z 

H 
> 

o 

> 

r 
•< 

m 
o 
o 

D 
(/) 

O 
-n 


r 
m 
> 

o 

5 

o 

m 

X 

o 

X 

> 

z 
o 
m 

C/3 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants 
receipt  of  $3.    A  few  copies  of  1693  can  be  had  for  $2  each. 


upon 


KEEP  OUU  LETTERS.      POB TFOLIO 


FOK   FILING 

1 1!) 


FORWARDED   APPLICANTS   FREE. 


2         CLAP?  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

The  Declaration  of  Independence  seems  more  real  and  human  liberty  a  larger  idea,  after  each 
threatening  ordeal  has  disappeared  by  use  of  the  better  argument.  The  Tariff  Reformers,  Anti- 
Greenback  Cranks,  Treasury  Looters,  Legislative  Bribers,  Free  Silver  Fanatics  and  Labor  Brigands 
of  the  past  fiscal  year  will  now  join  in  our  annual  National  reminder  that  all  of  us  are  greater  than 
any.  Every  star  will  twinkle  at  us  kindly  and  every  stripe  will  waft  a  wave  of  peace  as  we  meet 
and  celebrate  our  mutual  love  and  interdependence,  and  revoice  the  people's  prayer,  "  God  bless  us, 
every  one." 

Straws. — Government  official  estimates  State  Banks,  Trust  Companies,  etc.,  own  more  gold  than 
there  is  in  Treasury  of  United  States,  National  Banks  and  Clearing  Houses.  The  Treasury  gold 
reserve  is  now  above  100,000,000,  thus  allowing  the  Treasury  the  right  again  to  issue  gold  certificates 
when  demanded.  Russia  has  adopted  the  gold  standard,  and  is  reported  as  having  an  ample  supply. 
It  is  said  that  the  cost  of  producing  gold  is  less  than  that  of  silver,  Birmingham,  Alabama,  pig 
iron  can  be  delivered  in  Glasgow  at  about  current  quotation  for  Scotch  iron,  and  at  one-third  less 
price  than  when  protection  was  commenced  30  odd  years  ago.  The  Interstate  Commerce  Commission 
reports  42,000  miles  of  railway  in  receivers' hands  June  30,  1894.  There  were  779,608  railway  em- 
ployees, or  93,994  less  than  reported  in  1893.  Silver  advanced  in  January  and  February,  while  the 
earth's  products  declined  ;  in  April  silver  declined  and  the  earth's  products  advanced.  We  see  no 
relative  values  indicated  by  the  price  list. 

Stocks  and  Bonds. 

Bonds. — The  market  continues  healthy  and  promising.  Some  large  issues  will  soon  bo  listed  in 
London.  Medium  priced  railway  bonds  continue  favorites.  Further  Government  loans  this  year 
are  not  probable.  It  is  conceded  that  the  bond  syndicate  has  completed  its  contract,  and  have  made 
about  ten  or  twelve  million  dollars.    We  will  issue  a  list  of  approved  bonds  each  month  hereafter. 

Railway  Stocks. — Most  railways  paying  dividends  are  in  good  financial  condition ;  those  in 
bankruptcy  are  more  likely  to  improve  than  grow  worse.  Reorganizing  and  changing  of  officials 
is  likely  to  inspire  confidence,  as  much  as  iron  and  stone  bridges  give  confidence  over  wooden  bridges, 
or  as  heavy  and  long  iron  rails  do  over  light  short  ones.  Some  railways  continue  reporting  operat- 
ing expenses  from  10  to  15  per  cent,  under  what  is  really  expended.  Until  officials  adopt  a  more 
reliable  method  of  reporting  revenues  and  expenses,  no  great  advance  is  likely  to  become  permanent. 

The  average  price  of  twenty  active  stocks  and  twelve  active  stocks,  June  19,  was  59.05  and  79.37 
respectively,  and  ranged  higher  than  any  time  since  June  1,  1893  ;  June  25,  1894,  the  twenty  stocks 
ranged  at  51.97,  and  tne  twelve  stocks  at  72.41. 

Out  of  $10,796,473,813  railway  securities  which  the  Goverment  Statistical  Bureau  estimates  to  be 
outstanding,  it  appears  about  40  per  cent,  are  not  paying  either  interest  or  dividends,  after  a  period 
of  inflation,  over  capitalization,  mismanagement  and  panic.  141  roads  made  a  net  gain  in  earnings 
during  April  of  11.82  per  cent.,  and  between  January  1  and  April  30,  earned  $202,912,185,  clearing  a 
net  of  $50,556,852  or  gain  of  6.53  per  cent,  over  last  year  same  time.  The  revivals  of  industries  and 
growing  crops  offer  great  encouragement.  It  always  requires  time  and  money  to  reorganize  great 
properties.  Tenn.,  C.  &  I.  has  advanced  120  per  cent,  and  appears  to  have  too  many  friends.  We 
think  a  good  reaction  likely.  The  Grangers  have  reached  a  point  where  spring  crop  prospects  will 
more  likely  dictate  their  price  changes  than  Wall  Street  manipulation.  New  England  appears 
manipulated.  We  advise  caution  in  buying  after  so  large  an  advance.  Texas  Pacific  and  other 
southwestern  roads  are  likely  to  advance  later.  Coal  properties  are  still  looked  upon  with  favor. 
Canada  Southern  &  C.  C.  C.  &  St.  L.  are  properties  likely  to  hold  their  own. 

Industrials.— Sugar  shows  signs  of  declining  ;  apparently  the  refining  company  is  willing 
stock  should  sell  lower.  Germans  are  offering  sugar  at  lower  prices.  Chicago  Gas,  will,  no  doubt, 
continue  to  earn  good  dividends  as  long  as  it  has  control  of  the  business  of  lighting  the  second 
largest  city  in  the  United  States,  even  if  the  Governor  vetoes  the  bill  and  principle.  Cotton  Oil 
securities  look  promising.  Cordage  people  are  trying  to  drop  old  connections  and  plans  and  ferret 
out  the  tricks  of  their  predecessors.  General  Electric's  enthusia'^m  will  likely  improve  if  the  market 
improves.  Leather  people  insist  there  is  a  good  profit  yet  on  the  long  side  of  stock  ;  they  appear 
having  more  to  sell.  Rubber  appears  bereft  of  friends,  with  mn^ched  orders  too  numerous  to 
bring  in  buyers.  Distillers'  company  shares  seem  to  be  play  things  of  opposing  factions,  who  u<«e  the 
courts  to  furnish  points  on  which  to  buy  or  sell. 

Cotton. 

Some  spinners  have  reappeared  at  the  recent  decline  as  buyers.  May  29  August  cotton  sold  at 
7.28,  June  25  at  0.65  or  lower  than  any  time  syice  May  15,  in  May  it  sold  at  6.57,  which  was  also  the 
low  point  in  May.  'Foreign  spinners  were  reported  holding  about  1,027,000  bales  of  400  lbs.  June  I. 
Scarcely  any  g(>od  weather  can  make  up  the  prospective  shortage  in  condition,  acreage  or  stand. 
Worms  are  reported  in  some  sections,  lice  in  others,  too  much  and  too  little  rain  in  others,  some 
fields  are  too  grassy,  others  clean  and  well  cliopped  out.  Many  report  a  normal  condition.  We 
believe,  generally  speaking,  the  crop  is  reported  healthy,  stand  good  and  conditions  full  up  t<van 
average  season,  save  acreage  ;  that  the  season  is  from  seven  to  fourteen  days  late  ;  that  less  ferti- 
lizers have  been  used  and  of  a  poorer  quality  ;  that  the  actual  cost  of  growing  a  pound  of  cotton  in 
1895  will  be  less  than  any  previous  year,  mainly  because  the  South  has  grown  her  own  '"hog  and 
hominy,"  bread  and  "truck"  stuff,  and  now  only  requires  a  cotton  crop  to  purchase  luxuries 

120 


CLAPP  &  COMPANY.  BANKERS  AND  BROKEES,  NEW  YORK.  WEEKLY  MARKET  LETTER. 


The  great  majority  of  speculators  got  long  of  cotton  around  top  prices  early  in  the  month,  as  pointed 
out  in  our  letters.  Liquidation  has  caused  a  decline  equaling  about  one-third  the  advance.  Keporta 
of  crop  conditions  will  likely  improve  until  tiie  next  (Jovernment  report  is  out  July  10,  which  will 
likely  report  blooms  appearing  in  many  States,  and  general  appearances  as  no  worse  than  a  month 
previous.  Kecent  reports  claim  blooms  are  appearing  generally.  The  world's  visible  is  about  equal 
that  of  this  date  in  181)3.  The  New  Orleans  bull  fever  that  has  kept  cotton  about  25  points  above 
this  market  has  about  subsided,  and  their  market  is  again  on  a  parity  with  this  market,  or  about  25 
to  30  points  below.  Massachusetts  and  Southern  States  seem  to  be  vieing  with  each  other  to  aid  the 
United  States  to  spin  its  own  cotton  rather  than  send  half  the  world's  crop  to  European  labor  and 
capital  to  secure  the  most  gain  out  of  it.  43  Oldham,  Eng.,  cotton  mills  have  declared  large  divi- 
dends out  of  the  American  cotton  planters'  crop,  after  paying  freight  both  ways. 

Wheat. 

Primary  receipts  for  the  year  ending  June  30  will  likely  be  about  153,000,000  bushels  against 
105,000,000  bushels  last  year,  or  an  average  of  144,000,000  bushels  for  the  past  decade.  Exports  will 
likely  equal  147,000,000  bushels  against  165,000,000  bushels  last  season,  or  an  average  of  139,(i00,000 
bushels  the  past  ten  years.  It  is  generally  conceded  the  invisible  is  below  the  average,  and  likely 
to  be  near  the  minimum  amount  at  the  beginning  of  the  crop  year  July  1  in  Chicago  and  August  1 
here,  in  Great  Britain  and  the  Continent.  New  winter  wheat  is  being  offered  to  arrive  spar- 
ingly in  winter  wheat  primary  markets.  Thrashings  do  not  indicate  any  material  improvement  in 
the  quantity  anticipated.  We  guess  the  winter  wheat  crop  will  likely  equal  about  250,000,000 
bushels  against  a  reported  yield  of  326,000,000  bushels  last  season  ;  at  present  the  spring  wheat  yield 
is  expected  to  be  the  largest  one  grown  except  the  1891  crop,  when  the  yield  was  given  219,285,000 
bushels.  Rains  have  recently  been  reported  as  doing  damage  ;  ordinarily  June  rains  in  the  North- 
west aid  in  maturing  a  good  quality  yield.  Russian,  Argentine  and  Indian  shipments  continue 
large,  but  the  past  week  shows  a  small  falling  off,  the  amount  afloat  decreasing  2,000,000  bushels. 
It  is  quite  possible  it  will  decrease  further  the  coming  few  weeks,  and  our  visible  shows  no  gain 
until  about  September  15,  and  in  the  meantime  decline  below  any  point  since  May  1, 1893.  European 
visible  stocks  are  about  20,000,000  bushels  less  than  a  year  ago.  The  French  crop  is  reported  as 
indicating  a  shortage  of  about  10  to  12  per  cent,  from  last  season,  with  a  probability  they  will  require 
about  40,000,000  bushels  the  coming  ^ear.  Great  Britain's  crop  appears  to  be  about  an  average; 
their  requirements  will  therefore  be  in  accordance  with  their  ordinary  increased  consumptive 
demands.  Russian  shipments  frc^.!  August  1  to  June  1  were  102,883,000  bushels  against  85,701,680 
bushels  same  time  last  season.  Argentine  reports  indicate  too  much  rain  and  a  lessening  supply. 
India  continues  increasing  her  exports,  some  think  from  large  reserves  that  must  exist  in  conse- 
quence of  her  large  crops  gro'>/n  in  1893-94,  and  from  small  exports  during  that  time.  Specula- 
tively speaking  prices  are  ofteM  at  the  low  point  about  the  last  of  June,  when  crop  reports  and 
depressing  influences  seem  ta  react  to  a  maximum  point.  The  world's  markets  seem  to  be  more 
likely  to  advance  several  cent*  than  decline  much. 

Corn. 

The  visible  is  larger  tha^/i  in  1890  at  this  date.  The  amount  afloat  is  nearly  12  per  cent,  larger, 
and  exi)ort  and  domestic  de^nand  quite  large.  Crop  prospects  seldom  reported  better,  either  in 
acreage  or  condition.  It  should  be  remembered  July  and  August  make  or  unmake  a  corn  crop. 
That  clean  fields  and  a  full  acreage  about  July  4  usually  forecasts  a  large  crop.  The  bears  claim 
the  export  demand  next  year  will  be  cut  off  by  a  large  crop  in  Argentine.  It  is  a  little  early  to 
count  "these  chickens."  America  is  more  concerned  about  the  old  corn  on  hand  now,  and  what  the 
supply  will  be  for  four  to  six  months  to  come,  or  until  new  corn  can  be  used.  We  think  it  about 
time  to  watch  for  low  prices  to  make  purchases  for  an  advance  that  may  score  a  large  profit  before 
new  '•  roasting  ears  appear." 

Oats. 

Crop  reports  have  been  bad  from  nearly  every  oat  State.  The  visible  is  double  that  of  either  of 
the  past  two  years  at  this  date.  The  decrease  the  past  week  was  large,  the  price  down  near  an 
export  basis.  The  bears  claim  this  is  the  result  of  too  many  trolley  cars  and  abandoning  horse  cars. 
The  cheap  or  low-priced  horses  have  been  turned  out  to  'grass.  Hay  ia  selling  in  many  parts  of 
Illinois  and  other  oat  sections  at  very  high  prices. 

Provisions. 

The  average  weight  of  hogs  in  Chicago  is  three  pounds  less  than  last  week.  Receipts  there  are 
falling  off  and'predic'j  in  irom  live  stock  men  are  that  they  will  be  much  lighter  in  the  future  after 
July  purchases  have  been  cared  for.  There  is  an  improving  cash  and  export  demand.  The  South 
is  not  buying  as  much  as  usual.  Think  after  the  July  stocks  are  known  and  the  recently  produced 
stock  placed  in  strong  ..ands  better  prices  may  prevail.  Packing  the  past  four  weeks  nas  been 
about  the  same  as  same  time  last  year.  Packing  to  June  20th  at  all  points  4,375,000  hogs,  against 
4,225,000. 

Yours  truly,  €LAPP  &  COMPANY. 

Note.— For  the  convenience  of  customers  and  the  trade  generally  we  have  a  branch  office  at 
Saratoga,  where  all  information  and  quotations  of  stocks,  cotton  ana  ^lain  can  be  had, 

121 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Quotations  for  Stocks,  Cotton,  Grain  and  ProTlsions  for  Week  ending  Jane  26,  1895,  and  tor  Jnne,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  A  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
rSOM    NHW    TORK    STOCK    EXCHANGB    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WTTH    COMPARISONS, 


Wbeklt 
Salbs. 

8.523 

490 

844. 1G8 

2,2^9 

80.387 

6.440 

1.440 

5.230 

7.898 

5.080 

80.810 

81.831 

56.667 

1.166 

12.790 

3  290 

11.040 

2ti8 

4.136 

2.250 

1  743 

1  508 

8.802 

650 

81.240 

85.339 

200 

*536 
1.200 
2.!M8 
2.102 
2.'.K)4 

13793 

14  318 
615 

85,707 
100 

15.540 

6.039 

1.401 

410 

5,210 

87,357 
3.120 

16.274 
1.8-^ 
5.469 

14.929 

6,250 

420 

84.240 
738 

10.000 
1,490 
6.'^70 
9.954 

61.777 

18.890 
1,434 

16.817 
6.009 
4.022 
5,263 
8  189 
8.240 

12.^70 

20.CB0 

87,400 
6.<.*0ti 


Capita!, 
Stock. 


$20,237,100 
10.198,600 
38,773,000 
86,773.000 
17,900,000 


85.000,000 
15,000.000 
22.488.000 
60.805,400 
82.262,700 
24.885,800 
46.027,261 
25,923,900 
46,156,000 
18.559.360 
39.054,907 
22,335  170 
88.000,000 
11.696,000 
35,430,060 
26,200,000 
85.000.000 
36  000.000 
84  091900 
30,459,700 
25,000.000 

8.000.000 
50.000,000 
10.000,000 
11,840.000 
11,840,000 
49.466,500 
52.800,000 
30,000,000 
18,738.804 
13,000.000 
47,844.100 
47,436,5:5 
14.905.400 
14  904,000 
89.428.300 
77,427.000 
20.000,000 
58.119.982 
13  000  000 
39,767,200 
49,000.000 
89.269.546 
20.000.000 

8.500.000 
40,426.861 
86,000.000 

08.408,900 
125,000,000 
60.000.000 
19.850,000 
38,710,900 
60.868,500 
52  931.600 
52,361.600 
20.166.000 
18.524  4.'iO 

7,554,050 
28,000,000 
24.000,000 
»4,820.000 
10.000,000 

4.500,000 


DlTISIirD  RZCOKO. 


Pays  Spo  J-D 

Pays  8pc  O-J-A-J 

Pays  3i^pc  J-J 

Pays  3pc  F  M-A-N 


Paid  2do  1895 

Pays  iMpt  F-A 

Pays  i^po  F-M-A-N, 


Paid  Ipc  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Annum. 
Paid  Hpo  Feb.  1895... 


Paid  l!.<>pc  June  1895... 
Paid  2!^pc  June  :896... 
PaidSpc  m  1893 


Pays  2po  M>T-S-D.... 
Pays  7po  per  annum. 
Pays  7pc  per  annum. 


Paid  li^po  Jan.  ]8!)3. 
Paid  2pcAngi,rt  1893. 
Pays  5pc  per  annum. 

Pays'2iipc"ii.s!."!i! 


Pays  IMPC  F-M-A-N... 

Pays  Spo  FA    

Paid  2pc  August  1893. . . 
Pays  ij^pc  J-A-J-O..,, 
Paid  8pc  in  Feb.  1895... 


Paid  ,3pc  1891 

Paid  ipc  in  Dec.  1894. 
Pays  l?ipc  M-J-S-D.. 
Pays  ipo  J-A-J-O 


Paid  IMpc  Not.  1893. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2po  F-M-A-N.... 


Paid  Ipo  In  1887... 
Paid  SJ^pc  in  1884! 


Paid  Ipc  .Vay  1895... 
Paid  2Hpc  March  15, 1895 


Pays  IMPO  J-A-J-O.. 
Paid  IPC  in  Feb.  i894i 


Naxxs  or  Stockb. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 
American  Tobacco  Co. . . 
Aicti.Top.  &  S.  F,  lstins.pd 

Baltimore  <fc  Obio  

Canada  Southern 

Central  of  New  Jersey. . . . 

Chesapealie  &  Ohio 

Chicago.  Bur.  &  Qolncy.. 

Chicago  Gas  Cos 

Chicago.  Mil,  *  St  Panl. . , 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago.  R.  I.  <fe  Paciflo... 
Chic.  St  Paul  M.  <t  Omaha 
Chicago  i,  Northwestern. 
Chicago  4  Northw'n  Pfd. 
Cleve..  CId..  Chic.  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  T. 
Delaware.  Lack 'a  A  W'n. 
Del..  <t  Hudson  Canal  Co 
Denrer  A  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  In  pd 

General  Electric  Co 

Great  Northern  Pfd.  . 
Green  Bay  W  4  St  P  Tr  Rec 

Illinois  Centra] 

Laclede  Gas  Co.  of  St  L. 
Lake  Erie  A  Western     . 
Lake  Erie  A  Western  Pfd 
Lake  Shore  A  Mich.  So'n. . 
LonlsTllle  A  Nashrille.... 
Manhattan  R'yConsol... 

Mfcblgan  Central 

Mo..  Kansas  A  Texas  Pfd 

Mexican  Central 

Mis.-^ouri  Pacific 

National  Lead  Co 

National  Lead  Co  Pfd . . . 
N.Y.Cent'l  A  Hudson  RIt 
N.  T.  Lake  Erie  A  Wesfn 
NYAN  E  tst  CO  cti  all  in  pd 
N.  Y  Ontario  A  Western.. 
N.  Y.  Susq.  A  W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  A  EransTille 
Philadelphia  A  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal,  Iron  A  R  R  Co 

Texas  A  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 

U.  S.  Cordage  Co 

tl.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferrea 

Western  Union  Tel.  Co... 

Wheeling  A  Lake  Erie 

Wheeling  A  Lake  Erie  Pfd 


Total  sal»s  of  all  Stocks  each  day  and  for  the  six  days 1,878,836 


COTTON,  in  bs  es. 

I  World's  visible. 
1896  8  437.8.-8 

18941  2  986.034 


Total  In  fighttl  Total  Export*. 
9,607.490  0.59'2.1?0 

7,299,785        I        6,028.697 


if.  T. 
Cotton 


'June 

July 

August 

September 


WHEAT,  in  bushels. 
I    U.  S  Visible.     , Primary  rec'ta*!  Total  Exports. 
1895         46.225.000  151.646  000  144.ri0.849 

I89l|        65  858,000         I     160  170  UOO        |    164.824  868 


^»'«*^]s?!rtembeV 


Corn...]ifcb-V 


CORN,  inbu^hela. 
I     U.  S.  Visible. 
1895  9.499  000 

18941  7.184  COO 


I*rimary  rec'ts* 
74  355.000 
15;i.962  000 


Total  Exports. 
S5.275  779 
C3  459  742 


Chicago  \  July 

Wheat.  1  September 

C«™-]fember 


OATS,  in  bushels 

I    U.  s.  Visible. 
1895  7.976  000 

1894|         2.356  000 


N.Y.  Stocks, 

1.809  512 

540  733 


Cbeo.  Stocki. 

2  843  000 

4  64,209 


OaU. 
Pork. 


\3vi\7 

I  September 

J  July 

I  September 


Thursday. 
June  20. 


29':^ 

li% 
120M 
lOOH 
1141^ 
10^ 
63H 
65^ 
101 H 
22?< 
859i 

68^ 
J  23^ 

,m 

loo 

46^ 

145^ 

163 

130 

,3oH 
184 


29 

749i 

118 

100^ 

114 
Vfii 
63>^ 
55H 

100 
•2i% 
85 
74 
68 

1229^ 
72% 
40k 
99% 

45i^ 
859i 
UiVi 
1G2i^ 
129H 

19^ 
,S5?i 
184 


96H  se 

24%  24M 

$3!^  68 

'49H  149H 

i  68^  58 

>16M  1149^ 

84Ji  84M 

83  82H 

85M  84H 

80M  89% 

10  m 

4-.%    44% 

184  IS 

30%  29% 

6'4.  54-4 


1895 
1894 


1895 
18941 


LARD-US. 

World's  ris. 
295.700 
123,000 


CHICAGO  CONTRACT  STOC  KS 
PORK-bbls,   LARD-tcs.  .   RIBS-lbs. 
125.915     I  70,225     i  83.701.G99 


6^498 


17,344     I 6,724,109 


Lard 
Ribs. 


JJuly....^.. 
{ September 

•JuTy 

I  September 


169^ 


4% 
15% 


31%  8Ik 
B«  5% 
1894    Vi% 


14% 
4194 

39>4 
13% 

20" 

^^ 
2^ 

*y* 

9% 

2094 

19294 

1596 

47% 


258  749 

6.89  6.87 

6.90  6  82 

6  96    6,83 

7  00    6.J0 


ref. 

r7^4 


54^    5394 
5.'i9i    55 

72%  71 

74%  72% 

4994  48% 

50%  49% 

2M4    28% 
28%    28 
12.20  11.70 
12  55  12,00 


6.52 
6.75 
6.25 
6,47 


6,*7 

6.70 

.12 

030 


Friday. 
June  21. 


29% 
118% 

11494 
109i 
64 
55% 

101^ 
22% 
8594 

6691 
12294 

78^4 

41 
100 
145 

46 

2t% 
145% 
168J4 
130^ 

47 

20% 

86% 


26 
24% 

150^ 
58% 

11-% 

103 
84% 
11 


10 

18% 

2<>% 

594 

17 
31% 


28% 
"7% 

114 

10 

63% 

55)^ 
100 

22% 

85 

7294 

6794 
12^^94 

72% 

41 

99% 
145 

145^ 
163 

12994 
47 

1^ 


Saturday. 
June  22. 


29 

7.2% 

looH 

114 
10% 

55% 
lOO'/i 

22% 

85 

78% 

68% 
122% 

72% 

40% 


45% 
26 


29 

75% 
IHH 

»99i 

11^% 

8% 

55 

100% 
22% 
84% 
72% 
679v 

122% 

ny* 

40 

9a% 

45% 
26 


129% 

47 
20% 


85%    36% 
134 


«7% 
249i 

14994 

66 
114 
103 

34% 

11 

31% 

8494 


9% 
46% 
18 
27% 
5% 
4% 
15% 
80% 


18%    17% 


8494 
14% 
41% 
4U 
139i 
1294 
80 
98 
41 W 
2% 

»% 
20% 
9294 
15% 
49% 


84% 
14 

41% 
38% 
W/, 
12% 
19% 
92H 
4m 
2 


20 
92^ 
1,5^ 
47% 


206.439 

685  6.84 

6.85  6.82 

6.91  6.H.i 

6.93  6.90 

75%  78  J  i 

76  741 { 

5394  53% 

64%  54% 

71 W  69% 

72%  71 

49  48 

50%  49k 

2?%    28 

im  27% 
11.62  11.60 
12  12  11.97 


6  47 
6  67 

6,17 

es; 


6  42 
665 
6  12 
680 


129% 
47 
20V 
359 

184 


27%    87% 


83% 
150 

57% 
115% 


83V4 
150 

5:w 

113% 


85%    8494 
3194    8l% 


47^4 

28% 
5% 

1594 
30% 

17% 
173>4 

24% 

14 

41% 

80% 

13% 

12% 

19% 

*2% 

41^ 

1% 

4 

9 
■20 
929i 
1594 

49^ 


lOlM 

9% 

40% 

27% 
6^ 
8' 
15% 
80% 

17% 
173% 

84% 

13% 

41 

89% 

13 

K'% 

19% 

92% 


Monday. 
June  24. 


29 

75% 

11594 

99% 

i;.3% 

10% 
64 
56% 
101 

2:% 

««94 

73 

68% 

122 
73% 
4094 

lOO 


2894 

75% 
112% 

99 

112% 
9% 

63 

55% 
100 

22 

84% 

72 

67% 
122 

72% 

40 

98% 


45%    46% 


162%  162% 
130      1295+ 

2C%    20% 
37%    86 


2494    24% 

151      150 
5t%    5794 
ll4%   113 
102%  102% 
35%    85 


829i 

3494 
90% 


61% 
18 


4% 
16% 
3094 

,17% 
l7J% 

24% 

14 

41% 

39 

18% 

12% 

19H 

93 

41'4    41% 

i%      1% 

394 

894 

20% 

92% 


•■% 


9 

20 

92 

15%    16% 

49%    49% 


31% 
34% 
90 

9% 
47 
18 
26 

5% 

394 

15% 
80% 
5« 
16% 
173 

24% 

1894 
41% 
3794 
12% 
12^ 
18 
92« 
4094 
1% 

19% 
91% 
1594 
48% 


130.364 


289.724 


6.74  6.74 

6.RS    6  84  6.78  6  71 

6.93    6.86  6  80  6.73 

6.95    6.90  6  83  6  78 

I 

75%    74IJ  74!J  72% 

76,%    7594  '5}.'  73% 

5;l%    .53%  52%  52% 

56        54%  54%  63^4 

72       6994  "  6394 

78%     71%  7294  70% 

49        4794  48M  46% 

50%    48%  4S%  48% 

2.^    27  2794  S6% 

28        26%  27^  25% 

1195  11.70  ill.87  1172 

12,25  12.00  12,17  12.00 


6,52 
6.75 
623 
642 


6.47 

6.67 
6  15 
6:« 


650 
6  70 
6.22 
640 


6.47 
6.67 
6.17 
6.85 


Tuesday. 
June  25. 


11594 
9944 

113V4 

109». 
63% 
55'.< 

U094 
2294 
66 
72% 
69% 

121 
73% 
40% 

100% 

4694 

146 
163 
129% 

2i% 
37% 


95%    95% 


25 

84% 
150 

09% 
1:5 
103 

37 

m 


24^4 
84 
150 

58"4. 
11394 
103 

35% 

82i4 
84% 


24% 

14% 
41% 
39% 
13% 


92% 


2.';  527 


6  67  6.60 

6  73  6  65 

6  77  6.68 

75%  73, •. 

76%  74% 

53%  33 

54%  63% 

7194  69K' 

73%  7l9i 

48%  47': 

4994  48% 

27%  2i.% 

27  265i 

12.25  11  90 

12,52  1220 


657 
6.80 
632 
6  52 


6.55 
6.72 
625 
6.45 


Wed.. 
June  26. 


89       2894 

75        75 
115      113!h 

99%  99% 
ll5      lis 

10%      9% 

55%  55 
101  100^ 
22%  22% 
55%  859<, 
714*  70% 
'1894     68% 

73%  7294 
40%  40^4 
100       99% 

i6H  45V4 

2C%  26% 

'46%  I45V4 

16292  IC2% 

129%  129% 

2194     21 
37%    36% 


17%  1794 
29%  27^ 
5% 
4% 
16% 
30% 

11%  17ki 
173%  178% 
6<>%    66% 


17 
31 


18%  13% 

12%  12% 

19%  18% 

94  9344 

40%  411% 


1% 
8% 
9 


19 
3 

894 


20%  20^ 

92!^  92 

17%  l(i% 

51%  49% 


201033 

6.76  6.71 

6.77  6.69 
6  85  6  74 
6,69  6  79 

7.i,\  75% 

77,*,  76% 

5:1%  52% 

54%  5394 


71% 


75%  73% 
121%  112^4 
102%  99 
Ub%  112% 
1:%  9% 
64  61% 
5694  63 
10194  97% 
23%  22% 
86%  80% 
76%  70% 
69%  65% 
123%  12094 
7394  68% 
41%  37% 
100%  9(% 
145  145 
46%  43% 
27  25k 
149  141% 
I68k  159% 
130!^  128% 
4794  4694 
2194  IS^s 
Sr%  34% 
134      12994 


6  CO 
6  80 
6  32 
6,50 


Range  for 

June  1895. 

to  date. 


30 


27 


59%  .57 

11594  ll2'/» 

103  99% 

.3794  so% 

12%  11 

83%  2794 

87%  84% 

90%  89 

108%  101k 

11%  9% 

53  43 

!f%  :7% 

82%  21 

6%  6% 

6  39^ 

20%  15% 

88^  28% 

6%  6% 


394 
6% 
99? 


12% 
„  17% 
9594  92% 
48  40% 
1% 
294 
...  8% 
21%  18H 
94%  9194 
17%  13% 
51%    44^ 


7,15  6.74 

7.18  6.60 

7.23  6  65 

726  6  68 

84%  72?i 

85  ,\  78% 

.58V4  52% 

59%  53% 

.^194  6894 

8294  7(1% 

5394  46  V 

55  48)- 


m 


3:%        , 
31%    25% 
12  75  1 1  60 
13.10  1197 


6  72 

6.95 
6  40 
665 


6.42 
665 
6  12 
6.30 


Range  for 
June  1894. 


29%  26% 

70  66 

108%  96% 

98%  8994 

90  82^ 

73"  69" 

50%  49 

107%  105 

17J6  16% 

79%  76% 

60  73% 

61%  5794 

120  119 

6994  66% 

37%  85 

11091  104% 

8814     86" 
16%    16% 
13494  125% 
161%  160 
138      129% 
30%    24 
27        23 
36%    84% 
102      100 


5% 

90% 

175 


4% 
90 
16% 


16%  14% 

6.%  6.'>94 

133%  129 

46%  43% 

118  114 

97%  96 

28  18% 
7  6% 

29  25 
4!%  37 
849a  82 
99%  97% 
11%  11% 
10  8% 
1594  14 
41%  89% 

4%  2'»4 

4%  3% 

17%  124?, 

1494  >4% 

4  8 

1794  14% 

ICfi  156 

■»%  is" 


20%  17% 

9%  8 

16%  9 

64%  ,V2% 

3994  »8 

2394  I99i 

41  37 

7%  6% 

16k  13 

8r.%  829< 

11%  99f 

4594  43M 


7. 28  6  96 

7.28  6  96 

7.32  7  01 

7.84  7  02 

61;.  67% 

66A  .19% 

47%  43rt 

48%  44% 

61%  54% 

63%  .56% 

42%  379^ 

43  38% 

45  81% 

32%  26% 

12  62  n  70 

12.75  11  82 


668 

695 
6  57 
660 


6.60 
6.65 
6.07 
6.07 


OLD  PORK,  Chgo. 
. . .     bbU. 


bbls. 


WHEAT  on  passage. 
48.120.000  bush. 
89.336,000    '• 


CORN  on  passae*. 
6.120.000  busb. 
6,848.000     " 


Rus?iiin  Shlpmts.  for  wk. 
4.  iuO.OOO  bush. 

:  C3S.C00    " 


Indian  Shlpmts  for  wk. 
1,024,000  bush. 
100.C00    " 


Argentine  Shpts.  for  wk. 
4,}6.G00     bush. 


t  Since  Au|  81.    •  Sinoe  /u««  80.  Compiled  and  Copyrighted  oy  CI  APP  &  COMPANY,  BANKERS,  MILLS  BTTELDING,  NEW  YORK 


122 


HUlecklp  ilDarhet  Xetter. 


No.  43a. 


O.  W.  Clapp. 
DWIQHT  O.  CLA^r. 


CLAPP    &    COMPANY, 

Banhers  aiib  Brohers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES  :  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Bdanch 
Offices  : 


/    277    BROADWAY,  Corner  Chambers  St. 
)    621    dROADWAY  (Cable  BurLDiNO,  Corner  HouiTOti). 
-.     671    BROADWAY,  Broad*«y  Central  HoTEU 

753  FIFTH  AVENUE,  Corner  68tm  St. 
\   SARATOGA.  N.  Y. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  ADDRESS:  "OzRO." 
SARATOGA,  N.  Y.     ' 

New  York,  Thursday  Morning,  July  4,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customerb. 


PRESS  NOTICES  ABOLl  Ol)R  1894  SOUVENIR,  "LEADING  AIMERICAN  EXCHANGES." 


The  splendid  souvenir  published  by  Clapp  <fc  Oo.,  New  York, 
deserves  special  mention  by  the  press.  Besides  some  of  the  excellent 
weekly  letters  on  trade  and  finance  issued  by  that  company,  it  contains 
a  number  of  tables  of  prices  and  other  data  which  are  very  valuable,  and 
must  «ave  taken  great  diligence  and  labor  to  collate.  It  is  also  finely 
illustrated,  contains  some  excellent  portraits,  and  is  neatly  bound  in 
cloth  and  gilt  edged.— The  Daily  Herald,  Salt  Lake  City,  Utah. 

We  beg  to  acknowledg«  the  receipt  of  the  annual  souvenir  for  1894  of 
Messrs.  Clapp  &  Co.,  bankers,  New  York.  It  is  very  tasty  in  type,  illus- 
trations and  binding,  aud  contains  a  daily,  weekly  and  monthly  record 
of  all  the  leading  investments  in  the  United  State.s.  such  as  bank  stocks, 
bonds,  cotton,  grain,  provisions,  etc.  It  is  a  careful  and  accurate  com- 
pilation of  data  which  are  of  inestimable  value  to  the  investor  and  gen- 
eral business  man,  aud  is  as  elegant  as  it  U  useful.— The  Daily  Telegraph, 
Quebec,  Canada. 

The  Journal  has  received  a  copy  of  Clapp  &  Oo.'s  souvenir  for  1894, 
•  good  sized  volume  presenting  the  weekly  market  letters  of  that  well 
known  banking  firm  ;  also  niuon  valuable  information  to  bankers  and 
comparisons  of  the  leading  American  exchanges.  The  title  page  bears 
the  sentence  "  Brevity  is  merit."  and  the  volume  is  meritorious,  altliough 
nothing  is  s;>criftced  to  brevity.  Yet  the  information  given  is  presented 
in  a  concise  compact  way,  so  that  the  searcher  for  valuable  data  can  find 
just  what  he  desires  with  but  little  trouble.  The  book  is  a  daily,  weekly, 
monthly  and  yearly  record  of  those  markets  which  lead  the  United 
States.  It  ha.s  a  historic  value  as  a  complete  record  of  the  year  1S94.  and 
this  value  will  increase  with  time.  Every  man  should  be  a  student  of 
the  laws  of  the  economic  and  financial  world,  some  knowledge  of  which 
can  be  gained  through  the  medium  of  this  volume.  Busy  men  will  find 
it  a  convenient  book  of  reference.  Since  Clapp  &  Co.,  whose  offices  are 
In  the  Mills  Building,  New  York,  have  exceptional  opportunities  for 
gathering  the  information  they  have  so  conveniently  presented,  the 
utmost  relianca  is  to  b«  placed  in  their  statements.— Journal,  N«w  Bed- 
ford, Mass. 


Clapp  &  (jo.'s  souvenir  of  1894  is  a  folio  of  400  pajjes  on  heavy  paper, 
strongly  bound,  gotten  up  regardless  of  expense.  It  is  a  compendium  of 
last  years  business,  statistically  stated  and  liberally  commented  on  by 
shrewd,  practical  critics.  The  table  of  prices,  compiled  from  the  record's 
of  the  leading  exchanges,  are  invaluable  to  the  student  of  politics  and 
indispensable  to  the  editor.  These  tables  cover  every  object  speculation 
touches,  every  material  that  enters  the  market.  There  is  crop  news, 
news  of  the  railro.ads,  news  concerning  everything  the  busy  dealt  in  or 
uses.  The  publishers,  Clapp  &  Co.,  are  bankers  and  commission  mer- 
chants. Mills  Building,  New  York  Cit.v,  in  the  heart  of  the  banking  centre 
of  the  metropolis,  the  book  is  exquisitely  indexed  to  enable  the  seeker* 
for  information  to  find  it  speedily.  The  book  is  one  every  business  man 
should  have. — The  Chattanooga  Times,  Chattanooga,  Tenn. 

^Messrs.  Clapp  &  Co.,  bankers  and  brokers.  Mills  Building,  New  York, 
have  just  issued  their  leading  American  exchanges  in  souvenir  of  1834, 
which  surpasses  in  elegance  and  completeness  any  of  the  preceding 
issues.  Besides  containing  their  weekly  market  letters  for  the  entire 
year,  reproduced  exactly  as  originally  written  and  printed,  by  the  use  of 
photography,  there  is  no  subject  of  interest  to  bankers,  merchants,  in- 
vestors and  all  others  who  have  need  to  refer  to  the  statistics  of  tlie 
most  importont  years  in  markets  and  general  finance,  that  is  not  thor- 
oughly treated.  No  pains  nor  expense  has  been  spared  to  make  an  or- 
namental and  useful  book.— The  Atlanta  Constitution,  Atlanta,  Fa. 

Taking  as  true  the  old  adage  "  By  their  works  ye  shall  know  them." 
it  is  fair  to  presume  that  a  firm  that  produces  such  an  elegant  souvenir 
as  Clapp  &  Co,,  bankers  and  commission  merchants,  of  New  York,  cer- 
tainly must  be  in  the  front  rank.  They  publish  an  elegantly  bound  2,50 
Fiage  book  that  is  loaded  with  statistics  on  finance  and  trade,  and  pro- 
usely  illustrated  with  half  tone  cuts  of  ail  the  leading  exchanges  of 
the  country.  They  give  very  valuable  reference  tables  which  show 
weekly  galas  of  cotton,  grain  and  provisions.  The  whole  book  showg 
evidence  of  expert  labor  and  great  expense  in  production.— Daily  Mer- 
cantile Review,  Buffalo,  N.  Y. 


*i 

X 

> 

o 
m 

o 
o 
z 

H 
> 

Z 

0) 

o 

> 

r 
-< 

•ji 
m 
o 
O 

o 
o 


r 
m 
> 

a 

z 
o 

m 

X 

o 

> 
z 
o 
m 

U3 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  LETTERS.      POBTFOL.IO  FOR  FILING   FOKWAIIDED  APPLICANTS  FREE. 


123 


2         GLAFP  ft  COM? ANT.  BANKERS  AND  BEOKEES,  NEW  TOEE,  WEEKLY  HAEEET  LETTEE. 

I  Financial  Outlook. 

The  golden  age  may  easily  be  seen  from  the  high  peaks  of  human  endeavor.  Looking  across  at 
its  glittering  promise  it  is  easy  to  forget  the  valleys  and  hills  that  lie  between.  Fortunate  is  he 
whose  eyes  being  fixed  on  the  ever-receding  future  can  follow  with  patience  the  ups  and  downs  of 
the  never-ending  present.  Those  who  discount  the  coming  future  and  past  experience  too  much 
may  have  to  drop  some  enthusiasm,  courage  and  cash. 

Straws.— Russia  has  23,  llO  miles  of  railway,  13,4:52  being  government  lines,  about  920  miles  of 
Siberian  railway  is  laid  and  about  1,700  miles  may  be  done  by  midwinter.  Bradford,  England, 
shipped  to  America  about  five  times  as  much  value  in  woolen  goods  during  May  as  during  same 
month  a  year  ago.  Government  deficiency  for  fiscal  year  is  about  $45,000,000,  deficiency  on  sinking 
fund  about  $48,000,000  ;  average  prospective  current  deficiency  $6,000,000  each  month.  Eleven  rail- 
road receiverships  during  six  months  ending  June  30,  covering  3,356  miles  of  road,  $109,656,410  of 
debt  and  $87,423,531  of  stock.  Barring  the  cordage  fiasco,  liabilities  of  failures  show  23  per  cent  de- 
crease on  a  decrease  of  139  in  number.  The  national  banks  of  eight  silver  mining  States  and  Terri- 
tories report  in  reserves  $8,395,987  of  gold  and  $911,760  in  silver.  Our  February  and  March  letters 
of  1895  bear  evidence  of  our  strong  belief  in  better  times.  This  decline  is  but  a  relapse.  The  people 
are  more  hopeful.  We  believe  when  many  leaders  return  from  their  vacations  and  outing,  a  re- 
newed impetus  to  business  will  be  inaugurated  that  will  cheer  the  hearts  and  fill  the  pockets  of 
many,  as  in  the  fall  of  '79.  Customers  and  friends  visiting  Saratoga  will  be  welcome  in  our  large, 
airy  and  commodious  offices  at  No.  11  Washington  Street,  opposite  the  Grand  Union  HoteL 

I  Stocks  and  Bonds. 

i 

Bonds. — Government  5s  due  1925  are  now  124,  and  would  net  about  3. 65  if  held  to  maturitj^.  The 
next  issue  if  any  should  bring  the  United  States  a  much  better  figure  than  did  these.  We  issued 
July  1  a  list  of  Railway  bonds  mostly  payable  in  gold,  which  generally  net  more  money. 

The  market  is  less  active,  prices  are  fractionally  lower.  Railroads  continue  favorites  ;  we  in- 
vite examination  of  our  monthly  list,  and  recommend  investment  purchases  on  any  further  depres- 
sions. 

Railway  Stocks. — The  Stock  Exchange  sales  for  six  months  were  about  106,550,000  shares 
against  95,178,000  on  the  first  half  of  1894.  The  Railroad  Gazette  says  547  miles  of  road  was  constructed 
against  495  miles  the  corresponding  time  last  year.  The  Railway  Age  makes  new  track  aggregate 
641  miles.  The  June  earnings  appears  to  have  increased  about  10  per  cent.,  as  compared  with  last 
year,  and  for  six  months  they  may  aggregate  5  per  cent,  more  on  all  lines  when  final  report  is  made. 
Burlington,  Rock  Island,  Northwestern  &  St.  Paul  are  still  expecting  good  returns  during  autumn 
as  result  of  movement  of  crops  that  now  look  flattering.  Orders  to  buy  by  officials  are  not  reported 
numerous.  The  activity  of  coal  interests  in  endeavoring  to  clear  up  their  price  and  production  dif- 
ficulties is  attributed  to  strong  parties  who  may  take  up  reorganization  of  Reading  in  co-operation 
with  the  present  committee.  Western  Union,  Manhattan  and  Missouri  Pacific  are  so  closely  asso- 
ciated with  a  leading  Wall  Street  interest  of  the  past  that  buyers  would  be  better  satisfied  to  invest 
if  insiders  were  more  sanguine  than  they  are  reported.  Earnings  are  no  doubt  good.  The  Vander- 
bilt  stocks  are  well  supported  on  all  declines.  The  Southern  Railway  controls  or  is  about  to  control 
by  ownership  leases  and  traffic  agreements  over  10,000  miles  of  line. 

The  reorganization  and  rapid  devolopraent  of  this  syste.n  are  fruits  of  a  new  era  of  consolida- 
tions and  changes  that  they  may  make  over  the  railway  maps  of  the  United  States,  and  have 
an  important  influence  on  international  rail  and  water  combination  rates  and  business. 
About  60  per  cent,  of  our  railways  pay  dividends.  Improved  management  is  a  coming  feature 
that  will  increase  values  as  soon  as  the  evidence  is  shown  and  proof  of  our  crop  known  from  the 
weight  and  general  appearance  in  tlie  half  bushel  or  cotton  gin.  Time  and  patience  will  work  out 
the  problem.     We  appear  now  headed  in  the  right  dire  ;tion  for  a  general  improvement. 

Just  now  bears  seem  to  be  in  control ;  it  is  quite  possible  they  have  reaped  their  harvest,  and  the 
market  will  remain  dull  indefinitely  and  subject  to  party  factions  until  more  is  positively  known  of 
the  crops.  Tennesse  Coal  and  Iron  appears  strongly  held  by  the  disorganized  masses,  and  is  liable 
to  be  raided  and  seek  a  lower  level.  New  England  appears  to  have  too  many  talkative  friends  to 
make  an  advance  likely.  Many  manipulators  and  active  bull  factors  have  sold  out,  aiul  appear  to 
be  waiting  crop  news,  or  to  buy  at  lower  prices.  Ina  broad  and  general  way  we  renew  our  last  week's 
words  of  caution  in  buying  those  properties  that  have  had  a  great  advance. 

Industrials.— Sugar  men  are  getting  a  dose  of  German  sweets  that  maybe  more  bitter  than 
American  legislation  that  allowed  the  foreign  competition.  Chicago  Gas  is  a  sure  earner,  and  some 
think  almost  sure  winner  when  bought  in  such  breaks  as  the  last,  which  was  caused  by  Governor's 
veto.  General  Electric  deserves  a  better  fate  recently  than  in  the  past,  and  has  some  good  friends 
who  think  well  of  it.  Cotton  Oil  and  Lead  appear  a  purchase  on  breaks.  Tobacco,  Leather 
and  Rubber  are  good  things  to  sell  or  let  alone.  Cordage  is  so  dead  it  is  not  worth  talking  about. 
The  Stock  Exchange  can  do  for  the  public  what  legislation  cannot  do  in  the  regulation  of  these  com< 
panics,  and  there  are  some  who  think  they  ougiit  to  try. 

124 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER.  8 

"  ■'  '     •  If"'  ■■■     ■  .   ■■  1 

Cotton. 

Carried  over  into  next  year  may  exceed  any  recent  year,  but  the  surplus  j):ofits  of  foreign  inanu- 
facturers  lately  exceeds  any  recent  year,  and  they  may  be  willing  to  carry  heavy  stocks  until  deliv- 
eries of  new  ciop  make  the  actual  situation  plain.  United  Kingdom  exports  of  cotton  goods  during 
eight  months  increased  18,164,000  lbs.,  mostly  to  the  Americans.  Amount  this  crop  came  insight 
9,(318,883  bales,  against  7,314,632  last  year,  and  is  over  500,000  bales  more  than  was  ever  grown  ia 
any  previous  year.  Exports  6,617,554  bales,  and  largest  ever  known  in  the  same  time.  Indian  ship- 
ments for  season  635,000  bales,  against  1,000,000  last  season.  Egyptian,  59!), 000,  again.st  585,000  bales 
last  season.  Japanese  consumption  of  cotton  increased  in  1894  about  50^,  and  with  use  of  Chinese 
money  Japans  growth  in  manufactures  may  be  very  rapid.  Light  rains  continue  in  the  cotton  belt. 
In  many  instances  improved  conditions  are  reported.  Grassy  fields  are  numerous,  as  the  result  of 
too  much  moisture,  rlanters  now  with  improved  methods  make  rapid  progress  in  chopping  out 
their  cotton.  A  few  days  of  sunshine  and  light  showers  may  change  its  appearance  greatly,  We 
see  no  reason  to  look  for  a  crop  under  7,000,000  bales,  or  over  8,000,000  bales.  Northern  spinners  now 
buy  very  sparingly,  taking  last  week  but  3,773  bales,  against  14,845  the  corresponding  week  in  1894, 
and  for  the  season  to  June  30  they  took  1,983,686  bales,  against  1,505,787  the  same  time  last  season. 
The  total  visible  supply  continues  increasing.  We  look  for  a  continuance  of  this  feature  the  remain- 
ing two  old  crop  months.  Fall  River  and  Manchester  markets  are  dull.  Spinners  are  booking  but 
few  orders.  All  operations  are  on  a  decreasing  scale.  Prices  remain  steady  at  nearly  top  quotations 
2\^  for  64x64.  When  belated  speculative  bulls,  now  apparently  owning  most  of  the  futures  sell  out, 
cotton  futures  will  range  lower,  and  the  purchaser  be  much  more  likely  to  secure  profits. 

Wheat. 

On  the  whole,  we  think  the  world's  crop  conditions  are  slightly  improved,  but  likely  to  fall  short 
in  yield  of  wheat  and  rye  about  8  or  10  per  cent.,  or  about  400,000,000,  and  the  shortage  be  fairly 
well  distributed.  This  feature  will  scarcely  enhance  freight  rates  or  depress  values.  Recent  ex- 
ports from  America  show  falling  off ;  the  Atlantic  coast  sending  most  of  its  product  in  flour,  and 
the  Pacific  coast  the  remnant  of  the  Fair  wheat.  From  other  producing  countries  the  past  sixty 
days  the  aggregate  exports  practically  equals  a  maximum  amount,  or  about  10,000,000  bushels  per 
week.  We  look  for  a  falling  off  in  these  shipments  to  become  perceptible,  and  possibly  as  prominent 
factors  in  shaping  values,  as  news  from  winter  wheat  threshings  or  spring  wheat  harvestings.  All 
eyes  now  seem  to  be  centered  on  the  Northwest,  where  sanguine  bears  predict  the  crop  of  spring 
wheat  will  exceed  that  of  '91,  or  200,000,000  bushels.  A  car  of  new  wheat  reached  Chicago  last 
weeis:.  March  1  the  Government  estimated  the  wheat  in  farmers'  hands  equalled  75,000,000  bushels; 
Bra.dstreet's  guessed  99,000.000  ;  Price  Current,  115,000,000 ;  the  Orange  Judd  Farmer,  155,000,000 ; 
E.  H.  Thoman,  164,000,000.  Now  Bradstreet  estimates  farmers'  holdings  as  29,000,000,  July  1; 
Tlioman  makes  a  very  large  reserve.  If  the  rest  guess  as  well  as  March  1,  we  see  no  reason  why 
both  bull  and  bear  cannot  claim  the  victory.  Chicago  has  about  20,000,000  bushels,  or  over,  40  per 
cent,  of  the  visible,  and  is  practically  paying  a  maximum  interest  charge  to  carry  it  over  to  Septem- 
ber, or  a  higher  rate  than  any  in  ten  years  save  the  credit  panic  season  of  '93. 

We  advise  watching  crop  reports,  the  weight,  measurement  and  quality  of  the  winter  wheat, 
and  its  movement,  and  ocean  freight  engagements,  before  deciding  any  radical  direction  the  market 
m^y  take.    The  undertone  appears  stronger  among  traders  ;   country  orders  are  light. 

Corn. 

All  parties  seem  convinced  that  the  acreage  indicates  a  crop  exceeding  2,000  000,000  bushels,  and 
much  lower  prices  Many  old  corn  merchants  predict  35  cents  as  an  average  the  coming  twelve 
months,  believing  that  present  farm  holders  will  sell  their  present  holdings  in  July  if  crops  then  look 
as  well  as  now  promised.  We  recall  several  instances  when  the  trade  discountea  the  new  crop,  only 
to  sell  themselves  into  a  hole  to  be  cornered  between  September  and  January,  although  corn  sold 
the  following  spring  at  very  low  prices.  It  may  be  well  to  go  cautiously  until  more  is  known  of  this 
crop.  We  think  the  amount  of  old  corn  back  in  the  country  practically  small.  The  visible  is  de- 
creasing. New  England  and  the  export  demand  is  good.  There  is  an  old  saying  that  it  is  a  good 
time  to  buy  corn  early  in  July,  and  ignore  all  facts. 

0At3. 

Are  now  near  an  export  basis.    The  old  supply  if  supposed  to  be  liberal.     Recent  reports  of  the 
new  croD  vary.    Evidently  the  crop  is  spotted.    The  hay  crop  is  shore  on  both  sides  of  the  Atlantic. 
We  see  no  reason  for  any  great  decline  until  more  is  known  of  the  yield. 

Provisions. 

There  are  some  evidences  of  manipulation  in  September  Pork.  Contract  stocks  are  not  large 
and  cannot  be  added  to  before  November  1.  Outside  orders  are  small.  Local  Chicago  provision  men 
generally  appear  bearish,  while  a  leading  operator  appears  to  be  taking  the  July  product  and  the 
September  offering.  The  domestic  and  export  demand  is  improving.  We  prefer  the  buying  side 
*'  about  these  days."    Packing  to  June  27th  was  4,635,i'00,  against  4,515,000  last  year. 

Yours  truly,  CLAPP  &  COMPANY. 

Note. — For  the  convenience  of  customers  and  the  trade  generally  we  have  a  branch  oflBce  at 
Saratoga,  where  all  information  and  quoiations  of  stocks,  cotton  and  grain  can  be  had. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Quotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  July  3.  1895,  and  tor  July,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  A  R.  and  Am.  Tobaooo  Co., 


FROM    NEW    TORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EEKLT 

Sales. 


1345 

499 

815.666 

2.675 

111987 

10.788 

1675 

4.193 

11.263 

6,895 

62.497 

e8C.8(i5 

89  674 

300 

S4.40O 

4  010 

S1.&68 

4'.64i 

4.500 

1.625 

2.263 

7,400 

481 

91.600 

65.082 

100 

r.iso 

1.500 

1.550 

912 

7161 

12.150 

6.367 

230 

le^rro 

IttUOS 

9:0 

2.472 
2.:*15 

«3.&46 
3.245 
8.625 
4.';  40 
1.U75 
3,780 

ll.UtiO 

440 

K.'6.481 

695 

40.000 
2.460 
9.069 

83.640 

66.458 
6.800 
1.755 

10,295 
5.138 

88.941 

8883 

1,560 

65S 

12.495 
9.950 

€8.247 
4,475 


Catttai. 
Stock. 


120,287.100 
10,198,600 
86.778,000 
86,773,000 
17,900,000 


25,000,000 
15,000,000 
22,488.000 
60.805.400 
82  262,700 
24,885,800 
46,027,261 
25,928,900 
46.156.000 
18,659.860 
89.054,907 
22,835  170 
28  000.000 
11696,000 
85,480.060 
26.200.000 
86  000.000 
38  000.000 
84  091900 
30,469,700 
85,000,000 

8,000.000 
60,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52.800.000 
80,000.000 
18.788,204 
18,000.000 
47.844.100 
47.436,576 
14,905.400 
14  904,000 
89,428.300 
77,427,000 
20.000,000 
58.119,982 
13  000,000 
39.767,200 
49.000,000 
89.269,846 
20.000,000 

8.500,000 
40.426.861 
86,000,000 

88.402,900 
125,00<1.()00 
60.0t10,000 
19,850,000 
38,710,900 
60,868.500 
62  9G  1.600 
62,361,600 
20.166.000 
18.561  4.'>0 

7,576,890 
28,000,000 
24  000,000 
94,820,000 
10000,000 

4.500.000 


DrvTDKND  Recobd. 


Pays  3poJ-D 

Pays  Spo  O-J-A-J.. 

Pays  3j^pc  J-J 

Pays  8po  F  M  A-N. 


Paid  2do  1895 

Pavs  l^pc  F-A 

Pays  l^po  F-M-A-N. 


Paid  Ipo  Dec.  1894 

Pays  Ipo  M-J-S-D 

Paid  ipc  

Pays  7  PC  Per  Annum. 
Paid  Hpo  Feb.  1895... 


Paid  iHpc  Jnne  iftn.'i..., 
Paid  2!^pc  June  :8li5..., 
Paid8po  m  1893 


Pays  2pc  M-J-S-D ., 

Pays7pc  per  annum..., 
Pays  7pc  I- er  annum..., 


Paid  IK-pc  Jan.  ]Wi3.. 
Pald2pc  Aup,  Stl8!i3.. 
Pays  5pc  per  annum.. 

Pays' 2J^pc*M-S.*!!!!." 


Pays  IHPO  F-M-A-N. 

Pays  Spc  PA     

Paid  2po  August  1893. 
Pays  l^pc  J-A-J-O.. 
Paid  2pc  in  Feb.  1895. 


Paid  .8pc  1891 

Paid  Ipc  in  Dec.  18M. 
Pays  l?^pc  M-J-S-D.. 
Pays  Ipo  J-A-J-O 


Paid  l^po  Nov.  1893. 


Paid  Ipc  April  1892. 
Paid  IPC  in  1887..., 


Pays  2pc  F-M-A-N.... 


Paid  Ipo  in   1887... 
Pai'(i  8^po  In'issi! 


Paid  Ipo  Vay  1895 

Paid  2^po  March  15, 1895 


Names  or  Stocks. 


Pays  IHPC  J-A-J-O... . 
Paid  ipo  in  FebVisw! ! '. 


Amencan  Cotton  Oil.. . 
American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf 
American  Tobacco  Co. . . 
Atch.Top.  &  S.  F.  istins.pd 

Baltimore  &  Odio. 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  AOhio 

Chicago.  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  L  &  Pacific... 
Chfc.  St  Paul  M.  <t  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  Cin.,  Cbic,  <t  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Ga»  of  N.  Y. 
Delaware.  Lack 'a  &  W'n 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  J  fd 
Dis  &  C  F  Tr  Co  ct  all  m  pd 
General  Electric  Co... 
Great  Northern  Pfd.... 
Green  Bay  W  A  St  P  Tr  Reo 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  &  Western .   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Micb.  bo'n. . 

Louisville  <fe  Nashville 

Manhattan  R'yConiol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Ifd 

Mexican  Central 

Mis.sonri  Paoifio 

National  Lead  Co.  ... 
National  Lead  Co  Pfd. 
N.  T.CenflA  Hudson  RiT 
N.  T.  Lake  Erie  &  West'n 
NTAN  E  tot  CO  ct,  all  in  pd 
N.  Y  Ontario  &  Western. . 
N.  Y.  Susq.  &  Wn  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Paoifio  Pfd 

Pactfio  Mail  S.  S.  Co 

Peoria,  Dec.  A  Evansville 
Philadelphia  A  Reading. 
Pnllman's  Palace  Car  c'o 
Sliver  Bullion  Certificates 
Southern  Pncific  Co... 

Southern  Railway 

Southern  Railway  pfd 
Tenn.  Coal,  Iron  A  R  R  Co 

Texas  A  Pacific 

Union  Pacific 

D  S  Leather  Co 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 

U,  S.  Cordage  Co 

V.  8.  Cordage  Co  pfd.... 

Wabash...: 

Wabash  Preferred 

Western  Union  TeU  Co... 
Wheeling  A  Lake  Brie..  . 
Wheeling  A  Lake  Brie  Pf<l 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1,747.141 


COTTON,  in  ba  es. 
I  World's  visible.  1  Total  In  »lghtt|  Total  Exports, 
1805|  8  346.86*  9.618.8S>8  6.6i:.554 

'."•JM         8  865  032  7.314,6-32       I        6,0C0.l«7 


V  T-    fJnneAJuly 

•"•  ^'  J  July  A  Aug, 

Ckitlon  1  Aug  A  Sept 

I  Sept  A  Oct 


WHEAT, In  bushels. 
:    V.  S   Visible.     iPrimary  rec'tfi* 
18951        44,601000  152.5:9  000 

189l|        61657.000         I     161 342  UOO 


Total  Exports. 
146,.'i79  191 
166.296.794 


^teat-l'^^'y^-i.--- 


Com.. 


I  July. 

I  September 


CORN,  in  bushels. 
I    U.  S  Visible. 
1895  9.055  000 

18941  6  441  000 


IPrimary  rec'ts* 

74  991.000 
I    165,671000 


Total  Exports. 
26  0.33  717 
63  910.594 


Chicago  \  July 

Wheat.  1  September 

^"'••-  i  September 


OATS,  in  bushels. 
i    U,  S,  Visible. 
1895         7018  000 
18941         8,577  000 


N.  Y.  Stocks, 

8.002.213 

694  821 


Chgo.  Stocks. 

2  124  000 

129  000 


'^""•••1  September 

Pork      ,'f'i'y 

*^°'^*-     1  September 


I  LARD-tcs.  I   CHICAGO  CONTRACT  STOCKS. 


IWorld's  vis. 
18951        295.700 
1894|       12s,000 


PORK-bbls,|  LARD-tcs.  1  RlBS-lbs. 
180527  90,788       42,795.680 

67.010    I         28.560    I  16.281,656 


Lard      !^^^^ 

I  Neptember 

Jjuly 

•  I  September  1 


Slba. 


Thursday, 
Jone  27. 


28H    2j 

uak  lio^^ 

99,4    99k 
114^4  113 
9J6      9% 


5S9<  6494 

102  

22  22 

85%  64?8 

nn  63'-i 

68^  67% 

78       72 

46       45' 
2.^    26 
144^  144 
164J4  1U2H 
131Mi  129 

21%    8094 
36^    86 
134      184 


Friday. 
June  28. 


am 

74^ 

112 

99M 

114% 

95* 

62K. 

55^ 

lOOK  101% 

■       22% 


85% 

66 

68?i 


27 

74%i 
106H 

99 
107 

62 
54 
100 
21% 
83 
62 
67^4 


X72%  TOH 
40>4  89^ 
mi    96% 


Saturday 
Jnne  29. 


«:«  im 


109 

10694 

»t*i 

99^ 

lliU  110 

8^ 

9% 

63 

63 

54^ 

54% 

lOlVi 

100*4 

21?4 

8194 

W% 

8:1% 

64H 

60 

68% 

67% 

71% 
39H 
99>4 


71% 
89^4 
in 


46  45J4 

26  25-V4    2C%    85H. 

143H  14294  143      142>t 

I'i3  163    |I68}4  1C3>4 

130^  1^9 

4694  46941  4694    4694 

21%  im  20%    19M. 

3694  84%    3594    85H 


87       27       27  8614 

X4li    2494    2m  24 

8494    84       84^  64 

I60y4  150V4' 15094  149)^ 

58i4    67%    68^  67^6 

114%  112%  113^  112 

87J<    86%   glH  86% 


ioy4 

61 
18% 

17' 


82  80H  81% 
8494    ^  84H 

90  90  I  89% 
1('2H  102^  xo:% 
10  9^    \itVA 

51        46^ 

18V6  im 

29H    ^ 
5%      5V4 
4  4 

17    im  „ 

80%  aovj  80% 
594     a)ii    5% 

li»%  18  I  19% 
118      178     178 

66% 

24%    84%l  u 
14         14         U 
41        409<,l  41 
31        86^    8994 
13^     18     I  18 

12*.    I29i   1294 

1'%    19 
»4     I  94% 


19% 

94^ 


4094    40%   4U^4 


1% 
m 

80  ".4 


2%l    8 

b%'     . 

iu-.4     19%    201 

92%    91%   9li 

18^4     i^y*    IS 

6I94    53 


54 


858196 

6.80  6.78 

6.77  6  71 

6eH  6.?2 

6  87  6  77 

78  74?| 

76%  76,-. 

52%  62% 

639^4  ^A 

7194  70% 

73%  72% 

47%  47% 

48%  im 

26M  2->94 

2>i%  2^94 
12,50  1<!.23 
12  72  12,47 

6.05  «,57 

6.85  6.80 

6.42  6.87 

6.62  6.52 


80 

81% 
89^ 
101 

46 

IT'-*. 
28h 
5% 

16% 
26^4 

!?<! 
W% 
24 
13% 
89^ 
87 
12h! 
12 
17W 
92Vi 
87^4 

1% 

8 

19% 
90  Hi 
16H 
61% 


476.875 


6.76  6.75 

6.83  6.77 

6.SS  6.81 

75  7«.'. 

7li\4  74% 

52Mi  51% 

53%  5294 

71  69 

73  7m 

47%  47 

48%  48 

85%  85U 

2594  25  }i 
12.42  12.22 
12  70  12.45 

6  65  6  67 

6  82  6  75 

6.42  630 

6  68  6.50 


86%  86W 
2494  2494 

150  160 
58%  58 
11394  11394 

8094  86% 


83% 
89 
101 

47% 
1:% 
29% 
5% 
4% 
I6'-«. 
29% 


8O94 
83 
89 
100% 

46% 
1794 
8i»% 
6H 
4% 
1094 
2894 


18%  IS 


84M 
14% 
40% 
40% 
18 

18% 

f8V-4 

8994 


1994 
91V4 


84% 
14 

40^4 

39 

12% 

iTH 
93)4 


Monday, 
July  L 


Wed., 
July  8. 


24%    8394 

150     150 
5894    57% 
ll3%  112^ 
10J94  10!94 
87%    86M 


Sl9i 
85 
90 
101 
10% 
49H 
18% 
29% 
6% 

16% 
29% 

18% 
I71 
67 
24% 

14% 

4194 

39% 

13% 

13 

18% 

93% 


86%    40% 


30 
*1% 
00 
101 
10 
4694 

1794 

2«9i 

5% 

1694 
2794 

i7% 

171 
67 
24 
14 

40% 
37H 
13 
11 
1794 

93% 
ii 


19%  19% 

91  9iy 

17  17. 

52%  64}- 


rm  78% 

4fiji    47% 
47%    48% 


78% 
74}{ 
60% 
61% 

69V4 
71^4 
45% 
46% 


85%    84%    25%    2894 

25%    26  2594     24% 

12  40  12  20  1252  U  15 

12,62  1245  12.75  12.30 

6  68    6  55  6  65    6,68 

6.82    6  75  6?5    6,70 

6  37    6  30  6.45    6.80 

6  67    6.50  6  67    6.50 


9794  97 

26  26 

24%  il% 

160%  1.50^ 

59  6794 

11894  11894 

87%  3694 

82%  81% 

35%  84V4 

101  10 

10%  R% 

6O94  48>4 

18!4  17% 

8094  ^y* 

6%  6% 

494  4V* 

17^  1^% 

2994  ^9% 

6%  6% 

19%  16% 

67  W  67% 

UH  24K. 

144  11% 

4294  4194 

40%  8J 

11%  13% 

19K  1894 

94%  94 


89% 
1% 


41 
1% 

2%  »% 

9  i 

20%  19% 

92  919i 

1794  17 

54%  64 


809  798 


6  98  6,90 

7.03  6  96 

7.07  7.C0 

74%  73^4 

75%  74% 

50%  49% 

61%  50% 

70  «W% 

71%  70k 

45%  44Hi 

4694  45>4 

8394  22^< 

2494  -a'^' 

12.32  12.15 

12,45  12  20 

6  47  6.47 

6.70  6.60 

6  82  6  87 

6  52  6.43 


97% 


97^ 
86% 


84%  84 

1.jO  150 

5S%  67% 

1H%  113% 

37%    36% 

81%    8i% 
84%    34^ 


10%    10% 
61        49% 


6%  5% 

17%  17% 

29%  8l>% 

18%  !8>4 


25 
14^ 


8494 
14% 


42%  42 

39%  69% 

18  13 

19%  19 

9394  93% 

41%  40% 


19%  19% 
91%  91^6 
17%    17 


159  828 


Range  for 
June  1895, 


80       27 
75%    73% 
121%  I0(J% 
102hi    99 
llb%  107 
11%     9% 
64       61% 
5694    68 
102       971, 
23%    2194 
86^4     80^- 
76M    60 


12 


100%  97>4 
115  145 
46%  43% 
27  25% 
149  141% 
16494  !?«% 

laihi  128^ 

4794  4694 
2194  18% 
37%  84% 
184      12994 

86%    95% 
25% 


22% 
81% 


25% 
85 

151  146 

59%  57 

11594  112 

108  99% 

879i  30% 

12%  11 

SSa  87v, 

8.-%  81% 

90%  89 

102H  100% 

11%  9' 

53  43 

18%  17% 

82%  81 


6 

20%  15% 

82V4  28% 

6%      6% 

19%  1S% 

178^  172 

25%  20)4 

<4%  13% 

42%  "'* 

40  87% 

1.394  }1> 

14  12 

22%  17% 

««      iff 


21%  18^. 

9m  90W 

18^4  13% 

64  44yi 


Range  for 
July   1894. 


27%  26% 

70  6994 

10594  94^ 

95  91 

89%  85% 

78%    to" 
49%    48^ 
107      106% 
"..    16% 
77%    72% 
79K    72% 
6094    5t3lj 
119%  IKb 
68%    tt3>4 
8694    81 
105%  10194 
141       140 
87ij     84 
17%     15% 
127%  111 
16494  158% 
18:4i  12694 
27%    25 
24%    17% 
88        85% 

'494  '4% 

91%  89 

17  16% 

1594  16% 

130%  12.% 
46%    43% 

117      111% 
94        94 
21%    19% 
7  7 

2794     «Vi 
39^    87V4 


82% 
959a 


14%  13% 

994  9 

15^  14% 

4094  88!^ 

3^  294 

8%  8% 

15^  1294 

15%  14!., 

8  294 

18%  1594 

leir*  15* 

1894  i^H 

84%  84% 

19^  16% 


6 

-,.  7 

11  8% 

80  53 

86  33% 

2■^^  20 

87%  35 

6%  6?i 

1494  18^4 

85%  ^4 


44^ 


9 
42% 


7.09  6  61 

7.13  6.51 

7.15  6  56 

7.21  6  64 

6\H  54  V4 

63(1  K^ 

53  44)i 

63  4«% 

5-%  50% 

60%  S2H 

46%  40% 

46%  40% 

40%  28% 

2U%  27 

12.75  12  20 

12.80  12,42 

6.97  6.63 

7.09  6.7s 

6,S0  6.4C 

676  6.43 


I  OU)  PORK,  Chgo.-bblfl. 
1895i  1,200     bbls. 

1894 


WHEAT  on  passage. 

41,520  000  bush. 
34,»&1,000    '• 


CORN  on  passage. 
6.080.000  busb 
6,024.000    •' 


I  Russian  Shirmts.  for  wk. 
I  3.040.000  bush. 

I  2  600.000    •' 


Indian  Shipmts  for  wk.  I  Argentine  Sbpts.  for  wk. 
896,000  busb.  I        984  000     bush. 

800,000    " 


I 


t  Since  Aug  31.   •  Since  June  30.         Compiled  and  Copj>righUd  fy  CLAP?  &  COMPANY,  BANKEES,  MILLS  BUILLING,  NEW  YORK 


Mcchlv  flDarKct  Xcttcr. 


No.  437. 


Copyright,  18911,  hy  Ctapp  4t  Compmnff, 

O.  W.  Clapp. 
DwiQHT  O.  Clapp. 


Branch 
Office*  : 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
CABLE  Address:  "Ozro." 


CLAPP    &    COMPANY, 

Banhers  anb  ffirohers, 
miLLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 

(   277    BROADWAY,  Corner  Chamber*  St. 

621    BROADWAY  (Cable  Builoino,  Corner  HouBTOti). 

671    BROADWAY,  Broadway  Central  Hoteu 

753  FIFTH  AVENUE,  Corner  58th  St. 
^   11  WASHINGTON  STREET,  SARATOGA,  N.  Y. 

New  York,  Thursday  Morning,  July  11,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customers. 


PRESS  NOTICES  ABOLl  Ol)R  1894  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


A  valuable  book  for  bankeis,  commission  mei-chants  and  bnslness 
men  geneitilly,  is  the  "Souvenir  of  1894."  Issued  by  Clapp  &  Co.npnny, 
baiikei-s  and  brokei-s.  Mills  Building,  opposite  New  'i  ork  Stock  Ex- 
change. It  is  a  work  of  nearly  400  pnj^es,  containing  the  weekly  market 
Jettei's,  valuable  information  and  compiirisons  relating  to  the  leading 
American  Exchanges  of  the  year,  and  finely  illustrated  with  pic- 
tures of  the  members  of  the  company,  the  various  Stock  Exch mge 
buildings,  views  of  Wall  street,  interiorof  New  York  Stock  Exchange, 
Boston  Stock  Exchanjie.  Chicago  Stock  Exchange,  Philadelphia 
Bourse,  New  York  Cotton  Exchange,  and,  in  fact,  of  all  the  Ex- 
changes and  Clearing  Houses  in  the  country,  with  statistics  of  popu- 
lation, pnxluct  of  cotton  wool,  pi\xluce,  etc.  It  will  be  found  a  most 
convenient  book  of  reference,  an  '  is  a  compact  record  of  the  year 
1894.— The  Daily  Item,  Lynn,  Mass. 

Clapp  &  Company,  the  New  York  bankers  and  commission  met- 
chants,  have  had  published  a  compendium  for  their  weelily  niiiket 
leltere,  recognized  the  world  over  for  their  accui-ucy  and  exte.  sive- 
ness  in  scope,  and  with  these  have  been  compiled  tables  of  valuable 
Infoi-mation  and  comimnson.  The  book,  which  is  haiid,somely  gotten 
npand  stvlishlv  bound,  contains  photograplisof  the  Stock  Exchanfjes 
and  lloartls  of  Trade  of  the  various  cities  in  this  country,  with  brief 
anil  pithy  histories  of  the  different  organizations.  The  Ixxjk  is  full 
of  valuable  inforniatlon,  especially  for  bankers  and  brokers.— Dulutli 
Kcw  Tribune,  Duluth,  Minn. 

Clapp  &  Company,  bankers,  Mills  Building.  New  York  City,  have 
ls.->aed  their  annual  souvenir  for  1894,  and  It  is  a  beautiful  as  well  as 
invaluable  i-efeience  book.  In  this  book  you  can  find  the  prices  of 
BtockSjbonds,  gold  and  silver,  all  kinds  of  securities,  agricultural 
products,  etcv,  which  every  bu.sine.ss  man  should  have  In  his 
possession.  In  addition  to  the  hundi-eds  of  jjages  of  useful  Infonna- 
tion  there  are  beautiful  il lust i-a' ions  of  nearly  every  Board  of 
T'-ade  building  in  the  United  States.  Taken  aliogether.  it  is  one 
of  the  very  best  books  that  the  business  man  and  speculator  can 
find.  The  price  Is  only  8:i.  anM  it  will  be  worth  niany  timi-s  this 
sum  to  those  who  are  interested  in  trade  affairs.  Clapp  A  Com- 
pany do  a  general  banking  business,  buy  and  sell  stocks,  bonds 
cotton,  g^-ain  and  provisions  on  the  leading  exchanges.    They  buy 


and  sell  propeily  for  cash  or  for  future  delivery.  They  Invite 
con-esponuciice  tixim  everywhere  regarding  investments  or  specula- 
tions. They  are  a  gilt  edge  house  to  deal  with  —Pueblo  Sunday 
Opinion. 

Clapp  &  Company,  bankers,  Mills  Building,  New  York  city,  have 
lasued  their  annual  comijendium  of  statistical  Infonnation  for  lb.94, 
and  it  is  even  more  comprehensive  and  reliable  than  its  predecessor. 
Besides  the  interesting  weekly  market  letters  is.suod  in  1S84,  the 
volume  contains  full  infonnation  for  many  yeai-s  past  concerning 
the  piXKluctionof  wheat,  com,  oil  and  cotton,  their  market  prices, 
exports  andevery  other  item  of  infonnation  at  all  lii.ely  to  be  needed 
by  the  most  t hoit)ugh  student.  Particular  attention  Is  paid  to  the 
coui-se  of  the  stock  market,  the  movement  of  gold  and  silver,  and 
financial  mattei'S  generally.  Eng^tiving-i  of  the  leading  exchanges 
of  the  country  is  a  notable  feature  of  the  book.— The  Inquirer  Com- 
pany  Philadelphia.  Pa. 

Clapp  *  Comimny,  bankei-s  and  brokers,  Mills  Building,  New  York 
City,  have  issued  their  souvenir  of  1S91.  on  the  leading  American 
Exchanges.  It  is  a  handsome  volumeof  S.i2  ]>nges,  comprising  a  daily 
and  weekly  record  of  stocks,  cotton,  gmin  ana  pi-ovislons,  tneir  pro- 
duction, supply  and  distribution  bv  States  and  countries,  in  this  re- 
gard excelling  any  other  iKiok  "I'liere  are  foity-odd  halftone  en- 
gravings, including  buildings  occupied  by  leading  exchanges  in  the 
United  States  the  United  States  Treasui-j*  at  Washington,  Cu.stoin 
House,  Wall  sTi-cet,  Broad  sti-eei,  and  Clearing  House  at  New  York, 
and  portraits  of  the  firm.  A  brief  history  and  statistics  for  series  of 
years  accompanies  each  picfui-eof  an  exchange  or  public  building. 
The  finance.-*,  foreign  tmde  and  monetarv'  system  of  the  UnitiMl 
States  and  other  countries,  and  the  statistic)  of  gold  and  silver  and 
other  pitjducts  are  treated  in  a  very  thoi-ough  manner.  The  statis- 
tical treatment  of  the  National  banksof  the  United  States  is  nnique 
and  complete.  Every  banker,  railixwid  man,  iiubliclst  or  economi<<t, 
and  especially  every  person  interested  in  movements  of  comniod- 
Itiea,  or  In  stocks,  grain  or  cotton,  for  either  invest menl  or  specu. 
lation,  will  And  this  superb  book  worth  many  times  tts  coet.— Ib« 
Evening  Herald,  Nevada  City,  Cal. 


H 
X 

> 
O 

m 

o 

o 

z 

H 
> 

z 
w 

D 
> 

r 
•< 

m 
o 
o 

j: 

D 

(/) 
o 


r 
m 
> 

D 
Z 

o 
m 
o 

> 
z 
o 
m 

03 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  LETTERS. 


POBTFOLJO  FOB  FtLUSG  FORWARDED  APPLICANTS  FREE. 

127 


3        CLA.PP  &  COMPANY,  BANKERS  AND  BROKEES,  NEW  YORK.  WEEKLY  MARKET  LETTER. 


Financial  Outlook. 

Units  of  power  or  profit  are  limited  by  the  sources  of  renewal.  Like  the  drops  of  water  on  the 
wheel  they  must  keep  coming.  The  tendency  is  to  produce  more  for  comfort  than  for  profit.  Dol- 
lars now  have  to  be  very  plenty  and  very  good  to  make  dividends  possible.  The  profits  of  the  future 
like  those  of  the  past  must  be  won  by  developing  more  power.  Using  what  we  have  to  the  hmit  of 
our  knowledge  should  not  prevent  the  faith  which  has  never  yet  been  denied  creative  energy. 

Straws. — 858  new  enterprises  were  reported  in  the  South  for  three  months  ending  June  30,  1895. 
Available  supply  of  wool  is  estimated  at  about  4,500,000  bales,  or  about  average  of  three  years. 
Estimated  United  States  is  debtor  to  other  countries  for  interest  and  miscellaneous  account  net 
average  of  $70,000,000  annually.  Estimated  aggregate  domestic  debts  are  about  $18,000,000,000. 
Dry  goods  imports  January  1st  to  Jime  28th  were  valued  $74,213,574,  against  $41,653,047  last  year, 
and  $73,726,559  in  1893  same  time. 

Stocks  and  Bonds. 

Bonds — The  advance  in  48  issues  railways  since  January  1st  ranges  from  >4  to  17J^  cents. 
Bank  stocks  are  generally  showing  lower  sales  record  than  last  year.  Total  sales  of  bonds  in  June 
at  New  York,  $46,445,900;  Boston,  $5,812,305.  Total  sales  six  months  $172,185,210,  average  69, 
against  $127,880,708,  average  price  73.5  in  1894  same  time.     We  are  firm  believers  in  railway  bonds. 

Railway  Stocks.— $1,734,281,152  is  reported  value  of  stocks  sold  ac  the  New  York  Stock 
Exchange  during  six  months  ending  June  30,  average  price  57.1,  against  $1,508,460,513  last 
year,  average  price  62.4.  The  east  bound  tonnage  from  Chicago,  St.  Louis  and  Indianapolis  during 
six  months  of  1895  was  2,610.588  tons  against  2,908,329  in  first  six  months  of  1894.  There  are  many 
large  transactions  reported  or  rumored  which  may  tend  to  strengthen  confidence.  The  low  point  of 
12  active  stocks  in  July,  1893,  was  61.94  against  low  point  71.60  in  1894  and  the  same  stocks  averaged 
78Ji  at  yesterday's  opening.  The  earnings  of  large  number  of  roads  compared  with  very  low 
earnings  of  same  time  in  1894  show  increases  that  are  encouraging.  Expenses  are  now  accrumg  or 
to  accrue  for  repairs  and  betterments.  Granger  stocks  have  been  bulled  on  prospects  of  maximum  crops 
in  the  Northwest.  It  is  possible  they  may  sell  lower  if  minimum  prices  for  grain  prevails  ;  such  was 
the  case  when  corn  was  around  30  cents  with  freight  rates  at  the  minimum.  St.  Paul,  C.  B.  &  Q. 
and  R.  I.  have  many  friends.  London  appears  a  willing  buyer  whenever  they  find  American  buyers 
equally  willing  to  bolster  their  own  properties.  Reading  is  manipulated  and  said  to  be  booked  for 
much  higher  prices  this  season.  It  is  reported  Southern  Railway  will  double  this  year  under  manip- 
ulation from  the  Morgan  interests.  Low-priced  properties  are  still  favorites  with  the  outside  trader. 
Local  manipulators  do  not  seem  to  like  the  cheap  stocks  or  to  trade  in  them.  Wall  street  people 
generally  think  market  will  rule  higher. 

Industrials. — The  position  of  the  industrial  stocks  at  New  York  Stock  Exchange  as  shown  by 
table  arranged  by  Bradstreet  so  well  illustrates  the  course  of  speculative  and  industrial  sentiment 
as  forecasted  in  these  letters,  especially  during  February  and  March  of  1893  and  1895,  that  we  re- 
print it  here  with  additions  of  our  own. 


NameiL 


Opening 

prices 

July  10, 

lb05. 


Approz. 

lowest 

prices 

art  panic 

March  1, 

1895. 


Revival  in  trada 
and  speculatioQ. 


Tear  of 
depression. 


189S, 
Highest. 


1895,         1894, 
Lowest.  Highest. 


Five  months  of 

panic 


1894,         1893, 
Lowest. :  Highest. 


1893, 
Lowest. 


Tear  of  expand- 
ing operations. 


Highest. 


1892, 
Lowest. 


Checked  volume 
of  business  suc- 
ceeded by  impv't. 


1891, 
Highest. 


1891, 
Lowest. 


1890, 
Highest. 

as 

75 


65 

lor^i 

49 


American  Cotton  Oil 

/jneiican Cotton  Oil,  pfd,  6«  div 
American  Sugar  Refln>.  \2f  dlv 
Am.  Sugar  Reftning,  pfd.  7%  div 

American  Tobacco,  7%  div 

Chicaeo  Gas  (6i  suspended) 

Consolidated  Gas  (New  York).., 
Distilling  i  Cattle  Feeding  Co., 

General  Electric 

National  Lead , 

United  States  Cordage 

United  States  Leather , 

United  States  Rubber 


lllU 

100  if 

64U 

2l4 
87^ 
84 
1 

18U 
40^ 


34  Ji 

79!^ 

lOOil 
107 
80 
140 

aoH 

4.^ 

U 
45^ 


24Vi 
63 


58J2 
111 

1^ 


6IM 

84 

134« 
104^ 
121 

94^ 
144 

6696 
114)4 

147 
6096 


24 

50 
61« 
60^ 
43 
39 
103 
12 
80 
18^ 
7 

17' * 


65 

9S96 

96 


imS 

104 


15^ 

57 
85 

84" 

41^ 

u^ 


4m 


Cotton. 

"  Too  much  rain  in  the  cotton  belt,"  "weather  reported  less  favorable  over  a  large  part  of  the 
cotton  belt,"  etc.,  is  the  daily  story.  Cotton  is  boiling  rapidly  in  every  cotton  State.  The  decreased 
use  of  fertilizers,  less  acreage,  and  complaint  of  weedy  fields,  has  made  bulls  aggressive  and  bears  indif- 
ferent. The  bears  claim  cotton  has  been  bolstered  up  by  bad  crop  reports  as  usual,  and  that  this 
feature  is  always  a  factor  at  this  season  of  the  year,  and  when  prices  are  practically  near  the  maxi- 
mum point  on  the  crop.  Ordinarily  an  ample  supply  of  moisture  prior  to  the  middle  of  July  insures 
fine  weather  in  autumn  and  a  good  crop.  9,623,886  bales  of  cotton  have  come  in  sight  from  crops  of 
1894.  The  average  weight  is  503.70,  indicating  4,841,494,328  lbs.,  and  a  total  of  crop  deliveries  prior 
to  September  1,  equaUing  estimates  of  bears  when  cotton  was  selling  around  5}4  cents.  The  Govern- 
ment report  of  acreage  May  10,  '95,  was  78.5't  of  the  revised  acreage  of  23,687,950  for  1894,  or  about 
20,182,000  acres,  or  about  the  same  as  that  of  the  census  report  of  1389-90.  The  condition  given  June 
1  was  81,  against  83.3  the  previous  year.  The  condition  is  now  reported  July  10  as  83.2,  and  on  same 
acreage  indicates  a  crop  of  about  6,882,000  bales.  According  to  the  Chronicle,  the  acreage  remains 
17,767,663.  With  the  large  amount  of  cotton  in  sight,  and  Manchester  reports  of  a  waiting  market, 
and  Fall  River  spinners  well  supplied  with  cotton,  we  see  no  reason  for  buyers  to  get  uneasy 
or  fear  that  they  cannot  do  better  by  waiting  further  crop  developments. 

12S 


ClAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER. 


Wheat. 

United  Kingdom  AqricnUnral  Gazette  says  wheat  acreacre  is  lowest  on  record,  and  Com  Trade 
News  estimates  it  will  not  yield  over  48,000,000  bushels.  Indian  crop  reported  from  six  provinces  is 
208,640,000  bushels  against  2^8.4 06.000  bush ?-ls  last  year  and  2:iS, 400,000  bushels  aveiage  for  seven 
Years.  They  have  shipped  5,Oi;3,000  bushels  April  1  to  June  25  against  3,088,000  busliels  last  season, 
ilussian  exports  since  August  1  to  June  20  are  112,848,000  bushels  against  94,512,000  bushels  last 
season.  Argentine  shipments  Jan.  1  to  June  22  are  30,656,000  bush,  against  37,040,000  bush,  last  season. 

Prairie  Farmer  gave  condition  of  winter  wheat  65.7,  spring  98.4,  indicating  438,000,000  bushels; 
corn  acreage  as  83,000,000,  condition  93.6  ;  oats,  condition,  81, 

Government  reports,  giving  acreage  and  indicated  yield,  condition  and  actual  yield  : 


WINTER  WHEAT. 

Acreage,  Juue  estimate 

Gov't  report  July  coiulition  . . 

Yield  iu  bushels  per  aore 

Final  yield  of  both  winter  and 

spring  in  bushels  pel  aore. 
Total  winter  wheat  in  bu 


SPRING  WHEAT. 

Acreage,  Juue  e.stimate 

Gov't  report  .July  condition  . 
Yield  in  bushels  per  aore. . . . 
Total  spring  wheat  in  bu.... 
Total  wheat  crop 


CORN. 

Acreage,  July  estimate 

Gov't  reporl  July  condition  . 
Yield  in  Dushels  per  acre.... 
Total  corn  crop 

OATS. 

Acreage,  June  estimate 

Gov't  report  July  cot  dition  . 
Yield  in  bushels  per  acre  . . . . 
Total  oat  crop 


1895. 

1894. 

1893. 

1892. 

1891. 

1890. 

18N9. 

1888. 

t22,397,542 
65.8 
9.78 

23..'i06.500 
8.3.9 
14. 

22,8r,S.539 
77.7 
11.8 

25  989,076 
89.6 
12.99 

26,581,284 
90.2 
13.94 

23,.520.104 
70.2 
11.4 

25,384.702 
92.0 
13.84 

23,9.53,800 
75.6 
10.96 

1217,923,000 

13.8 

3a6,3!«,840 

11.4 

275,488,809 

13.4 
359,191,000 

15.3 
392,495,000 

11.1 
255,374,000 

12.9 
3.32,243,000 

276,952",000 

til, 518,056 

102.2 

15.22 

tl75,S01.812 

♦'98,232,812 

11, ,57.5, 936 

68.4 

11.5 

13.3,808,576 

460,207,416 

11.760.879 

74.1 

10.74 

120,642.916 

390,131,725 

12,565,354 

90.9 

13.18 

156,758,000 

515,945,000 

13,3.';5.613 

94.1 

13.64 

219,2>>.i,000 

611,780,000 

12,567.050 

94.4 

13.G8 

143,'«S.000 

399,362,000 

12,719.157 

8:13 

12.7 

1B8.317.000 

490,560,000 

13,382,338 

95.9 

13  90 

137.916,000 

415,808,000 

t78.000,000 
99.3 

1,800,000,000 

62,.5S2.269 

35.0 

22.7 

1,212,770,052 

72,036,465 

93.2 

22.0 

1,619,496,131 

70,620.258 

81.8 

23.1 

1,628,404,000 

72,204,516 

92.8 

27.0 

2,060,154,000 

71,970.763 

91.1 

20.7 

1,489,970,000 

78,319,651 

90.03 

27.0 

2,112,892,000 

76,672,763 

93.0 

26.3 

1,987,790,000 

r?7.P88.S05 

»i.2 

25.2 
t702,785,286 

27,033,553      27,273,033 

77.7                88.8 

24.5                 22  7 

662,05)6,928  |  638.854,850 

27,063,835 

87.2 

24.4 

661,035,000 

25,581,861 

87.6 

28.9 

788,394.000 

26,431.369 

HI. 6 

19.8 

623,621,000 

27,462.316 
94  1 

27.4 
751,215,000 

26,998.282 

95.2 

26.0 

701,7.35,000 

1887. 


1886. 


24,223,201 
a3.5 
12.10 


292,867,000 

18,418,582 

79.3 

11.49 

163,462,000 

456,329,000 

72,392.720 
97.7 
20.1 


a<,.5.32,.388 
91.2 
13.22 


802,376.000 

12,273,798 

8;13 

12.07 

154,842.000 

457,216,000 

75,700,000 

95.2 
22.0 


1,456,161,000  1,665,441,000 


25,920.906 

8.5.9 

2.5.4 

659,618,000 


23,640,000 

HH.8 

26.4 

624,134,000 


t  Kstiinaled. 


No  estimate  of  Northwestern  crop  is  useful  that  does  not  figure  on  a  decreased  acreage.  The 
mills  of  the  Northwest  may  be  very  early  and  heavy  buyers,  and  very  little  spring  wheat  reach 
Chicago  except  as  flour  in  transit.  Minneapolis  and  Duluth  ground  last  year  130,000,000  bushels.  Min- 
nesota and  the  two  Dakotas  raised  according  to  Government  87/4  millions.  A  10^  shrinkage  in  thekr 
acreage  would  give  acreageof  say  7,200,000.  If  they  get  15  bushels  yield,  they  should  raise  108,000,00'.' 
bushels,  or  nearly  enough  for  local  mills.  Many  predict  marketing  of  winter  wheat  will  be  very 
light  this  month,  and  that  the  commercial  winter  wheat  States  will  have  none  to  spare.  That  the 
average  yield  will  be  under  10  bushels  per  acre.  Some  think  no  winter  wheat  will  leave  the  Atlantic 
coast  unless  from  Chicago  elevators  ;  the  price  is  now  about  on  a  parity  with  oiher  markets  and 
invites  shipments.  Last  July  and  August  primary  receipts  were  less  than  55,000,000  bushels. 
This  year  they  are  expected  not  to  exceed  or  equal  one-third  that  much. 

New  wheat  is  arriving  at  primary  winter  wheat  markets  in  quantities  about  suflBcient  to  care 
for  domestic  wants.  Minimum  winter  wheat  and  maximum  spring  wheat  crop  are  expected.  Seldom 
is  a  good  spring  wheat  crop  injured  after  this  date  except  by  hot  winds  m  the  Northwest.  The 
bears  predict  ample  wheat  supplies  and  lower  prices,  apparently  being  in  line  with  grain  trade 
in  1879,  who  prophesied  in  August  that  year  that  low  prices  had  come  to  stay,  etc.;  scarcely  a 
hundred  days  had  passed  before  wheat  had  advanced  50^,  or  to  $1.35,  while  moving  one  of  America's 
largest  crops.  Speculation  has  been  large.  The  trade  have  made  more  money  and  are  now  wait- 
ing to  reinvest.  Many  believe  in  a  general  way  that  the  surplus  of  the  18'.)4  and  1895  crops  will  uot 
much  more  than  equal  half  our  average  exports,  and  that  we  are  again  nearing  minimum  prices 
and  an  opportune  time  to  make  purchases. 

Corn. 

Not  in  twenty-five  years  has  corn  sold  in  May  in  Chicago  at  less  than  35  cents  per  bushel.  It  is 
now  selling  around  35  and  36  cents  in  Chicago  for  May,  1890,  delivery.  Several  times  crop  condi- 
tions have  been  considered  good  in  June  and  July,  and  the  price  has  declined  to  about  35  or  40  cents 
for  corn  for  May  delivery.  It  has  also  sold  as  many  times  from  10  to  40  cents  higher  as  it  has  sold 
from  2  to  5  cents  lower  in  consequence  of  bad  crop  reports  in  August  or  September.  With  pricer, 
now  practically  at  a  minimum  point  and  a  crop  liable  to  many  disasters  the  coming  three  month*?, 
we  favor  purchases  for  distant  futures,  believing  it  a  good  business  risk  to  buy  corn  subject  only  to 
a  possible  loss  of,  say,  about  3  cents  per  bushel  long  before  a  crop  is  matured.  If  the  crop  mate- 
rializes as  it  did  in  1888.  or  other  seasons,  much  higher  prices  may  prevail.  The  demand  for  old 
corn  is  large.     The  visible  decreasing  and  reserves  said  to  be  100,000,000  bushels  less  than  last  year^ 

Provisions. 

The  Fairbanks  Co.  reports  lard  in  Europe  and  afloat,  July  1st,  as  171,000  tierces,  against  166.000 
tierces  a  year  ago  and  109,000  two  years  ago.  World's  visible  was  289,200  tierces,  against  153,900  a 
vear  ago  and  131,800  two  years  ago.  Total  provision  product  in  Chicago,  June  30th,  was  49,894,761 
lbs.,  against  61,991,072  a  year  ago  and  34,141,927  two  years  ago.  Stocks  are  fairly  liberal  at  most 
speculative  centres.  The  packing  interests  seem  to  favor  lower  prices.  Corn  now  admits  of 
provisions  selling  fully  20  per  cent.  less.  The  domestic  speculation  is  light.  The  export  demand 
is  increasing.  Packing  from  March  1st  to  July  4th  was  4,855,000  hogs,  against  4,770,000  a  year 
ago  same  time.  Yours  truly,  CLAPP  &  COMPANY. 

l-'O 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatiODS  for  Stocks,  Cotton,  Grain  and  ProYislons  for  Week  ending  July  10,  1895,  and  lor  July,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  4  R  and  Am.  Tobacco  Co., 
PROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EEKLT 

Sales. 


2.312 

1.000 

133.001 

015 

85.053 

6,420 

240 

036 

8.510 

8.500 

63.056 

e2-->,ti00 

67,527 

461 

16.8U7 

1.5C0 

6.628 

8^168 
850 
1»8 

2.700 

4,211 

800 

106712 

14,497 
100 

643 
2.040 
6.663 
1.247 
1.600 
16,006 
8,5.8 

ei'720 

470 

6.7:<1 

2.585 

1065 

1,859 

100 

16.065 

1.728 

2U06 

2855 

2,8i!7 

8,649 

8.2U5 

460 

130.81H) 

2'j8 

10000 

2.300 

13,790 

89  099 

18.b98 

4.06a 

1,727 

23.656 

14,728 

8  625 

2,.HU5 

2,004 

41485 

8.114 

88.040 

604 


Capitai. 
Stock. 


$20,237,100 
10.198,600 
86,773,000 
86,773,000 
17,900,000 


25,000,000 
15,000,000 
22,488.000 
60.805,400 
82,262,700 
24.885,800 
46.027,261 
25,923,900 
46.1!>6,000 
18,559,360 
89,054.907 
22,335  170 
28  000,000 
11606,000 
85,430,000 
26,200,000 
86.000.000 
38  000.000 
84  091900 
30,469,700 
85,000,000 

8,000,000 
60,000,000 
10,000.000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
80,000,000 
18,788,204 
18,000.000 
47.844,100 
47.436,576 
14,906,400 
14,904.000 
69.428.800 
77,427.000 
80,000,000 
68.119,982 
18,000  000 
89,767.200 
49,000.000 
89,269,516 
20.000.000 

8.6O0.0O0 
40,426,861 
86,000.000 


DiTiDBNi)  Record. 


Pays  3po  J-D 

Pays  3pc  O-.I-A-J., 

Pays  3^pc  J-J 

Pays  8pc  F  M  A-N. 


Paid  2do  1895 

Pays  iMpc  F-A 

Pays  l^pc  F-M-A-N... 


jPaid  Ipo  Dee,  1894 

IPays  Ipo  M-J-S-D 

Paid  Ipc  

I  Pays  7  PC  Per  Annum. 
[Paid  Jtpc  June  1895... 


;Paysl!^pc  J-D.. 
'Pays2K>pc  .J-D.. 
IPaid8pc  m  1893. 


68,402,900 
125,000,000 
60.000,000 

i9,a'>o,ooo 

38,710,900 
60.8«8,.500 
62  9R1.600 
62,361.500 
20,166.000 
18.561450 

7,576,890 
28,000,000 
24.000,000 
94,820,000 
10,000,000 

4.500,000 


Pays  2pc  M-J-S-D.... 
Pays7po  per  annum. 
Pays  7pc  per  annum. 


Paid  IK'PO  Jan.  1608. 
Paid  2pc  August  1898. 
Pays  6pc  per  annum. 


Pays  2^pc  MS. 


Pays  IJ^po  F-M-A-N. 

Pays  ."ipc  FA     

Paid  2pc  August  1898. 
Pays  IHPo  J-A-J-0., 
Paid  2pc  In  July  1895. 


PaldSpc  1891 

Paid  Ipc  In  Dec.  1894. 
Pays  i9ipo  M-J-S-D.. 
Pays  Ipc  J-A-J-0... . 


Paid  IHPO  Not.  1898. 


Paid  Ipo  April  1892.. 
Paid  ipo  in  1887..., 


Pays  2po  P-M-A-N. 


Paid  ipo  In  1887. 


Paid  3>^pc  In  1884. 


Paid  Ipo  yay  1895 

Paid  S^po  March  16, 1895 


Names  of  Stocks. 


Pays  l^PO  J-A-J-O. 


Paid  IPC  Id  Feb.  1894. 


American  Cotton  Oil. . . . 
American  Cotton  Oil  Pfd . 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atcli.Top.  &  S.  F.  lstins.pd 

Baltimore  &  OQio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapealce  &  Oliio.  

Chicago.  Bur  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Slil.  *  St  Paul. . . 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  <fe  I'ac.lio... 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,CiD.  Chic,  &  St  L. 
Col  Hock  ng  Valley  <fe  To] 
Consohdated  Gas  of  N.  Y. 
Delaware.  Lack 'a  &  W'n. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  <fe  C  F  Tr  Co  ct  all  in  pd 

General  Electric  co 

Great  Northern  Pfd 

Green  Bay  W  &  StPTrEec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. . 
Lake  Erie  &  Western.  . 
Lake  Erie  <fe  Western  Pfd 
Lake  Shore  4  Mich.  So'n.. 
Louisville  &  Nashville.... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Uoxloan  C'entrai 

IMl»»t)uri  I'acifio 

.' atfonal  Lead  Co 

^  aUonaJ  Lead  Co  Pfd.... 
X.  Y.  cent'l  &  Hudson  Kiv 
N,  T.  Lake  Erie  &  West'n 
NT&N  E  tst  CO  ct,  all  in  pd 
N.  Y  Ontario  &  Western.. 
N.  Y.  Susq.  &  W'n  Pfd.... 

North  American  Co. 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pncific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  &  K  B  Co 

Texas  &  Pacific 

Union  Pacific 

V  S  Leather  Co 

iU  S  Leather  Co  pref 

United  States  Rubber  Co. 

U,  S.  Coidage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie..  . 
Wheeling  &  Lake  Erie  Pfd 


Total  salee  of  all  Stocks  each  day  and  for  the  six  days 1,137.621 


COTTON,  In  ba'es. 
I  World's  visible. 
1896  3  346.854 

1894|  26U5.0S2 


Total  in  slghttl  Total  Exporta. 
9.fi1,'<.8fcS  6.61T.654 

7.8M,b:J2        I        5,060.487 


^^  r. 

OoUon 


July 

August 

September 
October.  .. 


WHEAT,  In  bushels.  Iwvioot   J  •'ulT 

I    V.  S.  Visible.     iPrimary  rec'ts*! Total  Exports. ;     "^"''-  I  September 
1895        43.859.000  l.St'S.OOO        |        2.7S4  860        ^„,„       I  July, 


18941        64  115,000 


2.0T5  000 


2.643.142 


Corn. 


■  ■  I  September 


CORN,. in  bushels. 
I     U.  S.  Visible. 
1895  7.S11.000 

1894|         6.27r,000 


Primary  rec'ta* 

1  nr.ui 

973,000 


I  Chicago  I  July 

Total  Exports.  iWheat.  |  September 

l.'^6S230        Icon,       J  July 

770142       r"™-'!  September 


OATS,  In  bushels. 

I    U.  S.  Visible. 
1896  6  286  000 

189l|         2,317  000 


N.  Y.  Stock^ 

1.644  479 

692166 


ChgO.  Stocks. 
1.856  000 
95.000 


<>''»-•■•  lumber 

iJuly 

I  September 


Pork. 


1895 
1894 


LARD-tcs.  I    CHICAGO  CONTRACT  STOCKS. 

World's  vis.  PORK-b bis, I  LARD-tcs.  i  RIBS-lbs. 
81^498             130.527  96,788        42,795..'*0 

166,646     67,010    I 28,560    I  16,281.666 


Lard. 


IJuly.....  .. 

)  September 

■Riv,      jJuly 

"*°"--1  September 


Thursday. 
July  4. 


H 
b 

I<1 
? 
b 

? 
Q 

b 
l> 

I 

H 
Q 

H 

> 

0 

Q 
f 
0 
IB 
l!l 
b 


1895 
1S94 


OlX>  pore,  Chgo.-bbla. 
....     bbU. 


WHEAT  on  passage. 
40.400.000  bush. 
85,704,000    " 


CORN  on  passage. 
6,400.000  bush. 
6,752,000    " 


Friday. 
July  6. 


Saturday. 
July  6. 


74W    749^ 
112^  10»4  112%  11? 
lOOH  lOOM  100!4  loOH 
113?^  112H114^  113^4 

m   iK  m   9^ 

x"       :  64V6 

102W  lOIH  102 

m,  22^  22% 

85H  84^4  86 

61«  699-4  6056 

68^  6794  69 

123W  124^' 

~"  -m  rm 


40>^ 


mi    BeV»   09>4 


469i    46H 
148«  14ZH 

131    lai" 

47H    47« 

2'v'ia  21^ 

3644    3«U 

130    leo 


MM 

I01?'4 

22"^ 
85H 
68% 

em 

■KVa 
40^4 
99>i 


«■•«    45% 
25       85 


40^ 


Tuesday. 
July  9. 


Wed., 
July   la 


I  Range  for 

July   1895, 

to  date. 

28^    tS 

114        '" 


..  [131}i 


22%    229 
8694    8(>9 


,  879i  9794 
2594  *5U  25H  ?5Mi 
24%    24%    


X47m47     14694 
6894    6eV4!  511 
118      118 


86V4   8S 
Uii>    12J4 
81%   3iH 


14694 
6894 


lOlH  101%  lOl 

lou  ioh;  .. 

f«>i  49%  BlJi 

18  i?;-),;  1'.% 

2"%  20%  2894 
6%  6%i  5% 
494      4^;     ... 

17%  17%,  17% 

29%  29^1  80 

19%  1894  j  IS  ' 

■""  ""\t7ii 

S4%  £4%:  2494 

14%  14M.  14^ 

4%  42J6|  43j| 

89%  89%l  89% 

13%  13    1  13>4 

18  18       13 

20«  19^1  20% 

94  93941  04 

4194  41^;  41% 

....  '.'.'.   >    2>» 


28       KU    «tf% 
r4M    749i    74% 

iiomivi    110% 

lOiiU  100!^  lOOJ^illOOU 
11294'll3%  11194  1114!. 

994;  10%     9^  I  ic 
63^      .. 
54       64^^ 
102^  103      1 
iil%!  2-3M 

-■  •;  S694 

53?'4  55% 
68%  69|^ 
123  123%  1 
71%;  ^2% 
40U  40% 
98%'  99^ 


46        46 

2594  25% 
,143^  1431^ 
16194  '68U  168  163H  163^ 
131  ;131%  131%I|31  laOH 
.  .  i  47%  47f4  4794  47*4 
2294  23}^  2lf4  21%  21' 
—  V  8794    86^ 


86%: 


9^    i 

25^!  iSii 
24^:  ^ 

I  88H 
147    1147 
I    69    I  09% 
.  113%  118J4 


88>4   8&       88^!  8)       88k 


86% 


20       19%!  20  19%   20V4 

91%    91%,  9m  91%   9I|« 

m  nn\  1794  "^  ini 

64i4  *4^      •■■ 


202.080 


84^  349I 
90!^    90^ 

101^  iOi^ 

58%'  66 
17%  18 
29H:  80W 

«  ^l^ 
*%■  4% 
17^2;  ISH 
80  80 
6K!  5% 
18%;  20 
178    I  .-. 

24%' £4% 
14^  14% 
48)4 1  •'^^ 
39V4':  3tf>i 
'8%'  13H. 
1.1%  13% 
18%  19% 
92%!  93% 

2%l    8>« 

19%' 20% 
91«J  K 
17%    17% 
.  54 


82       83% 

83%  84^ 
90%1  90% 
lOlM  101% 


f'  18% 

17%,  18% 
...   1174 


14%;  14% 
4'i%'  48|| 
87J*;  38% 
18%  18% 
18^4  13% 
18%  18% 
92%:  92% 

li'k 

19%!  20  " 
91%,  «l9i 
16%:  17% 
63%'   ... 


116,021 


247,620 


6.88 

6.03  6.86  6.92 
6.97  6,92  I  6,95 
7.02    6.96  I  7.02 


6.87'  .... 
6.86  7.00 
0,91  705 
6.96    7  10 


290.036    I     822  624 


78%    TBmI  7894    7894   ^^ 
75 A    74 A    75*'.    74  A    74H 
-  ■  49%   46% 

4!»%   4994 


.  6.96  (J.9J! 

6  95  6  93  6.88  I  6.95    6.78 

7,00  7  02  6.98'  6  99    6  83 

7.06  '.07  6.98  7,04    6  87 


49K    49%    49 
61%    50%    50 


70% 

46% 
47^ 


69W;  mi 

70%  71% 
44%  44% 
44%    44% 

249^    24^1  24%    84m'  24% 
24%    24     I  24%     28%:  24 
12.02  11.95  I12OU  12.00  1185 
12  46  18.10   12,80  12.  r,  12.22 


70% 
71% 
46H 
43% 


66%  65% 
67%  67% 
42%!  4294 
"       43% 


42>4 


6  47  6  47 

6  70  6  62 

6,80  6  30 

6  60  6  45 


6  60  6.S0'  9  40 

6.65  6,62  6  62 

6  35  6  85  ;  6.2V 

6  62  6  50  1  6  60 


28       23% 

22%    23% 

11.85   11,47 

12.00  ;i2,00 

I 
6,40  I  6  85 
6.52  I  6.55 
6.22  I  6  20 
6.86  I  6  37 


6694,  68% 
6694  70% 
46%  47% 
47%,  49 

61%!  64% 
62%;  66% 
41%i  44 
48>4j  4fi 

28%;  24% 

22%,  24 

11  02  111  10 

11.13  11.2; 


180 


Range  foi 
July   1894. 

,  27%  -an 

I   7(J  69)'4 

1 10594    UVi 
I  95       \f, 
I  89%    85M 

I  73%  TP" 
I  49%  tm 
1 107      106^ 

i  77%  7^ 

7994  72% 

6094  6094 

1119%  117% 

68%  6894 

3«>94  84 

105%  10194 

141  140 

3714  34 

I  17M  15H 

!i27%  111 

|l«494  158V< 

13;i%  12694 

27%  25 

•«%  17% 

88  35% 


49i 
91% 


4% 
89 
16% 
15% 


M  '3^ 


1694 
6294 


7,01  6.87 

7,04  0.78 

7  08  6&1 

7.18  6  87 

75  A  6694 

76%  8.94 


63% 
68^ 
47^4 

6294 
6394 
43 
43% 


23%     25% 
2294!    2594 


11  10 
11.00 


6.27 
6,45 
6.07 
6,25 


12  5i*  11.02 

12.76  n  00 

I 

1  6.85  6,27 

'  6,86  6.86 

I  e  45  607 

!  6  67  6.10 


18%    1594 
161      152 

i8%    17% 

84%    >4% 

19^    16% 


591 
13^ 


11% 
4494 


7  09  6  61 

7.13  6.51 

7  11  6  56 

7.21  6  64 


6'<%  50% 

60%  52M 

46%  iO% 

1  46%  40% 


6,97  6.65 

7.02  6.75 

6.?0  0.40 

6.76  0.48 


Russian  Shiprots.  for  wk.  I  Indian  Shipmts.  for  wk.  1  Arjrentine  Shpts.  for  wk. 
3  840.000  busli.  1.240.000  bush.  843.000     bush. 

2"  500,000    "  I  280,C00    "  I 


t  Since  Aug   81.    *  Since  June  30. 


Compiled  and  Cotyrighttd  bv  CLAPP  &  COMPANY.  BANKEBS.  MILLS  BUILLING,  IfEW  YORK 

1*U 


CClcchlv  HDnrftct  Xcttcr. 


No    438. 


Oopyriaht,  1998,  hy  Cimpp  S  Cotmpmwg- 

O.  W.  CLAPP. 
DWIQHT  O.   CLAPP. 


BOANOH 

Office*  : 


Private  Telegraph  Wires. 
LoNQ  Distance  Telephone 
Cable  Address:  "Ozro." 


CLAPP    &    COMPANY, 

Banhcvs  anb  Brohers, 
MILLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE 

277    BROADWAY,  CORNER  Chambers  St. 

621    BROADWAY  (Cable  BurLoiNO,  Corner  Houston). 

671    BROADWAY,  Bro*dw«y  Central  Hoteu 

753  FIFTH  AVENUE,  Corne-  58th  St. 

11  WASHINGTON  STREET,  SARATOGA,  N.  Y. 

New  York,  Thursday  Morning,  July  18,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    '6%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customers. 


PRESS  NOTICES  ABODl  OUR  1894  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


CuAPP  &  Company's  Souvicnib. — Clapp  &  Company,  bankers  and  brok- 
ers. Mills  BuildioK,  New  York  City,  have  issued  their  souvenir  of  1894. 
on  the  leading  American  exchanges.  It  is  a  handsome  volume  of  S.')3 
pages,  comprising  a  weekly  and  daily  record  of  stocks,  cottou,  grain, 
and  provisions;  their  production,  supply  and  distribution  by  States  and 
countries  in  this  regard  excelling  an>  other  book.  The  finances,  foreign 
trade  and  monetary  system  of  the  United  States  and  other  countries, 
and  the  statistics  of  gold  and  silver  and  other  products,  are  treated  in  a 
Tery  thorough  manner.— Telegram,  N.  Y. 

We  have  secured  from  Clapp  &  Company,  New  York  bankers,  a  copy 
of  their  souvenir  book  of  1894  of  leading  American  exchanges.  It  Is  un- 
usually complete  in  its  statistic.il  information,  and  it  makes  a  valuable 
book  of  reference  for  all  banks  and  brokers'  offices,  and  many  busmess 
men  will  not  find  it  amiss  on  their  shelves.— The  Daily  Ledger,  Tacoma, 
Wash. 

A  Good  Referencb  Book.— We  have  received  the  1894  edition  of  Clapp 
&  Company's  "  Souvenir  Book,"  which  contains  valuable  facts  regard- 
ing markets  and  trade  and  financial  matters  in  general,  very  useful  to 
hjinks,  bankers,  investors  and  financial  institutions.— The  New  York 
News  Bureau,  New  York  City. 

Clapp  &  Company,  bankers  and  commission  merchants,  have  Issued  a 
handsome  souvenir  volume  containing  their  weekly  market  letters  for 
18'.M.  "Brevity  is  merit"  is  the  motto  of  the  volume,  and  it  is  a  very 
appropriate  one.  It  contains  besides  these  letters  historical  matter  in 
reference  to  early  financial  institutions  which  is  valuable.— South  Beth- 
lehe.n  Star,  South  Bethlehem,  Pa. 

Messrs.  Clapp  &  Company,  bankers  and  commission  merchants.  Mills 
Building,  New  York,  have  issued  a  souvenir  of  1894  In  the  form  of  a 
handsomely  bound  volume  of  their  "  Weekly  Market  Letters"  for  1894. 
It  contains  much  valuable  information  and  comparisons  with  leading 
American  exchanges  for  the  above  year.  Excellent  engravings  are 
shown  of  the  buildings  of  the  leading  boards  of  trade  and  the  several 
exchanges  in  all  of  the  large  cities  of  the  United  States.  A  copy  of  the 
work  can  be  seen  at  the  Board  of  Trade  rooms  in  this  city.- The  Adver- 
tiser, London,  Ont.,  Canada. 


CI.A.PP  &  Compakt's  Souvenir.- Clapp  &  Company,  bankers  of  the 
Mills  Building,  New  York,  have  just  issued  their  souvenir  for  1894.  The 
book  Is  a  large  handsomely  liound  volume  and  very  tasty  in  ty|i<'.  illus- 
trations and  binding.  It  contains  the  weekly  letters  which  tiie  firm 
issued  during  the  year,  which  gives  valuable  information  coneeming  I  lie 
purchase  and  sale  of  stocks,  oonds,  cotton,  grain  and  provi.Kiuug.  Ihe 
souvenir  Is  a  mine  of  useful  information,  and  contains  naTids<^mie  Illus- 
trations of  all  the  leading  exchanges  in  the  world  together  with  a  brief 
account  of  their  history.  It  also  has  interesting  statistics  tonctriung 
American  shipping,  the  yield  of  cotton,  grain  and  minerals,  and  is  just 
such  a  book  as  one  would  look  for  from  such  an  enterprising  firm  lu  that 
of  Clapp  &  Company.— The  Jersey  City  News,  Jersey  City,  N.  J. 

The  1894  souvenir  number  of  Clapp  &  Company's  valuable  financial 
and  commercial  compendium  has  just  been  issued.  It  is  replete  with  in- 
formation concerning  the  fluctuations  in  prices  of  all  the  leading  Ameri- 
can exchanges  during  the  year,  and  contains  a  mass  of  statistical  data 
that  must  have  cost  an  immense  amount  of  labor  to  collect.— Boston 
Daily  Globe,  Boston,  Mass. 

A  Fine  Sotjvenir  Book.—"  The  Souvenir  Book  for  1894."  issued  by 
Clapp  &  Company,  liankers  and  brokers.  Mills  Building,  New  York,  is 
one  of  the  handsomest  specimens  of  printing  and  binding  to  be  found 
even  in  these  days  of  excellence  In  both  arts.  'The  engravings  are  the 
finest  half-tone  and  many  in  number.  But  besides  tl  e  expen.se  of  this 
large  book,  it  bears  evidence  of  the  large  amount  of  patient  lal)or  that 
has  been  given  to  it,  for  only  by  that  could  so  vast  a  field  of  information 
of  value  to  all  business  men  In  cities  and  farmers  in  the  country  liave 
been  covered. — The  Democrat,  Binghamlon,  N.  Y. 

We  acknowledge  the  receipt  with  pleasure  of  Messrs.  Clopp  St  Com- 
pany's annual  souvenir  book  of  1894.  It's  title.  '  Leading  American 
Exchanges."  is  thoroughly  indicated  through  its  34  illu-strations  of  "x- 
change  and  board  of  trade  buildings.  And  we  might  say  with  aci-uraty 
and  propriety,  that  if  the  contents  are  studied  no  belter  commercial 
education  oould  bo  obtained  through  any  other  channel.  As  a  discriui- 
inating  analysis  of  the  world's  market  with  accompanying  tables,  re- 
marks and  Quotations,  It  is  unsurpassed.  The  book  is  handsomely  bound 
and  is  issued  from  their  place  of  business.  Mills  Building,  New  York,  at 
$:J.0O  per  copy.— The  Commercial  Weekly,  Washington,  D.  C. 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each, 

KEEP  OUli  LETTEKS.     PORTFOLIO  FOB  FILING  FOItVVAKDED  APPLICANTS  FKER 

131 


4^ 

X 

> 
O 

m 

o 
O 

z 

> 

Z 
(/) 

a 

> 

r 
-< 

jj 
m 
o 
o 

a 

C/3 

o 


r 
m 

> 

a 

z 
o 

m 

X 

o 

X 

> 
z 

o 
m 
w 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Movements  of  large  bodies  are  frequently  as  eccentric  as  they  are  expensive.  The  sun's  heat 
can  blister  as  well  as  bless,  be  diffused  as  well  as  concentrated.  You  can  run  an  ocean  steamship 
or  burn  your  fingers  with  live  coal.  It  costs  more  to  start  a  train  than  to  run  it  a  mile.  The  com- 
mercial wagon  is  a  large  machine  needing  plenty  of  fuel  which  it  burns  at  tremendous  waste  of 
energy  and  profit.     Paying  the  price  is  next  best  to  improving  the  methods. 

Straws. — The  fixed  charges  for  interest  on  the  debt  of  the  American  Railway  during  ten  years 
ending  June  30th,  are  estimated  at  over  $2,200,000,000.  During  twenty  years  ending  same  date  bonds 
and  stocks  equalling  at  face  value  $3,871,000,000  have  been  cancelled  by  foreclosures.  The  fore- 
closure and  reorganization  of  Atchison,  Erie,  Reading,  Northern  Pacific  and  Union  Pacific,  which 
represent  over  1,261  >4 -million  dollars  of  debt  and  stocks,  would  greatly  help  the  whole  situation. 
136  roads  are  still  in  hands  of  receivers.  Notwithstanding  this  over  180,000  miles  of  railway 
property  has  been  created  and  can  earn  $100,000,000  per  month  and  $30,000,000  per  month  net.  If 
the  gross  value  be  based  on  net  interest  and  dividends  it  is  worth  $1,200,000,000  or  the  capitalization. 
Reorganizations,  lower  fixed  charges  and  reduced  expenses  are  admissible.  New  York  city  has  a 
funded  debt  of  $108,185,947.68.  The  net  funded  interest  bearing  debt  of  the  United  States  is 
$71fi. 202,060.  The  tax  valuation  of  New  York  city  is  [$2,000,000,000,  that  of  the  United  States  in 
1890  was  $18,956,556,675. 

Stocks  and  Bonds. 

Bonds. — Sales  of  municipal  and  State  bonds  in  June  equalled  $15,907,441.  The  railroad  bond 
market  is  dull  with  light  trading  at  lower  prices. 

Railroad  Stocks. — July  10,  1895,  12  active  stocks  averaged  79.16  against  79.37  June  19,  1895, 
which  was  the  highest  price  since  April.  1893,  and  about  10  points  higher  than  in  February  last. 
Local  traders  continue  bearish  and  occasionally  raid  some  one  railroad  stock  without  much  success. 
In  a  broad  and  general  way  conditions  seem  favorable  for  a  decline,  and  a  part  of  the  advance  in 

f)rices  may  be  lost,  especially  so  if  spring  wheat  crop  news  does  not  improve.  Outsiders  have 
oaded  up  with  many  cheap  stocks  and  have  fair  profits  in  them.  This  craze  is  liable  to  subside, 
and  a  lower  range  be  made  mainly  in  sympathy  with  the  great  decline  in  industrials  that  were 
bolstered  and  manipulated  far  above  real  merit.  The  bull  pools  seem  discouraged,  while  prominent 
bear  traders  seem  to  achieve  success  in  raiding  industrials.  The  grangers  may  become  more  active 
and  values  fluctuate  according  to  spring  wheat  and  corn  crop  reports,  etc.  The  Chronicle  esti- 
mates the  average  expense  of  maintaining  all  United  States  railways  and  structures  for  the  year 
ending  June,  1893,  equals  $997.50  per  mile,  for  New  England  $1,669  per  mile,  for  Northwestern 
States  $1,669,  and  for  the  middle  group  $1,212.  The  Railroad  Gazette  claims  the  expense  is  about 
$1,000  per  mile  iwhere  earnings  equal  about  $5,000.  St.  Paul,  C.  B.  &  Q.  and  R.  I  roads  have  a  loyal 
lot  of  investment  holders  who  predict  higher  prices.  We  think  it  unwise  to  be  too  sanguine  or 
take  great  risk  pending  possibilities  of  cold  nights,  hots  winds  or  late  frosts  doing  much  damage 
in  the  corn  belt.  Metropolitan  Traction  is  reported  booked  for  a  good  advance.  We  advise  more 
caution  in  making  purchases  than  in  effecting  sales  the  coming  few  days. 

Industrials.— In  1894  the  United  States  imported  4,286,228,30b  lbs.  sugar,  or  2.4  times  as  much 
as  in  1879,  and  more  than  half  from  countries  other  than  Spanish  which  in  1879  furnished  77  per 
cent,  of  all.  European  beet  sugar  is  in  excessive  supply,  and  tends  to  lower  prices  and  to  seek  the 
American  market.  We  still  look  for  the  industrial  stock  to  sell  under  par  this  summer.  It  is  now 
reported  Chicago  Gas  has  local  competition,  unfavorable  form  of  organization  and  scattered  hold- 
ings, and  is  likely  to  go  into  bankruptcy  and  see  fully  30  points  lower  than  its  high  point  a  few 
months  ago.  General  Electric  may  wait  some  time  before  scoring  any  advance.  Tennessee  Coal 
&  Iron  is  likely  to  sell  much  lower.  Lead  and  Cotton  Oil  are  participators  in  any  general  improve- 
ment of  Industrials'  conditions.  Cordage  people's  methods  and  stock  have  at  last  but  one  way  to  ga 

Cotton. 

Planting  has  been  less,  weeds  more  plenty  and  hard  to  chop  out ;  a  good  degree  of  blight  is 
showing  itself,  the  stalk  is  growing  rapidly  and  not  making  fruit  enough.  Rains  are  excessive  and 
lasting.  Reports  are  not  as  exaggerated  but  more  positive  about  a  shortage  in  the  probable  yield. 
It  seems  to  be  conceded  that  a  larger  percentage  of  the  old  crop  has  gone  forward  to  speculative 
centres  or  spinners  the  past  ten  and  a  half  months  than  usual,  and  at  such  very  low  prices  that  their 
wants  may  not  be  large,  until  more  is  known  about  the  new  crop.  A  bale  of  new  cotton  from  Texas 
and  fully  good  middling  was  sold  at  auction  Tuesday  last  in  this  city  for  14>6c.  per  pound,  and  sent 
by  first  steamer  to  Liverpool.  The  undertone  to  the  market  seems  to  be  stronger  ;  the  trade  is  wait- 
ing for  some  more  definite  information  about  the  crop  and  feels  bullish,  but  more  or  less  in  doubt. 
Visible  stocks  at  this  date  in  IS93  were  3,158,000  bales,  and  are  now  3,143,000  bales  ;  at  no  other  dates 
about  July  15th  have  they  been  as  large  or  consumption  as  great.  Northern  spinners'  takings  have 
been  1,991,494  bales,  against  1,523,382  bales  same  time  last  season.  Total  quantity  brought  into  sight 
9,649,035  bales,  against  7,345,014  bal(*s.  Exports  6,654,389,  against  5,176,639  same  time  last  season. 
Considering  various  conditions,  both  from  a  crop  and  speculative  standpoint,  it  is  possible  prices  are 
about  low  enough  and  long  enough  depressed  for  the  conservative  operator  to  look  for  weak  spots 
to  make  purchases,  rather  than  longer  be  a  bear  or  pessimist. 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER. 


The  bucket-shop  interests  and  their  assistants  or  hackers,  **  the  public,"  seem  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops^  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 


Wheat. 

It  seems  to  be  generally  conceded  that  the  winter  wheat  crop  will  be  about  225,000,000  bushels, 
and  the  spring  wlieat  about  175,000,000  bushels.  We  rather  incliue  to  believe  it  will  more  likely  be 
less  than  more  of  each,  and  that  380,000,000  bushels  will  likely  fully  equal  the  final  outcome  in 
weight.  It  is  possible  more  old  wheat  is  in  the  invisible  supplies  than  generally  conceded,  and  that 
crop  news  are  being  thrashed  over  in  a  way  that  will  later  on  indicate  winter  wheat  thrashings 
equal  or  exceed  estimates  made  while  the  wheat  was  being  cut.  Spring  wheat  is  being  cut  in  the 
most  Southern  sections.  Reports  of  condition  and  yield  are  as  varied  as  are  the  varied  interests  of 
business  men  residing  in  those  sections  or  Wall  Street.  We  think  it  quite  possible  the  damage  sup- 
posed to  exist  when  wheat  was  sold  at  80  odd  cents  for  July  delivery  has  practically  materialized 
and  has  now  actually  been  done.  The  absence  of  export  demand  and  the  large  exports  from  Russia, 
India,  Argentine  and  Australia  coupled  with  an  aggressive  bear  campaign  forced  prices  down  fully 
20  cents  per  bushel,  and  seems  to  have  taken  away  the  nerve  of  traders  and  discouraged  the  ram- 
pant bulls  when  wheat  was  82  cents.  We  see  no  especial  reason  why  those  prices  will  not  again 
prevail  long  before  Christmas,  but  do  not  look  for  an  immediate  improvement. 

Foreign  buying  and  ocean  freights,  as  well  as  crop  reports,  should  be  watched  closely  until  a 
small  percentage  of  spring  wheat  is  thrashed  out,  measured,  weighed  and  marketed.  We  favor 
being  bullish  on  sharp  breaks  and  bearish  on  quick  advances.  Foreign  buying  will  be  unimportant 
until  Europe  samples  our  wheat,  until  some  damaging  reports  occur  in  their  midst,  or  the  countries 
other  than  ours  who  furnish  consuming  countries  their  supplies. 

Howard  Bartells  &  Co.  reported  July  10th  the  world's  visible  supplies  as  160,331,000  bushels, 
against  173,012,000  July  1st,  1804  ;  that  the  June  visible  decreased  10,728,300  bushels.  We  think  the 
J  uly  decrease  will  be  about  as  lar^e. 

Corn. 

We  regret  the  great  error  appearing  in  our  last  week*s  letter  while  the  writer  was  absent  in  the 
West  wherein  we  were  made  to  say  the  Government  reported  the  corn  crop  as  78,000,000  acres,  and 
the  promise  was  for  1,800,000,000  bushels.  The  report  was  received  by  wire  almost  simultaneouslv 
with  our  going  to  press.  Last  year's  July  report  was  reduced  15,000,000  acres,  and  actually  turned 
out  a  yield  of  less  than  23  bus.  per  acre.  The  facts  are  the  Government  report  as  given  by  Howard 
Bartels  &  Co.  indicated  the  acreage  equalled  81,990,800  acres,  and  possible  yield  of  2,376,043,000 
bushels,  or  more  than  any  previous  crop  grown.  We  never  secured  but  one  maximum  acreage 
and  yield,  and  then  the  acreage  was  4.000,000  less,  and  the  yield  was  less  bushels  per  acre  than  now 
estimated.  Our  recent  observation  West  induces  us  to  believe  the  acreage  is  larger  than  ever  ; 
that  corn  stands  uneven  in  height :  many  hills  are  missing,  and  it  is  harder  to  guess  the  outcome 
than  if  it  was  more  even  in  height  and  stands.  We  notice  corn  is  reported  planted  more  gener- 
ally in  more  States  than  usual ;  this  will  likely  make  commercial  corn  States  grow  a  large  surplus, 
and  the  cotton  States  import  but  little. '  Speculators  appear  to  be  very  bearish,  and  the  market 
oversold.  Cold  nights  have  prevailed  in  July,  and  are  not  favorable  to  a  large  crop.  Hot  winds 
and  frosts  and  other  corn  crop  damages  usually  occur  after  this  date.  We  think  it  a  good  business 
risk  to  buy  corn  round  present  prices,  expecting  a  crop  or  speculative  scare  long  before  the  crop 
is  secured.  Seldom  does  any  corn  grade  or  fill  contracts  before  March  following  the  planting 
season. 

Oats. 

The  oat  acreage  is  very  large  ;  the  stand  very  uneven  and  short,  and  general  appearances  be- 
tween New  York  and  Nebraska  indicate  to  us  that  it  is  a  very  bard  crop  to  guess.  We  only  saw  one 
real  good  field  out  of  the  many  ;  generally  the  heads  were  fair  length.  Straw  small  and  short.  It 
seems  to  be  conceded  old  invisible  supplies  are  large.  Hay  crop  appears  poor  and  likely  to  rule 
higher.    A  victim  on  the  bull  side  of  oats  says,  "  The  horses  are  being  fed  on  too  much  electricity." 

Provisions. 

Provisions  have  been  weak  and  raided  and  freely  sold  by  Chicago  local  traders,  who  predict  the 
outside  long  interest  will  have  to  be  closed  out  and  ninc-dollai  pork  will  rule  in  September. 
The  domestic  demand  is  shin,  especially  so  in  the  South.  Packing  to  July  11  was  6,015,000  hogs, 
against  4,855,000  last  season  same  time. 

Yours  truly,  CLAPP  &  COMPANY. 

ixi 


CIAPP  ft  COMPAFT,  BANXEES  AITO  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qnotatlons  (or  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  July  17,  1895,  and  lor  Jniy,  1894. 


Par  ralne  of  all  stocks  $100.  except  D.,  L.  A  W.;  P.  &  B.  and  Am.  Tobacco  Co., 


rROM    NEW    YORK    STOCK    EXCHANQB    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wkekxt 
8alis. 


4,010 

704 

288.838 

1.345 

66.101 

18  745 

818 

1155 

4.a07 

6  199 

58  995 

S24.4.S5 

70  688 

1848 

16.616 

1.057 

14.818 

490 

1.897 

841 

950 

800 

t.121 

100 

88.504 

6.8M 

150 

887 
8800 
7.fl50 

878 
6.18.3 
14.034 
6.18S 

is'.rci 

6.S44 
1  849 
1.591 
1  950 
7.848 

411 
S.511 

786 
1,105 

881 
1,486 

650 
80.546 

21000 

l.'J50 

6.998 

15,142 

6]  070 

8.115 

410 

«7.4;»2 

6US40 

9.6:17 

2.865 

8.128 

m5 

8.5.';5 

7,088 

87.7(iO 

940 


Catitai. 
Btocx. 


$80,887,100 

10,198,600 
86,773,000 
86,773,000 
17.900,000 


85,000,000 
16,000,000 
82,488,000 
60.805.400 
82.262,700 
84,885,800 
46,0?7,261 
25,923,900 
46,156,000 
18,659,8fi0 
89.054,907 
?2,385  170 
88,000  000 
11,696,000 
86,480,060 
86,200,000 
86  000.000 
38  000,000 
84  091900 
a0,459,700 
85,000,000 

6,000.000 
60,000,000 
10.000,000 
11,840,000 
11,840,000 
49,466,500 
52,800.000 
80,000,000 
18,738,204 
18,000.000 
47,844.100 
47,436,5'5 
14,905,400 
14  904,000 
89,428,300 
77,427,000 
20.000,000 
58.119,988 
18  000  000 
89,707,800 
49,000.000 
89,269,546 
80.000.000 

8,500,000 
40,426,861 
86,000,000 


68  408,900 

125,000,000 
60.000.000 
19,8.'>U,0O0 
88,710,900 
60,8{>8,.S00 
62  9';i.500 
52,361.500 
80  166.000 
18.387  350 
7,696,040 
88,000,000 
24,000,000 
94,820,000 
10,000,000 
4,500.000 


DmDKNS  RiCOBS. 


Pays  3po  J-D 

Pays  3pc  O-J-A-J.. 

Pays  Sj^po  J-J 

Pays  8po  F  M-A-N. 


Paid  2do  1895 

Pavs  mpc  F-A 

Pays  IJ^po  F-M-A-N,, 


Paid  Ipo  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  Ipo  

Pays  7  PC  Per  Armani. 
Paid  ^po  June  1895... 


Pays  IV^po  J-D.. 
Pays8i^pc  J-D.. 
Paid  8dc  in  1693. 


Pays  Spo  M-J-S-D 

Pays  Tpc  per  annnm. 
Pays  7pc  per  annnm. 


PaJd  l^pc  Jan.  1893. 
Paid  2pcAni?L  St  1893. 
Pays  5pc  per  ancum. 

Pays' 2Jipe*M-S.'!."!! 


Pays  l^pc  F-M-A-N. 

Pays  Spo  FA     

Paid  2pc  August  18!13. 
Pays  ij^pc  J-A-JO.. 
Paid  8pc  in  July  1895. 


Paid  Spc  1891 

Paid  Ipo  In  Deo  1894. 
rays  l?4pc  M  J-SD.. 
Pays  Ipo  J-A-J-0.., . 


Paid  IHpo  Not.  1898. 


Paid  Ipo  April  1898.. 
Paid  Ipo  in  1887.... 


Pays  2po  F-M-A-N.... 


Paid  Ipo  In  1887... 
Pa'ld  8^pc"in"i884.' 


Paid  Ipo  *ay  1895... 
Paid  2^po  March  15, 1696 


Kaxxb  or  Stocks. 


Pays  IHPO  J-A-J-O 

Paid  IPC  I'li  FebView! ! ! . 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 

Americao  Tobacco  Co 

Atch.Top.  &S.  F.  lstins.pd 

Baltimore  &  Onto  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quinoy.. 

Chicago  Gas  Cos  — 

Chicago,  Mil.  &  St  Panl. . . 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  <t  Pacific . . . 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cieye.,  CiD.,  Chic,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Ga«  of  N.  Y. 
Deia-\vare,  Lack  a  &  W"n. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Ti-  Co  ct  aU  in  pd 
General  Electric  Co... 
Great  Northern  l^d.... 
Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  &  Western.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. . 

Louisville  &  Nashville 

Manhattan  R'y  Consol.... 

Michigan  Ctniral 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co. 

National  Lead  Co  Pfd.... 
N.  Y.  Cenfi  A  Hudson  Rlv 
N.  Y.  Lake  Eiie  &  West'n 
N  Y&N  Etst  coots  all  in  pd 
N.  Y  Ontario  &  Western. 
N.  Y.  SusQ.<fe  W'n  Pfd... 

Not  th  American  Co 

Northern  Paciho 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  &  Evansrille 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  finllion  Certificates 
Southern  Pacific  Co... 

Southern  Railway 

Southern  Hallway  pfd 
Tenn.  Coal.  Ii  on  &  R  R  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leal  her  Co 

V  S  1 1  at  her  Co  pref 

United  States  Rubber  Co. 

D,  S.  Cordage  Co 

O.  S.  «V/rdaKe  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie..  . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1,347.603 


COTTON,  in  ba  es. 
I  World's  visible.  I  Total  In  slghttl  Total  Exports. 
1896  8  143.467  9.649.035  C.654.SS9 

1894  8  609.617         I        7.315,014        I        6,11(;,639 


•"•  '•    i  August 

CMon  I  September 
[October,  .. 


WHEAT,  In  bushels.  Iwhont    < -^nly 

U.  S  Visible.     iPrimary  rec'ts'l  Total  Exports.  "  "''"•  1  September 
18951        41.258.000  2.352.000  6.4,'io307         ^„,„        iJuly, 


16911 


63  165,000 


8  603  000 


4.941.038 


Corn... 


1  September 


CORN,  in  bushel*. 
I    U.  8.  Visible. 
1895  6.884.000 

18941         8.984  000 


Primarv  rec'ts* 

1  87i',000 

1.654,000 


Total  Exporte. 
2  182i«4 
1,125  19S 


Com. 


OATS,  in  bushels. 

I    U.  S.  Visible. 
1895  6  632  000 

18911        1,745  000 


N.  T.  Stocks, 

1.281  694 
661639 


Chgo.  Stocks. 
1  735  000 
28  0U0 


Pork. 


I  LARD-tcs. 

World's  vis. 
1895        81  .4!)8 
1804         166,U45 


CUK  ,\G0  CONTRACT  STOCKS, 

PORK-bbls,!  LARD-tcs.  l  RlBS-lbs. 

180.527      9i-.,788   42.;<.).0.5b0 

67,040  I    88,600  I  16,26 1 ,555 


6.90  888 

6  95  6.88 

7  00  6.93 

70  70 

71 A  68^ 

4S.>i  48-'Vs 

4y>4  47J4 

65«  ^A 

6:%  64M 

44  42!^ 

44V6  42fi 

84  23% 

83H  82H 

11,22  11.22 

1152  11,15 

635  6,35 

6.47  6.37 

6.20  fi,20 

\  September  1 1  6.35  6.20 


Chicago  I  July 

Wheat.  \  September 

jj»'y 

•  t  September 


Thursday, 
July   11. 


Tuesday. 
July   16. 


Oata       JJ"'y- 

"*"•••  I.September 

ijuly 

1  September 


Lard       J  J"'^ 

^*™    -I  September 

Rib8...H"iy— u 


sro.496 


258,408 


6.88  6.80 

6.93  6,85 

6.98  6.91 

7l9li  71% 

rm  71,% 

50  49 

61  mi 

6.-<%  or% 

45«  41!<i 

46>,  44% 

2<H  vm. 

n%  88^4 

11.17  11.17 

USii  11.18 


105.006 


216.097 


6.80  6.80  6.75  6,75 

6.82  6.78  6.81  6  74 

6,88  6.83  6.86  6.79 

6.03  6,88  6  90  6.84 


70%  rm  "r'M 

72     .  71A  ^2 

5056    50%  49%  49^ 

51 1*.    5C?i  61>4  40 J, 

65       65    I  66%  65 

G8«    66%  68'4  65^ 

■  ■       4511,  45M  45J.4 

*'JH  4C%  45 


4.->>i 


M  2m  23W  S3% 
23%  23M  23H  23!^ 
MOD  1100  10.92  10.9-2 
11,32  11.05   11.20  lOOO 


6  40  6  32  0  30  6  .%  !  6,27  6.27 

6  52  6.40  I  6.45  6.35     6  40  6-37 

6,15  6  15  6  10  6  10     6.07  6,07 

6  87  6  17  I  6.82  6  15  I  6  82  6. 12 


16 

em 

90% 
loH 
62% 


803  697 

6,73  6,78 

6  31  6,74 

6  86  6  80 

6.91  6.84 

71%  71% 

r.'>i  71 

50  60 

50^  50 

mi  em 

60%  6G% 

45%  44 

45%  45% 

8.3''«  23H 

8a%  23!^ 

10,75  10  75 

11.00  1060 

6.88  6.22 

6.37  6.-27 

6  05  5  87 

615  6.00 


Wed.. 
July  17. 


HH    24M 
73       78 
110%  107% 
100^  100 
109^  10? 

10%   m, 

im  53Ji 
10:9^  101% 
8I!4    21 

53H    50% 
68%    68 
122%  122^ 
71%    71% 

98%    98% 
146      146 
45%    45M 
85%    25% 
143      141 


20%  19-K 
36%  35!^ 
127      127 

98*      98 


26% 
84% 
150% 

37% 
83% 

lOlH 
10% 


18 

am 


85% 
84% 
149% 
69 

ii:% 


82% 
34 

lOO?4 
10 


1^  l» 

^  ?L 

86VA  «^H 

40%  89% 


iwi  1^ 

91%  90% 

17  i^h 

53%  6;J% 


226.906 

6  82  6,82 

6.84  6.80 

683  B8« 

6,94  6  91 

709i  7094 

72«t  71 A 

49%  1.1% 

51%  50% 

66%  66 

68%  07% 

45%  44% 

46%  45% 

23%  83% 

23%  23 

10.57  10.57 

10.90  10.65 

6.20  6  20 

6,32  6  30 

6.07  6  05 

6.20  6,10 


Range  for 

July   1895. 

to  date. 


28%    23% 
14%    78 
114      105 

100%    99 

114%  107 
10%      9% 
63%    62% 
55%    53k 

1049^  100% 
22%    21 
86%    8.3% 
63«     49% 
69%    67% 

12.3%  122 
78        70?i 
40%    39 

148      146 
46%    45% 
26        249i 
146      141 
163%  161% 
131%  129% 

23%  laki 
37?|  8f% 
130      127 

99'      97 
2<^    24% 
26%    mi 
84%    83% 

150%  !469i 
60%    57% 

113%  110% 

103  102^ 
39  36M 
12%  12% 
34%  80 
85%  33% 
91^     90 

101%  100% 
10%     10 
66        48Ji 
18%     17% 

80%  zir* 

«  5% 


4% 
18%  16^ 
80%  27% 
5%  5% 
80  17>4 
174  171 
67%  61 
25        24 


Range  foi 
July  1694. 


27%    26% 

70  69^< 

105%  94!^ 

95  91 

89%  85% 

78%  to" 

49%  48^ 

107  106% 

17  16% 

77%  72% 

79^  72% 

mi  66^ 

119%  117% 

68%  63% 

S6^  8< 

105%  I019i 

141  140 

87.y  34 

17%  15% 

27%  111 

164%  158% 

133%  126% 

27%  25 

24%  ir% 

88  35% 

4%  '4% 

91%  89 

17  16% 

15%  15% 

130%  1 2,% 

46%  43% 

117  111% 

94  M 

21%  19% 

7  7 
27%  •-•3% 
mVi  87!4 
M5  8.'% 
98  95^4 
14%  13% 

m  9 

15%  14% 

40%  S8'-4 

8%  3% 

16H  12% 

15%  14VS 

8  2>i 
18%  15« 

161  1^2 

i8%  ir% 

84%  81% 

19^4  16% 

9%  8 

11%  7 

11  8% 

00  5* 

36  8:1% 

i-m  SO 

87%  3.> 

6%  fr>4 

14%  13'4 

85^  «{% 

11%  9 

44%  42! 


42% 


20%  15% 

i4!4  81% 

4',%  39 

P.      1^ 

9  8^1. 

80)4  19 

92  90% 

ir%  16% 

54%  62% 


7,01  6,75 

7,04  6.74 

7.08  6.79 

7.18  8  84 

75A  66% 

76%  6!*i 

51%  40% 

53  47% 

71  61% 

73%  62% 

47%  41% 

46%  42J4I 


25%  28%l    40%    28% 

25%  22%:  I  20%    27 

12  52  10  57    i  12.75  12  30 

12.75  10.00     12.60  12  42 

6  85  6.20   '  6.97    6.65 

6,85  6  27  |i  7.02    6.7,i 

6  45  5  87    I  6.«0    6.40 

6  07  6.00  n  6  75    6.45 


7.09  6  61 

7.13  6,51 

7.15  6,56 

7.21  6  64 

61%  64% 

P3H  1^5% 

53  44|i 

53  4f.% 

5-<%  50% 

60%  52(4 

46%  40% 

46%  40% 


1895 
1894 


OiJD  FORK,  Chgo.-bbla. 
....     bbU. 


WHEAT  on  passage. 
40.320,000  bush, 
83,696.000    " 


CORX  on  passage. 
7,6^0.000  bush. 
8,928.000    " 


Russian  Slilpmts.  for  wk. 
3.280.000  bush. 
2  600.000    " 


Indian  Shipmts  fur  wk. 

1.846.000  bush. 

140,(00    " 


Argentine  Shpts.  lor  wk. 
7&2.CO0     bush. 


t  Since  Am  M.    *  Mace  June  SOi  Compiltd  and  Copyrighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING,  NEW  YORK 


J.'H 


HOccftl^  flDarFict  Xettcr. 


copyright,  t»9i,  hy  Ctartp  S  Compmnp. 


No.  439. 


O.  W.  Clapp. 
DwiQHT  O.  Clapp. 


CLAPP    &    COMPANY, 

Bankers  anb  Brokers, 


277    BROADWAY,  Corneh  Chammri  8t.  PRIVATE  TELEGRAPH  WIRES. 

621    BROADWAY  icaile  Builoino,  Corneh  Houston). 

671    BROADWAY,  Broaow«»  Central  Hotel. 

753  FIFTH  AVENUE,  Corne»  58th  St. 

11  WASHINGTON  STREET,  SARATOGA,  N.  Y. 


X 


MILLS    BUILDING,    N.   Y.  ^ 

> 
ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE.  Q 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.  U] 


B«.«r«     1  621    BROADWAY  (CAiLE  Builoino,  CoRNEii  HoutTON).  ,  r^^^r\,^^^^^^-r^,\r,^li.Z  LJ 

BXAMCH    I  QDriAniA/Av  »  ^  ^  LoNQ  Distance  Telephone.  f^ 

o        ,.  A  b/l    BROADWAY,  Broaowai  Central  Hotel.  ,,  \J 

I  753  FIFTH  AVENUE,  Corner  58th  St.  CABLE  ADDRESS:  "  OZRO." 


Z 
H 
> 


New  York,  Thursday  Morning,  July  25,  1895. 

We  respectfully  solicit  Commission  orders  for  the   Purchase  or  Sale  of  Stocks,   Bonds, 

Cotton,  Grain  and  Provisions.  Z 

Our  private  wire  facilities  are  unsurpassed  to   all    New    York,    Chicago   and    Western 

Exchanges.      Close  relations   to  important   interests   enable  us   to   give   early    and  valuable  Q 

information,  ^ 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  p^ 

delivery.  "^ 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 

Orders,  or  by  deposit  with  local  out-of-town  banks.     The  local  bank  should  always  wire  us  at  — 

once,  at  our   expense,   stating   amount   that  has   been  placed   to   our  credit,    and  for   whose  r^ 

account,  thus  allowing  customers*  orders  to  be  filled  promptly.  Q 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances.  ^ 

credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customers.  C/3 


Financial  Outlook.  "n 

Value  is  a  term  employed  to  express  the  degree  of  desirability  of  an  article,  a  service,  or  the  4^ 
equivalent  of  either. 

Intrinsic  value  is  a  term  to  express  the  fact  that  an  article  or  service  has  desirability  not  ^ 

dependent  on  other  articles,  services  or  agreements.  n 

Money  is  any  medium  of  exchange  agreed  upon  by  common  consent  or  by  legal  enactment.  !> 

A  unit  in  money  is  the  multiple  that  by  custom  or  legal  enactment  is  expressed  in  estimating  O 

value.                                                                          .      ,  — 

An  integer  of  value  is  any  whole  portion  which  is  a  proportion  of  all  values  less  than  all.  Z 

The  value  of  gold  or  silver  is  to  be  judged  by  the  degree  of  desirability  indicated  by  the  demand  Q 
for  either,  expressed  in  units  of  money. 

As  long  as  Government  has  outstanding  promises  to  pay  nearly  1,000  million  metal  dollars  of  rH 

intrinsic  value,  and  by  common  consent  and  legal  enactment  these  paper  promises  circulate  as  X 

money,  there  is  only  one  question  in  national  finances,  and  that  is  the  good  faith  of  the  people  as  Q 

shown  in  the  maintenance  of  reserves.  -p 

Straws.— There  are  only  52  millions  of  silver  dollars  in  circulation,  and  there  are  371  million  r" 

coined  and  in  the  Treasury.    The  issue  of  gold  certificates  has  been  resumed.    The  exports  of  -^ 

merchandise^  year  ending  June  30,  were  $731,960,319,  or  $75,732,942  more  than  imports.     Immigra-  Z 

tion  276,136  persons,  or  35,476  less  than  in  1893-4.    There  are  418,676  miles  railway  in  the  world,  of  O 

which  North  America  has  201,625;  South  and  Central  America,  23,957  miles  ;  Europe,  148,230  ;  Asia,  fri 

24,102;  Africa,  7,695;  Australia,  13,067.   World's  railway  capitalization  is  about  $33,976,589,087.    The  (/) 
Government  gives  average  capitalization  of  United  States  railways  is  $62,951  per  mile,   against 
$97,099  in  Germany,  $94,751  in  Austria-Hungary,  $224,082  in  United  Kingdom,  $130,459  in  France, 
$69,234  in  Russia,  and  $47,744  average  for  the  world's  total  mileage. 

Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  13.     A  few  copies  of  1893  can  be  had  for  $2  each. 

^EEP  OUK  LiETTIiKS.     FOBTFOL.IO  FOR  FILIfiG  FO&WAUDEl>  APPLICANTS  FKEK. 

135 


2         CLAPP  &  COMPAirr.  BAITKERS  AYTD  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Stocks  and  Bonds. 

Bonds. — Market  strong  and  quiet.  New  issues  listed  first  six  months  1895  on  New  York  Stock 
Exchange,  $133,799,000.  Total  all  listed  $199,157,900,  against  $170,280,500  same  time  in  1894.  Our 
August  list  will  be  sent  with  next  week's  letter,  or  to  applicants. 

Railway  Stocks. — The  July  earnings  of  United  States  railways  reporting  are  37.9  per  cent. 
better  than  corresponding  time  in  1894,  when  the  great  strike  existed,  following  the  depression  of 
1893.  Compared' with  1892  earnings  they  show  a  decrease  of  14.2  per  cent.  New  stocks  listed  on 
the  New  York  Stock  Exchange  first  six  months  of  1895,  $56,176,900.  Total  $98,092,970  against  $63,- 
486,040  in  first  six  months  of  1894.  Leading  stocks  most  affected  by  the  corn  and  spring  wheat  out- 
turn are  Burlington,  Northwestern,  St.  Paul  and  Rock  Island,  all  of  which  now  appear  booked  for 
higher  prices.  Trunk  lines  already  show  increase  earnings  and  tonnage  both  from  local  and  through 
trafiic.  Chesapeake  &  Ohio  and  Canada  Southern  are  Vanderbilt  properties  likely  to  advance.  Atch- 
ison reorganization  and  prices  are  likely  to  be  favorably  affected  by  crops.  We  favor  paying  the 
assessments.  Missouri  Pacific  Southern  Railway  and  the  Texas  roads  will  likely  meet  with  active 
buying  orders  this  fall.  Western  Union's  friends  predict  par  before  snow  flies.  Lake  Shore  never 
sold  at  higher  prices.  Baltimore  &  Ohio  and  Illinois  Central's  experiment  with  electric  motors  indi- 
cates a  success  ;  it  is  foreshadowed,  and  a  revolution  in  power  and  equipment  and  freight  and  pas- 
senger rates,  and  a  possibility  of  doubhng  the  capital  invested  and  suggests  a  revenue.  The  Illinois 
Central's  suburban  traffic  exceeds  that  of  any  railway  in  the  world.  Twenty  active  stocks  averaged 
March  2d,  $48.75  per  share  ;  June  19th,  $59.05,  and  July  22d,  $59. "^5.  During  the  advance  there  was 
no  decline  equalling  1^  per  cent.  Prices  are  now  higher  than  since  the  spring  of  1893.  While  the 
stock  market  remained  dull  the  past  month,  the  country  at  large  made  great  progress  towards 
catching  up  with  Wall  Street's  lead.  Ordinarily  the  market  scores  advances  and  declines  as  the 
season  changes,  but  of  late  the  speculative  pendulum  seems  to  refuse  to  turn  backward,  and  is 
swinging  to  higher  ranges  than  any  existing  within  twenty-four  months  past.  The  general  position 
is  still  encouraging  from  the  standpoint  of  domestic  interests,  sentiment  and  relations  depending  on 
the  crops  and  their  price. 

Industrials. — Sugar  stock  is  still  erratic  and  but  a  speculation  that  appears  loaded  with  meth- 
ods to  beat  the  trader.  We  prefer  selling  the  stuff  on  rallies.  The  American  sugar  crop  is  about 
40  million  pounds,  and  the  world's  visible  2,130,868  tons,  or  twice  that  of  last  year.  Chicago  Gas  is 
evidently  under  Illinois  officials'  control  and  Wall  Street  manipulation.  We  do  not  think  it  will  go 
into  bankruptcy,  but  prefer  buying  it  when  less  legislation  is  wanted.  General  Electric's  possibilities 
are  great.  We  see  no  reason  to  buy  it  only  on  sharp  declines  ;  ere  long  a  successful  motor  business 
on  surface  roads  may  encourage  holders.  Lead  people  still  talk  about  dividends.  We  think  they 
are  a  long  way  off,  yet  look  for  higher  stock  quotations  as  business  revives.  Cotton  Oil  is  neglected  ; 
the  property  has  a  good  outlook.  Cordage  still  offers  to  take  money  and  issue  bonds  and  stocks. 
Tobacco  has  more  friends,  and  evidently  more  matched  orders.  Leather  people  did  not  catch  as 
many  suckers  as  expected  in  marking  up  their  paper  issues.  The  industrial  pyramid  appears  capped 
with  Sugar ;  a  layer  of  Tobacco,  Gas  and  Whiskey,  and  a  base  of  Cordage. 

Cotton. 

Exports  August  31,  1894,  to  July  19,  1895,  were  6,654,743  bales,  out  of  9,659,783  bales  that  came 
in  sight ;  last  season  same  time  7,358,8;J0  bales  came  in  sight.  United  States  ports  have  about 
305,544  bales,  against  243,308  bales  a  year  previous.  The  world's  visible  is  3,055,210  bales,  against 
2.519,879  July  20,  1894,  and  3,061,147  same  date  in  1892.  It  decreased  last  week  about  78,000  bales. 
European  stocks  of  American  and  afloat  for  Europe  are  about  550,000  more  than  a  year  ago,  indicat- 
ing their  spinners  have  taken  988,866  bales  American  more  than  last  year.  Out  of  1,538,866  more 
bales  imported,  Mr.  Ellison  claims  the  surplus  of  cotton  in  Great  Britain  and  the  Continent  is 
979,000  bales  of  400  lbs.,  or  168,000  bales  more  than  a  year  ago.  He  claims  the  American  crop  now 
promises  8,250,000  bales,  and  may  possibly  count  out  9,250,000  bales.  Mr.  Neil  of  New  Orleans 
predicts  the  crop  will  finally  equal  8>4  million  bales,  and  the  lint,  per  acre,  equal  200  pounds.  The 
movement  into  sight  now  ranges  less  than  an  average,  indicating  the  invisible  is  very  small. 
Spinners  in  Georgia  and  the  Carolinas  are  importing  cotton  from  other  States,  and  pay,  in  instances, 
half  a  cent  per  lb.  more  than  quotations  at  speculative  centres.  Stocks  in  New  Orleans  and  this 
city  are  unusually  small.    Northern  spinners  have  1,991,494  bales,  against  1,523,382  bales  last  season. 

Manchester,  Fall  River  and  other  leading  spinning  points  report  liberal  supplies,  and  wages 
being  advanced,  and  a  good  demand  for  manufactured  goods,  with  prices  higher  than  in  June,  yet 
lower  than  a  year  ago.  Exports  of  American  cotton  goods,  eleven  months  to  June  1st,  were  $499,368 
less  than  same  time  previous  season.  New  cotton  is  not  appearing  as  freely  and  early  as  in  the 
past ;  the  crop  being  about  two  or  three  weeks  late  with  many  fields  reported  clean,  and  many  as 
"  hopelessly  grassy  with  the  average  plant  small  and  puny,"  and  that  scarcely  any  July  or  "bottom 
cotton  "  will  appear,  yet  a  good  "middle  crop  "  is  looked  for  in  August.  The  last  Government  report 
made  the  Texas  condition  as  76.  That  state  last  season  made  about  one-third  the  American  crop, 
and  about  one-quarter  of  the  world's  crop.  The  prevailing  opinion  appears  to  indicate  general  busi- 
ness has  improved  about  25  per  cent.,  and  the  feeling  is  more  hopeful,  and  tendency  of  prices  is  up- 
ward, rather  than  towards  a  lower  level ;  the  change  being  practically  caused  by  seven  weeks  raia 
in  the  cotton  belt.    The  last  Government  weekly  crop  report  is  more  favorable  to  all  crops. 

I3e 


ClAPP  &  COMPANY.  BANKERS  ANII  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER  3 

I.  .  .        I  "JI     ■  J  il  I  ■'■  t      ■       I   ■■      I  i  I    111    I  I  !    ili        I       i  = 

Wheat. 

It  is  predicted  Chicaq:o  will  not  receive  ten  per  cent,  as  much  contract  winter  wheat  this 
season  as  last,  and  that  she  will  ship  more  wheat  to  various  eastern  and  southei-n  winter  wheat 
primary  markets  than  she  receives.  Keceipts  of  contract  spring  wheat  at  Chicago  for  the 
past  year  were  less  than  four  hundred  thousand  bushels,  or  less  than  any  single  year  since 
the  Civil  War.  Chicago  has  about  1,600.000  bushels  spring  wheat,  against  8,658,4«4  a  year  ago, 
and  about  double  the  amount  of  winter  wheat  or  about  14,000,000  bushels.  Wheat  shipments  from 
Chicago  of  late  to  winter  wheat  milling  points  exceed  receipts  or  shipments  to  seaboard  ports.  The 
principal  demand  for  wheat  in  Chicago  now  comes  from  Indiana,  Ohio,  Michigan  and  Texas  or  the 
states  that  have  in  years  past  been  large  shippers  at  this  season.  Primarv  receipts  of  winter  wheat  to 
date  are  scarcely  one-third  those  a  year  ago.    Ordinarily  our  exports  for  a  year  are  about  97  %  of 

grimary  receipts.  Exports  of  flour  reduced  to  wheat  last  season  were  about  G9  millions  wheat, 
liports  for  the  year  ending  July  1, 189(5,  do  not  promise  to  equal  minimum  averages.  Since  July  1  they 
have  been  about  7  million  oushels.  Last  week's  exports  were  the  least  of  any  one  week  since  Jan. 
10,  1891.  Smut  is  reported  in  many  sections  of  the  spring  wheat  belt.  Ordinarily  this  indicates  a 
light  yield  of  fair  qualit3^  Chicago  has  about  18  millions  of  all  kinds  of  wheat.  A  prophet  says 
"  that  is  more  than  she  will  receive  the  next  twelve  months,"  and  the  visible  is  likely  to  continue  de- 
creasing longer  and  to  a  later  period  than  for  a  score  of  years,  even  though  the  export  demand  be 
less  thau  usual. 

The  amount  afloat  is  only  about  an  average.  European  stocks  are  below  recent  averages. 
Great  Britain's  statisticians  are  estimating  this  season's  crop  as  only  about  three-fourths  that  grown 
in  1894.  France  promises  but  87  to  90  per  cent,  of  last  year's  yield,  indicating  an  import  necessity 
of  about  40  million  bushels.  In  May  and  June  the  world's  weekly  shipments  to  consuming  countries 
averaged  about  10  million  bushels  ;  the  past  week  they  are  but  6  millions,  indicating  the  falling  off 
being  about  equally  divided  in  percentage  from  the  four  leading  export  countries.  Argentine  ship- 
ments this  season  are  but  80  per  cent,  those  of  last  season  same  time.  India's  crop  is  now  estimated 
'iO  millions  less  than  in  May.  Apparently  the  visible  and  invisible  supplies  are  both  decreasing  at 
the  beginning  of  the  crop  year.  We  think  the  average  opinion  of  crop  guessers  forecasts  a  yield 
less  than  400  million  bushels,  with  consumption  a  little  over  a  million  bushels  per  day.  Looking 
back,  we  find  when  grain  has  been  wasted  or  fed  to  live  stock  recklessly  for  a  season  it  has  been 
scarcely  a  year  later  before  prices  doubled,  especially  so  in  corn  and  oats.  Evidently  the  foundation 
for  surprises  is  being  laid.  Wheat  for  December  delivery  is  being  sold  in  all  American  markets  at 
less  than  its  cost  to  carry.  Values  the  world  over  are  very  much  nearer  minimum  prices  than  usual 
in  July.  Water  freights  from  Chicago  to  Liverpool  are  about  10  per  cent,  less  than  water  and  rail- 
way rates  to  New  England.  We  advise  watching  for  weak  market  days  to  make  investment  pur- 
chases. Where  one's  finances  are  sufficient,  buy  a  little  at  the  market  and  increase  the  line  as  the 
price  declines,  believing,  in  the  main,  the  crop  is  short  and  prices  will  advance  materially. 

Corn. 

Total  grain  deliveries  in  Chicago  recently  have  been  45  per  cent,  less  than  any  similar  week 
since  isui.  Tlie  export  and  New  England  corn  demand  continues  large,  and  to  exceed  primary  re- 
ceipts and  to  deplete  visible  supplies.  Crop  conditions  are  almost  always  favorable  in  July.  The 
average  damage  comes  later  on  from  frost  or  hot  blasts. 

A  year  ago  this  week  hot  winds  prevailed,  causing  an  estimated  crop  of  2.000.000,000  bushels  to 
materialize  in  a  yield  of  only  1,200,000,000  bushels.  Similar  conditions  prevailed  in  18."^7.  Now  the  san- 
guine railway  guesser  predicts  a  crop  of  1,000,000,000  bushels  more  than  the  government  reported 
husked  from  1894  planting.  Personally  we  think  the  weather  has  been  too  changeable  this  month  to 
aid  in  materializing  as  good  an  ear  as  a  stalk,  and  that  it  is  possible  the  promise  now  and  later  on  will 
not  result  in  securing  more  than  2,000,000,000  bushels  from  the  1895  planting  if  average  weather  lasts 
until  Christmas  and  no  frost  occurs  to  do  damage  to  it.  Ample  moisture  has  generally  prevailed, 
yet  the  rainfall  has  been  about  two  inches  less  this  season  in  the  winter  wheat  and  com  oelt  than 
usual.  Many  cold  nights  have  prevented  an  even  and  rapid  growth.  Speculatively  speaking,  sen- 
timent has  depressed  values  to  near  a  minimum  point  or  below  those  prevailing  last  July,  when  an 
advance  of  50  per  cent,  was  scored  before  roasting  ears  were  picked.  Looking  back,  it  is  often  wise 
to  bull  the  beginning  of  a  large  crop,  as  big  crop  prospects  often  cause  a  great  crowd  to  oversell  the 
market  and  create  an  export  and  consumptive  demand  that  have  caused  sharp  advances. 

Looking  over  1881,  1887  or  1894  July  quotations  there  seems  to  be  a  chance  to  loose  only  3  or  4 
cents  per  bushel  in  purchases  of  May  corn  around  present  prices  or  to  make  20  or  30  cents.  Corn 
seldom  sells  in  May  at  present  May  quotations. 

Provisions. 

The  Price  Current  estimates  the  weekly  manufacture  of  meats  in  the  United  States  is  about 
25,000.000  lbs.,  and  cousamption  about  3-^,000,000  lbs.,  and  the  export  movement  about  15,000,000 
lbs.,  and  that  the  reduction  in  visible  supplies  is  now  rapid.  Hogs  are  slightly  higher  and  receipts 
are  beginning  to  fall  off.  That  January  provisions  are  selling  on  a  basis  of  about  one  dollar  per 
100  lbs.  less  than  prevailing  prices.  June  exports  were  11^,891,000  against  158,336,000  lbs.  in  1894 
same  tim#     Speculatively,  pentifnent  appears  arrayed  on  the  bear  side,  predicting  lower  prices. 

Packing.  March  1  to  iJuly  20,  5,146,000  hogs  against  5,060,000  hogs  same  time  in  1894. 

Yours  truly,  CLAPP  &  COMPANY. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qootations  for  Stocks,  Cotton,  Grain  and  ProYlsIons  for  Week  ending  Jnly  24,  1895,  and  lor  July,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FEOM    NEW    YORK    STOCK    EXCHANGB    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EEKLT 

Salis. 


4,655 

567 

257.383 

874 

28,098 

13.924 

1.200 

8.885 

4.045 

6.?95 

100.025 

165.580 

64.815 

273 

78.56tf 

8.850 

15,180 

250 

0.929 

400 

4.270 

900 

1.887 

840 

t7.059 

9,094 


6C0 
8.325 

1.785 

13.910 
4,t«5 

&586 

18665 
8,550 

675 
2.248 
2.800 
1.180 

631 
1.080 
1.916 
2.680 
8  8?0 
1.170 
1  890 
122  G.')5 
1042 

8.060 

8.197 

14.145 

23  02-.! 

2.510 

8.147 

]2.aiO 

87.386 

6.4.S0 

4.055 

200 

1.820 

27.000 

4.C18 

ii  025 

1,796 


Capitai. 
Stock. 


$20,287,100 
10,198,600 
86,773,000 
86,77J.000 
17,900,000 


25,000,000 
15,000,000 
22,488,000 
60.805,400 
82,262,700 
24,885,800 
46,027.261 
25.923,900 
46.156.000 
18.559.860 
39.054.907 
22.335  170 
28  000.000 
11.696,000 
85,4.30.060 
26,200,000 
85.000,000 
38  000,000 
84  091  900 
30,459,700 
25,000.000 

8,000.000 
80,000,000 
10,000,000 
11,840.000 
11,840,000 
49,466,500 
62,800,000 
80,000,000 
18.788,204 
13,000,000 
47,844.100 
47,436,576 
14.905,400 
14904,000 
89.428.300 
77.427.000 
20.000,000 
68.119.982 
18  000  000 
39,707.200 
49.000.000 
89.269,516 
20.000.000 

8.600.000 
40,426.861 
86,000,000 


68.402,900 
125.000.(100 
60.000,000 
19,850.000 
38.710.900 
60.868..500 
62  9" 1.600 
62,861,500 
20.161.000 
18.587  850 

7.60e,600 
28,000,000 
24,000,000 
94,820,000 
10,000.000 

4.500.000 


DiTTDENi)  Record. 


Payg  Spc  J-D 

Pays  8po  0-J-A-J.. 

Pays  3^po  J-J 

Pays  8po  F  MA-N. 


Paid  2po  1895 

Pays  iMpc  F-A 

Pays  IJIpc  F-M-A-N... 


Paid  Ipo  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  ipc 

Pays  7  PC  Per  Annnm. 
Paid  }4po  June  1895... 


Paysl^pc  J-D.. 
Pays  2i^pc  J-D.. 
Paid  8do  in  1898. 


Pays  2pc  M-J-S-D.... 
Pays  7po  per  annnm. 
Fays  7pc  per  annum. 


Paid  IKpc  Jan.  ]8;)3. 
Pald2pc  AnKi.stl8!»3. 
Pays  Spc  per  annnm. 


Pays  2}^pc  M-S. 


Pays  l^pc  F-M-A-N. 

Pays  8po  FA 

Paid  2po  Angnst  1893. 
Pays  l^po  J-A-J-0.. 
Paid  2pc  In  July  1895. 


PaidSpc  1891 

Paid  Ipo  In  Dec.  1804. 
Pays  l?ipc  M-J-S-D.. 
Pays  Ipo  J-A-J-0 


Paid  IMpo  Nov.  1893. 


Paid  Ipc  April  1802.. 
Paid  Ipc  in  1887.... 


Pays  2pc  F-M-A-N.. 


Paid  Ipc  In  1887... 
Pa'id's^ipo  In  1*884! 


Paid  Ipo  Jay  1895... 
Paid  2J^pc  March  15, 1895 


Pays  IHpc  J-A-J-O 

Paid  IDO  in  FebVisM! '. '. . 


Nakes  or  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atch.Top.  &  S.  F.  lstins.pd 

Baltimore  &  Onlo 

Canai;.  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Qnlncy.. 

Chicago  Gas  Cos 

Chicago.  Mil.  4  St  Paul. . . 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  an..  Chic,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware.  Lack 'a  <fe  Wn. 
Del.,  <fe  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  In  pd 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  StP  Tr  Rec 

Illlnoia  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. . 

Louisville  <fe  Nashville 

Manhattan  R'y  Consol.... 

Michigan  Central 

Mo..  Kansas  A  Texas  Pfd 

Mexican  Central 

Missouri  Pacifla 

National  Lead  Co. 

National  Lead  Co  Pfd.... 
N.  Y.  Cenfl  &  Hudson  Riv 
N.  Y.  Lake  Erie  &  West'n 
NY&N  E  tat  CO  cti  all  in  pd 
N.  Y  Ontario  &  Western.. 
N.  Y.  SusQ.  &  W'n  Pfd.... 

North  American  Co. 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Deo.  &  EvansviUe 
Philadelphia  &  Reading.. 
Pnllman's  Palace  Car  Co. 
Sliver  Bullion  Certificates 
Southern  Pacific  Co..., 

Southern  Railway 

Southern  Railway  pfd 
Tenn.  CoaL  Iron  <£  R  U  Co 

Texas  &  Pacific 

IJnion  Pacific 

U  S  LeatherCo 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 

U.  S.  Coidage  Co 

IT.  S.  Cordajce  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  <fe  Lake  Erie..  . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 1,270.887 


1995 
1H94 


COTTON.  In  ba  es. 
World's  visible. 
8  066.210 
2  519.87S 


Total  In  sight  tl  Total  Exports. 
9.0511.783  G.664.748 

7.8'>8,889       1        5,125,877 


N.  r. 

Cotton 


■July 

August..... 
September 
October.  .. 


WHEAT,  In  bushel!" . 

I    V.  S  Visible.     (Primary  rec'ts* 
1896         40.488.000  8.807  000 

18911        68  772,000         I        4  853  000 


Total  Exports. 
6.867  OCi) 
6.546  722 


l^-l'^-^-lsefaer 
P™-lsefcmbeV 


Thursday. 
July   18. 


25H 
lii" 

103% 


25J6 

mii 
l0S9i 

10 


64 

>01« 
815? 

mi 

68% 
101 
21H 
86 

f>x% 

68k 

TiM 
40K 
»9H 

71Ji 
40 

mi 

25J< 
141 

140 

ll^4 

130^ 
4694 
20H 
80^ 

CORN,  In  bushels, 
I     U.  8.  Visible. 
1895  6.941.000 

18941  8.649  COO 


Prlmarv  rec'ts* 
2  867.000 
2.128,000 


Total  Exports. 
2  941840 
1.272  624 


Chicago  j  July 

Wheat,  j  September 

Co™-ifembeV 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  5  137  000 

189l|  1.372  000 


N.Y.  Stocks.   I  Cbco.  Stocks,  r^***  • 

1.076  690        I         16')7  000  p„,v 

698 ISI        I  23  000        |^««- 


I  July... 

I  Keptember 

i  July 

'  1  September 


ILARD-tcs. 
World's  vis. 
81  .498 
106,ti45 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,i  LARD-tos.     RIBS-lbs. 

130.627     I  e<V88     '  42.795.580 

67,010    ■         88,660     I   16,881.655 


iLard 
'Ribs. 


Fridav. 
Jnly   19. 


25?^  25H 
78H  78% 
11156  108J1. 


63^  63^ 
101  100^ 
21  WA 
86%    86% 

64i    68 

89^  iM 
69      e» 

■«5«    45% 

139  186^ 
16^  162H 


859» 


Saturday, 
Jnly  20. 


26J4  2594 

73  73 

111%  llOJi 

luO  ino 

109%  109 


6Sfi  5894 

lCO%  100% 

8694  86^ 

5394  63 

60h  68J4 

72%  72' 

88M  98% 


138%  189% 
162H  162^ 


2034    SO 
St>9i    86 


84 

a>}i   26%    2C% 


Ism  151 

59%    59 
lllH  11(% 

86%    80% 


24%  24H    ^^ 

uy*  u^4  "^ 

42H  41%    « 

35%  84%    3og 

1294  12>i^  1^ 

16%  15%'   '6H 

88U  60V4   °'^ 

4042  40U    ^^ 

ill  lol^  i9« 


91 

1694 

62M 


192  584 
0,68    6.68 

6.88  ere 

6S7    6,80 
694    685 


91 
17 
62« 


S4^ 

14% 

4194 

84 

12% 

18 

15 

80 

40% 

IH 


19% 
91 
16% 
52>S 


170.178 

S.74  8.78 

6.79  6.72 

6.85  6,78 

6.90  6.82 


69%    69%    69%    69 
70%   mi  ro\   69 

49%    4S%    49       48% 


64% 
60% 
44% 
44% 

2294 
23 

10.70 
10  80 


64%'  65  6B 

65%  1  66%  65% 

4394    43H  48!^ 

43%|  44  43% 

2294    28^    82% 

22^    22%    22V4 

10.70  110.67  10.67 

10,62  ,10  85  10.77 


jJuly....,  ..I    6.25 
I  September     6.35 

;  July I  6.10 

i  September  :  6,20 


6.28 
6,80 
6.10 
6.12 


627  «K 

6  40  6  85 

6,12  «  19 

6  29  6  20 


Monday, 
Jnly  22. 


113M 

no94 

62% 
54 

10114 
21^ 
88% 
54% 
60% 

123% 

,1^ 
100% 

140% 
136% 

2i% 


Tuesday. 
Jnly  sL 


26%    26; 

74        74 
111%  114%  113% 

101       101 
109%  111%  110% 


62% 
64 

101% 
21 

86% 
63% 
68% 

im 

72% 

40 

99M 

4594 
25% 
188% 

IM 

2694 
8594 


2794    2? 
,841^    84% 
153%  151% 

59%    59% 
'18%  111% 

87%    87' 


67,850 


233,347 


6.81  6,80 

6.78    8.75    6.80  6  76 

6,84    6.82     6.86  6.92 

6.89    6,86    6  91  687 


709i 

*eH    48^    49% 
49%    4894    *i^^ 


70%   TiM    79% 
70%   72%    7 


66%  66    I  67%  66'.< 

67%  66%    6894  67% 

44  43%   46  46 

4iH  «3%   45%  48% 

28%  88  I  23%  88% 
2^  22%  22%  22% 
10.90  1090  11  10  11  10 
1100  10.82   i;.d5  10.90 


685 
6.45 
6  25 
e.85 


6.85 
6  87 
625 
625 


636 
6  45 
6.27 
637 


6,85 
687 
6.27 
6.30 


140 

163% 

131 

47% 

21 

86 


99  99 
24  24 
28  27% 
86  84% 
158%  152% 
.60%  59% 
U3%  112% 

8^    8794 

84"    88% 
35       84% 

102"     101% 

eiU  61% 

17%    17% 
27%   2r 


18% 

28% 

6% 

16% 

174 

24S4 

11% 

42% 

&i% 

12K 

13% 

16 

83% 

41% 


894 
21% 
92 

17% 
54% 


19^ 
9194 
17% 
64 


318771 

6.S0  6.80 

6  80  6.75 

6  85  6  81 

6.90  6.86 

71%    71% 

re%   7 1 A 

48%  *4i 
4994    49% 

66%  66% 

68%  67% 

45  44% 

45  44 

23%  23% 
22%  22% 
10.67  10  67 
11,00  10.77 


685 

6.37 
607 
680 


6,35 
6.80 
6.07 
6.16 


Wed., 
July  24. 


2:9^    2 

74%    74% 
114%  512^ 
101%  100; 
111%  11094 


6494  54% 
10294  101% 
22  21% 
B9%  88% 
58  56% 
6994  69 
12.3%  12.5% 
76  75% 
41^  41 
10^    9f»% 

:4e%  140% 

4;%    47% 

139%  18994 
62%  162% 
130      12994 

21%    26% 

80%    30% 


99       99 

27%    27% 
84%    ^1% 

153      153 
5994     59% 

113%  113% 

87%    87% 


8'5% 
8494 
91 


18M  1694 

175%  176 

2->%  25 

m  14% 

43%  4 -'94 

86%  80% 

I2:>4  12%! 

12%  12% 

17%  16% 

6S  84W- 

42%  41% 

IM 

2 

9% 


;^ 

8% 
20% 
9194 

.-   ir% 

54%    64 


m 


292157 


6.77  6.69 

6  S-i  6  75 

6,89  6  81 

7594  7594 

75%  72% 

494(  4)% 

49%  49% 

71%  89 

72%  68% 

44:>4  4494 

41%  44% 


il%    84% 

;3%  22% 
1.75  10  75 
1.85  10.67 


6.25  6  26 

6,35  6  80 

6.10  6  10 

6.17  6,10: 


Range  for 

Jnly   1895, 

to  date. 


28%    23% 
74%    78 
114%  105 


.  49% 

70%  67% 

123%  122 

76%  7094 

41%  39 

100%  9r94 

148%  146 


20%  16 

04%  80 

42%  89 
m       % 

29|  •% 

i'%  e% 

21%  19 

92  90% 

17%  16% 

64%  62% 


7.01  6.78 

7.04  6.69 

7.08  6.75 

7.13  6  81 

75%  6594 

7i;Hj  6<194 

51%  4fi% 

53  47% 

71  61% 

73%  62% 

479fc  41% 

48%  42^4 

25%  2294 

25^  22y4 

12  52  11)57 

12.75  10.60 

6  65  6.20 

6.85  6.27 

6  45  6  87 

6  67  6.00 


Range  for 
July   1894. 


87%  26% 

70  69^ 

10594  94% 

95  91 

89%  85% 

78%    70  " 

49%    48V4 
107      106% 
17       16^ 
77%    72% 
7994    72% 
60%    669:i 
119%  117% 
68%    6394 
3K94    84 
105%  10194 
141      140 
37%     84 
17%     15% 
127%  111 
1H4M  158% 
133%  :2694 
2r%    25 
24%    ir% 
38        86% 

'494  '4% 

91%  89 

17  16% 

1594  16% 

130%  1?;% 

46%    43% 


117 
94 


tllH 
94 


21%  19% 

7  7 

27%  23% 

39%  87!<i 

86  82% 

98  95>a 

11%  13% 

994  9 

15%  14% 

40>i  88% 

"  294 

m 


3V: 

15%  129^ 

•^^  '^ 

■^  lJI« 

im  i:% 

84%  mi 

19%  lo% 


7 

8% 
53 
3;j% 


22%  20 

87%  35 

(5%  594 

HK  13V4 

sr,4  8294 

11%  9 

44>i  42% 


7.00  0  61 

7.13  «..')I 

7.15  6.56 

7.21  0  64 


61% 
6311 
53 
62 

.';•■'% 

(iO-H 

46% 

40% 
20% 
12.75 
12.80 

6.97 
7.02 
680 
6  75 


1895 
1894| 


OLD  PORK,  Chgo. 
. . .       bbb. 


-bhls.  i     WHEAT  on  passage. 
i        88.240.000  bush. 
83,696,000    •• 


CORN  on  passag*. 
8.000.000  bush. 
6,923,000    " 


I  Russian  Sblpmts.  for  wk. 
I  8  040,000  bush. 

I  8  800,000    " 


Indian  Shipmts  for  wk.  I  Argentine  Shpts.  for 
744.000  bush.  416.000     bush. 

780.000    "  I 


54',4 

44|i 
4fi% 

50% 

40% 
40% 

28% 

•27 
1220 
U42 

6.65 
O.-.'i 
6.40 
6.45 

Wk. 


•  sinoo  Au«  81.   'Since  June  80.         Compiled  and  Copjirighttd  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BTHLDING,  new  YOEK 


138 


COcchTP  flDarftct  Xetter. 


No.  440. 


Copyright,  1S98,  hji  Clmpp  4t  Comtpmnp, 

O.  W.  CLAPP. 
OWIQHT  O.  CLAPP. 


BHANOH 

Orncttt 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


CLAPP    &    COMPANY, 

Banhei'S  anb  Brohcrs, 
MILLS    BUILDING,    IM.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 

(    277    BROADWAY,  Corner  CHAMiERS  St, 

621    BROADWAY  (Ca»le  Builoino,  Corner  Houitoh). 

671    BROADWAY,  Broaowm  Central  Hoteu 

753  FIFTH  AVENUE,  Corner  58th  St. 
^   11  WASHINGTON  STREET,  SARATOGA,  N.  Y. 

New  York,  Thursday  Morning,  August  1,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly, 

A  General  Banking  Business  conducted.    8^  Interest  allowed  on  Avera^re  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customers. 


PRESS  (NOTICES  ABOUT  OUR  1894  SOUVENIR,  "LEADING  AIMERICAN  EXCHANGES." 


ClappA  Company,  brokera  and  commission  merchants,  Mills  Build- 
\r\'4.  New  York,  have  Just  issued  a  veiy  bandsome  souvenir  In  th« 
shape  of  a  tastefully  bound  volume,  Bivingarevieir  of  their  busines* 
for  the  past  year,  and  containing  articles  on  all  the  leading  Ameri- 
can K.xchanges.  all  of  which  are  more  or  less  illustrated.  The  whole 
book  fonning  a  most  interesting  and  valuable  compendium  of  in- 
fonnation  for  the  business  community  at  large.— Transporlation, 
New  York  City,  World  Building. 

A  VALtJABLB  Book.— Clapp  &  Company,  the  wellknown  bankers 
and  commission  merchants,  whose  financial  reports,  issued  weel<ly, 
have  for  a  long  time  pixived  such  a  valuable  boon  to  the  commercial 
world,  have  issued  a  handsomely  bound  and  magnificently  ilUn- 
ti-ated  volumf-,  replete  with  infonnation  of  the  highest  value  to  the 
business  world.  Many  very  Interesting  lllusti'ations  are  published, 
such  as  the  chambers  of  commerce  of  all  the  leading  cities  of  the 
continent.— The  Daily  Tribune,  Winnipeg,  Manitoba. 

Or-APP  &  COMPANY  Statistics  for  l-9t  — Messre  Clapp  &  Com- 
pany have  just  issued  a  handsome  souvenir  book  of  the  nuctuationt 
in  prices  of  stocks,  bonds,  cereals,  provisions  and  minerals,  and  im- 
ports and  exports,  and  other  infoi-mation  for  1S94.  It  contains  also 
iiictnresof  the  leading  exchanges  of  the  country  and  their  history. 
\  is  a  compilation  of  fact.s  ccmnected  with  the  banking  and  broker- 
age interests  to  be  found  in  no  other  Ixxik.  No  one  interested  in 
blink  ins;  or  commerce  should  be  without  It.— Hebrew  Leader,  N .  Y. 

T.iTERART  Notes —Messis.  Clapp  *  Comi>any,  bankers  and 
brokers,  MilU  Building.  New  York,  haveissued  a  handsome  volume, 
giving  their  market  letters  of  1891,  with  valuable  statistics  and 
facts  relating  to  the  financial  and  commercial  movements  last  year. 
The  book  is  illustnited  with  various  cuts  and  is  as  useful  as  it  is 
unique  an  \  beautiful,  which  ia  saying  much.— Boston  £veuing 
Tiunscrlpt,  Boston,  Mass. 

Clapp  &  Company,  bankers  and  brokers,  MlIlsBulldlng,  New  York 
City,  nave  issued  a  handsome  souvenir  volume  of  1S94  containing 
their  weekly  market  lettei's  of  that  year,  with  valuable  staiisttcs  of 
financial  and  commercial  nioveiiients,  8tai)le  crop  productions,  etc. 
The  book  is  made  attiuotive  by  a  series  of  half  tone  engravings  of 


the  leading  buildinGrs  In  the  United  Slates  devoted  to  financial  uses. 
It  is  easily  one  of  tlie  leading  statistical  works  of  the  year.— The 
Vermont  Phoenix,  Bi-attleboro,  Vt. 

Tear  book  of  Clapp  A  Company,  bankers  and  bi-okers.  Mills  Build- 
ing, New  York  City.  In  our  opinion  every  man  Interested  in  securi- 
ties  or  the  geneml  maiket  should  have  this  yearbook.  Tlie  book 
consists  of  350  pages  and  contains  a  vast  amount  of  statistical  infor- 
mation invaluable  to  speculatoi-s.     Gi-eat  caie  has  been  exercised  in 

compiling  the  contents,  and  we  doubt  whether  it  has  au  equal. 

Union  Pub.  Company,  Bridgeixjrt,  Ct. 

Clapp  A  Company,  bankei«  and  commission  merchants.  8.5  Wall 
Street,  IS  Broad  Street  and  .55  Exchange  Place.  New  York  City,  have 
issued  their  189<,  published  1895  Souvenir  of  Weekly  Market  Letters 
and  valuable  information  and  comparisons.  It  is  a  valuable  leter- 
ence,  and  we  welcome  it  to  our  sanctum  library.— The  Weekly 
Floridian,  Tallahassee.  Fla. 

The  Beacon  Is  in  receipt  of  a  beautiful  souvenir  from  the  fli-m 
of  Clapp  &  Company,  bankers,  of  New  York  City.  This  company 
sends  out  letters  every  week  which  contain  a  complete  review  of  the 
markets,  crop  prospects,  price  of  moneys,  bonds,  etc.  This  letter 
comes  to  this  oince  every  week,  and  many  valuable  reports  and  his- 
torical  deductions  are  made  from  them.  At  the  end  of  the  year 
these  letters  are  bound  in  a  beautiful  gilt  edge  volume  and  sent  out 
In  this  form.  The  btxjks  make  one  of  the  best  and  most  complete 
yearly  recoi-d  to  be  found  anywhere  Itconiains  a  good  liistorj'  of 
the  trade  all  over  the  world  and  is  a  splendid  book  of  reference.— 
The  Beacon,  Great  Bend,  Neb. 

Tlie  '•  Weekly  Market  Letter"  of  Messrs.  Clapp  ft  Company,  Mills 
Building.  New  York  City,  covering  the  various  dtpanm'ents  of 
finance,  stocks  and  bonds,  wheat,  cotton,  elc,  bound  in  an  annual 
vol  nine,  makes  an  interesting  book  of  reference.  The  1894  edition 
Just  issued  is  embellished  with  Illustrations  of  Messi-s.  O.  W.  Clapp 
and  Dwlght  O.  Clapp  and  the  vnrious  exchansres.  An  interesting 
feature  tti-e  fac  similes  of  Mr.  O.  W.  Olapp's  membership  tickets  in 
the  ChicRgo  Board  of  Trade  from  l&M  to  idia.— Xhe  Cluonide,  New 
Yurk  City. 


X 

"0 

> 
o 
m 

o 
o 
z 

H 
> 

i 

0) 

o 

> 

r 
< 

m 
o 
O 
:o 
o 
(/) 

o 


r 
m 
> 

o 

z 
o 

m 

X 

o 

> 

z 
o 
m 

C/5 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  bo  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1S93  can  be  had  for  $2  each. 

KEEP  OUK  L.ETTEKS.     POBTFOLJO  FOR  FILOG  iOBWARDED   AJ»PLICANTS  IKEE. 

i:« 


2         CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

When  foliage  begins  to  turn  the  politician  commences  to  agitate  the  atmosphere  in  hor"©  of  a 
November  windfall.  The  shaking  of  political  trees  may  cover  the  ground  with  me  dead  ^eaves  of  a 
prematiire  " sound  money"  boom.  Agriculturalists  may  need  the  education  of  a  success  at  the  polls 
without  corresponding  benefit.  The  Government  deficit  cannot  be  met  this  year  with  anything  but 
borrowed  gold. 

Straws. — Government  expenditures  for  July  exceed  receipts  about  $10,000,000.  Wool  sales  in- 
creased in  four  weeks  ending  July  27  to  44,778,864  lbs.,  against  29,220,750  lbs.  same  time  in  1892, 
Domestic  mills  are  only  using  6,000,000  lbs.  per  week.  Imports  of  woolen  goods  are  large  ;  of  dry 
goods,  exceeding  82  million  dollars,  or  any  previous  similar  period.  Exports  of  merchandise,  first 
half  1895,  are  $16,573,587  less  than  those  same  time  in  1894;  imports  are  $47,787,119  more,  the  balance 
against  the  United  States  being  $98,459,745,  averaging  recently  four  millions  per  week.  United 
Kingdom  decreased  exports  0.71  i  and  decreased  imports  3.47  %  in  the  same  time.  Our  Government 
should  aid  in  promoting  and  pushing  the  trade  of  American  producers  among  foreign  people.  The 
iron  production  of  18^5  may  exceed  any  year  or  that  of  any  country.  Prices  of  iron  and  steel  have 
generally  advanced  about  30  ^. 

Stocks  and  Bonds. 

Bonds. — Governments  remain  around  highest  figures.  Chinese  loan,  guaranteed  by  Russia,  and 
offered  at  4  j^  yield  will  probably  be  over-subscribed  at  Paris.  Good  securities  strong  everywhere, 
with  tendency  to  lower  net  yields.  Many  American  railroad  bonds,  reported  in  our  August  list,  we 
think  will  sell  higher. 

Railway  Stocks. — 44  roads,  2d  week  of  July,  show  gain  of  7.79  i  over  last  year.  Burlington, 
Northwestern,  Rock  Island,  St.  Paul,  Omaha,  C.  C.  C.  &  St.  Louis,  Wabash,  Atchison,  Missouri 
Pacific,  and  the  Texas  roads  are  all  corn  carriers  and  leaders  of  the  recent  advance.  Some  heavy 
corn  crop  years  have  been  low  dividend  years  for  railroads.  The  market  appears  to  be  drawing 
against  a  2/4  bilhon  bushel  corn  crop,  that  good  corn  weather  in  August  will  almost  certainly 
materialize,  ^he  general  advance  since  March  exceeds  10  points.  From  1877  to  1881  St.  Paul  rose 
from  11  to  129;  Burlington  from  78  to  182;  Northwest  from  15  to  136;  R.  I.  from  63  to  148;  Lake 
Shore  from  45  to  135;  New  York  Central  from  77  to  155;  Union  Pacific  from  57  to  131;  Jersey  Central 
from  6  to  112.  Coal  roads  are  doing  good  business.  Texas  roads  and  low  priced  properties  will 
likely  soon  find  energetic  converts.  The  London  market  will  be  closed  until  Tuesday,  August  6,  it 
being  suramertide  bank  holidays.  The  general  feeling  on  the  Stock  Exchange  is  bullish.  It  seems 
to  be  conceded  we  are  approaching  a  higher  lever  and  more  activity.  Many  properties  now  have 
little  pools,  each  anxiously  working  for  a  good  and  permanent  rise. 

Industrials. — Sugar  is  the  leader  and  booked  for  higher  prices,  based  on  advancing  rates  for 
raw  sugars  and  manipulations.  Leather  and  rubber  continue  examples  of  clever  manipulation. 
Gas  and  Distillers  are  still  manipulated  in  Wall  Street  and  the  Courts  until  their  friends  and  ene- 
mies are  tired  and  see  no  radical  direction  for  either.  Lead  and  Cotton  Oil  properties  appear  doing 
a  legitimate  business.  General  Electric  manager  appears  once  again  aiding  the  property  and  book- 
keeping to  show  that  expenses  are  more  than  earnea  ;  perhaps  it  precedes  manipulation  in  the  stock. 

Cotton. 

The  cotton  market  has  many  more  friends  than  foes.  Crop  reports  continue  very  conflicting. 
Reports  of  spinners'  stocks  in  old  spinning  districts  are  equally  conflicting.  Spinners  in  the  cotton 
belt  are  reported  paying  about  half  to  ^  of  a  cent  per  pound,  or  about  $3  per  bale  more  than  futures 
sell  at  in  New  Orleans  or  this  market,  which  are  equal  or  in  excess  of  prices  prevailing  a  year  ago. 
American  spinners  takings  past  11  months  equal  2,727,553  bales  out  of  9,671,151  bales  arriving  in 
Bight  to  July  26.  In  August,  1894,  there  came  in  sight  159,296  and  1893,  216,746  bales.  In  1894 
2,909,324  bales  came  in  sight  from  September  1st  to  November  2d,  inclusive,  or  about  30^  of  the 
crop.  This  percentage  of  movement  is  about  an  average  and  may  be  taken  as  a  practical  key  to 
the  present  crop  after  90  days  have  past,  especially  so  if  average  weather  and  conditions  prevail  from 
this  on  until  Christmas.  The  world's  visible  is  493,232  bales  more  than  a  year  ago,  or  about  17  %. 
Last  week  it  decreased  151,000  bales,  or  more  than  any  previous  week.  India  and  Egypt  shipped  to 
Europe  1,318,000  bales  against  1,676.000  the  previous  season.  Great  Britain's  export  of  cotton  man- 
ufactures for  9  months  ending  June  30  was  945,173,000  pounds  against  935,739,000  corresponding  270 
days -previous  year.  Their  exports  of  cotton  goods  tor  the  9  months  increased  21  j6  and  were  34 
million  yards  more  than  same  time  in  1892-3.  Their  exports  of  cotton  piece  goods  to  North 
America  increased  over  21  ^  over  1894,  and  were  34  million  yards  more  than  in  1892-3  same  time. 
U.  S.  domestic  exports  of  cotton  goods  since  January  1,  1895,  are  128,079  packages  against  140,843 
packages  previous  year,  with  a  heavy  falling  off  in  China  trade  and  small  gains  in  South  and 
Central  America.  We  imported  59,006  packages  cotton  goods  against  31,595  in  same  time  last  year. 
There  were  imports  of  83,963  packages  woolen  goods  against  20,544  packages  same  time  last  year. 
Cotton  is  not  high.  Bears  are  few.  Market  is  dull  with  trading  on  Cotton  Exchange,  often  only 
resulting  after  long  intervals.  Speculation  is  too  apathetic  in  the  cotton  arena  to  cause  any  material 
change  until  more  is  actually  known  of  the  crop  and  spinners'  wants. 

140 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER.  8 


Wheat. 

Eastern  Europe  now  promises  average  or  good  crops.  Rye  being  about  10  per  cent.  less. 
Western  Europe  a  shortage.  Russian  exports  are  falling  off  as  is  the  usual  case  about  harvest  time 
with  all  countries.  Argentine  shipments  since  January  1st  have  been  33,112,000  bushels  to  July 
12th  and  about  40,000,000  bushels  to  date  since  August  1,  1894,  about  51,000,000  bushels.  Indian 
shipments  April  1st  to  date  are  9,316,000  bushels  against  5,028,000  bushels  same  time  in  1894.  The 
world's  shipments  the  past  week  were  about  5,250,000  bushels  against  a  May  average  of  over 
10.000,000  per  week.  The  four  leading  countries'  clearances  may  fall  short  in  August^  if  so,  foreign 
demand  may  spring  up  for  wheat.  Our  exports  per  week  are  practically  now  where  they  were  four 
years  ago.  It  is  nearly  five  years  since  a  week's  exports  was  less  than  1,000,000  bushels.  Total 
world's  shipments  August  1,  1884  to  July  ITth,  exceed  those  previous  year  by  22,248,000  bushels. 

It  is  believed  England  has  but  a  small  stock  of  flour ;  that  India,  Argentine  and  North  America 
will  be  compelled  to  ship  in  homeopathic  cases.  Our  primary  markets  in  July  received  5,500,000 
bushels  ai^ainst  13,855,000  bushels  in  July,  1894.  A  few  cars  of  new  spring  wheat  have  arrived  in 
good  condition  and  weight.  The  winter  wheat  movement  shows  varied  conditions  and  weight. 
Sales  of  binding  twine  nearly  double  that  of  a  year  ago.  St.  Paul  reports  the  10,000  acres  on  the 
Dalrymple  Farm  will  grow  350,000  bushels  and  is  badly  damaged  by  smut.  That  the  only  year  fit 
for  comparison  was  1.^81.  The  Orange  Judd  Farmer  predicts  a  spring  wheat  crop  of  165,000,000 
bushels  and  a  total  of  405,000,000  bushels.  The  Prairie  Farmer  estimates  the  spring  wheat  crop  at 
170,000,000  bushels.  The  spring  wheat  acreage  in  1891  was  12,994,000,  condition  July  1,  94.1  per  cent. ; 
July  1,  1895,  the  acreage  was  10,425,000  and  condition  102.2  per  cent.  In  1891  condition  gained  in, 
June  1.5  per  cent.;  last  June  it  gained  5.6  per  cent.  August  1  the  condition  was  95.5  per  cent.,  or 
1.4  per  cent,  better  than  previous  month.    Grain  traders  are  generally  bullish. 

GOVERNMENT   ACREAGE,    CROP,    AND    DISTRIBUTION   OF   WHEAT   FOR   PAST   TEN    YEARS. 


1895 


1894 


1892 


1891 


1890 


1889 


1888 


1887 


1888 


Acreage  e!<timated 

Crop  Report  tn  Beo 

Quantity  neverrep't'd  tnsigbt 
previous  to  June  30 

Primary  receipts  to  June  80. . . 

Kx-'orts  wht  &  flour  to  Je.  80.. 

Visible  July  1st 

Visible  Dec.  Slst 

Visible  Juiy  30 

High  &  low  cash  wht.  In  Chi- 
cago July 

Average  export  price  year 
endipg  JnneSO 


83,915,598  88,284.764  |  34.629.000 
460,267,416.396,131,725 

307,088,416  226,181.725  250,949.000 

15a,.579.000  162.700.000  265.000,000 

145.985,021  168,500.000  192.000,000 

41,561,000  54,867,000  62,316  000 
88,561,000  80,230.000 

89,229,000  57,144,000  59,349,000 

61)^  71}^  '  5096  68>^  54  6«^^ 
57.6   I    67    I    80 


88,554.430 
515,949,000 

863,780.000 

248.000.000 

226,000.000 

24,2(a.000 

81,238,000 

23,992,000 

78  80>6 

103 


89,916,897 
611,780,000 

275,262.000 
124.000.000 
106.000,000 
13,590.000 
45,908,000 
16,768,000 

85       08 


88.087,151  I    88,123.869 
399,262,000     490,560,000 

366,560.000     32-3,868.000 


124,000,000 
110,000.600 
20.174,000 
25.4;(J,000 
18,463,000 


92,000,000 
8.3.600,000 
15,301,000 
83,972.000 
12,185,000 


85   94^  77M  85 
83    I   87.9 


87.836,138 
415.868,000 

341,829.000 
115,000.000 
119,625.344 
23.619.000 
88,321.000 
22,190,000 

79       86 

8S.8 


87.641.783 
456,329,000 

,3v'9,218,000 
128,000,000 
153,804,870 
34,413,000 
44,422,000 
83,141,000 

679^    79 

88.0 


86,806,184 
457,218,000 

269.112.000 
88.000,000 
82.565.';  98 
28.218,752 
62,780,000 
84,667,000 

7^  a 

87 


Corn. 

Nearly  every  one  of  our  50  States  promise  to  have  a  full  average  com  crop.  We  do  not  believe 
the  1894  and  1895  crops  will  equal  average  yearly  consumption  from  1888  to  1893  inclusive.  This 
visible  and  invisible  supply  is  disappearing  rapidly.  Cash  corn  commands  a  premium  in  Chicago 
over  September  delivery  and  is  in  good  demand  for  shipment  to  both  New  and  Old  England,  and  can 
be  laid  aown  in  Great  Britain  about  as  cheap  as  in  New  England.  The  average  export  price  of  com 
year  ending  June  30, 1895,  was  53  cents  per  bushel,  or  only  about  5  cents  less  than  wheat.  December 
and  May  corn  are  both  selling  at  about  minimum  prices  in  Chicago.  We  think  the  chances  for  a 
rise  far  greater  than  for  a  decline. 

Our  Mr.  Dwight  0.  Clapp  just  returned  from  a  western  trip  says  :  "I  am  a  bull  on  all  com 
futures  because  prices  and  old  supplies  are  near  a  minimum,  with  large  demand  exceeding  supplies. 
No  contract  corn  can  be  delivered  from  new  crop  on  contracts  next  four  months.  August  weather 
may  not  be  favorable ;  it  requires  at  least  six  weeks  yet  to  secure  the  crop  outside  of  a  possible  frost. 

Oats. 

It  is  estimated  80,000  less  street  car  horses  eat  oats  than  a  few  years  ago.  Hay  is  being  shipped 
into  Illinois  and  commands  more  per  ton  in  some  places  than  oats.  The  quality  and  quantity  where 
thrashing  has  been  done  is  not  up  to  expectations  ;  Iowa  alone,  now  claiming  a  good  yield.  Prices 
are  not  mgh,  the  ■visible  is  decreasing  rapidly.    Cash  oats  in  Chicago  commands  a  premium. 

Provisions. 

No  new  features  appear  likely  to  affect  values  in  the  near  future.  The  export  demand  is  a  little 
larger.  The  domestic  demand  is  poor.  Chicago  stocks,  August  1,  1895,  are  not  expected  to  show 
much  if  any  decrease  in  July.  The  bears  appear  more  in  control  than  the  bulls.  The  Argentine  and 
New  Zealand  cattle  are  competing  with  meats  in  European  markets.  Argentine  exported  to  Loudon 
first  five  months  1895, 11,847  head  of  cattle,  and  to  all  countries  in  1894  about  220,490  head.  Packing 
from  March  1  to  July  25  was  6,305,000  hogs,  or  s£ime  as  last  season. 

Yours  truly,  CLAPP  &  COMPANY. 

141 


CLAPP  &  COMPANY,  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatiOQS  for  Stocks,  Cotton,  Grain  and  ProTisions  for  Week  ending  July  31,  1895,  and  tor  Joly,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  B.  and  Am.  Tobacco  Co., 


FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EEKLT 

Capitai* 

Sale*. 

Stock. 

DiTISEMD  RiCOBD. 

Naves  or  Stocks. 

600 

$20,237,100 

10,198,600 
36.773.000 

Amencao  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co  . 

590 

Pays  .3pc  J-D 

76.396 

Pays  3pc  0-J-A-J 

1.704 

86.773.000 
17.900,000 

Pays  Si^po  J-J 

Am.  Sugar  Refining  Co  Pf. 
American  Tobacco  Co 

5.188 

Pays  3pc  F  M  AN 

64  948 

Aicli.Top.  &S.  F.2din£.pd 

Baltimore  &  Onio  

Canada  Southern 

1  810 

85,000,000 
15,000,000 

Paid  2do  1895 

1.825 

Pays  lUpc  F-A 

Pays  l^pc  F-M-A-N.... 

8.985 

22,488.000 

Central  of  New  Jersey.... 

3850 

60.805.400 
82.262.700 

Chesapeake  <t  Ohio    

Chicago.  Bur.  &  Quincy.. 

125.868 

Paid  Ipo  Dec.  1K94 

141.410 

24,885.800 

Pays  Ipc  M-J-S-D 

Chicago  Gas  Cos 

111666 

46.027,261 

Paid  Ipc  

Chicago,  Mil.  &  St  Panl... 

1482 

25,923,900 

Pays  7  PC  Per  Annnm.. 

Chicago  Mil.  &  St  I'aul  Pfd 

89.481 

46.156.000 

Paid  Jtpo  June  1695 

Chicago,  It  I.  &  Pacific... 

3.t)65 

18.659.360 

Chic.  St  I'auI  .M.  &  Omaha 

81.897 

39.054.907 
22,335  170 

PaysiKpc  J-D 

Chicago  4  North  western. 
Chicago  &  Northw  n  Pfd. 

170 

Pays2K.pc  J-D 

6.014 

28  000.000 
11696,000 
85,430.060 

PaidSpc  in  18'J3 

Cleye.,  Cin.,  Chic.,&  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  Y. 

1.025 

1.260 

i'a'ys  2po  m-j-s-d!!"!!! 

1.700 

26,200.000 

Pays  7po  per  annum.... 

Delaware.  Lack  a  &  W'n. 

2,029 

86  000.000 

Pays  7pc  ter  annum.... 

Del..  &  Hudson  Canal  Co. 

842 

38  000.000 
84  091900 

Denver  A  Rio  Grande  Pfd 
Dis  &  C  F  Ti-  Co  ct  all  in  pd 

24.050 

Paid  i^'po  Jan.'lms.'.'.'. 

6.284 

30,469,700 

Paid 2pc  Aug.. St  1893.... 

General  Electric  to 

2.5,000,000 

PaysSpc  per  annum.... 

Great  Northern  Pfd 

8.000.000 
50,000,000 

Green  Bay  W  &  St  P  Tr  Reo 
Illinois  Central 

1,230 

Pays  bj^po  ii-s."!!!!!!; 

1.125 

10,000,000 

Laclede  Gas  Co.  of  St  L.. 

4,141 

11,840,000 
11,840,000 

Lake  Krie  &  W'e.'-teru.   . 
Lake  Erie  &  Western  Pfd 

1.558 

Pav8  Vhpc  f-m-a'-n.'!!! 

2.348 

49,466.500 

Pays  .3pc  FA     

Lake  Shore  &  Mich.  So'n.. 

53  695 

52.800.000 

Paid  2pc  August isas.... 
Pays  ]^«pc  J-AJ-0 

Louisville  <fc  Nashville.... 

3.918 

30,000,000 

Manhattan  R'y  Consul... 

585 

18.738,204 

Paid  ipc  in  July  1895.... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 
Mexican  Central 

10G05 

13,000.000 
47,844.100 

50  420 

47,436,576 
14.906.400 

Paui -Spo  1891'.,!.. 

Mi.ssouri  Pacific 

10.629 

Paid  Ipc  In  Dec.  1804..,. 

National  Lead  Co 

1.643 

14,904,000 

I'ays  l9^pc  M-JS-D 

National  Lead  Co  Pfd.... 

l.it'O 

89.428.300 

Pays  ipo  J-A-J-0 

N.  T.  Cent'l  &  Hudson  Riv 

880 

77,427,000 

N.  T.  Lake  Erie  &  Wesfn 

2.855 

20.000,000 

NTAN  E  tst  CO  ct*  all  in  pd 

2.180 

58.119,982 
18000  000 

N.  Y  Ontario  &  Western.. 
N.  Y.  SuSQ.A  W'n  Pfd.... 

5.S60 

i'ai'd  i'Hpo  Not.  1893!!! 

5,975 

39.767,200 
49.000.000 
89,269,546 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

8.247 

8.110 

Paid'  Ipc  April  1892!!!!!! 

2.8.50 

20,000,000 

Paid  Ipc  in  1887 

Pacific  Mail  S.  S.  Co 

900 

8,500,000 
40.426.361 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading.. 

44  746 

2.825 

88,000,000 

Pays  2pc  F-ii-A-N 

Pullman's  Palace  Car  Co. 

10.000 

Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenu.  Coal.  Iron  &  R  R  Co 

S.350 

68.402,900 

12.5,00().(X)0 
60.000,000 
19.8.50,000 

7.482 

16.764 

15  715 

Paid  ipc  In  1887....!!.. 

^310 

38.710,900 
60.868,500 
52  901.500 
52,361,600 

Texas  &  Pacific........... 

5  468 

Paid  3i^po  In  1884 

Union  Pacific 

5.1.50 

18.878 

Paid  ipc  A'ay  isos!!!!!! 

U  S  Leather  Co  pref 

1,880 

20.166.000  [Paid  2^po  llarch  15, 1895 

United  States  Rubber  Co. 

8,148 

18.587  350  1 

U.  S.  Cordage  Co 

979 

7.606,600  1 

IT.  S.  Cordage  Co  pfd.... 

8.655 

28,000,000 
24.000,000 

Wabash              

22.512 



Wabash  Preferred 

18  788 

K820,000  iPays  l^po  J-A-J-0 

Western  Union  Tel.  Co... 

21..365 

10.000,000 
4.500,000 

Wheeling  &  Lake  Erie..  . 
Wheeling  &  Lake  Erie  PM 

1,285 

T'ald  Ipo  In  Feb.  1694.!!. 

Thursday.     Fridav.    Saturday, 
July   25.     July  26.     July  27, 


11.3^ 

10I^ 
iio?2 

UH 

tHiVi 
108^ 

21f4 

89  Ji 
5tM 

12.% 

lOOH 

47H 

140 

131 
47% 

mi, 

86 


75 

112H114 
IOIV4I  .... 
UOM  llOM 

uy*\  15 

63!tjI  64 
54>^'  54« 
102      104 


21 H 


22 

mi 

55  Mi 

69^; 

I23H  125 

4ml  4i% 
99^101 

.     146^ 
47       48 

140      140 
lolH  162% 

lao   1 181 

47^ 


75 
1:8H1I3« 


110^ 
144v 
63H 
54Si 

103 
2lH 
89W 
5.JK 
69% 

124^ 

•  6^4 

4IH 
100 
14U>4 

47H 


2i^* 


Total  salet  of  all  Stocks  each  day  and  for  the  six  days. 


1.277.72r 


COTTON,  in  ba  es. 
I  World's  visible. 
1895  2  914.182 

|H9i|  2  420.950 


•"•  ^-  J  August..... 


28^ 

27^ 

85 
153 

69^ 
1I2H 
100 

8?Hi 

84 

\i) 

55 
17^ 

291^ 

6 

!(*?< 
28W 
6 

im 

2694 

14 

42« 

30>4 
12>5 

18>i 
»9 

IH 

9 
21  ^^ 
«1J6 
17^8 
53^1 


8'H 

36?4 


140 

161« 
13UH 

2iM 
86% 


23k  ^ 
27«  2-M 
S4%JIo3W 
152*,,153>i 
59Ji'  60!^ 
112>^  113^4 
100  101 
8.-W   38« 

im  34« 

84>v    .... 

lOlJb  log" 
10    I   ... 
64^    65 
IJH 


22 

92 

70?i 

78>i 

lOlH 

48^ 
86 


4S 


99H 
2:>»i 


2714 


99M, 

23 

2'.14 

^39s' 
IM     |»32?4 

59%'  60)i 
113      113 
101 

37?4    87J< 


na 


356 
6 


5>« 
2U 


a»>«;  29« 

6         6>^ 
l?h     16 

i;t)>aii; 

25k'  26' ■ 
13J6  14M 
*^i^[  42?4 

12%    12Ji 

irh!  i:h 

WH  87 
41^ 


1 

1J4 
9 

20H 


214 

-..-  2m 

9m  91% 

16^6  17)4 

63h  52% 


64 

l7Va 
29W 

6 

1S% 
88^ 

ey4 

17Hi 
17<J 

85« 
14  ^* 
4i!* 
85k 
li^ 
Khi 
16?4 
S5?4 

4m 

1^4 

2M 
9H. 
21 

9lH 
I6vi, 
52k 


112^ 


1494 

54H 

82 

90k 
64 

im 
rm 
101' 

48"' 


48 

21^4 


99U 
87M 

152 

113 

87Ji 


Monday.    Tuesday.       Wed..      Range  for  'Range  for 
July  29.     July  80.     July  8L     July   1895.  July   1891 


28       87k 


1:6 

103 

111 
1594 
65 
5494 

104'4 
22% 
9^ 
hb% 
72!^ 

I26k 
7i% 
41% 

102% 

49" 
25 


113k 
10194 

110!^ 
151^ 

64k 
5494 
103U> 

22k 
9196 
54!^ 
71k 

125 
7896 
4196 

10194 

*m 

86 


27k 
74k 
116J6 

111' 
16 

54W 

iu;i% 
•2-'96 
91-94 
56% 
7194 

If^ 

lOlH 


l63      182 
'80k  180>6 
48k     4^'-^ 
81k     20 
36^    85% 

loou  166 


MJi    84>i. 


91k 

101% 

10k 


91k 

101?* 

lok 


SUM  80 

6*1  'sk 

29H  29k 

1794  ir94 

176  176 

66H  6tfk 

26  88 

14k  14k 

42%  42% 

35^  85k 

12%  12% 

i3>6  im 


28 
'52 
>18 


27  k 

&^94 

15194 

6096 
112 


889ii    S^ 


35k 
35k 
9194 
'02k 

'^ 
17*4 
SOT- 


27k 

r4k 

11594 

nok 
15k 

64k 
103k 
sSk 

91k 

55k 

71k 

78k 

■41k 

101k 


4S94    48'., 
26       25 


48^ 


48k 
80% 


lOOJi  100% 
27%    27k 

mi   f^^k 

151       151 

62%    61k 
i:4k  113 
101       101 

38k    3794 


594 
1994 
29k 


26k 
1496 
43k 
36k 
12Ji 
14 
17k 
88 
41k    41k 

Ik 

194  2k 

9k  996 

21k  21^ 

91%  92.W, 

17  17k 

63k  54 


8494  a594 

35%  3li^ 
91>4  91k 
10194  102k 

10k      - 

m 

80k 

656 

5k 
19% 
29k 

6k 
1756 


86 

I4k 

4-294 

3d 

12?6 

13k 

17k 

87 

4096 

Ik 

2k 
9k 

21k 

92 

17 


26 

Mk 
42,k 
8594 
12% 
18J* 
17% 
87k 
41k 
Ik 
2k 
9k 
81% 
»2% 
1656 
52k 


181.517        885.600 


887,265        208.289 


•  •  :  6.T8  6.76 

Total  Id  slphttl  Total  Exports.  I  •"•'•  J  August.....!!  6.75  6  72    6.79  6.72 

9.671.15:               0.674.764           Ob«o»  ]  September  i    6 '1  6.79    6.83  6.79 

7.367,915        I        6,143,143        '                |  October.  ..     6  87  6  84    6,89  6.84 

7496  7496'  7894  7894 

75%  74k    :5k  73% 

48%  4-%    48k  4Sk 

4994  485«    48k  43u 


WHEAT,  In  bushels.  iwh^ot    I  .Tuly. 

I    V  S  Visible.     iPrimary  rec'ts*!  Total  Export*.  "  "*"•  }  September 

1805         89.229.000  6.500  000  9.160  795         L^  J  July 

18941       57144,000        I      18855  000       |      12.777  848        r  I  September 


CORN,  in  bushels. 
I    U.  S.  Visible. 
1895  6.207000 

18941  8.973  COO 


\Chicago\  July 

IPrimarv  rec'ts*!  Total  Exports.  IWbeat.  I  September 

5  124.000  4.138  972        L„_        (July 

I       5.465,000  2.851952        r°™-"  )  September 


OATS,  in  bushels. 
I    U.  s.  Visible, 
1895  4  887  000 

I8O4I         1,247  000 


N.T.  Stocks, 
832  603 
491  759 


Cbeo.  Stocks.  i°*** 

1896  000 
185  000 


6.77  6.75 
6,88  6,80 
6.87    6.85 


6.76 
680 
686 


6.74  1 
6,7<»| 
6.83 


27       87 

11676  11554 

10494  104 
112      110k 
1594     15k 

51%  54ii 
lO'Jk  102k 
22%  2194 
91%  il'<^ 
57?4  55% 
72k  71 
127  127 
79-'»4  7794 
41%  41k 
103      lOlk 

49"     48k 
25k    •■» 
141      141 


21       20% 

36k    86>6 


24       24 
2794    '^ 
83%    -'394 

I50k  149J4 
62%    62 

114      1I3k 

101     10094 

39k    37% 

8794  85% 
30%  8156 
92  91k 
102)6  102% 

6«k 

2994    29>4 

6k      6 

5k      6 

19k  189i 
--■    29 

ek 
..>.,   iv% 

176^  l7<5k 

26k    2594 

14k     I4i^ 

*'^  !i^ 
8794    *^ 

X-^X  }^ 

14k  **^ 

17k  17 

87k  87k 

41  41 

Ik  1^ 

2k  2k 

9k  9k 

22  819* 

92k  9Jk 

17%  IG% 

52%  52k 


840  883 


8  76  6.75  8.88  6.76 
6  79  6  77  I  6  87  «  80 
6.84    6.82;  6,93    684 


75%   75H    76 
-    -     7594    75 


76       731 J 


75%  7596  76  - 

75%  74k  '656  75,«»i       .. 

48k  48  48k  48k  48%  4ik 

48%  48  48%  46k  4Sk  47J6    48k    48^ 

69J6    69'^    68%    68%   70%  70%  7: k  71     I  70^6  70       68^    6856 

;2k    70k    71k    69kl  7i%  70!^'  72%  71k  71k  70%'  7094    69k 

44k    43%    43%    43     i  43k  4294  <3k  43k  43k  42-^    4^%    42^ 

4494    439i    43%    429-4    43%  42%  43%  4294 1  48  42%|  48        42% 


Pork. 


(July 24k    24k'  24       839412894    2394    ^3%    28k'  2.394    2394    22% 

•(September      23       22U    22%    22'S'  2294    22^^    22^*4    22k   23        22M,    2.'% 
jjuly -10.65  10.0.>    10.57  10.57   10,55  1055    10  72  10  72   10,30  10  30  1  9  90 


22% 
2296 
990 


-!l 


1895 

1894 


LARD-tcs.  I    CHICAGO  CONTRACT  STOCKS. 

World's vis.|PORK-bbls,l  LARD  tcs.  ,  RlBS-lbs. 
81  .498  130.527  9n,788     I  42.795.580 

166.645     I  57,040     '  28.500     I   16,281,555 


JLard. 
iRibs. 


(July.....  ..1  6.22 

I  September  1 1  6.32 

puly l]  6.05 

September  i   6.20 


6.22 
6.30 
6,05  ■ 
6.12 


620 
632 
«.05 
6  12 


620{  625 
6  80  I  6.32 
6  05  6  05 
6  10  I  6.15 


6.25 
6.30 
6  05 
6  12 


630 

6  37 
6.10 
6  22 


6.30  1 
6  30 

6.;c 

6.15 


6  17 
6.32 
5  95 
617 


6.17 
6.25 

5.95 
6.05 


6.10 

6,27 
5.S0 
6.05 


6  10 

6  15 
580 
6,87 


88k    23k 

116^6  105 
10494    99 
114%  107 
16        1-294 
65        62% 
65%    5394 
104.H  100k 
22%    20k 
92%    8.3% 
6394     4956 
72%    67k 
127       122 
7994    7094 
4194    39 
102%    9794 
14Sk  1-16 
49        45k 
26       »494 
145      18694 

icsk  :61k 

131J6  l29k 
48k  4694 
23k  19''4 
37%    8?k 

130      Vil 

lOOJi    97 
26k    83 
28        2394 
85       dSk 

153%  14694 
62%    57% 

114k  llOk 

108   100 
39   S6k 
12k  12% 
S7>4  80 
86%  83k 
92   90 

10296  10094 
1056  9% 

5bk  4694 

i8k  :7k 

8056  27k 

6k  6k 

556  4k 

20  lC>i 

80%  2794 

6k  6% 

•20  16% 

177  171 

67%  67 

26k  24 

14%  1356 

44k  40H 

40%  ..'2% 

13k  l^,'' 

14k  1294 

20%  16 

94k  80 

42k  39 

Ik  % 

294  1^4 

!'96     896 

22  19 

■iiH  9096 

1756  18% 

54J6  62k 


7.01  6.78 

7.04  6.69 

7.08  6.75 

7.18  6.81 

76  6694 

7656  if^A 

51%  46k 

53  47k 

71^  61k 

73k  62k 

47%  4156 

4(Jk  42k 

25k  82% 

2594  2-3k 

12  52  9  90 

12.75  10  UO 


665 

6,85 
6  45 
6  67 


6.10 
6  15 
5S0 
5.87 


27%  26k 

70  69>4 

10394  94k 

95  91 

89%  85k 

73k  to"' 
49%    4^k 

:07  106k 
17  161^ 
77%  7256 
7994  72k 
60%    56-,>4 

119%  U7k 
68%  d3->4 
8694    84 

10356  10194 

141   140 
87.k  34 
17k  15k 
127%  111 
16494  I58k 
183%  12694 
2796  25 

Hn  ir% 
38       itVi 

494     '4k 
91%    %4 
17        16k 

1594  i5,k 
isok  1-^^96 

46k  43>8 

117  lllk 

94  94 

;.'!%  19k 

7  7 
27%  -iSk 
39k  37  >4 
(6  8-k 
98  95'>'4 
11%  13k 

»9i  9 

15k  ^^^ 

40^4  88k 

3^2  294 

3%  3^ 

15^  I=i94 

8  2'4 

i?k  ^r^ 

■6'      1^* 


1^ 


irk 


8^^  ?i^ 

19k  ^M^* 

2-296  t 

'A  J-2.^ 

859?  %'* 

Ilk  ■* 

44?J 


42k 


I  OU)  PORE,  Chgo.-bbls. 
1895  ....     bbls. 

1894' 


WHEAT  on  passage. 
86.240.000  bush. 
82  944,000    '• 


CORN  on  passage. 
7.840.000  bush 
6,368.000    •• 


Russian  Shipmts.  for  wk. 
2.-24O.0O0  bush. 
2  600.000    '■ 


6.65 
6.7.^ 
6.40 
6.45 


Indian  Shipmts  for  wk.  1  Argentine  Sbpts.  for  wk. 
48i".000  bush.  6S0.OOO      busll. 


7.09  8  61 

7.13  6.51 

7.15  6.56 

7.21  6  64 

61k  64k 

0311  .^5H 

33  44|i 

52  469« 

5'<%  5096 

60">(;  52k 

46%  4096 

4656  4056 

40k  29M 

•2956  i~ 
1-2.75  12  20 
12.80  UM 


6.97 
7.03 
6«0 
675 


440.r00 


t  Sine*  Aug  31.    *  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING.  NEW  YORK 


QlIlCClU\'>    (IT^nrhCt    letter  copyright,  tSOe,  by  Clapr  Jt  Cotnpany. 

NO.  44  1.  O-  W.  CLAPR 

OWIQHX  O.  Clapp. 

CLAPP    &    COMPANY, 

S3anhev6  an^  JSrohers,  "^ 

miLLS    BUILDING,    N.   Y.  ^ 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE.  Q 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.  n 

[-    277    BROADWAY,  Corner  Chambers  St.                                                                                                                              PRIVATE  TELEGRAPH  WIRES.  O 

^"*'"=»    J    tv]    RROAnWAV    T"""  ^T""-  ''°'"'"'  "°""*"'^*                                                                                                             LONG  DISTANCE  TELEPHONE.  A 

„„,„,.■<    671    BROADWAY,  Bro*dw«y  Central  HoTEi.                                                                                                                                                   ,.  V-^ 

1    7g3  pip-^^  AVENUE,  Corner  58th  St.                                                                                                                             CABLE  ADDRESS:  "  OZRO."  ^ 

^   11  WASHINGTON  STREET,  SARATOGA,  N.  Y.  , 

■—J 

New  York,  Thursday  Morning,  August  8,  1895.  >^ 


•      We  respectfully  solicit  Commission  orders  for  the   Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions.  7n 

Our  private  loire  facilities  are  unsurpassed  to   all    New    York,    Chicago   and    Western 
Exchanges.      Close  relations   to   important   interests   enable  us   to  give   early    and  valuable      O 
information. 


z 


> 


Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  V^ 

delivery.  "^ 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office  ^ 

Orders,  or  by  deposit  with  local  out-of-town  banks.     The  local  bank  should  always  wire  us  at  pr] 

once,  at  our   expense,   stating   amount   that  has   been  placed   to   our  credit,    and  for   whose  O 

account,  thus  allowing  customers^  orders  to  be  filled  promptly.  O 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances,  o 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers.  ^ 

O 

■n 


Financial  Outlook. 

The  philosophy  of  business  in  the  new  era  is  yet  to  be  written.    An  International  Clearing  "^ 

House  appears  the  logical  outcome  of  the  syndicate  operations.     Human  effort  feebly  reflects  the  _^ 

thoroughness  of   organization  that  can   mould  an  atom  or   develop   a  world.     Action  may  find  LZ 

wisdom  from  power  that  can  be  quicker  than  thought  or  slower  than  the  growth  of  a  century  [^ 

plant.    The  end  of  the  century  is  developing  the  greatest  financiers  the  world  ever  saw.     When  -^ 

there  is  no  way,  such  men  make  one.     A  period  of  vast  combinations  and  feverish  credit  values  is  D 

very  near  at  hand.  ~ 

Straws. — The  aggregate  circulation  ot  all  National  banks  is  now  larger  than  any  time  since  ^ 

May  1,  1889.    It  is  estimated  that  importers  and  travellers  will  have  paid  the  bond  syndicate  $500,-  O 
000  in  excessive  rates  for  foreign  exchange  during  life  of  the  syndicate  contract.     Clearings  of  85 

cities  were  $554,000,000  past  seven  months,  against  $514,000,000  in  1894,  and  $578,000,000  m  1893.  PH 

Fourteen  coal  roads  show  average  gain  of  about  30  per  cent,  in  price  over  lowest  price  of  1893,  X 

while  stove  coal  is  around  lowest  figures  in  the  history  of  the  trade.     United  States  exported  over  O 

$30,000,000  worth  of  iron  and  steel  in  1893-4,  and  over  $31,000,000  in  1894-5.     Statistical  index  num-  ^ 

bers  indicate  average  prices  of  foods  have  declined  31    per  cent,  in  last  16  years,  and  average  "v^ 

14  per  cent,  less  for  decade  ending  January  1,  1895,  than  for  previous  ten  years,  ending  January  zZ 

1,  1888.    Textiles  and  minerals  declined  10  per  cent,  same  time.    Silver  declined  45  per  cent,  in  16  ^ 

years,  ending  1894.    It  sold  continuously  above  par  from  184ii  to  1872  inclusive.  O 

Stocks  and  Bonds.  ^ 

Bonds.— Governments  inactive  at  lower  prices.  Railways  firm,  with  sales  about  $2,000,000  per 
day.  The  many  offerings  of  school  district  and  improvement  bonds  of  small  cities  and  bank  stocks 
remain  inactive.    We  advise  purchase  of  railway  bonds.     Our  Ust  will  be  sent  to  applicants. 

Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 

KEEP  OUK  LETTERS.     PORTFOLIO  FOB  FILING  FORWAKDEI>  APPLICANTS  FREE. 

143        . 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Stocks. — There  is  a  general  feeling  of  confidence  pervading  the  market.  It  is  but  natural  dull- 
ness will  prevail  in  August  in  absence  of  many  traders.  Some  speculative  stocks  never  rise  when 
gold  is  leaving  the  country.  The  12  and  20  stocks  usually  compared  range  higher  than  since  the 
panic.  Stock  Exchange  sales  show  27  per  cent  increase  during  the  first  half  of  1895.  The  east- 
bound  tonnage  about  equals  that  of  1892,  with  increase  largely  southwestern  business  from  St. 
Louis.  Earnings  are  14.3  per  cent,  less  than  1892,  the  principal  loss  being  west  of  Missouri  river. 
St.  Paul,  Rock  Island,  Burlington,  and  Northwest  are  likely  to  show  good  business  after  January  1 
if  the  corn  crop  materializes  as  now  promised.  Money  must  be  spent  to  provide  cars  and  repairs 
long  economized.  Yet  they  will  likely  continue  dividend  payers.  Louisville  is  reaping  benefits  in 
passing  dividend  and  improving  property  last  year.  Southern  Railway  record  is  justifying  the  faith 
of  its  friends  and  the  policy  of  extension  and  pushing  for  business.  Missouri,  Kan.  &  Texas,  Texas 
Pacific  and  Atchison  will  likely  again  become  active  as  the  corn  crop  matures.  Sentiment  seems  lo 
favor  Chesapeake  &  Ohio,  Ontario  &  Western.  Norfolk  &  Western,  and  other  low  priced  stocks  as 
coming  favorites.  Missouri  Pacific  is  more  active.  Metropolitan  Traction,  Manhattan  and  Western 
Union  are  good  properties,  not  likely  to  be  very  active.  Canada  Southern  will  likely  advance  10 
points  in  1895.  Tennessee  Coal  &  Iron  Company  has  been  selling  large  quantities  of  pig  iron  to  33 
States  and  to  go  to  Canada,  Mexico  and  England. 

Industrials. — Sugar  continues  the  bunco  Stock  Exchange  fancy.  We  look  for  it  to  range 
higher.  Gas  complications  are  likely  to  beat  both  friends  and  enemies.  Cordage  assessments  give 
the  stock  quotations.  General  Electric  is  doing  larger  business  and  is  neglected  in  Stock  Exchange 
circles.    Lead  property  is  apparently  doing  well,  its  stock  may  do  to  buy  on  weak  spots. 

Cotton. 

The  amount  of  cotton  brought  into  sight  since  August  31,  1894,  exceeds  that  of  any  crop  grown 
in  the  United  States,  being  2,300,671  bales  more  than  marketed  from  the  crop  year  ending  August 
31,  1894.  Eqports  since  then  have  been  6,686,306  bales,  and  more  than  from  any  crop,  65  per  cent, 
going  from  New  Orleans  and  Galveston.  Foreigners  secured  about  800,000,000  pounds  more  cotton 
last  season  than  the  previous  year  at  about  $6,500,000  less  money.  American  spinners  takings  since 
August  31  equal  2,768,648  bales,  or  about  one-third  as  much  as  was  exported.  Total  spinners  takings 
for  crop  year  ending  August  31,  1894,  were  2,2:^8,435  bales.  Exports  of  manufactured  goods  since 
January  29  have  been  about  10  per  cent,  less  packages  than  for  same  time  in  1894.  Imports  in  mean 
time  increased  in  value  over  100  per  cent.  Government  reports  cotton  spindles  :  France.  5,000,000  ; 
Belgium,  1,250,000;  Switzerland,  1,200,000  ;  Austria,  4,000,000;  Russia,  5,000,000;  United  Kingdom, 
53,641,052;  Prussia,  1,344,250;  Alsace-Loraine,  1,400,000;  Bavaria.  1,165,636;  Saxony,  1,331,437; 
Wurtemburg,  435,885;  Baden,  396,134;  Japan  has  800,000.  In  July  62,265  bales  came  in  sight  against 
78,235  bales  for  July.  1892.  Northern  spinners  took  51,825  bales  against  62,573  bales  in  1892.  Exports 
last  July  were  but  66,087  bales  against  122,161  in  1892.  Commercial  stocks  of  American  cotton  here  and 
abroad  decreased  in  July  372,464  bales  against  304,315  for  July  1892.  Stocks  abroad  now  exceed  1894 
by  597,821  bales,  here  there  is  over  325,616  bales.  Northern  spinners  supplies  and  European  spin- 
ners stocks  exceed  any  previous  season  at  this  date.  Speculative  buying  or  manufactured  goods  has 
Eractically  ceased  for  the  moment.  The  market  now  depends  on  legitimate  orders,  and  is  firmly 
eld  at  Fall  River,  and  awaiting  orders  in  England  and  on  the  Continent.  In  the  fourteen  years, 
1881-1894,  the  condition,  accordmg  to  the  Bureau  report  of  August  10th,  fell  off  in  July  1.9  per  cent, 
average.  In  eight  of  these  years  it  decreased  an  average  of  4.8  per  cent,  in  the  other  six  it  im- 
proved 2.1  per  cent,  average. 

Year 1894   1893   1892   1891   1890   1889   1888   1887   1886   1885   1884   1888   1883   1881      Averag* 

Decrease 2.8    4.6         8.9         1.4    8.7    4.8     ..    ..     6.  7.        4.8 

Increase 2.2     ..     ..     .8     ..     4.7  ..    ..      .6    8.     ..     2,     ..         2.1 

The  August  cotton  crop  is  seldom  or  ever  a  reliable  one.  This  season  it  is  late,  not  well  fruited, 
and  the  weed  been  either  small  or  rank,  the  soil  too  wet  or  too  dry  ;  good  fall  weather  may  help  it 
out.  In  1894  the  crop  was  late  to  July  1st.  Speculation  has  been  arrayed  on  the  bull  side,  and  senti- 
ment is  still  bullish,  prices  rule  the  highest  in  six  weeks.  The  market  appears  to  have  more  specu- 
lative friends  than  buyers  for  consumption.  We  interpret  the  weekly  Government  crop  report  as 
indicating  improvement  if  anything,  and  think  further  favorable  reports  and  a  lower  range  of  values 
seems  more  or  less  probable. 

Wheat. 

Great  Britain  claims  that  they  can  secure  what  wheat  they  need  without  buying  of  the  U.  S. 
We  think  it  quite  probable  that  Argentine  shipments  have  reached  the  maximum  pouit.  The  first 
six  months  of  1895  they  were  more  than  three  times  those  in  1893  and  will  likely  be  less  another 
year.  Indian  exports  will  likely  increase  but  not  materially.  Great  Britain's  crop  is  now  claimed 
to  be  22  ^  less  than  in  1894  and  harvest  progressing.  Russia  has  a  fair  average  promise.  Late  reports 
claim  shortage  compared  with  last  year.  Austrana's  exports  in  1895  to  Great  Britain  were  double 
those  in  1893  same  time.  In  short  the  four  leading  export  countries  sent  them  16  ^  more  the  first 
half  of  1805  than  same  time  in  1893  ;  the  United  States  same  time  falling  off  about  20  ^,  Argentine 
and  Russia  making  up  the  loss.  Primary  receipts  of  wheat  last  July  were  only  5,331,213  bushels  as 
against  11,983,619  bushels  for  July,  1894.  Exports  July  1  to  date  about  9,300,000  against  about 
16,000,000  in  1894.  New  winter  wheat  reaches  primary  points  very  sparingly  as  yet.  Some  North- 
west reports  now  predicfa  crop  of  185  millions  spripg  wheat,  and  that  there  were  12  millions  of  old 
spring  wheat  back  July  ist,  which  is  about  sufficient  to  keep  the  mills  running  to  November  1,  1895. 

HI 


CLAPP  &  COMPANY.  BAlfKEES  AlTD  BROKERS.  NEW  YORK,  WEEKLY  MARKET  LETTER. 


The  wheat  circular  now  being  sent  out  by  the  so-called  Triple  Alliance  people  to  hold  wheat  for 
$1  per  bushel,  we  think  affects  the  market  bearishly  rather  than  favorably. 

Late  cables  report  continuous  rains  have  ruined  the  rice  crop  in  Japan  and  a  famine  is  feared. 
Persia  cables  bread  riots  in  Tabreez  continue.  California  reports  no  new  wheat  is  b(3ing  exported, 
that  the  harvest  is  very  disappointing,  and  only  the  old  crop  is  going  forward.  Mr.  C.  Wooa  Davis 
of  Kansas  writes  us  he  believes  there  is  fully  1^5,000,000  bushels  of  winter  wheat  that  is  not  fit  for 
seed  or  bread,  and  says  much  wheat  has  been  ruined  in  shock,  and  is  germinating  and  ruining 
the  bread-making  qualities.  He  predicts  there  will  not  be  over  325,000,000  Dushels  of  merchantable 
wheat  grown  this  year,  that  the  stocks  of  old  wheat  Sept.  1,  1895.  will  be  fully  100,000,000  bushels 
less  than  Sept  1,  ISOi,  and  the  crop  of  1895  and  old  wheat  left  over  Sept  1  will  indicate  a  shortage  of 
250.000,000  bushels  Sept.  1, 1895,  as  compared  with  Sept., 1894.  That  the  world's  stocks  Sept  1, 1895,  will 
be  fully  400,000,000  bushels  less  than  Sept.  1,  1894,  and  that  the  supply  the  coming  year  will  be  fully 
20  per  cent,  less  than  the  past  12  months  ;  that  there  are  no  excessive  stocks  of  rye  to  supplant  the 
wheat  supply;  that  the  annual  acreage  of  wheat  and  rye  has  not  increased  at  all  in  11  years.  Yet 
the  population-eating  wheat  and  rye  has  increased  1.25  per  cent,  annually.  That  the  world  has 
added  23.2  per  cent  to  the  consumers  of  bread  in  the  past  15  years,  and  but  1.5  per  cent,  to  the  power 
to  produce  oread.  We  think  producers  are  not  likely  to  put  wheat  in  sight  much  faster  than  con- 
sumers put  it  out  of  sight  this  August.  Speculation  is  inactive.  Speculators  are  watching  our 
spring  wheat  crop  more  than  foreign  markets.  The  difiference  between  Sept.  and  Dec.  wheat  will 
likely  widen,  as  the  carrying  charge  exceeds  the  present  difference.  We  do  not  look  for  any  material 
increase  in  the  movement  of  winter  wheat  or  great  decline  in  values,  and  would  recommend  pur- 
chases on  weak  market  days,  believing  in  the  long  run  much  higher  prices  will  prevail. 

Corn. 

The  acreage  ana  condition  is  now  conceded  maximum,  and  bears  are  aggressive  and  still  pre- 
ffTct  30-cent.  corn.  A  year  ago  they  were  equally  positive,  selling  December  corn  in  September  at 
about  47,  only  to  buy  it  in  later  at  56  cents  per  bushel.  Cash  corn  sold  last  August  in  Chicago  from 
43^  to  61>4  cts.,and  nothing  but  a  change  in  the  weather  after  this  date  caused  the  change  in  price. 
In  1889-91  we  grew  our  two  largest  corn  crops.  The  same  years  the  spring  wheat  crop  was  the 
largest.  The  July  corn  condition  was  92.8  in  1891,  and  by  August  1  it  declined  two  points.  July  1, 
1895,  it  was  99.3,  now  the  trade  look  for  improving  conditions  in  July.  The  export  demand  has 
seldom  if  ever  been  larger  at  this  season.  The  New  England  demand  is  large,  the  visible  contract 
decreasing  weekly.  The  hay  crop  is  short  everywhere.  The  Irish  potato  crop  is  reported  short. 
Kansas  reports  a  possible  crop  of  385  million  bushels  against  300  millions  in  1889,  when  the  state 
grew  the  largest  quantity.  St.  Louis  reports  Texas  offering  corn  for  September  shipment.  Appa- 
rently the  large  consumptive  demand  exceeds  primary  receipts,  while  perfect  crop  reports  outweigh 
all  other  influences  and  encourage  the  army  of  bears  to  sell  short  for  every  month's  delivery.  We 
recall  no  similar  conditions  that  were  not  later  settled  by  paying  a  liberal  penalty.  30-cent  corn 
for  September  or  May  delivery  in  Chicago  means  "corn  to  burn"  in  the  corn  belt,  and  may  not 
indicate  growers  will  sit  up  nights  to  hasten  its  change  from  stalk  and  field  to  city  elevators.  We 
advise  buying  a  little  (if  one  can)  every  time  the  non-grower  further  depresses  prices. 

GOVERNMENT   ACREAGE,    CROP,    AND    DISTRIBUTION    OF    CORN    FOR    PAST    TEN    YEARS. 


1895 


1«M 


1893 

1892 

1891 

1890 

1839' 

1888 

1887 

1886 


Acreage  estimated j  81,9y0,800( 

Crop  Re- ort  Id  Deo ....        <'■ 

Corn  in  farmers'  hands  Mar.  1  476,OOO,0OO| 

Qnautity  never rep't'd  tasigbt'  I 

previous  to  June  30 1,137.979,052  1,486,614.000 

Primary  recei:>ts  to  June  30...  74.991.000    152.980.000 

Kxpons  to  Jra  ■  30 25,507.755       63,425,655 

Visible  July  lev 9,055,000        6,441,000 

Visible  Deo.  3isl ....                .... 

Visible  July  30 5,207,000       8,973,000 

Bigh  and  low  cash  com,  Cbi- 

caeo.  July *lH,i7%      40!^,  46% 

Average   export    price    year 

ending  Jane  30 52.9 46.2 


70,000,000,      72.tf30,465| 
,212,770,0.52  1,619.404,000  1, 
685,816,350     tati,tM7,370l 


70,626.668  76,-J04.515  71,970, 7(53j  78.319,651 1  75,6?2,763  76.392,720'  75,694.208 
628,461,000  2,»;0,1.=>4.000  1,489.970.000  2,112.892,000  1.986.790,000  1,450.  !61,000  1,6<«,44 1.000 
830,393,950,    542,173,2501    969,938,4.S0i    787,482,0001    608,272,0001    603,845,000i    773.046,000 


1,480,3«.358  1.929.255,0.'>7  1,380,948,992 

148,138.642  130.898,943  109,021.006 

46,034,904   75,451.849   30.768.213 

8,075.000         7.844,000         3,850,000 

11,454.000         7,081,000         2.568,000 

8,020,000        7,004,000        8,874,000 


85%,  41!^ 
53.4 


^5.0 


B7,  68 

57.4 


l,951,592.097'l.851.327,439 

16I,299,9a3  136.471,561 

101.978.717  69.592,929 

14,b22,000  9.)89,000 

8.097.000  8.4!I8.000 

12,019,000  7,153,000 

88%,  49%  35,  37 

42.0  474 


1.362.846.024  1,584.758,859 


103.3X4.976 

24.278,417 

11.315.000 

6.230.000 

8.374,000 

451.^,55 

5.'>.0 


80,682.141 
40.807,252 
10.180,000 
13.783,000 
7.M3,000 

85!^,38« 
48.0 


1,836.905.046 

99.270.964 

63,665.433 

9,182.000 

7.950,000 

9,247,000 

«<^.45 

49.8 


Oats. 

From  all  points  we  hear  of  many  complaints  about  the  yield,  weight  and  quality  where  oats  are 
grown.  Rains  will  likely  retard  a  large  yearly  movement.  Prices  seem  low  enough  for  May  1896 
dehvery,  even  if  horses  are  being  fed  on  electricity. 

Provisions. 

Many  reliable  authorities  claim  the  marketable  supply  of  hogs  is  light  and  the  pig  crop  is  less 

than  last  year.     The  average  weight  of  hogs  arriving  in  Chicago  in  July  was  8  lbs.  neavier  than  in 

June  and  7  lbs.  heavier  than  July,  1894.    The  stock  of  provisions  in  Liverpool  July  1  was  less  than 

July  1,  1894.     (Examine  fourth  page  of  our  weekly  letters.)    Some  weeks  ago  we  were  predicting 

$0  pork  and  that  prices  of  other  provisions  would  decline  ;  those  views  have  practically  materialized. 

While  we  see  no  radical  cause  for  an  immediate  advance,  we  advise  purchase  of  provisions  as  soon 

as  the  pressure  of  September  contracts  is  over.     Total  packing  from  March  1st  to  July  1st,  5,430.000 

hogs,  against  5.615,000  in  1894  the  same  time.     Chicago  receipts  of  hogs  are  now  averaging  only 

three-fifths  as  large  as  1894.  Yours  truly,  CLAPP  &  COMPANY. 

iij 


CLAPP  &  COMPANY,  BACKERS  AlH)  BEOKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Qootations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  ingnst  7,  1895,  and  tor  Angnst,  1894. 

Par  value  o{  all  stocks  (100.  except  D.,  L.  &  W.:  P.  A  B.  and  Am.  Tobacco  Co., 
FEOM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  BEKLT 
SAI.K8. 


1340 

573 

§82.921 

4.126 
10.373 
i0  276 

1.710 
16,593 

a,842 

2.252 
60,577 
9t>  166 
62,395 

M81 
£3.926 

1.020 

4",954 

950 

6.160 

4U4 

l.lbO 

200 

82  925 

19.704 


1.823 

935 
8.495 
1,231 
2.330 
85.080 
3.2-..*0 

820 
6.241 

8o!229 
8,977 
1.456 
1.502 

11075 

1.814 

890 

855 

8.180 

1.500 

1.479 

6  450 

400 

80.420 
948 

60.000 
2,490 
8.900 

17  478 

18.562 
8,321 
8.778 
6  4(;0 

17  257 

1,175 

8.240 

8.539 

882 

14  745 

24.141 

29,004 
610 


Cafitai. 
Stock. 


120,287,100 
10,198,600 
86,773,000 
86,77.3,000 
17,900,000 


85,000,000 
15,000,000 
22,488.000 
60.805,400 
82,282,700 
84,885.800 
46,027,261 
85,923,900 
46.156,000 
18,559.860 
89,054.907 
J2,335  170 
28.000.000 
11,696,000 
85,430,060 
86.200,000 
8S.00O.0O0 
38  000.000 
84  091.900 
30,459,700 
85,000,000 

8.000.000 
50,000,000 
10,000,000 
11,840,000 
11.840,000 
49,466,500 
52,800,000 
80,000,000 
18.738,204 
18,000,000 
47,844.100 
47.436,576 
14,905,400 
14,904,000 
89,428.300 
77,427.000 
20,000,000 
58.119,982 
18.000.000 
89,767,200 
49.000.000 
89,269,516 
80,000,000 

8,500,000 
40,426.361 
86,000,000 

68.402,900 
126,000,000 
60.000,000 
19,850,000 
38,710,900 
60.8«8,.^00 
62  9(51.500 
52,361,500 
80. 166.000 
18.(«5.5.')0 
7,670,800 
88,000,000 
24.000,000 
94,820,000 
10.000,000 
4.500,000 


DiytDKNS  Recoro.- 


Pays  Spo  J-D . 

Pays  8po  0-J-A-J.. 

Pays  8!^pc  J-J 

Pays  3po  F  MA-N. 


Paid  2do  1895 

Pays  ikpc  F-A 

Pays  IMpo  F-M-A-N. 


Paid  Ipo  Dec.  IHM 

Pays  Ipo  M-J-S-D 

Paid  Ipo 

Pays  7  PC  Per  Annuni. 
Paid  Jtpo  June  1895... 


PayslK.po  JD.. 
Pays 2Kpc  J-D.. 
Paid  3dc  in  1893. 


Pays  2po  M-J-S-D 

Pays  7po  per  annum. 
Pays  7pc  per  annum. 


Paid  l^po  Jan.  16!I3. 
Pald2pc  AufTi-stlSflS. 
Pays  5pc  per  annum. 


Pays  2^po  il-S. 


Pays  Ikipc  F-M-A-N. 

Pays  Spo  FA    

Paid  Spo  Aupn St  1893. 
Pays  lK>po  .I-A-J-O.. 
Paid  2pc  in  July  1896. 


Paid  3pc  1891 

Paid  Ipo  In  Dec.  1894. 
Pays  Ifipo  M-.I-S-D.. 
Pays  Ipo  J-A-J-O.... 


Paid  l^po  Nov.  1893. 


Paid  Ipc  April  1892.. 
Paid  Ipo  in  1687.... 


Pays  2po  F-M-A-N..., 


Paid  Ipo  Vay  1895... 
Paid  2H;po  March  15, 1895 


Paid  Ipc  In  1887... 
Paid  SJ^p'o  "in  issi! 


Naxks  or  Stocks. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co 
.\m.  Sugar  Refining  Co  Pf. 

.\mericaD  Tobacco  Co 

Atoh.Top.  &  S.  F.  2d  in8.pd 

Baltimore  &  Oolo 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Olito 

Chicat'O.  Bur.  &  Quincy.. 

Cliicago  Gas  Cos 

Chicago,  Mil.  &  StPanl... 
Chicago  MiL  &,  St  Paul  PM 
Chicago,  R.  I.  4  Pacitio... 
Chic.  St  Pan!  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cleve.,  CIn..  Chic,  &  St  L. 
Col  Hock  ng  VaUey  &  Tol 
Consolidated  Gan  of  N.  Y. 
Delaware.  Lack'a  &  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  4  Rio  Grande  Pfd 
Dis&CFTrCoct  allmpd 

General  Electric  to 

Great  Northern  Pfd 

Green  Bay  W&StP'l'rRec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L- . 
Lake  Erie  4  Western.   . 
Lake  Erie  4  Western  Pfd 
Lake  Shore  4  Mich.  So'n.. 

Louisville  4  Nashville 

Manhattan  R'y  Consol.... 
Michigan  Central 


Pays  IHpo  J-A-J-O 

Paid  Ipo' In  FebVisw! ! ! . 


Mo..  Kansas  4  Texas  Pfd 

Mexican  Central 

Mis,<ouri  Pacilio 

Naiional  Lead  to    

National  Lead  Co  Pfd... 
N.  Y.  Cenfl  4  Hudson  Rlv 
N.  T.  Lake  Erie  &  West'u 
NY4N  E  tst  CO  ct4  all  in  pd 
N.  Y  Ontario  4  Western 
N.  Y.  Su8a.4  W'n  Pld.., 

North  American  Co 

Northern  Pacitio , 

Nortliern  Pacific  Pfd...., 

Pacific  Mall  S.  S.  Co 

Peoria.  Deo.  4  Evansville 
Philadelphia  4  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 
Southern  Pacific  Co.... 

Southern  Railway 

Southern  Railway  pfd. 
Tenn.  Coal.  Iron  4  R  H  Co 

Texas  4  Paoido 

Union  Pacific 

U  S  LeatherCo 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling*  Lak«  Erie..  . 
Wheeling  4  Lake  Erie  PM 


Total  sales  of  ali  Stocks  each  day  and  for  the  six  days 1, 182,766 


COITON.  In  ba  es. 
I  World's  visible.  I  Total  In  slghttl  Total  Exporta. 
1896  2  776.776  9.686.151  C.686..S06 

18941         S.824.9&6         |        7,885,4:10       I        6,166,279 


N.  r. 


C  August 

1  September 
Cotton  1  October.  .. 
I  November. 


WHEAT,  In  bushels. 

I    C.  S.  Visible.    iPrimary  rec'ts'l  Total  Exports. 
1895         88.517.000  8.500.000  10.413  000 

189l|        60  001,000         I      19.0J0OOO       |      15.330.tO0 


Wheat. 


September 
December. 
Com  .1  September 
^''"'•••l  December. 


CORN,  in  bushels. 

I     U.  S  Visible. 
1805  4.6.54.000 

18941         8.787000 


Primarv  rec'ts'l  Total  Exports. 

6  087.000  4.649  OCO 

7.181,000        I        2,954  OOJ 


Chicago  1  September 
Wheat.  1  December, 
nnrn  i  September 
^™--1  December. 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1896  8  75,S000 

18941  1,59;  000 


N.  Y.  Stocks, 
922  405 
106116 


Chgo.  Stocki. 
666  000 
850,000 


Oat8...^5«P*«™!'e'" 
vaw...  ■)  December. 

Pnrk      i  September 
^O'^'f-I  January... 


IR95 
1894 


LARD-tcs.  I    CHICAGO  CONTRACT  STOCKS. 

World's  vis.  PORK-bbls,|  LARD-tcs.  1  RIBS-lbs. 
838.068  126.717  i)6  98  J       88.lj39.025 

152,687    I  68.558    I  82,630     I   14.767.958 


Lard. 


( September 
I  January. .. 
Ribs...  I  September 
■^""°       I  January. .. 


Thursday. 
Aug.    1, 


2T?i   mi 

lieji  116^ 
107  105h 
1125i  111% 
15%  15ii 
(»H  64H 

103  102^ 
21%  21^ 
92  91% 
58«  674* 
72%  71% 

127}i  18? 
eO   79V6 
41%  414^ 

lO:   101% 

49'  48% 

25  Sl^4 

148  148 

161  Idl 

13014  130% 

4rh  im 

21»),  80% 
8t%    86% 


Friday. 
Aug.    ,2. 


26% 
75% 

117 

106 

112H 
15% 

66% 
lO^'^i 

91% 

?I^ 
I27V4 
78)? 


76% 
1:8% 
105 
111% 

15% 

102% 

81% 
90 
66% 
70% 
127 

:8% 


101%  1009^ 

49%  48% 
26%  24% 
148%  142 

181      181* 

8i%   m 


lOlH  101% 
■i^    20% 


63^ 


Saturday, 
Aug.    a. 


27       27 


115 
105 
111% 
15% 


118% 
105 

111% 
15% 


66%    659i 


21% 
91 


128% 
79% 
41% 

101% 


21% 
90% 
66% 
7u% 

128% 
78% 
4:^ 

101% 


49%    48% 
25       85 
143%  143 


21%    81 


63% 
151)1 


150 


101  101 
2J%    26% 
27%    27% 

im  38% 

I6OM1  150V4,  --,.  — 
62%    62%l  62H    61% 
114%  113%  114%  113%  1 

102  102      102      102      • 
88>4    86       88       37% 

Sf^    ^ 
853i     86 

81%    91%  ,     , 

102%  102    |102_ 

10%    10%'  ION, 

06%    66     I  66 

im  29^ 

6%  « 

6%  6 

19%  19 

2a%  29%      .,^ 

6%  6%     6% 

17%  1/%    1« 
x;5%l75%1^5^ 

8894  85%    26% 

14%  \4yJ  14H 

42%  42%    4296 

37%  87     I  87 

18  12%'  12% 

14%  13%    13% 

17%  16%    16% 

67%  65%    8<;% 

40%  40%    41 

8%  1%      2% 

«  8%l     6% 

.9 

«2%  21%   21% 

93%  92%   93% 

17%  16%    17% 

68  58       62% 


101      tOl 
86%    26^ 
27       27 


61%    «1% 
114      114 
102%  102% 
87%    87% 


29% 
6% 
6% 

19 

80 


262  278 

8,96  6,87 

6.9^  689 

7  03  6.94 

706  6    " 


804.945 

8.92  0.88 

6.97  6.91 

7.01  6,94 

7,06  6.69 

74%  72% 

75%  74 

49%  47% 


69%  68%  70  68% 

'2  70%  72%  70" 

4.3H  42%  44  42 

85%  84%  85%  84 


22%  22% 

10,00  9.80 

10  40  10,10 

8.17  6.10 

6.25  6,25 

5.90  5,80 

6,47  3,40 


82%    81% 

lO.'l'a  9.95 
10  50  10.17 

622  613 

6  25  6  17 

6,02  5  77 

655  642 


87% 
85 

»1« 


87 
35 
91% 


9%     9% 


Monday. 
Aug.    6. 


26%    26% 


115% 
104% 
111% 
15% 
65% 
56% 
102% 
21% 
91 
59 
71% 
128 
7S% 
41% 
101% 


49«    48% 
145%  143 


21%    21% 
36%    85% 


113% 

104^ 

111 
15% 
65 
56 

108% 
21% 
90% 
57% 
70% 

128 
78% 
40?| 

101% 


87 


«6% 
20% 


Tuesday. 
Aug.    «. 


26% 

76 

115% 
104% 
112% 

15% 

65 

66% 
102% 

21% 

91 

60 

n% 

188 
79 


86% 

75 

114% 
104% 
111 

IS 

65 

66 
101% 

^l 

90% 

68% 

7<'% 
128 

7^ 

■Kfh 
100% 


144      143% 

130%  180 
47%    47% 
21%    81% 
86%    86% 


101%  IOI% 

86%    86' 
83W    82% 
150%  l50 
61%    60% 


l50%  150 

61%     61M  , 

1|4%  118%  114%  114 
lOI       101      101       lot 

8?%    37%    87%    87! 


88%    87% 
85       84% 
92        92 
'02%  101% 

66^    56% 


109.]44 


137,784 


«  97  8.98  I  7  01  6  98 

7,00  6.94  7.06  6  99 

7,04  6,99  7  11  7.08 

7.08  7.05  7  15  7.06 

78%  72%  74%  73% 

75  73%  76%  74% 

ifyi  47    I  47%  46% 


6ftK  67%  69%  68 

71%  69%   71%  70% 

42%  41^    41%  40% 

84%  84       84%  88 


21 


2!%    20% 


9,72    9.60    9.70    9  40 
10  80  10.26   10.40  10.12 


612  6,07 

6.22  6.17 

6  85  6r< 

6  17  6  48 


612  6.00 
6  25  6.12 
6.65    6.60 


162      163 
130%  130% 

H    20% 
%    86% 


86       85 

82      sm 

160      14-?% 

101  101 

87%    37 


88  86% 
84%  81% 
98  92% 
102%  102 

66%    66% 


146  912 

7,01  6.96 

7  04  7.0; 

7  09  706 

7.12  7.10 

73%    73% 
75%    75 
46%    46 


6S%  08 

71%    70% 

41%  40% 

83%  82% 

20%  20% 

9,45  9  80 
10,20  1010 

6  02  5,95 

6.12  6.0? 

5  65  5.52 

6  35  SJ26 


Wed., 
Aug.    7. 


86       25% 

74%     73% 
114%  112% 

111%  lli 
15        14% 
64%    64% 

66%  55% 
102^  102W 
21%  21 H 
90%  8^% 
58%  5- 
70%  70% 
l28  128 
78?^  T7% 
40%  40% 
|00%  luO% 


48% 
-25 


86% 


S%      ?% 
66%    56% 


29 

5% 


29%    89 

17%     17% 
172%  171 
6t>%    e6% 
25%    25'4 
1^     18% 
41%     40% 
86%    86 
12%    12% 
13        18 
16        15% 
83%    82% 
4li%     40% 
2 

8% 

8% 

20% 

92% 

16% 

63!4     53% 


170  904 

7.08  6  99 

7.08  7.00 

7  08  .-  05 

7,12  7  09 

78  72% 

75  74  A 

45%  45% 


67%  66% 

70%  69% 

40%  89% 

83  82% 

20%  2014 

21%  21% 

9  52  9  15 
10,25  10  10 

6  0-2  5  92 

6,12  6  05 

5,^7  5  50 

6,32  6,-25 


RauKe  for 
Aog.  189& 
to  data. 


27%  25% 
75%  78% 
118^  112% 
107  104% 
112%  111 
15%  14% 
63%  64% 
56%  64% 
103  101% 
81%    81 

92     mi 

60       66% 

72%    70% 
l2«%  127 
SO®   :7% 

41%  40% 
102      100% 

^t 
145%  H8 
168      161 
131      180 
47%    47% 
21%    20% 
88%    85% 

i6i%  wi* 

86%    >»M 

88%  61% 
»51%  148H 

62^2  60% 
>14%  11  Jk 
102%  101 

88%    87 

38%  86% 
8S%  81% 
93  91% 
102%  101% 
10%  JH. 
5o.>?    66 

ivi  •■1% 

29%    29 
-*      6% 


5%      4% 
19%     18% 


80 
6% 
18 


29 
6% 
17% 


175%  171 

66%  6<i% 

26%  25!4 

!4%  18% 

42%  40% 

37%  6 

13  *  :m 


7.02  6.8? 

7.06  6.89 

7,11  6  94 

715  6  98 

74,',  68M 

75%  73% 

49%  45% 


70  66% 

n\4  69% 

44  89% 

85%  82% 

22%  -20% 

21%  21% 

10  12  9  15 

1050  10  10 

6  98  5.92 

6.25  605 

6  •'2  5  50 

6.65  6.25 


Range  fot 
Aug.  18»1, 


84%  27!^ 
78%     r2^ 

114%  102 

1W)%  94 

107  88 

76%  69W; 
53%  481a 
116  106% 
m    10% 

79%    ;o 

78%    71% 
66%    Sti'-i, 
121%  117 
69%    62% 
39%    84 
108%  102% 
142      141 
42        33% 
19%    16% 
:27      115% 
1B7%  162 
137      183 
36        2;% 
24%    17.^4 
44%    .35% 
103%  10;! 
6%      S% 
94%    80% 
20        17 
19%     15% 
72%    65 

isy     uti% 

57%  45->i 

122  112 

99%  95 

■-!4%  -Ju 

8%  8% 

81%  -23% 

44%  83 

92%  63 

102%  U(>^4 

10%  12% 

20^  13% 

17%  U% 

45%  89% 

4%  S% 

5%  3". 


20%  13% 

17  14% 

6%  2% 

2..'%  17 

:65 


155 

12 

41%    84!^ 
19%    17 


2;% 
13% 


111% 
14^ 
11% 
64% 
42% 
28 
36 
7% 
16% 
90% 
14% 
47 


55% 
34 
17% 
80>4 
6 

f4% 
3% 
85% 


6.78  6  46 

6.81  ti  :>i 

6.86  ti  ii2 
6.93  6  71 

60A  56m 

6354  ^^y* 

64  5m 

58%  46% 

6^  53 

61%  5« 

61%  4C^ 

60  44% 

34%  28% 

32%  32'^ 

14  00  12?^ 

14.12  UOO 

5.87  6.92 
7.S12  6.8i 
7. SO  6.63 
T.25  6.12 


1895 
1804 


OiJ>  PORK.  Cbgo.-bbls. 
....     bbU. 


WHEAT  on  passage. 
88.400.000  bush. 
82.944,000    " 


CORN  on  pnssage. 
9,440.000  busb. 
6,368.000    " 


Russian  Shipmts.  for  wk. 
8.3-20.000  bush. 
2.400,000    " 


Indian  Shipmts  for  wk. 
828.000  bush. 
620,COO    " 


Argentine  SbpU.  for  wk. 
96.000     busb. 


t  Since  Aug   81.    *  Since  June  SOl 


Compiled  and  Copyrighted  by  GLA^^  &  COMPANY.  BANKEES.  MILLS  BUILDING,  NEW  YORK 

an. 


HClccMt)  flDarhct  Xcttcr. 


No.  442. 


Copyright,  1H9S,  by  Ctapp  Jt  Compmny, 

O.  W.  CUAPP. 
DWIQHT  O.  CLAPP. 


CLAPP    &    COMPANY, 

Bankers  anb  Brohers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


BOANCM 

Officu 


[   277   BROADWAY,  Corner  Chambers  St. 
.     )    621    BROADWAY  (Cable  Builoino,  Corner  Houston). 
:  ")    753  FIFTH  AVENUE,  Corner  58th  St. 

(  11  WASHINGTON  STREET,  SARATOGA,  N.  Y. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "  Ozro." 


New  York,  Thursday  Morning,  August  15,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


Financial  Outlook. 


When  rivulets  are  full  the  rivers  are  swollen  to  unusual  proportions.  When  farmers  and  planters 
have  plenty,  merchants,  manufacturers  and  employees  each  get  their  share.  The  railway's  are  the 
servants  of  adverse  circumstances,  and  the  masters  of  themselves  only  when  worked  to  full  capacity. 
The  sunlight  kisses  a  prosperous  country  that  is  rejoicing  in  plentiful  harvests,  fair  wages  and 
moderate  prices. 

Straws. — The  United  States  expends  $150,000,000  yearly  for  imported  sugar  and  sells  twice  that 
amount  of  raw  cotton.  In  1804  the  consumption  of  pig  iron  was  about  6,600,000  tons  ;  this  season  it 
will  be  about  9,000,000  tons.  The  iron  that  cost  three  to  live  years  ago  about  $1 2  in  Pennsylvania  and  $9 
in  Alabama  to  manufacture,  now  costs  $9  and  $6  respectively,  and  is  sold  nearly  as  high  as  in  1892. 
Since  the  recent  great  advance  or  doubling  of  prices  of  nails  and  various  kinds  of  iron,  the  demand 
has  slackened.  New  locomotives  are  being  constructed  to  run  150  miles  an  hour.  There  are  976 
street  railways,  covering  110.000  miles,  that  have  a  funded  debt  of  about  $100,000,000,  have  early 
earnings  estimated  at  125  to  140  millions  of  dollars,  netting  about  18  to  20  millions  of  dollars  annually. 
The  world's  production  of  coal  in  1894  is  estimated  at  about  554.000,000  tons.  The  United  Kingdom 
yearly  produces  about  the  same  amount,  and  mines  the  most.  The  United  States  stands  second, 
and  annually  gains  from  7  to  10  per  cent.  Large  imports,  diminished  exports,  a  monthly  deficiency 
and  excessive  rates  of  exchange,  tend  to  force  the  Government  to  continue  to  lean  on  the  Bonii 
Syndicate. 

Clapp  &  Company's  annual  Souvenir  book  for  1S94  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.     A  few  copies  of  1893  can  be  had  for  $2  each. 


H 
I 

> 
O 

m 

o 
o 
z 

H 
> 

Z 
C/3 

a 
> 

r 
< 

m 
o 
O 

:o 
D 

o 

11 


r 
m 

> 

D 

Z 

o 
m 

X 

o 

X 

> 

z 
o 
m 

C/3 


KEEP  OUK  LETTEKS. 


PORTFOLIO   FOR  FILING   FORWAHDED   APPLICANTS  FREE. 

U7 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Stocks  and  Bonds. 

Bonds. — Government  bonds  are  easier  without  sales.  Investors  are  more  confident,  and  large 
orders  might  only  be  filled  at  an  advance.  Sixty-six  municipalities  sold  bonds  in  July  aggregating 
$15,289,000,  against  $8,015,237  in  July,  1894,  and  $1,691,600  in  July,  1893. 

Stocks. — The  small  daily  changes  in  values  are  considered  of  no  importance  as  compared  with 
the  season's  change  in  crop  appearances.  There  seems  to  be  a  growing  belief  and  sentiment  that 
favors  the  patient  believer  in  higher  prices,  a  broader  market,  and  a  more  general  and  improved 
feeling  in  all  lines  of  business.  The  Union  Pacific  did  about  90  per  cent,  of  its  usual  business  m  1894 
on  the  same  mileage  at  about  one-half  the  net  revenue.  The  expenses  of  most  roads  appear  more 
than  usually  out  of  proportion  to  gross  earnings,  indicating  more  or  less  inability  to  effect  reduction 
of  rates  and  income.  Anthracite  coal  shares  are  more  active,  and  are  likely  to  advance.  Granger 
stocks  or  coal  roads  may  have  good  business  and  maintain  full  rates.  Northwestern,  Burlington, 
Rock  Island,  St.  Paul,  Missouri  Pacific  and  Atchison  will  likely  do  better,  especially  so  as  the  corn 
crop  nears  the  safety  point.  The  coal  roads  appear  improving  their  business.  First  class  securities 
range  higher  than  in  1892.  The  average  prices  of  20  active  stocks,  based  on  highest  price  of  each  on 
the  first  day  of  each  of  the  past  twelve  months,  covering  crop  growth: 


Names. 

D4  New  York  Central V 

D  5  Northwestern F 

D  4  Burlington F 

D2  Rock  Island F 

D2  St.  Paul F 

DS  Missouri  Pacific H 

X      Reading C 

X      Atchison T 

D  S  Louisville 

Texas  Pacific G 

Southern  Railway M 

D5  Western  Union Q 

X      Union  Pacific T 

X      Northern  Pacinc  pref T 

General  Electric 

Tennessee  Coal  &  Iron 

DS  Chicago  Gas 

National  Lead 

American  Cotton  Oil 

DiaSugar H 

Average  20  stocks,  about 


Aug.  1. 

1«U5. 


July  1, 
1895. 


June], 
1895. 


Mayl, 
1895. 


mi 


April  1, 
1895. 


Mar.  1, 
1895. 


Feb.  1, 
1895. 


Jan.  2, 
1895. 


Dec.  1, 

1894. 


69^ 

59 

16^ 


18^ 

16 

7096 


Nov.  1, 
1894. 


Oct.  1,  Sept.  1,  Aug.  1,   Aug.  1, 
1894.        1894.        1894.        1893. 


67)4 


10496 


74 

SO 
18^ 
14W 
68H 

75^ 

18% 

43)4 
22^ 


62>6 


6m 


6096 


*7% 


459i 


49 


**H 


4^ 


*6H 


*7yi 


*SH 


63 


47J4 


8996 


*  Ist  assessment  paidL  Z  In  bands  Receivers.  D  Dividend  stock  and  rata,  D  S  Dividend  suspended.  F  Granger  stoclca. 

V  Vanderbilt  O  Gould.  E  Havemeyer.  H  Morgan.  T  Transcontinental.  O  Oosl. 

Industrials. — Sugar  is  again  booked  for  higher  prices  by  the  triangle  clique  bulling  it.  General 
Electric  schemers  have  abandoned  their  bull  inclinations  for  the  time  being.  Chicago  Gas  appears 
to  be  marketed  by  the  last  bull  clique,  while  insiders  appear  to  be  waiting  an  opportune  time  to 
break  the  market.  Distillers  complications  may  not  prevent  an  advance  in  the  market.  The  Cordage 
combine  are  trying  to  inject  life  and  faith  into  their  1893  dupes.  It  is  to  be  hoped  the  New  York 
Stock  Exchange  will  ere  long  only  favor  honestly  managed  industrial  enterprises,  and  make  all 
listed  and  unlisted  properties  report  all  the  facts  and  matters  pertaining  to  capital,  earnings,  divi- 
dends, expenses,  etc.,  monthly. 

Cotton. 


It'is  estimated  that  United  Kingdom  cotton  takings  this  season  exceeds  one-half  America's  ex- 
ports. Their  exports  of  cotton  goods  for  the  season  to  date  are  2,914,000,000  pounds,  against  3,092,- 
000,000  pounds  last  season.  The  world's  visible  continues  about  450,000  bales  larger  than  last  year. 
Indian  shipments  since  Sept.  ]st  to  Europe  were  727,000  bales,  against  1,194,000  the  previous  season. 
The  Government  report  makes  the  condition  the  poorest  on  record,  77.9,  against  83. 2  in  July  and 
91.8  a  year  ago.  Bull  figures  indicates  a  yield  of  only  about  6,300,000  bales.  An  elastic  pencil  in  the 
bears'  hands  indicates  the  yield  is  about  8,500,000  bales.  Our  Texas  reports  are  as  varied  as  the 
wind.  We  think  the  consensus  of  opinion  indicates  the  crop  will  equal  about  7j4  million  bales. 
That  no  general  or  large  movement  will  appear  in  September.  That  there  is  a  general  belief  that 
the  fruitage  will  be  poor,  and  the  shortage  will  be  more  on  that  account  than  any  other.  Our 
Georgia  correspondents  complain  bitterly  of  great  destruction  to  the  leaf  of  a  kind  and  nature  here- 
tofore unknown.  That  the  bottom  side  of  the  leaves  are  covered  with  a  small  insect  which  seems  to 
give  the  appearance  of  blight.  Others  claim  the  absence  of  fertilizer  makes  the  stalk  weak  and  will 
likely  cause  but  little  fruit  to  materialize.  That  rust  and  shedding  exists  quite  freely  in  the  eastern 
tier  of  the  old  Cotton  States.  That  boll  and  army  worms,  rust  and  blight  are  common,  and  that  the 
nights  Tiave  been  too  cool.  The  most  of  our  correspondents  claim  the  crop  continues  to  deteriorate 
since  July  31.  Some  of  them  are  very  bullish  and  predict  ten  cents  for  cotton  for  early  spring 
months*  delivery.  Prices  are  now  near  the  lowest  point  ordinary  at  this  season  of  the  year.  Senti- 
ment rather  than  demand  seems  to  have  caused  the  recent  advance  of  about  $1.50  per  bale. 

148 


CLAPP  &  COMPANY.  BANKERS  AND  BEOKEES.  NEW  YOEK.  WEEKLY  MAEKET  LETTEE. 


Wheat. 

It  is  neaxly  thirty  years  since  Chicago  was  selling  and  shipping  wheat  in  August  to  neighboring 
mills  and  markets  surrounded  by  wheat  growers,  such  as  Detroit,  Toledo  and  Cleveland.  We  think 
crop  conditions  then  were  more  or  less  similar  to  those  generally  reported  this  season.  Our  popula- 
tion in  1865  was  but  half  what  it  is  now.  The  crop  then  equaled  about  280,000,000  bushels,  and  prices 
in  November  following  the  August  quotations  nearly  doubled,  and  later  on  the  following  spring  sold 
very  hifh.  Contract  grades  generally  selling  from  25  to  40  cents  over  low  grades.  Chicago  prices 
now  rule  lower  than  any  neighboring  primary  markets.  Chicago  has  a  large  stock  of  choice  con- 
tract wheat  which  holders  refuse  to  sell  at  less  than  futures  bring.  Many  country  grain  buyers  now 
make  purchases  only  after  the  grain  from  the  thrashers  has  been  cleaned. 

Fifteen  years  ago  North  America  furnished  one-quarter  the  wheat  imported  by  consuming 
countries.  Now  we  export  but  about  one-sixth  the  world's  wants.  In  1S80  most  of  the  world's 
wheat  was  grown  north  of  the  Equator,  the  past  year  Great  Britain  has  secured  nearly  one  quarter 
her  wants  from  the  Argentine  or  south  of  the  Equator,  and  where  the  wheat  is  grown  in  about  the 
same  latitude.  In  51  weeks,  ending  July  27th,  North  America,  Russia,  Argentine,  India  and  Aus- 
tralia shipped  to  Europe  328,672,000  bushels,  against  321,296,000  bushels  same  time  previous  season, 
and  316,560,000  bushels  same  time  two  years  ago.  The  world's  visible  August  1st,  (according  to 
Howard  Bartels  &  Co.)  in  wheat  and  flour  equalled  158,043,400  bushels.  July  1st  it  was  160,331,000 
bushels.  August  1,  1894,  it  was  174,491,600  bushels.  It  is  variously  estimated  that  Europe's  re- 
quirements equal  from  6,800,000  to  7,000,000  per  week. 

Crops  in  Western  Europe  are  reported  below  an  average.  Germany's  rye  crop  may  fall  short 
from  6  to  10  per  cent.  Beerbohm  estimates  world's  crop  224,000,000  bushels  short  of  last  year.  We 
will  issue  our  annual  world's  crop  letter  as  usual  August  29.  Great  Britain's  crops  are  conceded  to 
be  short.  Ireland's  potato  crop  is  reported  good.  U.  S.  potato  crop  is  indicated  by  Government  re- 
port as  about  206,000,000  bushels,  as  against  about  170,000,000  bushels  last  year.  The  Orange  Judd 
Farmer  now  estimates  the  United  States  wheat  crop  at  about  405,000,000  bushels.  Thoman  claims 
July  conditions  deteriorated  nine  points.  The  Price  Current  practically  forecasts  the  crop  and  sur- 
plus equals  460,000,000  bushels. 

The  last  Government  report  made  spring  wheat  conditions  95.9  per  cent,  against  102.2  per  cent,  a 
month  previous,  and  67. 1  per  cent.  August  1,  1894.  Based  on  the  last  Government  estimated  acre- 
age and  condition,  we  find  it  indicated  a  spring  crop  of  about  165,000,000  bushels;  add  it  to  the  218,- 
000,000  bushels  indicated  as  winter  wheat  and  we  find  the  crop  of  1894  may  be  about  383,000,000 
bushels.  Various  indicated  estimates  based  on  same  figures  vary  the  probable  crop  from  370,000,000 
bushels  to  about  400,000,000  bushels.  Nearly  all  reports  agree  that  the  condition  or  quality  is  un- 
usually poor  all  along  the  winter  and  spring  wheat  sections  where  thrashing  has  been  general. 
Manitoba  claims  they  will  have  a  maximum  crop.  Primary  receipts  from  July  1  to  date  equal  about 
10,500,000  bushels  against  24,600,000  bushels  same  time  in  1894,  and  about  one-half  average  for  the 
past  ten  years  and  one-third  that  of  1891-2.  Our  visible  is  the  least  since  May  1892,  and  is  only 
about  half  what  it  was  a  year  ago.  Then  it  was  gaining  several  millions  a  week,  now  it  is 
decreasing.  Should  a  liberal  or  average  export  demand  occur  the  coming  few  weeks,  materially 
higher  prices  may  be  looked  for. 

Corn. 

It  seems  to  b«  conceded  the  acreage,  stand  and  promise  for  final  crop  of  corn  is  at  a  maximum 
point.  It  was  so  in  1863.  Frost  in  September  following  caused  corn  to  double  in  value  that  same 
year.  In  1881,  in  1887,  in  1891  and  1894  hot  winds  and  frost  made  radical  changes  in  public 
sentiment.  We  still  believe  this  season  has  not  and  will  not  prove  to  be  an  A  No.  1  season  for  mak- 
ing and  maturing  a  good  sound  crop.  Frost  has  appeared  every  month  this  year,  and  if  usual 
signs  prove  true  there  will  be  severe  frosts  each  of  the  coming  four  months.  America  never  secured 
a  corn  crop  free  from  weather  accidents  until  after  about  the  last  of  September.  Most  seasons  a 
later  period  is  required  to  decide  very  positively.  Government  report  indicates  yield  exceeds  2,400,- 
000,000  bushels  from  8:;i, 000,000  acres.  In  looking  back  we  find  no  year  in  thirty  where  corn  sold  in 
May  as  low  as  recently  for  May,  1896,  delivery.  Low-priced  years  it  has  been  burned  for  fuel.  We 
think  it  scarcely  probable  that  the  stalks  and  leaves  will  dry  out  enough  this  season  before  Christ- 
mas to  admit  1%  oi  the  corn  husked  or  cribbed  to  be  shelled  and  inspected,  contract  grade  in  the 
primary  markets  the  coming  four  months.  Cash  corn  in  Chicago  sells  \}i  cents  over  r^eptember. 
We  do  not  believe  there  is  a  large  amount  of  old  corn  held  back  in  first  hands  and  do  believe  great 
opportunities  are  now  offered  the  conservative  buyer  of  futures  in  all  markets. 

Provisions. 

The  July  decrease  in  provision  stocks  at  Chicago,  Kansas  City  and  Omaha  is  reported  by  Price 
Current  as  49,496.000  pounds.  The  world's  lard  visible  is  reported  as  182.000  tierces  against  170,000 
tierces  a  year  ago,  ana  104,000  tierces  two  years  ago.  Prices  are  not  high.  The  domestic  and  ex- 
port demand  is  improving.  Speculation  may  again  take  the  bull  side  of  provisions  as  soon  as  Sep- 
tember contracts  are  settled.  Packing  from  March  1  to  August  8  was  5,535,000  nogs  against  5,940,- 
000  hogo  same  time  in  1894.  Yours  truly,  CLAPP  &  COMPANY. 

149 


CLAPP  &  COMPAmr,  BANKERS  AITD  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Quotations  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  iugnst  14  1895,  and  lor  Angnst,  1894. 

Par  vaiae  of  all  stocks  $100.  except  D.,  L.  t  W.:  P.  <&  B.  aod  Am.  Tobacco  Co., 
FROM    NEW    TOBK    STOCK    EXCHANGE    OFnCIAX    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISOSS. 


Sales. 


700 
851 

67,528 

413 

49.949 

ffi5tj2 

1.700 

4,047 

69&1 

8.358 

75.487 

4T.baO 

45.065 

4% 

86.636 

2.156 

6.281 

lisio 

800 

280 

t070 

2.834 

878 

62.110 

86,186 

100 

*766 

rno 

2.7ia 

1.447 

15  488 

29.816 

125 

8,:i2 

81^ 
8.484 
1.0-,-6 

1  .■78 
69ii5 
2.v'90 
1.146 
&290 
1.220 
1.665 

2  403 
1,390 

100 

68  880 

1.055 

2400 
4.155 
8.840 
7.2S0 
3050 
8.870 
2,710 
12.654 
2.475 

466 

1.000 

fi.T27 

28  221 

12t60 


Capital 
Stock. 


120,237,100 
10.198,600 
86,773,000 
86.773,000 
17,900,000 


85,000,000 
15.000.000 
22.48S.00C 
60.805,400 
82,262,700 
24,885,800 
46,027.261 
25,923,900 
46.156.000 
18.659.360 
89,054,907 
22,335  170 
28.000,000 
11.696,000 
85,430.060 
86,200,000 
85.000.000 
38  000.000 
84  09190C 
30,469,700 
8.5,000,000 

8,000.000 
60.000,000 
10.000,000 
11,840,000 
11,840,000 
49,466,500 
52,800.000 
30.000,000 
18,788,204 
13,000.000 
47,844.10(1 
47.436,575 
14.906.400 
14,904.000 
89.438.300 
77,427.000 
20,000,000 
58.119,982 
13.000.000 
89.767,200 
49.000.000 
89.369,546 
20.000.000 

8.500.000 
40,428,861 
86,000.000 


DmsEiii)  Recobs. 


Pays  3pc  J-D 

Pays  3pc  0-J-A-J.. 

Pays  SVipo  J-J 

Pays  3pc  F  MA-N. 


Paid  2co  1895 

Pavs  Ikpc  F-A 

Pays  IMpc  F-M-A-N. 


Paid  Ipo  Dec.  1894 

Pays  Ipo  M-J-S-D 

Paid  Ipo 

Pays  7  PC  Per  Ann  am. 
Paid  ^po  June  1895. . . 


PayslJ^pc  J-D.,, 
Pays2i^pc  J-D... 
PaidSpo  in  1893.. 


Pays  2pc  M-J-S-D.... 
Pays  7pc  per  annum. 
Fays  7pc  per  annum. 


Paid  l!^pc  Jan.  W.i3. 
Paid  2pc  August  1«*3. 
Pays  5pc  per  annum. 


Pays  2}^pc  M-S. 


Pays  I^pc  F-M-A-N. 

Pays  ,?pc  FA     

Paid  2pc  August  1893. 
Pavs  IJ^po  J-A-J-O.. 
Paid  «pc  In  Jnly  1896. 


Paid  3dc  1891 

PafdlpcinDec.  1894. 
Pays  i9ipc  M-J-S-D.. 
Pays  Ipc  J-A-J-O. . . . 


Paid  l>4po  Nov.  1898. 


Paid  Ipc  April  1892.. 
Paid  Ipc  in  1887.... 


Kahxs  07  Stocks. 


Pays  2pc  F-M-A-N.... 


Paid  Ipc  In  1887... 
Paid  3J4pc  in  1884! 


«&  408,900 

125.000,000 
60.000.000 
19,850,000 
.38.710.900 
60.868,.VX) 
62  9:1,500 
52.361. .SCO 
20.166.00C 
18.585  .WO 

7,707,040 
88,000,000 
24.000,000 
94,820,000 
lO.OOO.OOO 

4.500,000  jPaid  Ipc  in  Feb.  1894 


Paid  Ipc  >ay  1895 

Paid  .'^pc  March  15, 1805 


Fays  l^pc  J-A-J-O. 


American  Cotton  Oil. 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co- 
Am.  Sugar  Refining  Co  Pt. 

American  Tobacco  Co 

Atcli.Top.  &  S.  F.  2d  ins.pd 

Baltimore  &  Ouio 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Oh  lo 

Chicago.  Bur.  &  Qoincj.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  <fe  Pac.hc... 
Chic..  St  Paul  M.  <t  Omaha 
Chicaso  &  Northwestern. 
Chicago  <fc  Northw'n  Pfd. 
Cleve.,  Cin..  C'Lic,  &  St  L. 
Col  Hock  ng  Valley  it,  Tol 
Consolidated  Ga»  of  N.  Y. 
Delaware.  Lack  a  &  Wn. 
Del..  &  Hudson  CaualCo 
Denver  4  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  m  pd 

Genera-l  Electric  Co 

Great  ITjrthem  ltd 

Green  Bay  W  &  St  P  Tr  £eo 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  <t  Western.  . 
Lake  Erie  <fe  Western  Pfd 
Lake  Shore  <fc  Mien.  So 'a.. 
Louisville  ic  Nashville.... 
Manhattan  R'y  Consol.... 

Micbi^'ap  <";entral. 

Mo..  E an. ..8  &  Texas  Pfd 

Mexican  Central 

Mi.<!souri  Pacific 

National  Lt ad  uo    

Natioi.al  Lead  Co  Pfd.... 
N.  Y.  Cenfl  &  Hudson  Riv 
N.  T.  Lake  Erie  &  W  est'n 
NYitN  E  tst  CO  ct»  all  in  pd 
N.  Y  Ontario  &  Western. 
N.  Y.  SusQ.  <fc  W'n  Pfd... 

North  American  Co. 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacifio  Mail  S.  S.  Co 

Peons,  Dec.  <fc  Evansville 
PbUadelpbia  d-  Keading. 
."Oilman's  Palace  Car  Co 
S  Iver  BuUioii  teitiricales 

Southern  Pacific  Co 

Soithern  Ran  way 

iSou'Jiem  Railway  pfd... 
Tena  Coal.  Iron  ^c  K  R  Co 

Texai  A  Pacific 

Cnioii  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  pref 

Uniteo  States  Rubber  Co. 

U.  S.  Coidage  Co 

TJ.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  A  Lake  Erie.... 
Wbeeliug  &  Lake  Erie  PM 


Thursday.!    Friday.    Saturday. I  Monday. 
Aug.    8.     Aug.    9.     Aug.  10.  I  Aug.  1& 


112^114 

15**i  15^ 

64M|  65_ 

■-        669s 

103^  10314 


Tuesday. 
Aug.  13. 


26       i6 
75?4    749^    .... 

115  |U5j«  1UJ4  ii5>i  1I4H  liiJi  nan 


Wed.. 
Aug.  14. 


16.^9^ 
«1J4 


162^4 

130^4 

21 

87« 
1«H 


1189i  1I2W 
ISm   155i 
W^   65 
56^    56?i 

lOSM  U6 
21 V4    21?6 
90^1  91 
69^1  60^i 

71    i  rm 

1289^129 
78J4I  tO 
4lW  « 

10.'V»102}i 


65 

66 
104 

89% 
69H 
7-94 
129 
7856 

41!^ 

1019s 


-    \-tSH    4894 
2596    25H   ^       ^ 

|l63«  I62^i 


I  ...  I  163JS  m 

180%  I3ay4  130%  18(94  13W4  '30)4  13l>4  13! 

i iHS^    48U' 


I30i4   »3"^ 

...:      ..'I 4el9^    4^' 

HM    2i)9i    il^    2IW   21!i    2UJfc'  22^    8IJ4 
879i    86)4    «%    8796   3m    «>>»l  3*        8^94 


«9<    2->?i 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. .'.  ...      80;i.;i8 


COTTON,  In  ba  es.  | 

World's  visible.  I  Total  in  sigbttl  Total  Exports. 
tS95  2  686  656  9.6^5.177  0.6J8..367 

18941         2  233.359         I        7.306,336        I        6,lj0,^46 


2f  Y    f August.... 
•     •    I  September 
■  October.  . 
November. 


Cotton 


WHEAT,  in  busheb. 
I    U.  S   Visible.     iPriniary  rec'ts*]  Total  Exports. 
1895         37.810.000  10.500  OOu  11.100  tOO 

t89l|        6^821,000         I      24  £00  000  lS.'^00l00 


Whoflt   .'  September 
wneat.  (December. 
)  September 
1  December. 


ICorn. 


CORN,  in  bushels, 
I    U.  8.  Visible. 
1895  4.613.000 

18941  3.165.000 


IPriinary  rec'ts'l  Total  Exports. 
7  5<J0.O0O  6  500  0CO 

asoo.ooo  8.100  ood 


Ctiicago  ,  September 
W  heat.  )  December.  | 
Pom  i  September ' 
^o"»--1  December.  I 


150 
60H 
U59i 


I49H 
60)i 
114H 


Kii    e9>4l  99H    B9H 

269i    25%  a69i    269» 
oiH    8a 


152  ■  150 
.«0«  60 
119H  116 


8694    8(%    «7M    S7 


87% 
85 

10194 
6% 


6% 
4% 

18^4 

29 

13 

in% 

8596 
13% 
4196 
36>i 

uy4 

13% 

15% 

83 

40% 
IVi 
2« 

eh. 

21% 
9394 
1694 


8694'  38% 
84%   85 
9.1>1,    »4 
10194  102% 

66%   67% 
2J  ■ 


694 

4%  5 

17^  18 

29     I  2V>4 

17?4  18 
171    i;4 

2.--%  2594 

13%  14 

4".%  4194 

36J4  36»A 

W^4  13^ 

13%  13 

rj%  16 

6^  8394 

40%  40% 

1%  1% 

2>4  3% 
8% 

21  21% 

9294  94x4 

16%  17 


37 
84^4 
93% 
102 
(^ 
66H 

29 

5 

17% 
29H 

.7% 
172 

25% 
13% 
41H 
859i 
12H 
12% 
15% 
82^4 
40>« 
1% 
8% 

81% 


•51%  15196 

614    61 

119      117% 

87H    87% 


9994  ^* 
26X  --i^t 
i6  2594 
.82%  81H 
I5OV4  '-^^"i 
61%    ^1    I 


89 

93% 

8% 
669i 
17% 


5 

18% 


is!4 

175 

85% 

1J94 

41% 

88 

12% 

13 

16 

ta 

4094 


8^ 
93% 


56% 
17% 


1794 
175 


99% 
26% 
'M 

130% 

6m 

1:8% 
..      101% 

87J4  s^  ^y* 


2594 
80% 


8% 

179< 
80}| 


88  88% 
»6  35% 
....  94^ 
.  1108 
8)4  8% 
^  !  68% 
J7% 


»% 


8^  M% 

18%  l'9i 

I74  11* 

2"4»    25%  K% 

13%    I3p  1894 

l\y*    41^  <!;% 

8o       3694  ^y* 

i')(?  12u 


12%  12^  l: 
13  1  / "  I 
16 


113  810 

7.08  7,00 

7.1»  7  00 

7  10  7.06 

7  14  7  10 


9 

-,„  ^l?i 
9i9'4  ^^ 
1694    1' 


156.:94 

7.08  7.01 

7.0.)  T.02 

r.lO  7,07 

7.14  7.11 


73%  78 A'  73%  72% 
75,.  :4\  -.=>%  74% 
46%    44%;  45%    45% 


68%    65%'  68% 
'.09-4    69%   70% 
■      38'*'   10)4 
82%   3i%    83 


'"       10  10 

83%«94  w% 

•  •■•    1%  "'■ 

9        9%      9 

21%   21%  21% 

?/,.    94%  »i% 

l<^/i   17k  16% 


80.120 


141515 


40% 
3is?4 


7.90  7.05  7  36  7 .% 

7J80  7.05  7.:),  7  30 

7,86  7.09  7.43  7  35 

7.28  7,13  7  47  7  89 

7S%  72%  72%  71% 

75%  74%  75  73)» 

45.',  4i%  44%  42% 

I 

67%   «8  6:%  63  6594 

70%!  70K  70%  7U%  6?)* 

39)4    3«%  3«%  3894  '  " 


83%    32%   32%    81% 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  89^5  000 

18»4|         2,856  000 


N.  Y.  Stocks, 

1.2C8  911 

387.708 


Cbgo.  Stocks. 
701000 
561000 


Oat«. 


I  September , 
)  December,  I 
Pnrk  '  September 
'^o"'-)  January... 


2C%    20%   30%    20%'  20W    20'4    20 

9.70    9.42    9.'95    9.65    9,75    9  60    9  80    8  6i     9.57    9  47 
10  40  10,26  10  50  10.27   lu  40  10  30   10.35  10.32  |I0,17  1012 


81 

6 

4% 
18 
29% 

is" 

174 


117)4 
101)4 
36% 

87 
35 

94)4 
102 

m 

6i)4 

80)4 
594 

4% 
IS 
29 

m 

174 


£5J4    25)4 


4Hi 

12% 
18 
16M 
8494 

1% 


414 

35j^ 

12/S 

13 

!5% 

40% 
1% 


9  9 

21%  ilH 

94  9.?^ 

17  18% 


1895 
ls'94 


LARD  tcs.  I  CHICAGO  CONTRACT  STOCKS.  I,  _, 
World's  vis.  PORK-bbls.i  LARD-tcs.  I  RlBS-lbs.  r^ 
3.32.0^.8     I        126.717     |  dS  932     I  88.859.025 


152,887 


53,552 


22,6-JO     I   14,787,958 


Ribs. 


i  Septem'ier  6.17  6.00 

I  January.  ..  6.22  6.10 

•  September  ,  5.i5  5.60 

}  January.  . .  1  5.40  5.32 


6  25  6  15  6  15  6  to  8 10  6.07 

em  6  17  6.17  e.io  6 is  6 07 

5.85  5  77  5  77  6  75  6.80  5.75 

5  45  6  33  I  5  10  5  32  6.35  5.30 


111%  10})^ 
15%     16% 

56%    56% 
10594  101 
21%    21 
90%    8^-% 
60%    60 
71)1    709i 

79%  78% 
41%  41% 
101%  lol)4 


14-^%  14S 
168)4  >6'' 
181)4  131)4 

94   2iVi 


2594   »94 
81)4    il 


60% 
117 


37)4  S7 

89'  8i^ 

84%  31)4 

ai\i  93)4 

IUI94  10194 

3%  «% 

17)4  KW 

81  30)4 

«  5% 

<%  4% 

18  17% 

28%  8*H 


25*4  25% 

1894  13% 

41)4  41 

86V4  3d);i 

18%  12% 

13  H 

16)4  1**^ 

84%  83% 

4c%  40% 


2794    25)4 

:5%  73% 
USX  112% 

107  104% 
114)4  i<»^ 
15%  14H' 
65)^  64%i 
66%  5-1% 
106  10194 
21%    21 

92      da%i 

60%  56)8l 
72%    70% 

129      127 
SO       77% 
43       40% 

1«^  100% 

49%  4S 
26%  84| 
145%  142 
163%  161 
131)i  130 

4396  4:94 
8294  20% 
38%  8f94 
123%  1>!6% 

10194    99% 
a%    25)4 
37%    35 
8394    80% 

152  :48k 
63%    60% 

119%  113% 

10-J94  101 
88)4    8894 

89'  86% 
8")%  81)4 
94%  91% 
102)4  101% 


175%  171 
60%    60% 


8694 
!1% 


254 
13% 


84?4  27)4 
78%    :2>4 

114%  102 

luO%  'Ji 

107  88 

7694  69i< 

5394  4H'^i 

Uti  1C6% 

«1%  16% 

7994  '/O 

•  f>%  71% 

66%  56 -h 

12:94  11" 

69%  62% 

89%  84 

106%  102% 

142  141 

42  33% 

19%  10% 

127  115% 

!!«%  162 

187  183 

36  2.-% 

24%  174 

44)4  35% 

10394  102 
6%      8% 

94%  90)4 
20        17 
19)4     l.^% 

73%  65 

189  l^8>4 

67)4  4594 

122  113 

99%  i«5 

24%  -JU 
694       *% 

81%  •-•3% 

44%  38 

93)1  8< 

102^  9694 
16%     12% 

20)4  13% 
17%     HX 

4.'>!i.  83.4 

494    m 

5%      3% 
20>i     13% 


42%    40-1^1 
3794      594 I 


U% 
3% 


17 

6^4  - 
2.'%  17 
:65      155 


2:9<  1:% 

13%  12 

41<,«  81)4 

19%  17 


1895 
1894 


OU)  PORK,  Chgo.-bbls. 
....     bbU. 


WHEAT  on  passage. 
£9.920.000  bush. 
31  S'i^OOO    '• 


CORN  on  T'Assage. 
9.360.0O"  bush. 

•:.io''.i\xt    ■■ 


Russian  Shipmts.  for  wk.  I  Indian  Shipmts  for  wk.  ]  Argentine  Shpts.  for  wk. 
2  000.000  bush.  1.336.000  buslL  li«  000     busu. 

2  100.000    "  I  2-O.COO    "  I 


t  Since  Aug  81.  'Since  June  aa         Compiled  and  Copj'righttd  bj>  QLKBF  &  COMPANY.  BANKEES,  MILLS  BUILDING  FEW  YORK 

1  .0 


Mccftip  fIDarhct  Xcttcr. 


Ho.  443. 


Copyright,  1803,  by  Clmpp  *  ComjMiny 

O.  W.  CLAPP. 
DWIOHT  O.  Ci-APt. 


CLAPP    &    COMPANY, 

Banhers  an6  JBiohers, 
IVIILLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE.  IN  THE  HEART  OF  THE  BANKING  CENTRE, 


BOANCI 

Off 


i   277    BROADWAY,  CoBNER  Ch«mber«  St. 
I    621    BROADWAY  (C*bl€  Builoino,  Corn 


Corner  Houston). 
M  St. 

WASHINGTON  STREET,  SARATOGA,  N.  Y. 


icts:   ")    753  FIFTH  AVENUE,  Corner  58tm  St. 
(    11 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  August  22,  1895. 


We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  he  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOLl   OUR  1894  SOUVENIR,  "LEADING  AIMERICAN  EXCHANGES." 


The  Wall  Sti»et  houses,  many  of  tliem,  are  great  patrons  of  print, 
tiig  ink  and  get  outv>;i-y  extensive  snmptuous  hleitituie  in  the 
•hape  of  daily  and  weekly  tables  of  past  and  present  prices,  ex- 
hibftsof  railitjads,  bookkeeping,  etc.  lUnsti-ations  are  used  to  set 
off  the  publicatons.  Clapp  &  Company,  of  the  Mills  Building,  in 
their  year  lx)ok,  give  half-tone  pictures  of  most  of  the  exchanges  of 
the  countiy  and  many  interior  views.  This,  together  with  the  care- 
fully compiled  statistics  makes  a  large  l)oolc  and  a  valuable  volume 
of  reference.— The  World,  New  York. 

Jleasrs.  Clapp  &  Company,  the  enteipilslng  bankers  and  broVers  of 
New  York  City,  have  now  issued  their  annual  souvenir  of  352  pages 
called  "  Leading  American  Exchanges,"  ■which,  like  their  previous 
etlitions.  contains  statistics  of  all  things  financial  and  commercial, 
and  so  presented  as  to  be  always  available  for  the  seekers  after  in- 
formation. The  book  has  for  basis  the  fifty-two  weekly  market  let- 
tei-s  i8.sued  during  the  year  1894  by  this  lii-ra  and  sentr  to  customers 
and  others  throughout  the  countrj',  so  that  in  this  one  thing  alone 
the  book  gives  a  i-unning  history  of  commercial  life  in  America  for 
that  year.  In  addition  tlie  book  contains  a  vast  amount  of  other- 
wise unobtainable  Infonnation  concerning  production  consumption 
and  commerce  throughout  the  world,  compiled  fi-om  records  and 
exchanges  to  which  the  firm  has  access.  There  are  also  tables 
showing  the  transactions  at  various  e.xchanges  throughout  the  conn- 
try,  furnished  by  the  otflclalsof  the  exchanges.  These  facts  are  sim- 
ply invaluable  to  business  men  interested  In  such  subjects.  The 
book  is  a  handsome  one,  both  in  Its  typographical  appearance  and 
its  binding.*- Commercial  Review,  I'ortland,  Ore. 

We  have  received  from  Clapp  .t  Comiiany,  bankere  and  brokers. 
New  York,  their  handsome  bound  volume  of  "Souvenir  of  1891  on 
American  Exchanges."  This  book  is  a  handy  book  of  reference, 
containing  their  weekly  letters  for  the  year  aiid  valuable  tables  in 
regard  to  piices.  Our  readers  who  have  been  following  their  reports 
will  remember  that  they  long  since  predicted  that  rock  bottom  had 
been  reached  and  recent  advances  have  veriflcd  their  predictions.— 
The  liupublican,  Waterloo,  XIL 


Clapp  &  Compant's  1895  SonvENiR.— Messrs.  Clapp*  Company, 
bankei-s  and  commiasion  merchants  in  tlie  Mills  Building,  New 
York  City,  have  published  a  handsome  quarto  volume  of  350  pages, 
what  they  call  their  "Souvenir  for  1894.^'  This  flmi  i.ssues  weekly 
market  lettei-s  containing  valuable  information  to  financiers  and 
Investoi-s.  The  book  before  us  consists  of  these  weekly  circulars, 
and  in  addition  much  other  useful  and  valuable  infoimation.  The 
book  is  printed  in  excellent  style,  and  is  beautified  with  many  ex- 
cellent illustrations  of  pei-sons,  buildings,  interiors,  etc.  It  is 
mainly  valuable,  however,  for  the  nia:iy  important  commercial 
tables  and  statistics  it  contains,  which  a  good  'iidex  makes  readily 
available.  Such  a  book  is  valuable  as  a  work  of  reference.  It  is 
not  easy  to  describe  the  many  merits  of  this  excellent  book  of  ref- 
eienceintheb  lef  space  at  our  command.  Only  those  who  mako 
daily  reference  to  this  volume  will  obtain  an  acfcquato  Idea  of  Its 
many  merits  and  geneiul  usefulness.— The  New  Era,  Lancaster,  Pa. 

The  Citizen  Is  In  receipt  of  a  "  Souvenir  of  1891,"  issued  by  Messrs. 
Clajip  &  Company,  bankei-s  and  commission  merchants.  Mills  Build- 
ing, Sew  York  City.  The  "Souvenir"  is  a  book,  bound  In  blue  and 
gold,  of  nearly  3.50  pages,  and  contains  enough  Information  on  the 
business  and  finance  of  the  world  to  make  it  the  most  valuable 
work  of  the  kind  published  within  the  past  year.  It  has  been  com- 
piled from  the  weekly  market  letiei-s  issued  by  that  remarkably 
eniei-prising  firm,  setting  forth  the  doings  of  the  leading  Americaii 
Exchanges  for  1 894.  Through  these  lettei-s  a  compact  record  of  the 
ebb  and  flow  of  business  is  had.  The  pi-oduction  of  precious  metals, 
not  only  of  America  but  of  the  various  countries  of  the  world,  is 
here;  the  amount  of  gold  and  silver  coined,  their  influence  on  the 
world's  tiade,  the  shrinkage  and  lf>ss  by  the  decline  in  silver;  ex. 
ports,  imports  and  influence  on  the  world's  trade.  Cotton,  whont 
and  corn  movements,  iu  fact,  eveiything  that  pertains  to  the  wi^i  ui 
of  finance  and  tmde  can  be  found  within  its  cover.  It  Is  a  valuable 
book,  and  should  be  In  the  hands  of  every  business  man  in  the 
counti-y.— Weekly  Citizen,  Tucson,  Arizona. 


I 

"a 
> 

o 

m 

o 
o 

z 

H 

> 

Z 
C/3 

O 

> 

r 
■< 

m 
o 
o 

o 
o 


r 
m 
> 
o 

5 

o 

m 

X 

o 

X 

> 

z 
o 
m 
(/) 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upou 
receipt  or  $3.     A  few  copies  of  1893  cau  be  had  for  $2  each. 


KEEP  OUR  LETTEKS.      POKTFOLIO   FOR   FILING   FOUWAUDED   APPLICANTS  FREE. 


i.'>i 


2         CLAFP  &  C0HFAK7.  BANKERS  AND  BROEEES,  ITEW  TORK.  WEEKLT  MARKET  LETTER. 

Financial  Outlook. 

A  defaulted  coupon  is  too  often  the  silent  witness  of  a  degenerate  board  of  directors.  The  ten- 
dency is  always  towards  a  higher  premium  on  first-class  applied  personality.  The  substitution  of 
honest  men  for  the  present  supply  of  railroad  sharps  would  sell  American  stocks  in  Europe  and  sup- 
ply United  States  with  gold.  Good  credit  is  coming  to  be  almost  a  substitute  phrase  for  plenty  of 
cash.  A  corporation's  credit  is  seldom  better  than  that  of  the  men  who  manage  it,  and  that  of  a 
country  or  city  never  better  than  that  of  the  men  who  compose  it.  There  is  a  demand  for  good  men 
equal  to  that  for  good  money. 

Straws. —There  were  276,138  emigrants  came  into  the  United  States  year  ending  June  30th, 
1895,  against  311,612  the  previous  year.  There  were  17,400  steam  and  12,015  sailing  vessels  entered 
at  United  States  ports  against  17,071  steam  and  12,934  sailing  vessels  previous  twelve  months.  Paci- 
fic ports  show  marked  increase.  Importations  of  raw  wool  twelve  months  ending  June  30th  were 
112,958,153  pounds,  against  28,616,925  pounds  previous  year.  We  exported  405,748  sheep  against 
132,370  in  1893-4.  We  imported  manufactures  of  wool  valued  at  $36,542,398  against  $19,391,850  in 
1893-4,  and  cotton  manufactures  valued  at  $33,195,338  against  $22,346,547  in  1893-4.  Exports  of 
wool  and  cotton  decreased,  that  of  iron  increased,  and  that  of  breadstuff s  decreased  nearly  31>4  per 
cent.  Indicated  yield  of  the  world's  gold  mines  in  1895  is  $209,583,640.  Government  report  shows 
United  States  shipments  of  cattle  first  half  of  1895  are  42  per  cent,  less  than  in  ]  894  same  time,  probably 
due  to  Argentine  competition.  It  is  reported  the  Bank  of  England  has  reduced  its  purchasmg  price 
of  gold  and  that  France  has  half  the  money  of  the  world.  We  believe  the  foreign  exchange  situa- 
tion is  likely  to  exert  a  most  potent  influence  on  the  stock  market  and  soon  regain  its  normal  con- 
dition, and  natural  causes  and  effects  cause  a  higher  and  more  active  market  for  all  securities. 

Stocks  and  Bonds. 

Bonds. — First-class  railway  bonds  are  in  good  demand,  defaulted  bonds  rather  slow.  Reorgani- 
zation is  expected  to  provide  a  new  supply  of  securities,  and  holders  of  the  old  issues  are  hopeful. 

Stocks. — Bradstreet  estimates  the  net  gains  of  earnings  on  145  roads  in  first  half  of  1595  is 
8.1  ^  over  that  of  1894,  when  the  same  roads  showed  net  losses  from  1893  of  18.8  ;t.  The  Grangers 
show  a  decrease  of  3.4  ^  against  decrease  the  preceding  year  7.4  ^.  The  Trunk,  Eastern  and  Cen- 
tral Western  roads  show  greatest  gains.  Coal  roads  show  net  gain  of  l  f  against  decrease  of  16.5  ji 
last  year.  Seventy -two  roads  first  week  in  August  show  gain  of  .81  ^  over  last  year.  The  decrease 
of  passenger  business  caused  by  electrical  trolley  competition  is  attracting  attention.  This  is  ordinarily 
the  dullest  month  in  the  year  and  likely  to  be  followed  by  an  active  September  and  witness  revival  of 
many  reorganization  movements  and  increased  speculation.  Northwestern,  Burlington,  Rock 
Island,  St.  Paul,  Missouri  Pacific,  Northern  Pacific,  Union  Pacific  and  Atchison  will  likely  get  large 
benefits  from  the  corn  and  wheat  crops.  Coal  matters  are  likely  to  be  arranged  after  Jersey 
Central,  Susquehanna,  Lehigh  Valley  and  Reading  are  in  the  controlling  interest  of  friends.  Met- 
ropolitan traction  road  earnings  and  the  comparative  strength  of  Manhattan  stocks  give  color  to 
consolidation  prospect  and  higher  prices.  Tennessee  Coal  and  Iron  has  advanced  and  continued 
good  management  under  the  present  outlook  may  make  the  stock  later  on  attractive. 

Industrials. — If  Sugar  manipulators  can  be  trusted  prices  are  to  go  higher.  Chicago  Gas 
continues  manipulated.  A  13  point  advance  may  be  sufficient  even  if  the  stock  later  on  is  to  be 
pushed  upwards.  Distillers'  reorganization  may  make  progress  without  courts.  General  Electric 
manipulators  say  it  will  do  to  buy  on  breaks,  and  that  their  business  is  steadily  enlarging.  Lead 
and  Cotton  Oil  are  making  money  and  there  may  be  a  speculative  demand  later  on.  Apparently 
Tobacco  manipulators  see  no  principle  worthy  of  notice.  Cordage  is  apparently  corraled  for  another 
bunco  game.  Leather  people  claim  very  large  earnings  which  may  be  based  on  unrealized  business. 
We  see  no  reason  to  advise  clients  to  buy  securities  that  the  New  York  Stock  Exchange  does  not 
properly  supervise  as  to  statements  and  management.  The  Exchange  should  urge  honorable 
dealing. 

Cotton. 

All  evidences  indicate  our  November  estimate  of  9,750,000  bales  of  cotton  as  the  crop  of  1894-5 
was  about  correct.  It  is  now  conceded  the  annual  world's  consumption  of  cotton  the  past  five  years 
averages  about  9,300,000  bales,  and  that  the  average  consumption  of  American  cotton  was  about 
8,300,000  bales.  Spinners'  stock  August  1  in  Great  Britain  was  103,000  bales,  on  Continent  861,000 
bales,  against  an  aggregate  stock  of  695,000  bales  August  1,  1894,  and  687,000  bales  January  1,  1895. 
September  receipts  always  give  strong  evidences  of  the  size  of  a  crop..  Our  correspondents  report 
an  absence  of  well-developed  bolls,  reporting  plant  generally  in  full  bloom,  which  makes  a  late  fall 
absolutely  necessary  to  secure  a  perfect  crop.  Some  shedding  is  reported,  but  il  is  not  common.  In 
September,  1894,  there  came  in  sight  654,753  bales  ;  in  1893,  505,249  bales  ;  in  1892,  536,278  bales  ;  in 
1891,  832,317  bales  ;  in  1890,  856,438  bales  ;  in  18«9,  668,988  bales  ;  in  1888, 424,209  bales— then  the  crop 
was  6,935,082  bales.  In  1884  September  brought  into  sight  413,836  bales,  and  the  crop  was  5,669,021 
bales.  The  bulls  now  predict  there  will  not  be  300,000  bales  come  in  sight  in  September,  a  decline  of 
at  least  25  ^  from  lowest  since  1882,  and  nearly  50  ^  from  average  of  Sept.  receipts  for  13  years.  They 
claim  spinners  must  soon  begin  to  stock  up.  The  bears  claim  India  warehouses  are  well  filled  with 
English  manufactured  goods  ;  that  English  and  Continental  spinners  are  well  supplied  with  raw 
material  enough  to  last  till  Christmas  :  that  Fall  River  and  New  England  spinners  do  not  need  t9 

152 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER.  3 

buy  before  midwinter  ;  that  the  only  spinners  wanting  cotton  are  located  in  the  South.  Last  season's 
crop  was  grown  in  about  equal  proportions  on  either  side  of  the  Mississippi  River.  The  bears  now 
claim  tlie  quantity  grown  in  South  Carolina  and  Georgia  will  equal  that  of  1S94.  and  that  the  crop 
east  of  the  river  will  about  equal  that  of  1894: ;  that  at  least  ^  of  the  shortage  will  occur  west  of  the 
river.  They  further  allow  the  cotton  crop  is  late  and  liable  to  be  impaired  by  frosts.  The  bulls  say 
the  South  is  well  filled  with  English  buyers,  who  again  propose  to  buy  and  ship  nearly  all  they  need 
direct  from  Southern  ports.  Chicago  banks  are  reported  to  have  arranged  to  care  for  most  of  the 
exchange  made  against  cotton  exports  coming  from  points  west  of  New  Orleans.  Domestic  and 
foreign  cotton  goods  are  lower  than  a  year  ago.  Importations  continue  large  and  exceed  exports, 
and  are  nearly  double  those  of  a  year  ago.  Relatively  prices  here  are  higher  than  any  similar  date 
in  four  years,  and  higher  in  proportion  to  Liverpool  prices  than  for  any  season  except  when  the 
New  York  market  was  cornered. 

Wheat. 

• 

Present  indications  point  to  the  world's  wheat  crop  as  likely  to  be  from  seven  to  fifteen  per  cent. 
or  200  to  300  million  bushels  short  of  that  grown  in  1894.  The  rye  crop  is  generally  reported 
as  under  an  average,  and  likely  to  be  short  about  5  per  cent.,  or  60,000,000  bushels.  Great 
Britain's  wheat  crop  is  reported  as  short  about  20  per  cent.,  or  12,000,000  bushels.  They  are  the 
largest  buyers,  and  do  not  appear  alarmed,  but  are  closely  watching  the  French  crop,  which  now 
seems  the  most  important  one  in  the  world  as  dictating  values  the  coming  year.  France  has  about 
finished  harvesting,  and  soon  will  know  by  measure  and  weight  the  outcome,  which  is  now  con- 
ceded to  be  about  310,000,000  bushels,  against  about  342,000,000  in  1894.  with  quality  satisfactory. 
Germany's  crop  of  wheat  and  rye  is  reported  to  be  about  that  grown  in  1894.  Austria-Hungary  re- 
ports quite  similar  prospects  to  those  of  1894,  quality  and  quantity  surpassing  estimates.  Russian 
and  Polish  reports  generally  indicate  a  shortage,  equaling  an  average  of  about  5  per  cent,  decrease, 
or  say  for  crop  of  about  415,000,000  bushels,  against  440,000,000  reported  grown  in  1894.  The 
Roumanian  crop  is  conceded  to  be  one  of  the  best  ever  grown,  equalling  about  55,000,000  bushels, 
against  only  about  43,000,000  bushels  in  1894,  with  a  rye  crop  equalling  that  of  1894.  Italy's  crop  is 
estimated  as  110,000,000  bushels.  Argentine  is  estimated  to  have  about  57,000,000  bushels,  agamst 
83,000,000  last  season ;  Australasia  about  32,000,000,  against  41,000,000  bushels  in  1894  ;  India  about 
235,000,000,  against  about  353,c00.000  bushels;  and  the  United  States  about  400,000,000,  against  4G0,- 
000,000  bushels;  and  for  these  eleven  leading  wheat  countries  a  crop  of  about  1,958,000,000  bushels, 
against  about  2,118,000,000  bushels  in  1894.  Evidently  importing  countries  have  less  wheat  and  ex- 
porting countries  about  10  per  cent.  less.  Our  exports  of  flour  reduced  for  the  first  seven  months 
of  1895  equalled  35,379,053  bushels,  against  40,884,213  bushels  same  iirae  in  1894;  of  wheat  39,340,596 
bushels,  against  i>7,088,768  bushels.    Our  annual  World's  Crop  Letter  will  be  issued  August  29. 

Corn. 

We  still  believe  the  com  crop  is  overestimated,  and  that  the  season  has  not  been  of  the  host,  or 
the  rapid  and  great  growth  gone  as  much  to  corn  as  to  stalk,  cob  and  leaves.  In  many  States  there 
has  been  too  much  moisture,  or  perhaps  west  of  the  Missouri  River  drought  has  prevented  a  full 
yield.  The  nights  and  days  have  been  of  an  uneven  temperature  in  many  places.  A  late  autumn 
is  always  necessary  to  mature  perfect  corn.  Frost  may  yet  do  much  damage  and  is  likely  to  occur 
in  September.  The  stock  of  old  corn  is  undoubtedly  small  in  farmers'  hands.  The  visible  continues 
decreasing.  The  demand  for  shipping  and  export  is  large,  and  about  as  aggressive  to  get  actual 
corn  as  the  bears  are  in  putting  out  contracts  for  December  and  May  delivery,  expecting  growers 
will  sell  to  them  at  a  still  lower  price.  We  favor  purchase  of  corn  for  distant  delivery,  believing 
the  crop  is  less  than  2,375,000,000  bushels,  and  may  not  be  much  over  2,000,000,000  bushels.  The 
demand  will  be  great  and  the  depression  has  been  large,  and  a  reaction  is  more  likely  to  occur  than 
any  further  decline. 

Oats. 

The  crop  is  mostly  harvested.  Quality  is  varied.  Quantity  is  generally  reported  equalling 
expectations  for  a  crop  of  about  715,000  bushels.  Demand  for  old  oats  continues  good.  The  specu- 
lative short  interest  is  large,  and  long  futures  selling  at  very  low  prices  in  instances  being  less  per 
ton  than  hay.    May  oats  seem  low  and  likely  to  prove  a  handsome  purchase. 

Provisions. 

Provisions  have  b?en  depressed  on  account  of  a  large  corn  crop  and  liberal  stocks  in  Chicago. 
The  visible  supply^  of  ribs  is  reported  small.  Hogs— Receipts  recently  are  only  about  half  those  of 
a  year  ago.  Sentiment  is  bearish.  Packers  appear  inclined  to  corral  the  Chicago  stocks,  and  to 
believe  the  autumn  demand  for  meats  will  be  good  and  prices  advanced.  Ordinarily  the  demand 
from  September  to  December  is  very  large.  Speculators  nave  sold  May,  1896,  pork  at  10.50.  based 
on  a  large  hog  and  corn  crop,  and  May  lard  has  sold  at  6.30.  The  exports  of  provisions  for  the  first 
seven  months  of  1895  were  833,510,770  pounds  against  845,314,157  pounds  in  1894.  Of  cattle  148,892 
against  245,877.  We  favor  purchase  of  ribs  and  pork  for  Januarv  delivery.  Chicago  packing 
March  1  to  August  I7th  1,912.000  hogs  against  1,948,0'.'0  in  1894.  Total  packing  all  points  March  1  to 
August  15th  5,670,000  hogs  against  6.255.000  in  1894.         Yours  truly,      CLAPP  &  COMPANY. 

tsr  World's    Crop    Letter    of    August    29.    1895.   sent    ApoHcants. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  lETTER. 


Qnotations  for  Stocks,  Cotton,  Grain  and  Proilsions  for  Week  ending  ingnst  21,  1895,  and  tor  ingnst,  1894. 

Par  Talae  of  all  stocks  $100.  except  D.,  L.  A  W.;  P.  <fc  R.  and  Am.  Tobaooo  Co., 
FRi>M    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COJIPAIUSONS. 


SAixa. 


802 

591 

218  991 

7Bd 

819,007 

11745 

SIO 

1.675 

4.623 

2.750 

45,828 

bir<« 

67,tU>9 

49.721 

1,325 

6,030 

240 

1.540 

8U5 

841 

850 

1.524 

4l'2s6 

r,294 

126 

200 

260 

1.3-.^ 

11.785 

7,243 

1B7 

tils 

12.410 

645 

6848 

16  419 
8.315 
a,4tj» 

463 
1,441 
1,805 
1.U15 
e.816 

;!60 
S.5U0 
1.667 
8,685 

100 
S4.5H0 

176 

1.950 
4.971 
b.6'J8 
11,455 
2  355 
6  105 
6.Sb0 
8(:ii5 
2.103 
;8U 

"695 

8.095 

i8,97« 

2b,203 

886 


Capitai, 
Stock. 


$20,237,100 
10,198,600 
86,773,000 
86,773,000 
17,900,000 


25,000,000 
15,000.000 
22,488,000 
60.805,400 
82,262,700 
24,885,800 
46,027,261 
25,923,900 
46.156.000 
18,559.860 
39,054,907 
22,335  170 
28.000,000 
11,696,000 
85,430,060 
26,200,000 
85.000,000 
38.000,000 
84  091900 
30,459,700 
25,000,000 

8.000.000 
60.000,000 
10.000,000 
11,840,000 
11,840,000 
49.466,500 
52.800.000 
30,000,000 
18.738,204 
18,000.000 
47.844,100 
47,4.'i6,576 
14.905.400 
14,904,000 
89,428,300 
77,427.000 
20.000,000 
58,119,982 
13  000.000 
89,767,200 
49,000.000 
89,269,516 
20,000,000 

8,500,000 
40,426,861 
86,000,000 


««.  402,900 
125,000,000 
60.000,000 
19,850,000 
38,710,900 
60,868,500 
62  91-1.600 
62,36 1, .WO 
20.166.000 
18.585  .'iOO 
7,707.040 
38,000,000 
24  000,000 
94.620,000 
10.000,000 
4.600,000 


DiTtDiin)  Rbcokd. 


Pays  Spo  J-D 

Pays  Spo  O-J-A-J.... 

Pays  8HP0  J-J 

Pays  8pc  FM-A-N... 


Paid  2do  1895 

Pays  Ikpc  F-A 

Pays  IJIpo  P-.M-A-N. 


Paid  Ipo  Dec.  1894 

Pays  Ipo  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Ann  am. 
Paid  Hpo  June  1895... 


Paysli^po  J-D.. 
Pays2K'PC  J-D.. 
Paid  3po  m  1898. 


Pays  2po  M-J-S-D.;.. 
Pays  7po  per  annum. 
Pays  7po  per  auunm. 


Paid  IHpo  Jan.  1898. 
Paid  2pc  Anprust  1893. 
Pays  5pc  per  annum. 


Pays  2J4PO  M-S. 


Pays  IHpc  F-M-A-N. 

Pays  8pc  FA  

Paid  2po  August  1893. 
Pavs  l^po  J-A-J-O.. 
Paid  2pc  in  July  1896. 


Paid8po  1891 

Paid  Ipc  In  Dec.  1894. 
Pays  IJipo  M-J-S-D.. 
Pays  Ipo  J-A-J-O... 


Paid  1J4P0  Nov.  1898. 


Paid  Ipo  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2po  F-M-A-N. 


Paid  Ipc  In  18S7... 
Paid  3}^po 'in  1884! 


Paid  Ipc  Say  1895 

Paid  aj^pc  March  15, 1895 


Namis  or  Stocks. 


Pays  l^po  J-AJ-0 

Paid  IPC  in  Feb.  1894! ! ! , 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atch.Top.  &  S.  F.  2d  ins.pd 

Baltimore  &  Obio 

Canada  Soutbem 

Central  of  New  Jersey.... 

Chesapeake  <fe  Ohio 

Chicago,  Bur.  &  (^uincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Paul... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicauo,  R.  I.  <fc  Pacilio... 
Chic.  St  Paul  M.  t.  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northwn  Pfd. 
Cleve.,  Cin.,  Cliio.,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gai  of  N.  T. 
Delaware,  Lack  a  &  W'n. 
Del..  &  Budson  Canal  Co. 
Denver  4  Rio  Grande  Pfd 
Dis  <fc  C  F  Tr  Co  ct  all  in  pd 

General  Electric  to 

Great  Northern  Pfd 

Green  Bay  W  4 St P 'it Beo 

lillnoia  Central , 

Laclede  Gas  Ca  of  St  L 
Lake  Erie  &  W'esteru.   . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'u.. 

lx)nlsvllle  <t  Nashville 

Manhattan  K'y  Coutul.... 

Michigan  Central 

Mo.,  Kansas  &  Texas  Pfd 

Mexican  Central 

Mi.s.souri  Paoifio. 

National  Lead  Co 

National  Lead  Co  Pfd.... 
N.  Y.  Cent'l  &  Hudson  Rlv 
N.  Y.  Lake  Erie  &  V\  est'n 
NY&N  E  tst  CO  cti  all  m  pd 
N.  Y  Ontario  &  Western. 
N.  Y.  SUSQ.&  W'n  Pld... 

North  American  Co 

Northeri,  Pacilio 

Northern  Pacific  Pfd 

Pacific  Mall  S.  S.  Co 

Peoria.  Dec.  <Sfc  Evansvilie 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 
Southern  Pacific  Co... 

Southern  Railway 

Soutbem  Itailway   pfd 
Tenn.  Coal.  Iron  &  It  R  Co 

Texas  A  Paoifio 

Union  Pacific 

U  8  Leather  Co 

U  S  Leather  Co  pref 

United  States  Ruober  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  P»referrea 

Western  Union  Tel.  Co... 
Wheeling  4  Lake  Erie.... 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. ..  .  .    1,210.211 


1895 
1894 


COTTON.  In  ba'es. 
World's  visible. 
2  604  &Vi 
2,144,588 


N. 


Total  tn  sigbtti  Total  Exports. 

li.COO.OOO  I5.ii5.im         I   OMon 

SkOOO.UO        I      23,9il5,432         | 


Y    f August..... 

■  J  September 

'  October 


i  November. 


WHEAT,  In  busheLi. 

I    U.  S   Visible.     iPrimary  rec'ts* 
.895         86.893.000  11.000  000 

1891         63  001,000         I       12.000  000 


_      .  I  Wheat   i  September 

Total  I?xport».  "^''**^- 1  December. 
6.J00  604 


1.60C.478 


Com... 


September 
December. 


CORN,  in  bushels. 
I     U.  S.  Visible. 
1805  4.298000 

1894  8.636  COO 


Prlmarv  rec'ts* 

7  500.000 
8.800,000 


Total  Exports. 
6  500  0CO 

8.  ao  000 


Chicago  i  September 
Wheat.  I  December. 
t>eptember 
December. 


Com...  • 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  8  631000 

189i|         4,648  000 


N.  Y.  R'orks, 

1.009  034 

887.718 


Cbgo.  Stocks. 

707  000 
651  000 


Out*  i  September 
"""■••>  December. 
PnpV  i  September 
*^'''*-  -I January... 


1895 
1894 


LARD-tc8. 

World's  vis. 
832.0fi8 
152,887 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,;  LAUD  tcs.  I  RIBS-lbs. 

12ti.717  »5  93i        88.859.025 

63.552     I  22,BW     |   14.787,958 


Lard  .   JSeptem'jer 
(January, 


Ribs. 


J  Sepitember 
1  Januai-y.  .. 


Thursday, 
Aug.  16. 


26       269^ 


icgji  losVjS 

159*  15« 
64H    64H 

105 
21 

mi 

60H 
70^ 

104 
21 

899i 

mi  789i 

41   41 
101J6  WIJ* 

a 


21«    80« 

36^    86** 
128^  l:i6yi 

mi    MH 


259i 
60 


61        60k 
UTH  116H 

38  '     87% 
85^     84)4 
94        98 
lOlJi  1019^ 

SOU  80M 
5'|  i>% 
*^      4H 

28W    88 


Friday. 
Aug.  16w 


21  n; 

8«« 


26 

2£« 

eO 

6i' 

116« 


KH 


26 

24Ji 
7» 

01 

IMH 


mi    36?i 


38^ 
35^ 


30H 

'•in 

17% 

29 

en 

IBH 


36 
l.'M 

im 

16K 
84 
40^ 
1% 


85       85^2 
12^1  12^ 

16H.I   16^4 
8:j*i|  * 
40^4    •   •• 
1«      •• 


379^ 
85>4 


8% 
62Vi 

nk 
mi 

17" 
2* 

18ji 


8.5H 
13K 
41% 
81H 
liH 

84>6 


93^    93Vi 
I6r}i     16>D 


129  862 


9 

21^ 
93?^ 
16J2 
63 

i22.:a 


8 
52>6 


7.81  725 

737  7.31 

7  40  7.36 

7t?i  705s 

74  72^ 

43Ji  ism 


7ja  7.28 

7.25  7.20 

7.31  7.24 

7.35  7Jffl 

72  llVi 

73%  73H; 


6694 
69^ 
38 
819i 


659i 
869^ 


2CJi    191^ 


9.35 
9,97 


9,55 
1025 

6.10 
6.12 
5.67 
5,10 


5.07 
6.J5 
5.52 
5.20 


67        66tj 

38t*     379i 
82>6    ZlW 

209i    20^ 

l6!l6    9.60 
10  32  10.20 


6  15 
6  15 
6.00 
530 


6  10 
6  12 
5  70 
625 


Saturday, 
Aug.  17. 


114J4  11894 


106% 
ISA 


104 
1596 


7994  79?^ 
419»  4l9i 
101%  101% 

«"     49*' 

141 "  lii"' 
131  "  isi' 


85       2S 

7894  1«\4 
151  >4  151 H 
6196    6m 

lUH  11294 

101       101 
87^4    87H 


94   3594 


8^ 
1696 


2594 

13^ 

1396 
1694 
05H 

4")4 


m 

1^6 
889i 


8->h 
13H 
41k 
35 


Monday. 
Aug.  19. 


74  7«W 
UiM  11194 
1034s  103^4 
10294    92 

15H    15H 

66V4     5596 

lOi%i  10194 

21^  21M 

91^4  90V4 

63%  6198 

71%  71>a 

mi  T994 

102%  16194 
145V4  145H 
49       49 


le&H  188% 
130%  130% 

ioii    26% 
3?%    8696 


loo    :oo 

25^  25 
249,  23 
7r%    76Vi 

ei^    6^% 

ll5>4  113 
8?5i    37^4 


3814 
3594 


3:% 


Tuesday. 
Aug.  20. 


74       74 

112%  no 

103      102% 
96%    92 


66H  86 
103      106)4 

21%  Zl 
1UO94    8954 

63       6194 


81 

4196 
102% 

25% 

164" 
131% 


7994 

41!<i 

lOlH 

4894 
8196 

163% 
130% 


2094    809^ 
8;%    8694 


26       86 

a5        24H 
71%    75 

61%    6i% 
1:4%  114% 

87%    8796 


8%      8% 


lok 
40%    40 


1796 
80% 


289i 
19" 


2594 
1% 
41^4 
.«V4 

1296 
196 
1-;% 


21% 

9*M 
Iti^ 
52% 


196 
2196  21!^ 

9i^    94% 
16V4    16% 


80% 


889s 
1896 


85% 

13H 
40% 
34% 
12% 
IfH 
11194 
85 
39!^ 
19s 

'9% 
2IJii 
934fi 
16% 


41.8<7 


990.376 


7.81  7.28 
7,86  7.30 
7.11 


7  81 

7..S0 

7  36 

7,37     741 


71  ,\ 

?S 


I 


■  -     ...■,'.  ra9-4 

44^«    44%    44% 


7  31 

7.  a 
729 
7.34 

70 

7194 

4m 


ee-Vi  8594    6696    64% 

6896  68%   6a94    6.% 

3*96  846   89%    8H96 

33  82    I  83%    8194 

21%  80%   81       2096 

9,95  8.76  :0  15  10  35 
lu  40  10  80  10.85  10.28 


616  8  10 

6.16  8  15 

595  690 

635  530 


620 

6  22 
6.10 
5.:K 


6.17 
6  15 
6.95 
5.32 


38V4 
3C96 
94% 
102 

896 

62% 

82^4 
594 
5 


879s 
859s 
9394 
102 

896 

6J% 

SOU 

594 


2S%  n% 


19% 
172 


1894 
172 


£594  85% 

lS9s  18>4 

4196  40'1. 

35^  35 

12  11% 

18%  13^ 

1694  10% 

85%  8396 


Wed.. 
Aug.  2L 


26       86 

7396    ?896 

112       li«>4 
102%  102 
a8%    93% 


86%    56 
107%  106 
21%    21% 
91%    9096 
62%    60% 
78%    71% 

82'  80% 
42  419* 
103      102% 

45%    49Va 
2596    2596 
142      141 
16i%  162% 
131%  131% 

ii*"  8096 
87%    86% 

>■     '194 
10(      101 

26*      85 

7796    76 
151%  151% 

61M    61 
116      113W, 
101%  101% 

37%    87% 

88%  88% 
86%  8594 
939»  939s 
102   102 
896   896 

1796  17% 

8396  82 

5)4  59i 

5  5 

17-<  17% 

28%  -■ 
6!. 


2.SH 
1996  ISM 


25%  8594 

IS^  13% 

41%  41 

36  85% 

12  12 

1396  H96 

17-H  !<'■% 

8696  8496 


*0        8994    41%    40 


9%  9% 

8m  21 

94%  93% 

16^  16 

51%  61% 


280  87J 

7.29  7.29 

7  31  7.23 

7.37  7.29 

7,41  7.33 

6994  68,", 

7m  70% 

44%  4;J% 

40  40 

6494  68% 

6714  65K- 

38%  37% 

8194  81% 

80%  16% 

10,25  9  90 

10,45  10  25 

6.17  6.18 

6.17  6  12 

6  17  6  02 


21%  8m 

9»w;  9394 

16%  16 

5i%  50% 


£39  089 

7.44  r^o 

7.43  7.85 

7  49  7  40 

7,55  7  48 

6RT6  67' J 

7034  61196 

43%  42% 


84  82% 

6<>%  64% 

.•J7%  36% 

8194  81% 

20%  19% 

995  9.70 

10,25  10.10 

6  16  6  05 

6,10  6  07 

8,16  6  10 


6  85    5.30  I  5.r.    6,25 


Range  for 

Aug.  :895. 

to  date. 


8794  25V4 
7596  73% 
1185i  108% 
107     102 


73%    70) 
129      127 

sa 

48 

108  toe, 

146%  145) 

4996  <8i 

8696  845 

145%  141 

164  161 

131%  180 

4J96  479 

2294  m 

38%  3f9, 
126%  125% 
a   W 
10194  B9i 
8694  *^ 
87%  28 
8894  75 
152   148% 
62%  61.% 

10294  "". 

mi  s^ 

39'  MJi 
S696  «JH 
94%  91% 
102%  101% 


^"61^  % 
6)4  4% 
19%    17% 


2796 


80 

6%  -,.. 

19%  17% 

175;k  171 

6696  6d% 

2644  =^5)4 

!496  1996 

42%  40-% 


3794 

18 

14% 


-4% 
11% 
]2'-t 
1596 


6796  ^2 

41  8J% 

3)4      1)4 

6  2% 

22^  20% 

94%  92)ii 

1796  16 

68%  60% 


7,44  6.87 

7,43  6.S9 

7,49  6  94 

7.55  6  98 

73,'.  67ii 

75^>4  69% 

4996  ■•2% 

40  40 

70  62X 

72%  frl% 

44  86 

85%  8094 

22%  1»% 

2m  2o96 

10  25  9  15 

10.50  9  97 

6!5  .5.92 

6,10  600 

6  17  550 

5  55  6.20 


Range  for 
Aug.  1891 


8494  2^4 

78%  72% 

114%  102 

1U0%  94 

107  88 

7694  69% 

6394  48)i 

116  106)6 

■«%  16% 

7994  70 

7896  71% 

66%  665s 

12194  117 

6996  62% 

108%  102% 

142  141 

42  38)6 

1996  16% 

127  115% 

167%  162 

137  188 

36  27% 

2496  17M 

44)4  8696 

10394  102 
6%      8% 

94%  90)6 

20  17 

19)4  1696 

72)6  66 

139  128% 

57)4  4594 

122  112 

90%  95 

2496  80 

894    m 

31)6  2396 

44%  88 

92%  83 

102%  9694 

10%  12% 

20)4  13)6 

17%  14% 

45)6  8944 


3% 


494        ._ 
6%      3% 

20%  13% 

17  14% 
6Wi      8% 

2.'%  17 

;65  156 

2:%  17)1. 

13%  12 

41V6  SD-i 

19%  17 
IDiS      8 
14^      7% 
11%      9 

6494  5594 

42/4  34 

^3  17), 

06  80  >4 
744      6 

lti%  1896 

'M%  84% 
14%      9% 

47  85% 


6.78  6  40 

6.81  6.5.J 

0..S6  6  62 

6.93  6  71 

60  ,V  66)6 

(356  •'^!>94 

04  51)4 

68%  48% 

5>^  53 

i>\U,  .Sfi 

61%  46)4 

66  44i>^ 


34% 
32)4 
14  OU 
14.12 

8.37 
792 
7.?0 
7.2s 


•»94 

32'/a 
12  72 
UM 

«.n 

6.8.i 
6.63 
8.12 


1895 
11(84 


OU)  PORK,  Chgo.-bbls. 
....     bb&k 


WHEAT  on  passage. 
29.9:0.000  bush. 
3l,ft;4,000    *• 


CORN  on  passag*. 
9..3on.coo  bush. 
4.108.000    " 


Russian  Shipmti).  for  wk. 
2.500.000  bush. 
2400,000    " 


Indian  Shipmts  for  wk. 
l,3:iC'.000  bush. 
230,000    " 


Argentine  Shpts.  for  wk. 
Ud  000     bush. 


t  Since  Aue  31.    •Since  June  3a  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


VA 


IKllCChlP   nOarhCt  Ucttcr.  <r»PuHg»«,  >^g*.  f>,,  a^m  *  r»m,KM^. 

HO.  ««*.  OWIQHT  O.  CLApf, 

CLAPP    &    COMPANY, 

Banhers  anb  Brohers, 
MILLS    BUILDING,    N.   Y. 

New  York,  Thursday  Morning,  August  29,  18!)5. 

FINANCIAL  OUTLOOK. — International  competition  may  not  be  destructive  in  1895.  Importing  countries  have  surplus  gold, 
and  are  short  of  food.  A  dollar  in  English,  French  or  German  gold  for  every  bushel  of  American  wheat  is  a  fair  exchange  that  can  be 
made  if  capitalists'  and  farmers'  interests  continue  identical.  A  farm  profit  means  dividends  for  railways  and  banks  and  a  fat  pocket-book 
for  Uncle  Sam. 

BONDS. — Our  September  bond  list  will  be  sent  applicants  and  customers  September  5th.  Investors  and  speculators  have  of 
late  been  aggressive  and  competitive  buyers,  and  indications  are  the  future  market  will  rule  much  higher. 

KA I LWA Y  STOCKS.— Poor's  Manual  computes  our  railway  capitalization  at  $11,124,930,551.  Gross  earnings  of  1894,  |1,080,- 
305,015  Net  earnings  $322,539,276,  a  decrease  of  $42,015,833.  The  Chronicle  computes  the  earnings  of  177  roads,  operating  119,163  miles, 
as  increased  7.12  per  cent,  during  first  half  of  1895  against  a  decrease  in  first  half  of  1894,  compared  with  1893,  amounting  to  19.59  per 
cent.  Gross  receipts  from  177  roads  equal  about  $382,000,000  against  receipts  of  190  roads  same  time  in  1892  of  about  $488,500,000';  the  net 
wjis  about  $1 10,000,000  against  about  $131,000,000  in  1892.  Burlington  shows  decrease  in  net  for  six  months  ending  June  30,  1895,  $712,425. 
St.  Paul  shows  increase  in  net  for  six  months  ending  June  30,  1895,  $316,591.  Many  predict  it  will  sell  at  par  the  coming  year.  North- 
western earnings  July  show  large  increase.  Rock  Island  appears  pooled,  and  pointers  are  out  it  will  sell  at  90  this  year.  Atchison 
people  claim  aggregate  tonnage  of  grain  on  that  line  will  surpass  any  previous  year,  and  the  stock  will  likely  double  in  value.  Granger 
officials  claim  the  aggregate  pounds  or  bushels  grown  in  1895  along  their  railways  was  never  larger,  and  that  the  great  trouble  will  be 
scarcity  of  cars  rather  than  shortage  of  freight.  A  coal  settlement  will  likely  cause  Reading  to  advance.  Missouri  Pacific  traffic  and 
general  conditions  and  crop  prospects  warrant  further  advance,  Susquehanna,  Chesapeake  &  Ohio,  Texas  Pacific,  Tennessee  Coal  &  Iron, 
and  other  low  priced  stocks  are  likely  to  sell  much  higher  before  Christmas.  All  signs  seem  to  indicate  increases  in  freight  earnings  and 
revival  in  general  business,  accompanied  by  a  healthy  and  steady  advance  in  the  stock  market. 

Industrials. — Sugar  and  Tobacco  continue  paying  a  12  per  cent,  dividend.  Judging  from  the  secrecy  of  their  reports  and  th« 
preference  of  their  oflScials  to  put  money  into  4  per  cent,  paying  Real  Estate,  we  advise  handjing  the  stuff  as  one  would  dynamite. 
Chicago  Gas  continues  developing  loyal  friends.  General  Electric  may  follow  suit  and  sell  higher.  Cotton  Oil  and  Lead  should  be  good 
investuients.     Many  predict  the  time  for  selling  industrials  has  passed;  they  will  follow  the  stock  market. 

COTTON. — The  world's  crop  is  now  estimated  likely  to  yield  under  an  average  of  the  total  consumption  or  less  than  9,000,000 
bales.  Southern  spinners  probably  never  had  less  supplies  or  were  more  aggressive  buyers  at  maximum  prices,  as  compared  with  other 
spinning  centres.  Northern  spinners'  takings  to  date  equal  about  2,064,000  bales  against  1,581,473  bales  last  season  same  time.  Southern 
spinners  have  taken  about  765,000  bales.  Exports  have  equalled  about  6,720,000  bales  out  of  a  crop  that  we  predicted  last  November  would 
equal  9,750,000  bales,  from  which  9,714,572  bales  have  appeared  up  to  August  24.  It  seems  to  be  conceded  that  most  of  the  season's  short- 
age will  be  in  territory  west  of  New  Orleans,  that  the  movement  will  be  late,  and  for  September  not  equal  two- thirds  an  averge.  The 
jirint  cloth  market  is  higher,  and  manufacturers  and  merchants  seem  to  look  for  considerable  advance  and  continued  depletion  of  stocks. 
Some  enthusiasts  predict  that  this  crop  will  net  the  planter  more  money  than  the  last  one,  and  yet  be  only  three-fourths  as  large. 
They  claim  the  labor  of  the  South  has  never  been  as  liberally  rewarded  as  is  now  promised.  Last  year  9,750,000  bales  were  sold  to  factors 
and  merchants  on  an  average  of  about  §25  per  bale.  Many  now  claim  this  year's  crop  will  not  exceed  7,500,000  bales,  and  that  price  will 
equal  about  $40  per  bale.  Average  exports  the  past  decade  ending  August  30,  1895,  were  5,140,000  bales,  or  about  2,600.000,000  pounds. 
La-st  year's  crop  likely  brought  the  equivalent  of  over  $206,000,000  foreign  gold  to  our  country.  Some  predict  this  crop  will  bring  nearly 
twice  as  much,  and  that  cotton  will  range  longer  above  nine  cents  than  it  did  last  season  below  six  cents. 

WHKAT. — Thirteen  exporting  countries  during  the  past  12  months  sent  importing  countries  about  425  to  432  millions  bushels  of 
wheat,  according  to  different  authorities.  We  now  estimate  exports  the  coming  year  will  equal  about  421,000,000  bushels.  Exporting 
sections  grow  about  two-thirds  of  the  world's  crop,  while  importing  countries  grow  the  balance.  We  estimate  last  year's  consumption 
pxceeded  2i^  billion  bushels,  or  that  of  any  previous  consecutive  twelve  montlis.  That  the  total  world's  crop  was  nearly  2,600,000,000 
bushels,  and  reached  the  maximum  point  last  year.  That  the  present  crop  will  not  be  far  from  2,440,000,000  bushels,  and  of  5  leading  cereals 
about  10,335  millions.  Wheat  consumption  may  fall  2  or  3^  below  that  of  last  season.  Great  Britain's  annual  consumption  is  about  half  the 
world's  yearly  export.  Russia  and  Black  Sea  ports  shipments  last  season  were  about  171,000,000  bushels.  North  America  exported  nearly 
as  much,  146,000,000  cleared  from  the  United  States.  Argentina  exported  about  46,000,000  bushels.  India  about  18,000,000,  the  balance 
was  scattering.  Russia  and  Poland  promise  more  than  an  average  crop  and  large  exports,  as  reserves  are  considered  large.  France  is  the 
third  largest  wheat  growing  country  and  the  largest  producer  that  imports  largely  and  often  holds  the  key  to  supplies  and  prices.  The 
French  people  eat  equal  to  about  9  bushels  of  wheat  per  capita  per  year,  or  more  thaaany  other  nationality.  English  folks  consume  5^ 
bushels  per  capita,  American  consumers  about  4>^  to  4^  bushels.  Russians  and  Germans  are  supposed  to  eat  more  rye  and  wheat 
bread  and  consume  about  2^^  bushels  wheat  per  capita.  We  recall  no  three  montlis  when  there  was  as  much  wheat  put  afloat  as 
last  April,  May  and  June,  doubtless  this  has  caused  future  conditions  to  be  ignored.  Our  primary  receipts  and  exports  each  equal  since 
July  1  about  17,000,000  bushels  or  only  J^  those  of  1894.  Our  visible  and  invisible  supplies  scarcely  equal  two-thirds  of  an  average  season. 
The  amount  now  afloat  is  practically  down  to  normal  conditions  and  is  likely  to  become  a  great  bull  factor,  especially  so  as  India  and 
South  America  are  likely  to  furnish  but  little  wheat  to  consumers  before  their  new  harvest,  about  our  mid-winter  season.  Apparently 
North  America  and  Russia  may  soon  be  able  to  dictate  weekly  shipments  and  perhaps  prices.  Until  recently  the  United  States  furnished 
Great  Britain  annually  more  than  half  their  wants.  Russia  now  seems  to  be  taking  leading  position.  The  world's  rye  crop  promises  about 
1,445,000,000  bushels.  We  think  maximum  bear  conditions  now  exist,  and  after  tlie  September  liquidation  of  contracts  in  Chicago  are 
settled  and  the  Northwest  movement  begun  that  wheat  will  sell  higher.  Millers  are  likely  to  remain  competitive  buyers  and  export 
clearances  increase,  which  may  cause  a  very  important  advance.  We  therefore  advise  buying  December  wheat  for  investment  expecting 
handsome  gains. 

CORN. — Danubian  reports  indicate  Europe  must  look  to  America  for  corn.  The  world's  crop  just  now  is  estimated  to  be  the 
largest  ever  grown.  Our  crop  apparently  exceeding  the  average  annual  world's  crop,  which  has  been  about  2,350,000,000  bushels.  Larger 
.^hijiments  of  corn  have  been  made  from  Chicago  recently  than  for  many  years  in  same  time.  Prices  of  new  crop  futures  now  range 
lower  than  ever  before  known  to  prevail  during  the  last  days  of  Augtist.  We  think  it  possible  this  bear  sentiment  is  nearing  the  end  of  its 
race.  That  frost  may  occur  in  September.  Frost  has  appeared  every  month  this  year  to  date.  It  is  now  promised  for  the  early  and  the 
late  part  of  next  month  in  the  corn  and  cotton  belt  by  most  weather  prophets.  We  advise  buying  December  and  May  com  on  weak  spots, 
whicii  are  likely  to  occur  the  coming  few  days.  Our  hay  crop  will  likely  be  short  and  prices  continue  about  on  a  parity  with  oats  per  ton. 
PROVISIONS. — Exports  year  ending  June  30  were  about  15  per  cent,  larger  than  the  year  before.  The  hog  supply  has  been 
ample,  but  of  late  is  falling  in  quantity.  Stocks  are  larger  than  a  year  ago,  but  not  excessively  large.  Prices  are  down  about  30  or  40 
per  cent.  Liquidation  is  quite  complete.  Some  estimate  there  is  a  large  short  interest.  We  look  for  higher  prices  based  on  the  pros- 
pective small  receipts  of  hogs.     Summer  packing  at  all  points,  March  1  to  August  22,  was  5,825,000  hogs,  against  6.525  000  last  season. 

Yours  truly,  CL.VPP  dt  COMPANY. 

WORLD'S  CROP   LETTER   FURNISHED  APPLICANTS  FREE. 


CLAPP  &;  COMPANY,  Bankers  and  Broli! 

We  ghii  bslow  'he  Yearly  Wheat  Yield  of  the  World  since  1884,  in  bushels,  as  compiled  from  Govenunent  Reports  and  Estimates  from  Foreign  Governments. 
tnd  consujiiptive  needs  and  the  Oats,  Barley  and  Com  yields  are  our  estimate  or  from  various  authorities  considered  the  best.     Cotton  statistics  are  from  reports  f 


CODNTKI8S. 

United  Sutes 

Frasce 

India.  ••••••>••••••••< 

Rnssiaand  Poland.... 

Auitro-  Hungary^  ...I 


Clapp'g 

lEitimatu, 

189C. 


1804. 


1893. 


1892. 


1891. 


1890. 


100,000,000     460,267,000    3it6.132,0O0     616,949,000     611,780,000     399,262,000 


303,000,000     343,346,000    277,485,000  ,  310,814,000 

i  I  I 

237,000,000     268,469,000    2e8,i39,000     206,640,000 

400,000,000  I  384,000,000    348.000,000  •  266,019,000 


I  220,3S3,<X)0  I  331,748,810 
I 
266.704,000  I  228,693,000 


1889. 


1888. 


1887. 


1886. 


188fi. 


1884. 


490,660,000     415,868,000  ,  466,339,000     467,218,000     367,113,000     612  765  000 

I  I  I  '  I        '       ' 

!  307,367,860     280,176,816     319,094,204  ■  301,437,096     312,912,000  i  324  130  000 


181,627,000  '  226,621,679 

I  I 

196,000.000     188,593,000 '  204.269,000     192,174,000     179,867,000     192,076,962 

I  i  i  I  I 

Italy !  114,000.000     122,969,000    136.218,000  I  116,676,000     141,466,000     17<!,610,746 

Germany '  104,000,000  '  114.000,000    110.040,000  ;  116,216,000 


United  Kingdom 45,000,000  63,668,000 

Asia,  except  India '  91,000,000  83  600,000 

I  I 

Spain I  86,000,000  94,000,000 


62,466,000  62,621,000 

86.477.000  80.304,000 

I 

93,484.000  I  £2,288,000 


Roamania......  .. 

Caucasus ....< 

South  America  ....< 

Australasia. ........ 

Canada*  ..•......••i 

Africa '  47,000,000 

Turkey  and  Depcnd's  . .  32,000,000 

Bulgaria. *..  32,000,000 

Belgium 19,000,000 

Greece .••.. 4,000,000 

itrvu 8,500,000 

Portugal 7,400,000 

Netherlands 4,000,000 

Denmark 6,000,000 

Sweden  and  Norway. . . . '  6,000,000 

Switzerland 6,000,000 

Mexico I  12,000,000 


43,684,000  60.110.000  |  63,937,000 

i 

63,000,000  61,000,000  71,266,000 

!  I 

80,000,000      104,000,000  j  81,463,000  |  67,292,000 

36,000,000  ;    43,360,000  42.468,000  '  37,096,000 

43.231.000  43,624,000  |  48,799,000 

47.098.000 1  31,891,000  38,262,000 
32,800,000  I  33,316,000  I  33,826,000 
30,000,000  ,  36,987,000  40,441,000 


66,000,000 
60,000,000 


66,000,000 


18,600,000 
6,000,000 
8,000,000 
9,000,000 
6,000,000 
4,006,856 
4,767,000 
4.600,000 

12.000,000 


17,600,000 
6,600,000 
8,600,000 
6,000,000 
6,600,000 
4,669,000 
4,193,000 
3.300,000 
6.731,000 


20,748,000 
4,600,000 

10,000,000 
6.000,000 
6,U0O,QOO 
4,964,000 
4,693,000 
4,000,000 

14.000.000 


86,760,000  104,030,781 

77,016,000  78,306,016 

86,907,000  73,306,370 

71,349,000  .  76,630,784 

48,488,000  63,964,240 

72.000.000  I  56,000,000 

48,805,000  51,271,043 

33,875,000  42,480,131 

*i2.i)34,0O0  39,331,412 

47,061,000  38,916,000 
i          I 

;  38,396,000  37,134,730 

I  40.902,000  26,470,000 

I  15,660,000  19,673,676 


6,676,000 
8,000,000 
7,000,000 
3,504,000 
4,666,000 
4,601,000 
2,600,000 
16.000,000 


12.378,240 
10,316,300 
8,252,160 
6,189,120 
6,776,613 
4,368,661 
2,476.648 
13,000,000 


2,260.761,860 


237,622,188 

188,636,000 

131,101,782 

102,992,123 

!    87,170,864 

78,190,962 

73,156,260 

76,632,213 

44,784,863 

64.000.000 

24,118,760 

26,206.967 

31,217,494 

34,246,000 

39,726,000 

29,716.000 

19,673,076 

6,000,000 

6,000,000 

8,612,600 

6,676,000 

4,977,661 

3.991,795 

2,370,000 

13,000,000 


264,411,632  '  338,686,942 
264,619,000  278,866,000 
187,223,338  !  198,268,247     147,490,812 


268,817,862 
213,907,000 


104,247,603  I  119,609,868 
92,991,671  I  104,018,176 


76,760,671 
83,706.260 
76,866,831 
61,078,000 
66,000,000 
28,876,000 
47,688,161 
32,000,000 
37,869,686 
43,662,600 
31,130.000 
11,876,180 
4,823,760 
4,640,000 
7,093,760 
4,266,260 
3,806,301 
4.128,279 
1,702,500 
13,000,000 


78,667,693 
89,700,000 
96,000,000 
61,000.000 


33.600,000 


299,155,684  !  261,691,880 
209,192,266  |  266,711,972 
164,364,000  161,023,000  . 
110,802,064  '  116,748,807  . 


113,432,030 

97,973,369  I  106,974,000  I  91,100,000 

I  I 

66,386,863       82,146,000  \  84,664,000  , 

93,600.000      83,700,000  !  87.200  000 

85.988,970     113,600.000  09,312,000 


22,629,063 


28,800.000 


22,600,000 


26,000,000 


26,288,000  ,    36,630,000       37,077,000 


World's  crop,  yearly  . .  .13,440.900,00;)  2,589,627,356  2,426,731,000  2,414,414,000  2,369,746,000 

Exports  y'r  end.  Jane  30,  146,936,021  '  166,622,333     191,916,636     226.666.311     106,181.316     109,430,466      88.601,tXX) 

Primary  Receipts : 
June  30  lo  Sept.  30 
June  30  lo  Dec.  30 


2,133,321,3312,229,177,819 


34,000,000 
37,600,000 
42,000,000 
31,696,000 
19,894,869 
6,000,000 
6,000,000 
6,000,000 
6.889,460 
6,024.412 
4,600,174 
2,000,000 
12,000,000 


36,887,000 .1 


24.000,000 
35.600,000 


37,000,000  38,000,000  40.000,000 

I  I 

36,300,000  40.300.000  38,300,000 

41.143,760  .  46,400,000  42,563,000  . 

39,716,000  30,000,000  ,  30,000,000  . 

I 

17,099,782  I  19,674,000  22,700,000  , 


4,937,360 
4,636,813 
8,228,760 
6.338,026 
6,301,416 
4,061,116 
1,645,760 
12,000,000 


I      64,000,000 

119  000  000 
June  30  to  March  31|.  ...II!!!!!!!'  133,'5OO,"000 
June  30  to  June  30,...  < 162,679,000 


63.000,000 
119,000,000 
132,000,000 
102,000,000 


94,000.000 
191,000,000 
231.000,000 
266,000,000 


In  Farmers' hands  Mar.  1     75.023,648     114.000,000     135,206,430     171,000,000 


Seeding  requirements.. 

Acreage  in  the  U.  S 

Vield  per  acre.......... 

Com'er'l  b'shl's  of  60  lbs 

Av'r'ge  weight  per  bush 

Exp't  price  y'r  end.  J'e  30| 

Cash  price  Aug.  28  Chic 

Corn: 
U.  S.  crop. 


*63,000,000       63,000,000 
33,916,698      34,883,346 

*ia       I     is.a 

480,009,000 
88 
<7 

•MM 


64,000,000       56,660,000 
34.629,418       38,554,480 


11.4 


13.4 


381,600,000  494,000,000 


67.6 
79.9 
.62 


67.6 

1.02 

.76 


82,000.000  32,000.000 

172,000,000  78.000.000 

213,000,000  100,000,000 

248,000,000  I  124,000,000 

112,000,000     156,000,000 

1 
55,650,166  '    61,190,935 

i 
39,916,897       36,087,164 

16.8        {        11.1 

595,980,127  380,916,903 


68.6 
93.3 
lOOJi 


67.2 
83.2 
102^ 


36,000,000 
90,000,000 
106.000.000 
124,000.000 

112,000,000 

54,012,942 

38,123,869 

12.9 

471,460,663 

67.7 

89.7 

.78 


119,626,344 

37,000.000 
70.000.000 
81,000,000 
92,000,000 

132,000,000 

58,010,160 

87,336,138 

11.1 

391,417,782 

66.6 

86.3 


2,306,826,424  2,129,806,386 
163,804,870      94,666,793 


36,000.000 
82,000,000 
97,000,000 
116,000,000 

122,000,000 

63,484,966 

37,041,783 

12.1 

446,047,638 

68.6 

.89 

■«896 


44,000,006 
84.000,000 
104,000,000 
128,000,000 


4,966,000 
4,682,000 
7,661,000 
4,966,000 
6,000,000 
2,837,000 
2,067,000 
12.000.000 


6,000,000  .. 
6,242,000  .. 
7,094,000  .. 
6,892,000  . . 
4,970.000  .. 
3,823,000  .. 
2,000,000  .. 
12.000,000  .. 


2,108,474,726  2,302,306,669 
132,670,866    1:1,534,182 


24.000,000 
81.000,000 
74.000,000 
88,000,  <M0 


107,000,000     169,000,000     119,000.000 


62,142,728 
36,806,184 

12.4 
444,777,202 

684 

.87 

■1S% 


48,616,676 
34,189,246 
10  4 
339,496,449 
67.0 
86.2 
.79 


55,670,8i'8 

30,393,319 

11.6 

498,545,868 

68.3 

1.07 


In  Farmers' h'ds  Mar  i;  475,504,460  686,000.000 

Yield  per  acre I r         19.4 

Exptsy're'd'gJ'neSO  25,507,753  63  426.565 

Cash  pricT  Aug. 28Chicl  .36                 .54« 

Acreage 81,990,800  t60,854,000 

Ex  pricey'rend,J'*30|  .63          I        46.2 
Oats  :                                 I 

Acreage I  27,888,305  27,027,575 


♦2400000000  1  212,770,0.12  1,619,494,000  1,665,000,000  i.060,000,000  1,490,000,000 

- - -■ 948,000,000  1,143,000,000 

642,000.000     970,000,000 


Disp'd  otpriorto  Mar  1 11,049,835,412  1,033.000,000 


1,001  616,000  1,200,000,000 


626,547.370 

22.5 
38.742,898 

72,030,465 
63.4 


860,000.000 

23.1 
73,768,672 

.50K 
70,626,068 

.66 


27,273,033      25,357,600 


Crop I    716,000,000  062,186,000     038,854,850     015,000,000 


35.6 
19 


rop 
Yield  per  acre 
Cash  price  Aug.  28Ch.' 
Cotton :  | 

Crop,  bales ..'      •7,600,000 

Av  weight  per  bale... 

Acreage 

Pounds  per  acre 

Av.expt.pricetoAg.28 
Exports  to  Sept.  1  ...| 
South'n  colS.  ^Sept.  19 
North'n    *•  ''      t 

Price  Spot  Cot. Ang.28 


24.6 
•29  jg 

•9.750  000 
t503.70 


20,182,000   t23  687.950 

191.7 

7.8 

6,231,494 

723,329 

1.613.971 

6% 


•6,720,000 
•765.000 

•2.064.000 
3  1-16 


23.4 
.23  Ji 

7.6-27  211 

496.28 

19,701.386 

182.76 

8.05 

4,402,890 

733  701 

1,950,000 

7^ 


24.4 
.84M 

6,717,142 

499.85 

18,362,000 

167 

8.7 

6,864.921 

675,000 

1,720,000 

7  1-16 


27 
30,768,213 

.64 
76,204,615 

.67 

25,581,861 

738,000,000 

28  9 

.29 

9,017,694 
601.47 
19,948,287 
179 
.10 
6,791,484 
612,892 
2,097,276 
8^ 


20.7 
32.000,000 

.47 
71.970,363 

.49 

26,431,000 

523,621,000 

19.8 

.87 

8,674.417 

498.14 

20,483,826 

189 

10.2 
4,906,000 

646,288 
1,7S0  000 


•2,113,000,000  1,988,000,000  1,456,000,000  1,665,000,000  1, 936,000.00f'  1,795.000.000 
1,201.000,000     948,000,000  1,062,000,000  1,163,000,000  1,120,000.001/  1,039.000,000 


787,000,000 

27. 
103,000.000 

.33>6 
78,319,661 

.47 

27,462.316 

761,616,000 

27.4 

.l»X 

7,297,117 

497.06 

20.173.896 

168 

9.9 

4,736.000 

479.701 

1.790,000 


608.000.000 

26.3 
71.000.000 

.44H 
76,672,763 

.66 

26,000,000 

701,735,000 

26.0 

.25 

6.989,284 

496.79 

19.781.000 

149 

9.8 

4.628,000 

459.000 

1,805.000 

11  1-16 


603,000,000 

20.1 
26.000,000 

.40K 
73.392.720 

.48 

25.920,906 

659.618,000 

25.4 

•24X 

7.017.707 

486.36 

19,428,000 

164 

9.6 

4.445,000 

422,000 

1.6K7,0t0 

9li 


773,000.000 

22. 
41.000.000 

40 
76,694.208 

.60 

23.283,630 

624.134,000 

26.4 

.26^ 

6,606,087 

486.37 

18,501.667 

168 

9.9 

4.336,000 

385,000 

1.781,000 


675,000.000 

26.6 
66,000,000 

.41 
73,130,160 

.64 

22,783.630 

629.400.000 

27.6 

.25H 

6.675,691 

483.95 

18.249.378 

161  6 

10.6 
3.920,000 

318.001 
1,437,000 
10  5-16 


612.0U),0O0 

25.6 
63,000,000 

.62H 
69,683,780 

.61 

21,300,917 

583,628,000 

27.4 

.25« 

6,700.165 

480  70 

17,322,388 

153  8 

10.5 
8,917,000 

346,000 
1,637,000 


•Our  estimate,    t  Government  Jose  revised  estimate.    $  Chronicle  estimate  to  Jnly  1st.     |  March  22  and  June  80  figures  are  from  crop  of  year  named  in  heading. 

156 


,  New  York,  WORLD'S  CROP  LETTER. 

ished  us  by  the  Washington  Hurpau  of  Statistics,  and  other  authorities.    The  Rye  Crop  of  1894  is  mostly  compiled  from  Government  rcporU  ;  those  for  the  1S95  <='*f 
Government,  Chronicle,  Sec.  Hester,  and  Coiton  Fa;;ts,  except  our  estimate  for  1895  and  6. 


Harvest 

Shason 

KACH 
CUUNTKV 


.June  to  Aug. 
.June  to  Aug. 
.  Dec.  lo  May 


Cliipp'i  Clapp'i  Clapp'i 

(■^'liiiiat^  Efttliiiate  1-Jillmate 

Whrat  Wh«ot  Wheat 

Consumption  I  EipoiW  !      Import* 

lliS>«.  Crop  Year.  Crop  Year. 


3:0000,000 
340.006,000 
'200.000,000 


130,000.000    

10,000,000       4ft,000,000 
30.000.000  ' 


.July  to  Sept.    240.000.000     130.000,000 


•July 

..June 

•July  

..Aug  to  Sept. 
..Mar.toM.-iy      76,000,000 


Clapp'i 

Estimate 

Wheat 

Acreage 

1896. 


190,000,000  6.000,000 

148,000,000  ' 3.5,00(1,000 

146,000,000  9.000,000  43,000,000 

235,000,000  10.000,000  200,000,000 


..June.. .. 
..July.... 
..Dec  &  Jan. 
..Dec.  &  Jan 

.. January 

..July  &  Aug. 
..Nov. to  Feb 

..June 

•Jaly.. 

..August 

.  .June 

..April  

..June 

•  July 

.August 

.Sept.  &  Oct 

•July 

.June  &  July 


85.000.000 
3C.000.000 
60,000.000 
45.000,000 
25.000.000 


10,000,000 


20.000,000 


46,000,000       16,000.000 
8,000,000  ' 


33,915,698 
17.000.000 
20,032,000 
36,000.000 
10,100,000 
11,500,000 
6,000.000 
1,700,000 
12.000  000 
6,700.000 
3.441,263 


38,000,000       20,000,000 


2,000.000 


37.000,000 
26,000,000 
20,000,000 
60.000.000 
11.000.000 

6,000,000 
11.000.000 
16,000.000 

8.600.000 
12,000,000 
15,000,000 
12,000,000 


6,000,000    

8,000,000    

6,000,000       40,000,000 
6,000.000 


2,000,000 


2,40,500.000;  421,000,000 


4.000.000 
11.000,000 

4.500,000 

9,000,000 
11.000,000 

1.000,000 


8.000.000 

4.000,000 

4,500,000 

4,400.000 

3,100.000 

}  ,700,000 

1.700,000 

640.000 

600.000 

640,000 

400.000 

422.000 

250.000 

200,000 

1.000.000 


l3_ 


13 
19 
9 
10 
18 
10 
21 
26 

14 
13 


Foreign 

Wheat 

Measures. 


Rye 
Crop, 
1894. 


436,500,000 


194,840.861 


Winchester  I 
Bushel. 

Hectolitre. 

Tons. 

Cheiwert. 
Kilo. 

Quintal. 
Hectolitre. 

Quarter. 

Imperial 
Bushel. 

Qu.irter. 

Fanega. 

Kilo. 


Clapp's            Clapp'i  Clapp's 

Estimate  p„15f,'iP?{f„„  Estimate 

Rye  Crop,  Co'"""!'"""  Oat  Crop. 

189S                US»-W.  1896. 


26,669,446       26,000,000 
64,712,076       76,000.000 


780.676,744 

134,600.900 

8,600,000 

312,866,027 

1,600  000 

20,000,000 

21,000,000 

7,000,000 


Fanega 

Imperial 
Bushel. 

Do. 

Metric 
Centner 

Do. 

Do. 

Hectolitre. 

Kilo. 

Do. 

Fanega. 

Do. 

Do. 
Swed.  Hect 
Norw.Quar. 

Coup. 
Fanega. 


8,000,000 

2.000,000 

994,771 


12,000.000 
8.000,000 
18,000,000 
4,000,000 
2,000,000 
3,000,000 
16,000,000 
16,556.355 
26,400,000 
1,000,000 


13.7, 
Av.  I 


760,000,000 

129,000,000 

4,000,000 

280,000,000 

1,500,000 

20,000,000 

21,000,000 

6,000.000 

8.000.000 

3,000,000 

2,000,000 

1,000,000 


26,000.000 
76,000.000 


716,000,000 
273,000,000 


660,000,000 

126,000.000 

6,000,000 

280,000.000 

8.000.000 

IC.000.000 

17,000.000 

6,000.000 


13,000,000 

8,000,000 

26,000,000 


2,000,000 
3,000.000 
16,000,000 
16,000,000 
37,000,000 
1,000,000 


8,000,000 
2,000,000 
1,500,000 


11.000,000 
8,000,000 
25,000,000 


700,000,000 
168,000,000 
16,000.000 
310,000,000 
189,000.000 


Clapp'i 

Estimate 
Barley 
Crop, 
1896. 


Clapp's 

Estimate 

Com  Crop. 

1896. 


60.000,000 
66.000.000 


8.000,000 
9,000,000 
12.000.000 


2.000.000 

6,000,000 

18,000,000 

20,000,000 

30,000,000 

1,000,000 


16,000.000 
66,000.000 
10.000,000 
4,000.000 
8.000.000 
35,000.000 


..  1,48.V31.319  1.445,500.000  1,339,500,000 


1,500.000 

1.000,000 

10,000,000 

36,000.000 

90,000,000 

3.000,000 


268,000.000 

106.000,000 

8.000,000 

112.000.000 

76,000,000 

30.000  000 

46,000,000 

17,000,000 

20.000,000 

6,000,000 

3,000,000 

16,000,000 

40,000,000 

13.000.000 

7.030,000 

6.000,000 

2,000.000 

3,000.000 

2000,000 

5,000,000 

21,600,000 

41.001.    10 

800,000 

6,000,000 


2,400,000,000 
86.000,000 


f'cmalalio*. 

Census 

1890. 


t  70,000.000 
38,218,903 
284.000.000 
22,000,00(/  108.787.244 


96.000,000 
64,600,000 
16,000,000 

2.000,000 
33,000.000 
30.000,000 

6.000,000 
66.000,000 
10,000,000 
10.000.000 


41,827,700 
29.690.78* 
49.422.928 
37.888,168 
£87.691,000 
17.560,21« 
6,376,000 


32.000.000 
2,884.469 
4.122.227 
33.000.000'  205,833.000 


16,000,000 
-6.000.000 


8,000,000 
15,030.000 


80.000.000 


2.663.500,000  967,300.000    2.917,600  000 


33,659,787 
3.164.376 
6,030,043 
2,187.208 
2.096,043 
4.708,178 
4,460.870 
2.172.206 
6,774,409 
2.933.334 

12.000.000 


1,695.268,067 


E 

s: 
*•» 

o 

4-1 

o 

3 

■ 

E 
o 

© 

il 


E 


EXPLAlTilTIOlT — REVISED — ATJGTTST    29,    1895. 

Finland  and  minor  countiics  probably  grew  enough  more  wheat  to  make  the  world's  yield  about  2,310,000,000  bushels  for  i8go,  and  a  similar 
enlargement  for  other  seasons.  I:i  estimating  world's  consumption  we  have  not  considered  Cuba,  China  and  minor  countries,  that  consume  nearl) 
63,000,000  bushels.  Our  estimate  of  yearly  seeding  requirements  is  based  on  l^  bushels  per  acre  tor  winter  wheat  and  I'/i  bushels  per  acre  for 
spring  wheat,  food  consumption  on  Government  basis  of  4^^  bushels  for  each  person.  A  Winchester  bushel  has  capacity  of  2,150.42  cubic  inches,  con- 
taining 60  pounds,  and  equals  .969  of  an  Imperial  bushel  of  about  61  lbs.  A  hectolitre  equals  2.83  bushels ;  a  quintal,  220.46  pounds  in  Austria  and 
Hungary;  a  quarter  equals  492  pounds  in  Denmark,  Germany  and  Greece,  and  480  pounds  in  most  other  countries,  except  Pacific  coast  shipments, 
which  are  sold  in  Europe  sacked,  and  contain  500  pounds  to  the  quarter,  the  sacks  going  to  the  buyer,  making  a  quarter  of  Califoroia  wheat 
worth  44/  in  Liverpool  when  a  quarter  of  Atlantic  coast  wheat  is  worth  but  40/.  A  Chetwert  is  5.92  Winchester  bushels  in  Russia  in  Europe,  or  5.77 
Imperial  bushels.  A  Pood  is  used  in  Russia,  and  is  36.06  pounds.  The  Fanega  in  South  America  is  220  lbs.  or  lOO  kilo  in  Antwerp,  Berlin  and 
Roumania,  and  equals  3.67  bushels.  Spelt  is  an  interior  species  of  wheat  grown  in  Russia,  Germany  and  Switzerland.  Maslin,  or  metil  (which  is 
counted  as  wheat  in  above  tables),  is  rye  and  wheat  grown  together.  We  have  never  grown  a  wheat  crop  averaging  full  weight,  or  60  pounds  to 
the  bushel.  We  think  the  average  crop  wheat  in  the  United  States  the  past  five  years  was  about  500,000,000  bushels;  the  previous  five  ye.^rs  it  was 
alxjut  435  millions.  The  world's  wheat  crop  last  five  years  averages  about  2,450  million  bushels.  Germany,  including  Austria-Hungary,  grew 
1,314,140.0^0  bushels  potatoes  in  1894  ;  world's  crop  averages  about  2,900,ooo,oc»  bushels  ;  that  for  1894  was  about  2,842,000,000  bushels.  Ireland's 
crop  was  61,814.412  bushels,  or  34  per  cent,  below  10  year  average.  The  United  States  crop  of  1S95  is  estimated  209,747,000  bushels  against 
164.400,030  bushels  in  1894,  and  183,000,000  bushels  in  1893.  Russia  is  the  largest  exporter  of  cereals,  America  second.  For  turther  ii<(orma- 
tioii  see  our  1S94  Souvenir. 

Only  about  one-third  the  world's  population  eat  wheat  and  rye  bread.  The  world's  com  crop  averages  about  2,350,000,000  bushels  annually  ; 
U.  S.  crop  this  year  probably  exceeds  foriner  world's  crop  averages;  world's  crop  rye  averages  about  1,350,000,000;  oats,  about  2,328,000,000  ;  b;\rlev, 
alxiut  802,000,000  bushels  ;  hops,  about  150,000,000  pounds.  The  world's  crop  of  the  five  leading  cereals  in  1895  is  about  10,330,000,000  bushel's. 
Hay  is  the  farmer's  most  valuable  crop,  and  averages  about  45.000,000  tons  yearly.  We  have  made  no  allowance  for  differences  in  impenal  or  Win- 
chester bushels,  or  for  grain  grown,  imported  or  exported  for  other  years  than  for  the  one  represented.  It  is  customary  to  estimate  4^  bushels  wheat 
make  a  barrel  of  flour  in  the  United  States. 

We  renpect/uUy  solicit  Commiixion  order n for  the  Purchase  oi-  SaU  of  Stocks,  Bonds,  Cotton,  Grain  and  Provirioru  on  the  various  Erehariget. 
Our  private  uire,  offiee,  or  Exchange  facilities  are  unsurpassed.     CoTvespondence  invited  regarding  either  Intettment  or  Speculation. 
Usual  margins  required  ;  euMomary  comtnissums  charged  on  cash  property  or  for  future  delivery. 
Margin  deposits  may  be  made  with  local  ovt-of-Uncn  baiiks,  w/io  can  telegraph  ui  at  ovr  expense,  to  aid  promptness  infilling  telegraph 

orders,  or  postal  orders,  or  money  by  Express  at  our  expense. 
A  general  Banking  business  conducted.     Deposits  received  tvijQect  to  check  at  sigJU.      Check-books  furnished.      Three  per  cent,  interest 

allotted  on  average  daily  balances,  credited  monthly.      City  and  Country  accounts  solicited.     Municipal  and  railway  bund*  bought 

and  sold  on  commission. 
Information  cheerfully  given,  market  letter  furnished  applicants.     Send  for  one — examine  it.     AUoie  a  neiglibor  to  read  it. 
AU purchases  and  tales  made  through  us  on  t/ie  New  York  Stock  Exchange,   the  Hew  York  Cotton  Exchange,  the  New   Orleans  Cotton 

Sxchange,  the  New  York  Produce  Exchange,  the  Chicago  Board  of  Trade,  or  other  Exchanges,  ve  guarantee. 

BespectfuUy  your;  CLAFP  A  COMPANY. 

157 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER. 


Quotations  for  Slocks,  Cotton,  Grain  and  Proiisicns  for  Week  ending  August  28  1895,  and  tor  August,  1894. 

Par  Talue  of  all  stocks  8100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    TORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EBKLT 
Sa  LEB. 

l.b'?0 

mo 

861  isa 

4a8 

Il7.<e4 

70,113 

1.825 

4042 
9.421 
70  U)2 
.'Jl  755 
H)-.i.887 
743 
60.490 
13.:«5 
29,011 

7',585 

050 

652 

500 

1.3i4 

7.803 

2<J.3'J0 

t4,341 

lOO 

"840 

90U 

■  140 

4.871 

661 

S6.17C 

6  894 

214 

a  161 

117  3P0 
4.432 

2.742 

\0  4li 

1.625 

8.348 

8  407 

1.315 

2.0U5 

18  729 

10.685 

365 

27.035 

330 

80.000 

2  740 

12  140 

10.635 

22.012 

2.525 

8.077 

4.975 

16.240 

8.085 

650 

210 

2.375 

21,330 

14.447 

7.535 

560 


Capitai 
Stock. 


180,237.100 
10.19.S.600 
36  773,000 
36  775.000 
17,900,000 


85,000.000 
15.000,000 
82.488.000 
6O.bU5,40O 
82  262.700 
24,885,800 
46,027.261 
25.923,900 
46.1.=>6.000 
18.659,360 
39.054,!)07 
22,3.S5  170 
88  000,000 
11096,000 
35.430060 
86.200,000 
35  000.000 
38  000.000 
34  091  900 
30,459,700 
2.5,000,000 

8.000,000 
50.000,000 
10,000.000 
11,840,000 
11,840,000 
49.466.SO0 
52,800.000 
30,000.000 
18,738,204 
13,000.000 
47.844  100 
47,436  575 
14.905.400 
14  904,000 
89.428.300 
77,427.000 
20.000,000 
58.119,982 
18  000  000 
89,767,200 
49.000.000 
39.869,510 
80.000,000 

8,500.000 
40.426,361 
3&,000.000 

68.402,900 
125,000,000 
60,000,000 
19.8.->0,000 
38,710,900 
60,8B8,.500 
58  901,600 
52,361„W0 
80.166.000 
18.585  .500 

7,707,040 
28.000,000 
24.000,000 
94,820,()00 
10,000.000 

4,(100,000 


DrrxDENi)  Recobd. 


Pays  3pc  J-D 

Pays  3pc  0-J-A-J.. 

Pays  SV^pc  J-J 

Pays  3i3C  F  M  A-N. 


NiMis  or  STocKa. 


Paid  2dc  1895 

Pavs  lJ4pc   F-A 

Pays  IHpc  F-M-A-N. 


Paid  Ipc  Dee.  1894 

Pars  Ipc  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Annum. 
Paid  Hpc  June  189.5... 


PayslJ^pc  J-D.. 
Pays  2K.pc  J-D.. 
Paid  3pc  in  1893. 


Pays  2pc  M-J-S-D 

Pays7pc  per  annum. 
Pays  7pc  per  annum. 


Paid  IK'PC  Jan.  1893. 
Paid  2pcAu{:i  St  1893. 
Pays  5pf  per  annum. 

Pays'2i4pd"M-S."."!! 


Pays  114PC  F-M-A-N. 

Pays  .3pc  r  A     

PaidSpc  ,\ufrnstlRa3. 
Pays  l^po  J-A-J-0.. 
Paid  2pc  in  July  1895. 


Paid  .3pc  1891 

Paid  Ipc  in  Dec.  1894. 
Pays  i?4pc  M-J-S-D.. 
Pays  Ipc  J-A-J-0. , , 


Paid  lJ4po  Not.  1898. 


Paid  Ipc  April  1892., 
Paid  IPC  in  1887..., 


Pays  2pc  F-M-A-N. 


Paid  Ipo  In  1887... 
Pai(i  3^p"c  in   1884! 


Paid  Ipc  >'ay  1895... 
Paid  2Hpc  March  15, 1895 


Pays  1J4P0  J-A.-J-0 

Paid  loc  ill  Feb.  i894!". 


American  Couon  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf. 

American  Tohacco  Co 

Aicli.Top.  <feS.  F.3d  iiis.pd 

Baltimore  <fe  Onio 

Canada  Soutbern 

Central  of  New  Jersey.... 

Ciiesapeake  A  Olno    

(  hicago.  Bur.  &  Quincy.. 

Chicago  Gas  Cos — 

Chicago,  Mil,  &  St  Panl... 
Cnicago  Mil.  &  St  I'au;  Pfd 
Chicatio,  R.  I.  <fc  Pac  tic... 
Chic.  St  Panl  .M.  &  Omaha 
Chicat'o  &  Nonliwesieru, 
Chicago  <fc  Northw  n  Pfd. 
Cleye.,  Cin.,  Chic,  <fc  -St  L. 
Col  Hock  ng  Valley  i  Tol 
Consolidated  Gae  of  N.  Y. 
Delaware,  Lack 'a  &  W"n. 
D«l.,  &  Hudson  Canal  Cu 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 

General  Electric  Co 

Great  Nortiiern  Pfd 

Green  Bay  W  &  St  P  TrKec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western.  . 
Lake  Erie  &  Western  Pfa 
Lake  Shore  &  Micd.  So'n. . 
Louisville  <fc  Kasbville.... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  'lezfcs  Pfd 

Mexican  Central 

Missoun  Pacific 

National  Liad  to 

Natioi.al  Lead  Co  Pfd 

N.  Y.  Cenfl  &  Hudson  Itiv 
N.  Y,  Lake  Erie  Jt  West'n 
NTAN  E  tst  CO  ct.  all  in  pd 
N.  Y  Ontario  db  Western 
N.  Y.  SusQ.A  W'n  Pld.. 
North  American  Co.... 

Northern  Pacific 

Northern  Pacific  Pfd... 

Pacific  Mail  S.  S.  Co 

Pooria.  Dec.  <t  Evausville 
Phil.'.delpnia  <i  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 
Southern  Pacific  Co  — 

Southern  Railway 

Southern  Railway   pfd. 
Tenn.  Coal.  Iron  i  K  K  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  prof 

United  States  Rubber  Co. 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

W'estem  Union  Tel.  Co... 
Wheeling  .t  Lake  lirie..  . 
Wheeling  &  Lake  Erie  PM 


Total  sales  .of  all  Stocks  each  day  and  for  the  six  days... 


I,3<j6,6rr 


COTTON,  in  ba  es. 
I  World's  visible. 
1895  8  492  8;  9 

18941         2  047,218 


Total  in  sighttl  Total  Exports. 
9.714.57^2  6.71J..343 

7,430,2;!8        I        5,225,014 


»T   Y    r  August 

I  September 
Cotton  j  October, 

I  November 


WHEAT,  in  bushels. 
I     V.  S   Visible.     iPrimary  rec'ts* 
1895         35  089.000  17.000,000 

189l|        64  771,000         I      38.000  000 


Iwhpat    *  September 
Total  Exports.  I" "^*''-  :  December. 
17,263  060 
26.722  942 


Corn        ;  September 
|Corn. . ,     December. 


CORN,  in  bushels. 
I     US   Visible. 
1895  5.2S7  000 

18941  8  OSS  000 


Primarv  rec'ts* 
13  Oiib.OOO 
1-3.000,000 


Total  Exports, 
7  424  092 
1.6K  478 


Chicago  September 
Wheat.  I  December. 
)  September 
I  December. 


Corn. 


OATS,  in  bushels. 
I    US.  Visible. 
1895  8,719  000 

18941         5,908  000 


N.  Y.  Stocks, 

886  466 

1,*J1.084 


Cligo.  Stocks. 
6.37  000 
899  000 


jOaU. 
Pork. 


}  September 
■    "*  December. 
■  September 
■  )  January. 


I  LARD-tcs.  I    CHICAGO  CONTRACT  STOCKS 
World'svis.lPORK  bbls,   LARD-tcs.     RlBS-lbs. 
1895         3.32.008  120,717     j  .-(5  932    !   88.859,026 

18341        152,887     !  53,552     I  22.0W     |    14,787,958 


Lard 


>  September 
I  January.  .. 
TJihc  '  September 
^"°^  ■■■  'I  January.  .. 


Thursday, 
Aug.  22. 


■25%    24J6 
?4        74 

UOM  1069i 

108  101!^ 

90^  93^ 
17J6    17H 

61?i  64?4 

5ti->ti  56 

10.-)94  lOaJi 

21^6  2') 
91        90Vi 

61%  59V.' 

72^  TZ% 

82"  SlJi 

4256  42 

103?4  102% 


49^ 
25 


21H 

37 


•27*i 

62 
l-)2 

61 V4 
115 


49 
24H; 
I424(. 


SOVi 


2G\4 
7oVs 
151^ 
01 


8:9i  STJi 

88^  879i 

35-%  84K 

93H  91 


38H 
85 
,     -.        91« 

m%  101%  10.!^ 


Friday. 
Aug.  23. 


110J4  !08% 


98H 
17% 
64!4 
56  J< 

21 

9P% 
62 
72% 

siji 

42Vi 
1039« 

49% 
25 
142% 


<e% 

81Ji 
36« 


ir^4 

64 

65?i 

80% 
90 
61% 
72% 

81 

41% 
103« 

49"' 

142H 


48% 

21 

36% 


1%      1% 


86^ 
27% 
02 


61M 
115 


86 
27 
Jl 

114 


87%    37% 


8M, 
60 


8 
59% 


1754    17 
82%    821^ 


6% 


8% 
61% 
17% 
32% 


54 

4% 
17% 
8?%'  28% 

.1 


17% 


37% 
84% 
91H 
108% 
8% 
61 
17% 
82% 


1C% 
88% 


13«    18M    18%     18% 


I  66% 

25%  2.5%  25% 
13%  13%  .  . 
41  40%  41% 
35%    85%    85% 

...    ,   12 
18%     13%'   I3!4 
16^     16%    16% 


84^ 
40 


3%      8%     ,.. 
9%      9%     9 

21%  21i-4  81% 
93%  93%  9.j% 
16%  16  16% 
50% 


86 
40% 


66% 
25% 

41!* 
35^4 
12 

13^ 
iO% 
84% 
40% 


8 

21% 
9.3% 
16k4 
60% 


274  972    I     I27.-058 


I 


7  45  7  45 

7.47  7.41 

7  54  7.47 

7  59  7  53 

6S%  67 

70?))  69 

42%  41% 

89  38% 


7,58  7.47 

7.,57  7,44 

7.01  7,53 

7.70  7.58 

67!J  67% 

69%  69 

42!^  41% 

38K4  37% 


63!4  61%  62%  61% 

6j%  64%!  65%  63% 

37  35%  36%  35% 

31%  31  81%  81% 


80%  19% 

9,77  9.55 

10  12  9,85 

8.07  6.00 

6.0:  6.00 

6.05  5.97 


19%  19% 

9.'55  9.80 

9  87  9,05 

600  590 

6.00  5  95 

5  90  5  72 


5,25    5,12  :  5  12    6  07 


■Saturday. 
Aug.  24. 


110%  109% 


9R% 
18 
64 
55% 

26% 
90% 
62% 
73% 

82" 
42% 
104% 

49% 

143" 


97^ 
17% 
64 
65% 

20% 
90 
62M 
72% 

81% 
42% 
103^ 

49" 

143' 


21% 

86% 


27% 

82% 

61% 
114% 


21 

86% 


27% 
81k 

114k 


37%  art% 

88%    88% 

102%  10S% 
63%    62 


5^ 

28% 

i8% 

178 
67 
85% 
18% 
41% 
85% 


!6% 
85% 

2% 


21% 
94 
16% 
51% 


16 

28% 

l^M 
173 
07 

iM 
13% 
41% 
35% 


16% 


Aug.  26. 


85%    25% 


109 
102 

98 

19 

56% 
107% 
21% 
91% 
6:3% 
75% 
129 
83 
44 
105% 

49% 
25^ 


106% 
102 

95% 
18% 

58*' 
106% 

21 

90% 

63% 

73% 
1-29 

82 

42H 
104^-4 

49" 
2o 


16.3%  16.3% 
132%  18:% 
48%  48% 
81%  21 
3?%  86% 
1-28%  128% 

102"   102' 


27% 

81^ 
151 
61% 


27% 
81% 
151 
61% 


1 15%  114% 
10!%  101% 
87%    S7% 

38%    88% 


'02% 

9 
64 
17% 
83 

5% 

U 
29 
6% 
19 


26% 

14 

41% 

37% 

12 

1S% 

16% 


85%|  8.5% 

*'        ■11% 
2H     2% 

9        9% 
21%    22^ 

16%    104     

51%    61%    50% 


102% 

8% 

63% 

17% 

32% 

5% 

16% 

28% 

6H 

18% 


85% 
18% 
41% 
36 
11% 
l:i% 
10^ 
83% 
41% 
2% 

9 
21% 

94 
16% 


85,i&d 

7.55  7,51 
7.62  7.51 
7,71    7,58 


201.063 

7.59  7.55 
7.59  7.53 
7,68    7  60 


7.77  7,65  7.74  7.67 

66%  67^  60%  66 

70%  69%  69  6711 

42  41%  41%  41% 


62%  61%  61%  60% 

65%  64%  63v<,  6:1 

36%  35%  36  85% 

81%  80%  30%  80% 

20  19%  19%  19% 

9.32  9  85  9  32  9  25 

985  967  9.82  9.70 

5  92  5.90  6  98  5,87 

0.M5  5.98  5»i  6,95 

5  80  6  70  6.72  5.68 

5  07  5  05  5.18  5.07 


Tuesday.  | 

Aug 

27. 

26 

26 

75% 

74% 

110%  107%| 

9"% 

96 

20 

19ki 

65% 

65 

50% 

50  Ji 

108 

lor 

21% 

21 

92 

91 

6-?iSi( 

6cW 

70% 

75 'H 

129^4  um\ 

84  K, 

83 

44% 

44 

100%  105%| 

49% 

48% 

iJii^  141%! 

163%  163 

138V4 

132 

21% 

49% 
81% 

88% 

87 

164" 

toa' 

27 

86 

27% 

279t 

SIH 

81 

63% 

62% 

115%  114%| 

88% 

37'/i. 

39% 

88% 

35% 

86 

10.3V^ 

103 

10% 

lOk 

17% 

17% 

83% 

83 

6 

5% 

S 

6 

20 

17% 

29% 

28% 

^^ 

6% 
18% 

26% 

26 

1?% 

13% 

42 

41% 

3S 

a7!.4 

12 

11% 

14% 

14^4 

10% 

16 

84  M) 

82% 

41% 

41% 

9% 

'9' 

82% 

22 '-4 

91% 

94% 

16% 

lti% 

877 

807 

7.71 

7  60 

7,72 

7.55 

7  81 

r.02 

7,87 

7.67 

66,», 

65H 

68% 

67% 

4.;% 

41  Vi 

87% 

35% 

61 

fiOSt 

63% 

62% 

36% 

a5V4 

■80% 

80% 

19% 

19 

9.50 

927 

9,95 

9.75 

582 

B,sr 

6.02 

5.95 

5  82 

5,65 

5,17 

5.10 

Wed.. 
Aug.  28. 


25% 
74% 
109% 

97% 
20% 
65% 
56% 

109\4 
21% 
92% 
63% 
77% 

129% 
84% 
45 

106% 


85 

74% 
108% 

90% 
20% 
65% 
56% 

107;M 
21% 
91% 
62V4 
76% 

lX>h 
S3V, 
44>4 

106 


50        49 
•25^     25^4 
141%  141% 

X.3V  130% 
53  62% 
22%  21% 
88%    87% 


104%  1041^ 
27%  27% 
27%  86% 
81       80% 

6.3%  6.1% 
:i5%  114% 
102       1C2 

38%     37% 


40 
85 
,98% 

10% 
63% 
18% 
35% 

6 

5% 
19% 


19% 
173% 
67 
26M 
14% 
42% 
39 
12% 
15% 
16% 
8-1% 
41 
2% 


89% 
84% 
92>i, 
I03V4 

&% 
63% 
17^^ 
34 

5% 

5 

1SV4 
29 

6% 
19% 
173% 
67 
86 
13% 
41% 
87% 
11% 
14% 
10% 
83 
40% 

2% 


9%  9H 

23  yi.  22% 

94%  94% 

16%  16% 


326  752 

7,83  7.88 

785  7.77 

795  7.63 

8.08  7.92 

65%  64% 

o7H  60% 

41%  41% 


60  69% 

62-7^  61 H 

35%  35M 

30%  89% 

19  18% 

19%  19% 

9  45  9,10 

9.85  9.70 

6  9b  5  87 

6,00  5  92 

5,76  560 


Range  for 

Aug.  :895. 

to  date. 


27%  24% 
75%  73% 
USy.  106% 
107  101% 
114%  92 
20%  17% 
05%  64 
56%  54% 
109^  101% 
21%  20,^ 
92%  80% 
6.3%  66% 
77y4  70% 
1294  187 
S4%  77% 
45  40% 
106%  100% 
14554  I45k 
50  48% 
25%  2l>a 
145%  141 

164     :oi 

Ia2%  130 
53        47% 
•22%    20% 
38%    8?% 

12S%  125% 
2  1% 

104%    99% 
27%    25 
87%    23 
83%    75 

152      148% 
685i    6i.% 

119%  112% 

102%  10; 
38%    30% 

46'  86% 

30%  34!4 

94H  91 

104'»i  101% 

1C%  8 

65%  .56 

18%  17 

35!^;  29 

0%  5% 


5}4 
20 
30 

0% 


4Ni 
16 
27% 

6% 


19%  17% 

175%  171 

67  60% 

•20%  25% 

M%  13% 

42%  40% 

39  .4% 

13  11% 

10%  12?i 

17%  15% 

87%  82 

41%  8i)% 
3%       1% 

6^  2% 

!-%  K% 

23%  20% 

94%  92% 

17%  16 

53%  60% 


7.88  6.87 

7,85  6.S9 

r.95  6  94 

8.02  6  98 

73,»,  64% 

7.5%  60% 

49%  4l%i 

40  87k 

70  59% 

72%  61% 

44  3')k 

•35%  -29% 

22%  18% 

81%  19% 

10  2a  9  10 

10.50  9  65 

6  25  .5.87 

6,10  5.92 

6  17  5  50 


Range  for 
Aug.  1894. 


6.78  6  46 

6.31  6.53 

6.86  6  08 

6.93  6  71 

60A  56% 

63%  59% 

64  Sik 

58%  48% 

5^%  53 

61%  .56 

61%  40% 

66  44% 

84%  •?8% 

33%  82% 

14  00  12  78 

14.12  liOO 

8.37  6.92 

7.92  6.8i 

j  7.90  6.62 

6J7    5,07    15,55    5  05  H  7.25  6.18 


84%  27% 

78%  72% 

114%  102 

luO^t  94 

107  88 

76%  69% 

53%  iHii 

UO  10016 

•21%  16% 

79%  70 

78%  71% 

66%  56% 

121%  117 

69%  62% 

39%  84^ 

!f  M  102% 

142  141 

42  .S3% 

.}^  m 

'27  115% 

167%  ,62 

137  .3.3 

36  27% 

1^4%  17M 

44%  .35% 

103%  102 
5%      3% 

94%  90% 

20  17 

19^  1,5% 

72%  65 

139  128% 

57^  »;5% 

122  112 

99%  95 

24%  20 
8%      8% 

31%  23% 

44%  88 

92%  83 

102%  96% 

10%  12% 

20^  13% 

17%  14% 

4.5!*  S9->4 
4%      3% 


*^ 
£% 

20% 

17 
6^ 


13% 
14% 
8% 


22%     17 
:65      1S» 

2:%    17% 
13%     18 
41%    .34% 
19!^     17 
8 

5« 


10% 
14!4 
11% 
64%    .55% 
48%     34 


23 
36 
7% 

14% 
47 


17% 
80% 

6 

13% 
84% 

9% 
85% 


1895 
1894 


0±J>  PORK,  Chgo.-bbls. 
....     bbk 


WHEAT  on  passage. 
28.320.000  bush. 
80,768,000    •• 


CORN  on  passage. 
8.880.000  bush, 
8,840,000    " 


Russian  Shipmts.  for  wk. 
3.440.000  bush. 
8  700,000    " 


Indian  Shipmts.  for  wk.  I  Argentine  Shpts.  for  wk. 
804.000  bush.  123.C00     bnsb. 

640.C00    "  I 


t  Si  Boe  Aug   81.    *  Since  June  80. 


Compiled  and  Copyrighu:  bj  CLAPT  &  COM!  AFY.  BANKERS,  MILLS  BUILDING,  NEW  70EK 


lKIlcchIv>  ni>ait.ct  Xcttcr. 


No.  440. 


Cnpyriqht,  1!t95,hjf  Clapp  Jt  Cotnpanp. 

O.  w.  Clapp. 
DwiaHT  O.  Clap^ 


CLAPP    &    COMPANY, 

Baiihers  aiib  ISrohcrs, 
miLLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


277    BROADWAY,  Corner  Chambers  St. 
Branch    J    621    BROADWAY  (Cable  Builoinq,  Corner  Houston). 
Office*:  ^    753  FIFTH  AVENUE,  Corner  58th  St. 

11  WASHINGTON  STREET,  SARATOGA,  N.  Y. 


Private  Telegraph  Wires. 
LONG  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  September  5,  1895. 

IVe  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  he  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  hank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  he  filled  promptly. 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  1894  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


Wo  have  received  from  Clapp  cX;  Company,  of  New  yoik,  their 
souvenir  of  1894  on  leading  Amei-lcan  Excnanges.  It  is  unnsniilly 
complete  in  its  statistical  infommtion,  and  It  makes  a  valuable  IjooIc 
of  i-^erence  and  many  business  men  will  not  find  it  amiss  ou  their 
shelves.— Cincinnati  Commercial  Gazette,  Cincinnati,  Ohio. 

We  have  received  from  Clapp  *  Company,  bankers  of  New  York, 
a  very  handsome  compilation  of  their  weekly  market  lettei-s  for  ilie 
year  1394.  In  glancing  tlu\)ugh  the  lettera,  an  observer  is  bound  lo 
admit  that  Messw.  Clapp  are  not  only  an  entei-pi-ising  firm  but  for  the 
pivst  year  have  shown  discernment  as  to  the  movement  of  tliemai  keis 
which  is  well  nigh  extraordinary.  The  book  Is  artisticallv  illus- 
traied,  and  a  prominent  feature  is  a  beautiful  plate  of  Broad  Street 
with  the  New  York  Stock  Exchange  as  the  central  subject.— The 
Kailroad  Recoitl,  Philadelphia,  Pa. 

Clapp  &  Comiiany,  bankers  and  authority  on  financial  matters, 
have  issued  a  work  called  "  Leading  American  Exchanges,"  which 
cannot  fail  to  be  of  great  value  to  all  dealing  iu  inve-tmentsor  seek- 
Ing  a  safe  and  proUtable  commercial  opening.  The  authoi-s  and 
compilei-s  of  this  boo'.i  are  recognized  as  leadei-s  in  the  banking  and 
fwmmevcial  business  and  stand  in  the  fitjnt  lunk  of  New  York 
Stock  Exchange  brokeis.  The  work  refen-ed  to  is  a  compendium  of 
weekly  market  lettei-s,  valuable  Information  and  comi»nson  of  the 
leading  American  exchanges  for  1894.  For  the  data  contained  in  the 
book  all  the  leading  commercial  agencies,  boai-ds  of  trade,  stot;k 
exchanges,  banking  nouses  and  publications  devoted  to  such  inter- 
ests have  been  drawn  uix)n,  and  the  statistics  presented  are  of  tlie 
most  tnistworthy  cliaracter.  They  embrace  quotations  of  all  the 
leading  investments  au'l  aive  a  list  of  the  exchanges  which  may  be 
safely  dealt  with.  O.  \V.  &  D.  O.  Clapp,  whose  high  standini?  as 
bi-oUera  and  Investors  is  recognized  tuixjughout  the  commeivial 
world,  have  contributed  by  this  work  a  very  valuable  volume  to 
financial  literatnre,  and  every  business  house  should  have  a  copy. 
Its  reference  tables  will  be  found  of  special  value  to  those  naving 
dealings  witn  the  stock  and  pitxluce  nmrkets.  The  book  is  finely 
iliusti-uted.  showing  the  b;m'.;ing  house  of  Clapp  A  Company  on  Wall 
and  Bitiad  Streets  and  Excliange  Place,  and  also  the  great  mans  of 
finance  in  the  metropolis  and  other  cities  of  the  countiy,— Evening 
BtauOai-a,  Iix>y.  New  York. 


Clapp  &  Company,  Bankers  and  Commission  Merchants,  New  York 
city,  recently  i!<sued  tlieir  souvenir  volume,  a  complete  compendium 
Of  "their  market  reports  and  valuable  statistics  of  manv  leading 
markets  and  choice  collections  of  information  relative  to  the  busi. 
ness  of  American  stock  exchanges.  We  have  not  discovered  a  phase 
of  commercial  or  financial  activity  of  the  year  preceding  that  is  not 
found  somewhere  in  tUia  valuable  souvenir.— Lincola  Evening  Call, 
Lincoln,  Neb. 

Messi-3.  Clapp  &  Company,  the  well  known  Wall  Street  bankers 
and  brokers,  nave  issued  a  handsome  souvenir  volume  giving  their 
market  letters  and  additional  statistics  and  financial  facts  for  1S94. 
Every  business  man  and  woman  will  value  this  handsome,  useful 
Tolume.— The  Times,  BulTalo,  New  York. 

The  weekly  market  letters  Issued  regularly  by  the  well  known 
firm  of  Clapp  &  company,  New  York  city,  are  of  special  value  to  all 
Interested  in  the  speculative  markets  of  the  United  States  and  for- 
eign counti-ies.  Those  Issued  in  1891  are  now  otTered  in  the  foi-m  of 
a  handsome  volume,  embellished  with  photo^raphio  pictures  of 
Wall  Street,  Exchange  Buildings,  views  of  the  buildings  occupied 
by  the  boards  of  ti-aile  of  the  principal  cities  of  the  United  States, 
and  the  portraits  of  O.  W.  and  D.  O.  Clapp.  The  book  contains  a 
mass  of  lufonuation  carefnllv  digested,  coveiing  many  subjects  of 
interest  to  office  men.— The  Oifflce  Men's  Record,  Chicago,  III. 

The  Call  acknowledges  receipt  of  a  hand.somely  prinledand  bound 
•opy  of  Clapp  A  Comjiany's  weekly  market  lettei-s  for  1894,  a  souve- 
nir of  rare  value  on  an  editor's  desk,  or  any  business  man  desiring 
ready  reference  as  to  the  value  of  sto<ks,  bonds,  and  other  .secnritics 
at  any  time,  and  absolutely  Indispensable  to  investoi-s.  This  ooni- 
pany  will  be  pleased  to  hear  from  pei'sxjns  wishing  to  invest.  Tliey 
are  located  In  the  Mills  Building,  right  in  the  heart  of  Wall  Street, 
which  contit>l9  the  financial  destinv  of  nearly  the  entiie  United 
States.  -The  Daily  Call,  Excelsior  Spring*,  Mo. 

Clapp  &  Comjwny  have  issued  a  volume  containing  their  market 
letters  for  1894,  and  a  large  amount  of  other  Infoi-mation.  The  vol- 
ume  contains  pictures  of  all  the  leading  stock,  grain  and  pi-oduce 
exchanges  of  the  countrv  and  a  great  deal  oC  nsafui  iaformstioa.— 
The  Tribune,  Chicago,  ill. 


4^ 

H 
X 

> 
O 

m 

o 

o 

z 

H 
> 

i 

CO 

D 

> 

r 
-< 

:o 
m 
o 
O 

:o 

D 
C/3 

O 


r 
m 

> 

D 

Z 

o 
m 

o 

X 

> 

z 
o 
m 
(/) 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  LETTERS.      PORTFOLIO  FOR  FILING  FORWARDED  APPLICANTS  FREE, 

1.-.9 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


^• 


Financial  Outlook, 

Freshly  made  blood  and  nerve  begins  to  turn  from  hill  and  shore  to  trade  and  finance.     Summer 
breezes  have  been  full  of  fresh  hope  and  courage.     Every  wheel  now  anticipates  a  new  burden  with 
/-■■■     which  it  may  enrich  its  owner.     Bushels  and  bales  are  returning  the  stare  of  the  golden  goddess  with 
a  new  confidence  born  of  returning  values.    The  United  States  is  entered  to  win  iu  liie  Autumn 
races  of  1895. 
■^^  Straws. — The  wool  clip  of  4<<  States  and  Territories  growing  wool  in  1895  was  294.21)0,726  lbs. 

^^/  against  325,210,712  lbs.  last  year  and  348,538,133  lbs.  two  years  ago.  Bessemer  pig  iron  has 
;",  nearly  doubled  in  value  since  low  panic  point,  because  of  the  stoppage  of  ore  supplies  in 
- /^  the  Marquette  region.  It  is  estimated  Great  Britain's  railway  system  earned  3.77  %  on  its  capital- 
ization during  the  past  year,  or  a  net  revenue  of  about  $185,000,000.  Atlanta's  Exposition  will 
open  September  18,  on  the  very  spot  from  which  General  Sherman  shelled  the  city  31  years  ago, 
America  has  68,403  post  oflBces.  The  immigration  to  this  country  in  July  was  27,133  against  17,883 
in  July,  1894.  The  Railway  Ferry,  carrying  28  cars  from  Peshtigo,  Wis.,  via  Lake  Michigan  to 
Chicago,  a  distance  of  260  miles,  is  pronounced  a  success.  September  2,  was  Labor  Day  in  30  iStates, 
the  other  States  having  a  Labor  Day  observing  it  on  different  dates.  The  production  of  erold  in  the 
United  States  during  the  first  seven  months  of  1895  was  likely  double  the  net  amount' expoited. 
Gold  exports  the  last  five  weeks  were  about  15  <f,  smaller  than  those  of  last  year  same  time.  Net 
gold  exports  January  1  to  September  1  were  $25,554,275,  and  for  1894  same  time  $71,066,948. 

Stocks  and  Bonds. 

Bonds. — ^Railway  securities  have  been  bought  recently  at  rate  of  nearly  $3,000,000  per  day,  and 
apparently  without  regard  to  yield.  August  sales  of  State  and  railway  bonds  ware  $47,402,700.  Our 
September  list  enclosed  will  show  handsome  gains  since  July  1. 

Railway  Stocks. — August  purchases  equalled  5,248,000  shares.  The  pulse  of  the  stock  market  is 
beating  so  strong  that  only  those  with  the  courage  of  their  convictions  are  making  money,  St.  Paul 
is  talked  about  as  a  6  ^  stock  likely  to  soon  sell  at  90.  Burlington  &  Rock  Island  are  getting  new 
life  and  pointing  towards  par  as  the  corn  crop  becomes  assured.  When  Atchison's  last  assessment  is 
paid,  the  stock  will  likely  sell  at  double  the  assessments.  Western  Union  is  booked  to  sell  at  105.  Chesa- 
peake &  Ohio  appears  attracting  the  attention  it  deserves.  Southern  Railway  earnings  were  over 
five  million  dollars  net  last  year ;  their  bookkeeping  is  commendable,  and  the  stock  will  likely  double 
before  the  present  crops  are  marketed,  some  friends  say  it  will  sell  at  50.  Louisville  is  a  foreign 
favorite,  and  will  likely  range  high  this  fall  on  account  of  the  Atlanta  Exposiiion.  Missouri  Pacific, 
Wabash  and  other  good  stocks  will  likely  follow  old  time  methods  and  advance  materially. 
Kansas  &  Texas  Pacific  securities  are  being  bought  by  inside  interests.  The  Clover  Leaf  or  Toledo, 
St.  Louis  &  Kansas  City  appears  waking  up  from  its  lethargy.  Reading,  Jersey  Central  and  the 
other  Coal  properties  appear  ready  for  a  small  boom.  Our  advices  from  40  odd  States  where  our 
clients  reside  indicate  a  rapid  return  of  confidence,  and  enlargement  of  general  business  enterprises, 
and  higher  and  more  active  markets  for  most  commodities. 

Industrials. — Sugar  and  Tobacco  each  have  paid  12  i  dividends.  Many  think  it  was  from  Wall 
street  gains  and  bookkeeping  rather  than  from  earned  revenue.  The  clique  now  predict  higher 
prices.  Distillers  is  capitalized  for  more  than  three  times  what  it  was  recently  sold  for.  Its  friends 
predict  much  higher  prices  this  fall.  The  other  Industrials  appear  less  anxious  to  beat  Wall  street 
than  to  increase  their  own  earnings.    With  good  management,  Cordage  is  likely  to  double. 

Cotton. 

Secretary  Hester  estimated  the  crop  of  1894-5  at  9,901,000  bales.  The  Chronicle  reports  port 
receipts  at  7,880,494  bales;  exports,  5,716,513,  and  defers  its  final  figures.  We  will  send  our  chents 
their  final  report  in  a  day  or  so,  others  can  secure  it  upon  application.  World's  visible  supply  is 
2,394,738  bales  against  2,005,584  last  year  ;  2,100,538  of  all  is  American.  The  cotton  crop  is  reported 
generally  late  and  damaged  by  worms,  blight  rust  and  shedding,  and  about  all  the  troubles  a  grow- 
ing crop  is  ever  heir  to.  Liverpool  sales  to  spinners  scarcely  indicate  their  interest  equals  the  ex- 
citement of  American  bulls  who  are  paying  30  or  40  points  more  for  our  cotton  futures  than  sellers 
of  spots  get  in  the  English  and  Continental  markets.  Ordinarily  the  difference  is  about  80  points, 
now  only  40  to  50  points  generally  cover  the  difference.  This  should  make  exports  and  consump- 
tion small,  or  advance  prices  of  manufactured  products.  Prints  are  firm  at  3^.  Indian  shipments 
for  the  year  ending  August  29th,  were  754,000  bales  against  1,236,180  bales  the  previous  season. 
Egyptian  shipments,  629,000  bales  against  564,207  bales  last  season.  Fall  River  stocks,  August  24th, 
were  238,000  pieces  print  cloths  against  950,000  pieces  a  year  ago.  Cotton  goods  imported  since 
January  1st,  1895,  equal  about  18^  million  dollars  in  value,  while  those  of  wool  were  about  34>^ 
million  dollars  value,  causing  many  American  woolen  mills  to  close  business  and  turn  their  employ- 
ees loose.  Prices  now  rule  above  those  of  a  year  ago,  and  practically  at  same  rates  as  two  years 
ago.  The  Government  crop  report  says  "Picking  is  general  over  Southern  portion  and  will  begin 
in  Northern  portion  next  week.  It  is  reported  the  Commissioner  of  Agriculture  will  come  out  with 
a  very  bullisn  report  the  10th  inst,,  and  that  fact  has  leaked  again  as  usual.  The  enormous  scattered 
long  interest  and  Pyramid  Building,  in  many  cases,  may  yet  act  as  a  menace  to  prices  which  now 
rule  50^  higher  than  in  February,  when  reverse  conditions  prevailed,  and  cotton  was  being  sold  by 
cotton  factors,  growers  and  speculators  for  a  profit,  at  5j4  cents  instead  of  8}i  cents. 


itso 


CLAPP  &  COMPANY.  BANKERS  AND  BROKEES.  NEW  YORK.  WEEKLY  MARKET  LETTER.  S 

Wheat. 

Primary  receipts  continue  only  about  half  those  in  lS9t  and  may  not  equal  one-third  those  for 
the  six  months  ending  December  31,  189:3,  or  an  average  for  the  previous  five  years.  The  range  of 
wheat  in  those  years  at  Chicago  was  from  G0>4c.  to  $2  per  bushel,  and  cash  wheat  is  now  eleven  cents 
below  lowest  price  of  that  period.  The  table  below  gives  the  movement  monthly  with  price  changes 
for  the  last  half  of  each  year  the  past  decade,  also  yearly  crop  and  monthly  official  visible.  Early 
in  January  the  visible  is  about  the  maximum  point. 


1805 


1894 


1893 


1802 


1801 


1890 


1889 


1888 


1887 


1886 


1886 


Total  crop 

Primary  receipts,  July 

Kx  i>orts,  July 

Visible,  July  1 

High  Jb  low  cash  wheat,  July  . 

Primary  receipts,  Aug^ust 

Kx|x)rts.  August 

Visible,  August  1 

Uigb  Jt  low  cash  wheat,  Aug. . 

Primary  receipts,  September. 

Exports,  September 

Visible,  September  1 

Uijfh  i,  low  ca^ih  wheat,  Sept. . 

Primary  receipts,  October.... 

Exports.  October 

Visible,  October  ] 

Hii;h  A,  low  cash  wheat,  Oct. .. 

Primary  receipts,  November. 

Exports,  November 

Visible,  November  1 , 

High  &,  low  cash  wheat.  Nor. . 

Primary  receipts,  Dftcember ., 

Exports,  December , 

Visible,  Ducember  1 , 

High  &  low  cash  wheat,  Dec. . , 

Total  receipts,  8  months 

Total  exports,  6  months , 

Official  visible,  December  31... 


6,.W0.000 
9.160,795 
44.5U1,0<)0 
70    65?i 

9,500,000 
9,000,000 
39,-iffl,000 
69    68^ 


35,440,000 


460,267,416 
13,&55,000 
12,777,348 
54,6:)r,000 

6014  im 

25,000  000 
18,8(KJ,l)00 
57,144,000 
6SJ^61}i 

25,000,000 
12.300,000 
66,»19,000 
66      60 


21,000,000 
1 J, 000, 000 
71.413.000 
57J6  60>4 

19,000,000 

12,000,000 
78,190,000 
61%  51% 

15,000,000 
11,800,000 
»>,161,000 
6356  &% 

119,000,000 
77,712,153 
89,071,000 


396,181,725 
14,000,000 
18,800.000 
62,316,000 
6U>4      64 

14.000,000 
22,:«)0.000 
59,349,000 
63%55ii 

25,000,000 
19,000,000 
.56.SS1,000 
69?4  62% 

28.000,000 
13,500,000 
60,528.000 
66>i  60>4 

23,000,000 
13,000,000 
69,327,000 
68      68^ 

15,000,000 
11,000,000 
78.065,000 
64^^59^ 

119,000,000 
97,414,654 
80,228,000 


515.949,000 
20,000,000 
18,700,000 
24,264,000 
60^      76 

86,000,000 
19,.'iO0,000 
23,99->,000 
80      74.v6 

38,000,000 
18,000,000 
36,260,000 
7iH  71% 

43,000.000 
20,700,000 
47,901,000 

7iH  ea^i 

29,000,000 
17,800,000 
61,694,000 
78^69?^ 

25,000,000 
17,500,000 
72,580.000 

78    eaj^ 

191,000,000 
107,277,587 
81,238,000 


611,780,000 
18,000,000 
13,700,000 
13,590,000 
98   85 

30,000,000 
26,300.000 
16,76S.0OO 
113  86^ 

.34,000,000 

2.1,800.000 
I  It.  124,000 

84,000,000 
19,600,000 
26,862,000 
99      921^ 

34,000,000 
20,700,000 
36,233,000 
97      91!4 

22,000,000 
2:3,100,000 
41,678,000 
93M89% 

172,000.000 
129,266,300 
45,908,000 


.399.262,000 

8,000,000 

8.000,000 

20,174,000 

94Ji     85 

1.3,000,000 

9,000,000 

18,463,000 

108J4  89% 

11.000,000 

5,400,000 

n.Mo.ooo 

lOlJi  95>^ 

17,000,000 
7,600,000 
16,800,000 
103J4    96 

17,000,000 

7,000,000 

21.2:«,000 

101%  88}i 

12,000.000 

9,600,000 

24,569,000 

92Ji  87^ 

78,000,000 
47,102,067 
25,478,000 


490,660,000 
8,000,000 
7,0(X),000 
15,301,000 
85    77J4 

13,000,000 
11,700,000 
12,1.35,000 
79^  76X 

15,000,000 
8,200,000 
14.38.^,000 

82  75^ 

21,000,000 
9,300,000 
17,853,000 

83  77^^ 

21,000.000 

8.300,000 

25.712,000 

82Ji  78% 

12,000.000 
ll,600,00u 
:«,  178,000 
80>i76% 

90,000,000 
56,323,402 
33,972,000 


415,86.<!,000  458,329,000 
8,000,000     12,000.000 


7,000,000 

23,619,000 

85      79 

1.5,000,000 
11,000,000 
22,190,000 
94%  bl'/j 

14,000,000 

10,000,000 

2U.270.0(XI 

200    b'JX 

15,000,000 

7,800,000 

31,510,000 

115  Ji  1(HH 

10,000,000 

5,r,00.000 

33,477,000 

116    102X 

8,000,000 

7,100,000 

36,0.->2,000 

lOoX  96% 

70,000,000 
48,247,400 
38,321,000 


16,40O.(K)0 
84,41.3,000 
72    67>i 

11.000,000 
19.000,000 
33,141,000 
oy>i  6t% 

13.000,000 
11,000,000 
3U..573,000 
71^  67X 

16,000,000 

8,000,000 

80,598,000 

72X  63 « 

1P,000,000 
8,600,000 
8.3.931,000 
76}i    71% 

12,000,000 

9,400,000 

40.260,000 

79Ji  75X 

82,000,000 
72,467,081 
44,422,000 


4.57,218,000 

13,000,000 

10,900,000 

28,219,000 

81     73>^ 

14,000.000 
1.5,700  000 
84.G52,0')0 
78>i  73% 

17,000,000 
14,300,000 

42.iH'.5,l)00 
76><  72>4 

15,000,000 
11,100,000 
51.220.000 
74%  69% 

14.000.000 
12,300,000 
56,1.54,000 
76%    73 

11,000,000 
12,200,000 
59,572,000 
79>i  75% 

84,000,000 
76,565,798 
62,730,000 


857.112,000 

6,000,000 

6,3<X),000 

41,:«2.000 

8,000.000 

5,700,000 

40,202,000 

69    78 

10,000,00« 
6,:3OO,0O0 
43,i:J7,000 
86%  76J4 

16,r00,000 

7,.500,0t0 

45.141,000 

91%  84% 

12,000.000 

5,300,000 

51,702.000 

90%  83% 

9,000,000 

2,700,000 

6.5..')40.000 

8j    82% 

61,000,000 
8.3,804.743 
68,433,000 


The  winter  wheat  movement  continues  light.  The  Prairie  Farmer  predicts  a  430  million  cropt 
The  Orange  Judd  Farmer  estimates  the  winter  wheat  cro]^  as  260  millions  and  the  spring  whea 
crop  as  190  millions,  making  no  attempt  to  discount  yield  on  account  of  poor  quality.  A  bear  says 
recent  Government  reports  have  averaged  showing  the  crop  was  about  10  per  cent,  less  than  the 
outcome  proved.  The  Government  report  indicated  crop  of  400  million  bushels.  Spring  wheat 
millers  have  recently  ground  about  130  million  bushels  spring  wheat  annually.  More  than  half 
our  exports  have  recently  been  in  flour,  the  total  about  equalling  primary  receipts.  The  Russian 
crop  is  now  reported  not  likely  to  equal  estimates.  Great  Britain's  crop  is  reported  3?  per  cent, 
short  of  last  year.  European  weekly  import  requirements  are  about  8  million  bushels.  The 
amount  afloat  is  down  to  about  normal.  There  has  been  a  long-continued  decline  from  82>^  in 
J'jne.  Small  invisible]  supplies  and  a  small  winter  wheat  crop  appeared  to  warrant  the  June  ad- 
vance. Investment  and  speculative  purchases  are  again  solicited  in  the  firm  confidence  that  they 
will  pay  good  profits. 

Corn. 

Crop  statisticians  and  speculators  usually  continue  predicting  the  largest  crop  grown  and  lowest 
prices.  We  still  believe  two  billion  bushels  will  be  near  the  outcome  ;  that  the  weather  has  been  too 
uneven  ;  that  rains  or  drought  have  injured  the  crop  ;  and  finally,  that  the  rank  growth  shown  almost 
everywhere  will  assert  itself  more  plainly  in  a  large  stalk  and  cob  than  in  plenty  of  corn  on  the  ear. 
Our  correspondents  both  South  and/  West  confirm  these  views.  Old  corn  is  very  scarce,  and  demaand 
appears  to  exceed  supply.  It  is  among  the  possibilities  that  a  corner  will  yet  develop  in  September 
corn  in  Chicago,  and  that  the  bear  element  will  further  depress  December  and  more  distant  corn 
futures,  which  now  range  lower  than  any  previous  season. 

Provisions. 

It  is  estimated  that  the  receipts  of  hogs  in  Chicago  the  balance  of  the  season  will  fall  short  of 
last  year  10  or  12  <f.  Exports  continue  in  excess  of  last  year.  The  domestic  demand  is  fair  and  not 
aggressive.  Sentiment  continues  bearish,  with  stocks  large  enough  to  enthuse  the  short  sellers, 
especially  so  with  the  corn  crop  continually  in  view.     '^^'^ "  — '~  --^  ' j     i- 

E rices  may  yet  cause  buyers  to  reap  handsome  gains, 
ogs,  against  6,755,000  last  season. 

Yours 

161 


The  small  pig  supply  and  large  decline  in 
Packing  from  March  1  to  July  29,  6,055,000 


tnily, 


CLAPP  &  COMPANY. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qootations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Septemter  4  1895,  and  tor  September,  1894. 

Par  Talue  of  all  stocks  $100.  except  D.,  L.  &  \T.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OPFICIAX    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


*'  EEKI-T 

Salxs. 


1.610 

512 

818.8.S7 

223 

154.503 

74.r58 

780 

6.151 

12.684 

2.70S 

87.976 

81127 

128  971 

549 

87  498 

5645 

12.390 

6.295 
710 

S.48S 

2,310 
10.138 

3.582 
S8,0ti5 
13.090 

"260 

1  160 

1.000 

1.986 

1.355 

378 

S1..335 

2.790 

•J24 

83,5«1 

bOO 

24,250 

1.971 

I  038 

8.026 

3.885 

200 

U  427 

11  746 

i.9«a 

3.U85 

5  137 

84.580 

970 

13G346 

484 

80.000 

2.120 

11870 

13.697 

55.826 

26.060 

11.590 

7,710 

9.710 

i.03» 

220 

liiw 

42,215 

16.941 

9,970 

646 


Capital 
Stock. 


$20,237,100 
10,198,600 
36,773,000 
86.773,000 
17,900,000 


85,000.000 
16,000.000 
22,488,000 
60.805.400 
82  ■J6'-'.700 
24,8.S,5.800 
46,027,261 
25,923,900 
46,156,000 
18.659,860 
89,064,907 
22,836  170 
28.000.000 
11.696,000 
85,430,060 
86,200,000 
85  000.000 
38  000.000 
84  091900 
30,469,700 
85,000,000 

8,000,000 
60,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
62,800.000 
80,000,000 
18,788,204 
18,000.000 
47,844,100 
47,436.576 
14,905,400 
14,904,000 
89,428.300 
77,427.000 
20.000,000 
68,119,988 
18.000.000 
89,767,800 
49.000,000 
89,869,516 
80,000,000 

8.600.000 
40,426,361 
86.000,000 


«•.  402,900 
125,000,000 
60.000,000 
19,850,000 
88,710,900 
60.868,500 
68  961.600 
62.361,600 
80,166.000 
18.585  500 

7,707,040 
88,000,000 
84.000,000 
94,820,000 
10.000,000 

4.500.000 


DlTlDKNB  RXCOBD. 


Pays  3po  J-D 

Pays  3pc  0-J-A-J.. 

Pays  Si^pc  J-J 

Pays  3pc  FM-A-N. 


Paid  2dc  1895 

Pays  i!4pc  F-A 

Pays  1J4P0  F-M-A-N. 


Paid  Ipo  Dec.  1R94 

Pays  Ipc  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  Annum. 
Paid  J^pc  June  1695... 


Pays  IJ^pc  J-D.. 
Pays 2^pc  J-D.. 
Paid  8pc  in  1893. 


Pays  2pc  M-J-S-D.... 
Pays7po  per  annum. 
Pays  7po  per  annum. 


Paid  IK'Po  Jan.  18fi3. 
Paid  2pc  Auffi,  St  1893. 
Pays  5pc  per  annum. 


Pays  2}<ipc  MS. 


Pays  l^po  F-M-A-N. 

Pays  3po  FA     

Paid  2pc  August  1893. 
Pays  l^pc  J-A-JO.. 
Paid  2pc  in  July  1895. 


Paid  8po  1891 

Paid  Ipc  in  Dec.  1894. 
I'ays  J9ipc  M-J-.s-D., 
Pays  ipo  J-A-J-O. 


Paid  l^po  Nov.  1893. 


Paid  Ipo  April  1892. 
Paid  Ipo  in  1887..., 


Pays  2pc  F-M-A-N. 


Paid  ipo  in  1887... 
Paid  8HP0  "in"i884! 


Paid  Ipo  l<ay  1895... 
Paid  2^pc  March  15, 1895 


Pays  IHpo  J-A-J-O. . 
Paid  Ipo  in  Feb.'isw! 


Nakis  or  Stocks. 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atch.Top.  &  S.  F,  8d  ins.pd 

Baltimore  <fc  Ohio 

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Oblo 

Chicago.  Bur.  &  Quincy.. 

Chicago  Gas  Cos . 

Chicago.  Mil.  &  St  Panl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic.  St  Panl  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw'n  Pfd. 
Cieye.,  Cin.,  Chic,  &  St  L. 
Col  Hocking  Valley  <fe  Tol 
Consolidated  Gaa  of  N.  Y. 
Delaware,  Lack 'a  <fc  W'n. 
Del.,  &  Hudson  Canal  Co 
r-enyer  <fe  Rio  Grande  I'fd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 

General  Electric  to 

Great  Northern  Pfd 

GreenBayWAStPTrRec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  <fc  Western . 
Lake  Erie  4  Western  Pfd 
Lake  Shore  4  Mich.  So'n. . 

Louisville  &  Nashville 

Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mi.ssouri  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd 

N.Y.Cent'l  4  Hudson  Riv 
N,  Y,  Lake  Erie  &  West'n 
NY4N  E  tst  CO  cti all  lu  pd 
N.  Y  Ontario  4  Western. 
N.  Y.  Susa.4  W'n  Pfd... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd...  . 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  4  Ewnsville 
Philadelphia  4  Keauing,. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  CertifiLales 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  4  R  K  Co 

Texas  4  Pacific 

Pnlon  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  pref  ..  , 
United  States  Rubber  Co 

U.  S.  Cordage  Co 

U.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co  .. 
Wheeling  &  Lak«  Erie.  .. 
Wheeling  4  Lake  Eria  Pfd 


Total  ules  of  all  Stocks  eaob  day  and  for  the  six  days. . 


1.624.  K3 


COTTON,  Id  baes. 

V  -IT    f  Aug  4  Oct 
"•  •*•    1  Sept  &  Nov 
Cotton  1  Oct  &  Deo 

World's  visible. 

Total  Id  sight*  Total  Export*. 

I«95           2  894  788 

9.901,000                6,716.513 

UM           8.005,584 

7.627.211                 6,231,194 

(Nov  4  Jan 

Thursday.     Friday.    Saturday.    Monday.     Tuesday, 
Aug.  29.     Aug.  Sa     Aug.  31.     Sept.    2.     Sept.    8. 


U-M  108« 

96H  92i^ 

20^  20V4 

65?i  6556 

57^  569^ 


26        ■£,^ 
urn  I'.O 


96 

SOU 


93H 


57). 


mi 

57 

lOSVi,  10t%  1I0?A  109Vi 

-     ■--    am 

907/* 
62*4 
76?i 
129^ 


2m   -iiH 

9-4  91^ 
03)4  646 
7:%    7tiH 

129H  129% 
84M  88H 
46        44% 

10C?i  105*i 

23)s  24H 
143   142 
lt2H  162W 
131   lai 

52%  52>4 
2aM  il}i 
3S«  17H 

i)»    m 

104%  i04V< 

27  27 

27  26H 

Suit  «> 


64  63k 

115)2  114^ 

103  |08 

88%  vru. 

13  13 

to  SOU 

35  85 

a^  «2 

1(4.  104)4 
9%      9), 

?f  1^ 

3594  S*ii 
6  • 

6M      SH 

18%  m 

31^  80 

sy*   en 

19H  I89i 


91% 
64% 
TIH 

129)i 
83% 
455i 

106H 


46 
105)4 


49M  489i 

25  25 

143  I42H 

I3i  181 ' 

''2)i  58 

8  %  21M 

38  87)4 


104%  104)n 
28       27)4 
i»       26 
ttO       iO 


111%  r.O)i 


83?i  63)i 
114)4  114)4 
102)4  lt2)4 

3S)4     37% 

39%     3» 
85%    35, 
9094     90* 
101%  104)4' 
9%      9)4 

17%  n% 
85       84)4 

6^  «* 
18%  18% 
SOM    80)4 

19%    10 


67>i  87M      ••• 

26  25%    25% 

14  13%    14 

18  41%1  42 

•tou  v^y^l  «)* 

18  12    J  12?i 

tt<ri  15        15% 

■IH  16%'  17)„ 


th-^     64 
4I%-  iOV 


85)4 
41 
8 


8594 
13% 
41% 
89)4 
12)4 

17 
84% 
40)v 
8 


9%      9%     9%  9H 

i3%    33)4    84%  ^S"** 

94%     94)«i   9(%  94% 

im  16    16%  16)^ 

50%  60% 


WHEAT,  In  bushels.  I  roho.f    *  Sept  4  Deo 

I    IT.  S  Visible.     .Prtmary  rect«»|  Total  Exports.  1  "''»^'^-  .  De«  4  May 

ISflS         3.5.140  000  20.000  000  i 9. 830  836         !,,„,„  Sept  4  Dec 

l.-)34|        60  949.000         I      42.000  000        |      29.450.452         r"™-"     Deo  4  May 


CORN,  in  bushels. 

I     U  S  Visible  IPrimary  rec'te* 
ims           5.412.000  15  000.000 

18941  8.151000  I      14.000,000 


346  278 

3  00  7  8i 

7  97  '  74 

S06  7  8;) 

811  787 


254,021 


8,00  f.82 
8.08  7.88 
8.15    7.95 


66)i   a^  er%  66,*. 

««^    67A    69U    68ji 


68  V, 
41% 


42       41% 


I  Chicago  >  Sept  4  Deo    ll'-v  69%  "58)4  61)4 

Total  Exports    Wheat.  ■  Dec  4  May  1  63%  62%|  114%  63)i 

8.448  580         jcorn        )  ^ept  4  Dec     36)i  35%    Wi  35% 

1.766  47a        r°™---  (Dec  4  May    (JO)i  80K|  80>^  mi 


OATS,  in  bushsla. 
I    U.  S.  Vt.Mbl«. 
1895  8.411000      ' 

18941         7.204  000 


N.  T.  Stocks. 

745  628 

8.023.106 


Cta(>o.  Stocks. 
615  00« 
899,000 


Oati . . 
POfk. 


i  Sept  4  Deo 
?  Deo  4  May 
'  Sept  4  Deo 
-January..  \ 


189.5 
1894 


1895 
1894 


LARD-tcs. 
World's  vis. 

281.287 
159,056 


CHICAGO  CONTRACT  STOCKS 
PORK-bbls,i  LARD-^tcs.  I  RIBS  lbs 
111.204  68.984    I  81.980.000 

41,092    '         22.533    I   18,665,724 


'Lard 
Rlfts 


.'  Ssptember 
'January. .. 
:  Septembar 
\  January.  . 


la 


19W  \(^.\  194 ( 

20  20  20  19% 

9  lo  9..%  .1.00  >i.92 

a  75  9  60  i  87  9  75 

iJ.sa  »,?7  4  <T  5  SO 

5.92  3.85  I  6.95  5  90 

6.65  5.56  1  5  60  5  65 

6,U7  5,05  !  6  ;0  6  07 


49*^4    49 
lis"  143 

tsi    isi 

53)4    62% 

»;i)4  80% 

87%    87)4 


104%  104% 

86)4  85% 

81  80% 

151%  I61)t 

64)4  ** 

1!4%  114)4 

102)6  102)*. 

3-%  38)i 

13%  13% 

39%  3!)% 

86  85% 

98  91)4 

104  103% 

9%  9% 


18 

36 
6% 


85 
6M 


809i  80)4 

80%  19% 

25%  i^ 

18%  13% 

42  4I?4 

40%  39)4 

18%  12% 

!5%  15% 

17%  17% 


9% 

25)4  24J. 

95)4  34) 

16%  16 


-20  1O* 


7.81  7  78 

7,86  7.80 

7.98  7,85 

66,'  VSii 

68%  38A 

41%  41- 

37)4  87 

61%  60% 

33%  ■!2% 

36%  W 

3r^  80H 

18%  18% 

19)1  U% 

<)05  S90 

10  00  9  6" 

4  97  -5.88 

6.0c  69» 

580  6.60 

5.  IT  i  18 


0 


•4 


Q 
« 

13 
0 
0 

i 


112%  110% 
104%  104)^ 
96)4  ^i\i 
21%    20% 


49%    49 

lis'     14S' 

163%  lO.'iX 
131)^  131)4 
5;J%  53)4 
21%  21)4 
88%    87% 


105%  105 
28%    28)4 
27        87 
81       60% 

65%    65)i 
1:4)4  114 
103      102X;. 
39%    38^ 
14)4     14 
40%    40 
3«')4    86 
91%    91% 
104%  :04H 
9%      9 

isH  18)4 

36  35)4 

6Vi  6 

5%  6)4 

J?^     '^ 

2^20*^ 
I73)i  172)4 

*^y*  41% 

41        40 

14%     13% 

\f^*    I6)a 
UX    17)4 

41%    40)4 


10«  10 

8«Ji  25)i 

86%  95 

16%  16% 

51)a  50)4 

853  227 

805  794 

8  II  8,02 

8  !8  8  08 

3  25  8  IS 

88%  66% 

72%  71% 

86%  86' 

63%  61% 

38  66 

80%  iSM 

81  80)6 

19  19 

21%  21 

8*98  8  45 

10.02  962 

6.06  6.82 

6.00  6.87 

590  5.62 

5  25  5.08 


Wed.,      Raoee  for 
Sept.   4.    Aug.  :695. 


•»%  24)4 
74%  73)4 
114%  112% 

95%  93% 
2i%    21% 


6fi 
67% 


65 

i6% 


116%  113)4 
2-.'        21% 

91%  im 

64%    64)4 
78%    77% 

8^%    83 
45%    im 

106)6  I'^S^ 
49%    49% 

25     m. 

144      143 

167      163 
134%  13m 
54%    54)4 
21)6    80% 
38%    38 


106  105% 

28%  28)6 

26%  2<SW 

81  60% 

6J)6    65% 
:i4)4  112% 

40%    3J% 

40%  46 

86%  86)6 

91%  91% 

104)4  IO;J% 

9%      9 

63%  6.J% 

19)6  18% 

36%  35)6 

6  6 


5% 
19% 


6?h 


33)4  81)v 
7         6% 

22%  20)4 

173h,  I73)i 

67%  67)6 

26%  85% 

14)6  14 

42)6  4-2)6 

42%  41 

14%  13% 

16%  15% 

18  17% 

87%  87 

40%  40% 
3%      8% 

16%  '9% 

26)i  25% 

95  94)6 

16%  16% 

51%  BlH 


441689 

8,02  7.91 

8  09  7,98 

8  15  8  04 

8.22  8.10 

66%  C5)6 

71%  69% 

85%  35% 

35%  85)6 

61%  60)6 

65%  64 

29)1  27% 

80%  29)4 

18%  18)6 

21)J  80% 

840  825 

9.65  9.60 

5.82  6  80 

5.90  5  80 

6.60  6  62 

6.02  4.97 


87%  24% 
75%  73)^ 
ll8)i  106% 
107      101)4 


81%  2 

6%  6)4 

20%  17)4 

175%  171 

67)4  6iM 

26%  25)4 

14%  r" 

42%  «  .„ 

40%  -4% 

13%  11% 

15%  12'^ 

17%  15% 

87%  82 

41%  89)6 

3)6  1% 

6  2)6 

9%  N% 

25)6  20% 

95)4  92)6 

17%  16 

63)4  60% 


8.00  6.87 

8,00  C.69 

8,08  6  94 

815  6  98 

73,'.  ei% 

75%  66% 

49%  41)8 

40  87)« 

-0  59% 

72%  61)4 

44  8'))4 

85%  89% 


Range  for 
Sept.  1894. 


84%  31)4 
79)6    7o 

106)6  88)6 
99       91% 

104%    97 
8X      6 
78%    76 
53)6    51)4 

115)6  111)6 
81%  19% 
78%  72% 
76)6  fi7)4 
67%    63^ 

!23  I2-i)6 
66%  00% 
88%    35)6 

107      102)4 

143      142% 
41%    39 
19%    18% 

125      lit* 

174      168 

187      134 
36%    33)4 
19)4      8)4 
42        3,-)6 

101)6  101)^ 
6  4% 

96        94)6 
19%     18)4 
19)4    '7 
74       72 

137  134% 
67%    54% 

120%  113% 
98)6  97)4 
24%  22)a 
8%  8)4 
30%  2-i)6 
44)4  3»*i 
89^     861,4 


101% 
16% 


14% 


33%    26% 
17%     Iti% 


48 
6% 

6 


43 
4)4 
4Vi 


22%  17% 

16  14)4 
6  8% 

22%  17^4 

162)4  15~% 

81%  26% 

14%  '.3% 

45)4  41)4 

19)4  18 
10%      9)4 

14^  12)6 

11%  10 

6.3',t  591^ 

40%  39!4 


19% 
33 


8^% 
8  6% 

17%  14)6 
92)6  C7)4 
13%  12% 
46%    4J)4 


6.78  5  95 

6,85  5  97 

6.91  6.03 

6.97  6  08 

62)6  57 

67  61% 

61  52)6 

60)6  63 

6^  53 

63!4  58)6 

56!4  46% 

66%  49 

32%  29% 

86%  33 

14.40  13  00 

14.50  li.75 

9.05  R20 

6.47  7..M) 

8.00  -7.12 

742  6.55 


OLD  PORK,  Chgo. 
....     bbb. 


bbU. 


WHEAT  on  passage, 
27.040,000  bush. 
30,0-v'4,000    " 


CORN  on  passag". 
9.440.000  bush 
8,608.000 


I  Russian  Shipmts.  for  wk. 

1.120.000  bush. 
I  2.000,000    " 


Indian  Shipmts.  for  wk. 
892,000  bush. 
440,r00     " 


Argentine  ShpU.  (or  wk. 
56.000     buih. 


t  Since  Aug.  81,   •  Mnce  J.ine  80.  Compiled  and  Copyrighttd  by  CL/,?JP  &  COMPANY.  BANKERS.  MILLS  BUILDING.  NEW  YORK 


lClcclU\>  flDaihct  Xcttcr. 


No.  446. 


Cupurl'ilil,  ISUr,,  bif  Ctapp  it  Cnmjinnif. 

O.  W.  CLAPP. 
DWIQHT  O.  CLAPP. 


CLAPP    &    COMPANY, 

Banl^crs  anb  Brokers, 
miLLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


BOANCI 

Office* 


(  277    BROADWAY,  Corner  Chamber»  St, 

H     )  621    BROADWAY  (Cable  Builoino,  Corneb  Houston). 

:  '\  753  FIFTH  AVENUE,  Corner  58th  St. 

I  11  WASHINGTON  STREET,  SARATOGA,  N.  Y. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  September  12,  1805. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  batiks.  The  local  bank  should  always  ivire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    3%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  Free  to  Customerb. 


PRESS  NOTICES  ABOUT  OUR  189*  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


Clapp  &  Company,  bankers  and  brokore.  of  New  York,  have  is- 
sued a  very  Handsome  souvenir  volume  of  1S94,  ou  all  the  leading 
American  Exchanges.  There  are  3.vi  jmges  f ul  1  of  statistics  and  use- 
ful information  on  stocks,  colton,  grain  and  pi-ovisions  ;  their  pro- 
duction.  supply  and  distribution  in  the  several  countries.  Thetreat- 
nieut  and  financial  tone  of  t  he  articles  on  finances,  foreign  ti-ade  and 
the  gonei-al  monetary  system  is  very  complete,  and  makes  the  book 
a  useful  one  for  all  brokei'S  and  business  men  in  geneiul. — The  Daily 
Blur,  Monti-eal,  Canada. 

The  Beacon  Is  In  receipt  of  the  annual  volume  issued  by  Clapp 
&  Company,  New  York  brokei'S.  It  is  a  valuable  acquisition,  and  as 
a  work  of  refei-ence  on  the  market  quotations  it  cannot  be  sur- 
]iassed.  Clapp  Jt  Company's  weekly  bulletin  on  grain  and  pork  statis- 
tics are  of  gi-eat  value  to  tbeagricultui-al  interests  The  Beacon 
frequently  ronixxluces  these  weekly  leltei-s  in  preference  at  times  to 
news  received  by  wire. — Wichita  Daily  Beacon,  Wichita,  Kans. 

Clapp  &  Company,  the  extensive  bankeis  and  brokers.  Mills 
Building,  New  York, have  sent  ua  a  copy  of  ••Souvenir  of  1894  on 
American  Exchanges."  It  Is  an  elegant  book  and  shows  how  this, 
which  is  one  of  the  greatest  firms  of  the  day,  does  business  in  the 
way  of  stocks,  bonds,  cotton,  gi-ain  and  pi-ovisions.  If  any  of  our 
rejiilers  desii-e  to  look  the  book  over  so  as  to  post  themselves  in  regard 
toth<>3e  matters,  they  can  i.o  so  by  calling  at  our  oflice,  or  address 
the  company  as  above.— The  Herald,  FaiiTwrt,  N.  Y. 

Messrs.  Clapp  and  Company,  the  well-known  New  York  bankers 
and  birjkers,  have  issued  a  s»)uvenir  book  of  1S94,  containing  a  daily, 
weekly,  monthly  and  yearly  reooitl  of  the  leading  exchan";es  of  the 
Uniie<J  States,  with  weekly  market  letters  and  valuable  information 
and  comparisons  reliting  thereto.  Altogether  it  makes  a  very  con- 
venient book  of  reference,  as  It  presents  a  complete  record  of  the 
financial  transactions  of  the  year  1894.  Interspersed  throughout  the 
b<x>k  are  many  very  finely  executed  Illustrations  of  the  exchange 
and  board  of  trade  bnildings  of  the  leading  business  centres  of  this 
conntrv,  accomjianied  by  a  brief  statement  of  membership,  volume 
of  transactions  and  other  items  of  interest  connected  with  their  his- 
tory.  The  princijial  otHce  of  Measi-s  Clapp  and  Company  is  in  the 
Milla  Budidlng,  with  branches  at  277  and  li'il  Broadway  and  763  Fifth 


Avenue.  Their  extensive  facilities  give  them  jjecullar  advantages 
for  collecting  the  matter  contained  in  the  souvenir  book.  The  book 
is  very  neatly  bound,  printed  on  good  paper  and  in  clear  type.  It 
should  pi'ove  a  valujible  book  for  those  Interested  in  financial  trans- 
actions generally.— The  New  York  Maritime  Register,  New  York, 
N.  Y, 

Clapp  &  Compant's  Sottvbioii,  189j.— This  elegant  Illustrated 
volume  of  352  pa^jes,  8?i  x  113<  inches,  cloth  bound,  is  a  commercial 
history  of  1894.  It  is  of  great  value  as  a  reference  book,  as  It  gives 
an  extensive  aiTay  of  information  about  I'ailways,  money  and  mar- 
kets. Thus  we  can  turn  to  and  in  an  Instant  have  at  command  the 
world's  pi-oduction  of  silver  in  London  values  reduced  to  United 
States  money  in  fine  ounces,  the  ontput  of  gold,  the  extent  of  the 
cotton  and  other  crops.  The  records  of  each  week,  as  it  relates  to 
operations  on  the  eicnanges,  and  the  causes  therefor,  make  It  of 
great  interest.  The  present  issue  contains  a  fine  view  of  the  new 
Clearing  House,  together  with  its  history  and  a  record  of  its  weekly 
reijoits  for  1S94.  The  views  of  Wall  Street,  the  exterior  and  Interior 
of  the  Stock  Exchange,  the  New  Orleans  Cotton  Exchange,  the  New 
York  Cotton  Eichatif;e,and  those  of  other  cities,  make  It  a  work  of 
art  as  well  as  of  reference.  These  magnificent  palaces  of  commerce 
reflect  the  enormous  wealth  of  the  country  ana  the  vast  Interests 
with  which  Clapp  &  Comiiuny  are  identified.— American  Grocer, 
New  York,  N.  Y. 

Books  attd  Publications,— One  of  the  neatest  sonvenlrs  l.RSued 
by  a  bond  and  brokerage  house  is  tlie  one  sent  out  by  Messi-s,  Clapp 
&  Company,  of  New  Vork  city.  It  is  embellished  with  half-tone 
cats  of  all  the  principal  buildings  in  Wall  street,  and  of  severwl  of 
the  leading  cities  of  the  East.  The  book  contains  statistics  of  all 
the  leading  financial  in.stltutlons  of  the  country,  and  Is  a  complete 
record  of  fiduciary  matters  for  the  past  year.  It"  is  essential  toeveiy 
financial  thinker  as  a  souvenir  of  the  "most  Important  year  In  the 
history  of  the  country.  The  little  book  abomids  with  exhanstlve 
and  condensed  comparisons  of  stock  quotations  of  all  classes  of 
stocks,  with  a  weekly  market  letter  on  the  financial  outlook  for  each 
week  of  the  past  year.— Montana  Mining  and  Market  Reporter, 
Butte,  Montana. 


4^ 

H 
X 

■0 

> 

o 
m 

o 

o 

z 

H 
> 

C/3 

o 

> 

r 
< 

m 
o 
o 

O 
CO 

O 


m 

> 
a 

2 
O 

m 

X 

o 

X 

> 

o 
m 

03 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUa  LETTERS.     POBTFOLIO  FOB  FLLLNQ  FORWARDED  APPLICANTS  FBEB. 

103 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Executive  forces  are  as  dangerous  as  they  are  useful.  Manipulating  public  moneys,  records* 
accounts,  and  laws,  even  if  claimed  in  people's  interest,  is  usurping  functions  not  intended.  Govern* 
ment  and  corporation  oflBcials  cannot  afford  to  ignore  courts  and  legislation.  No  official  disrespect 
for  the  Nation's  paper  money  should  operate  to  withdraw  it  from  circulation.  Banking  wisdom 
may  yet  unite  in  some  measure  for  the  good  of  the  masses.  Any  union  of  the  masses  against  bank- 
ing would  be  unfortunate. 

Straws. — Over  28>4  per  cent,  of  all  greenbacks  have  been  replaced  by  interest  bearing  bond 
obligations.  No  demana  notes  of  the  United  States  have  ever  been  refused  as  money.  They 
now  lie  idle  in  treasury  vaults  to  the  amount  of  over  $150,000,000.  The  interest  bearing  public  debt 
has  increased  between  March  1,  1893,  and  September  1,  1895,  $162,326,350.  There  are  $331,613,504 
silver  certificates  outstanding,  and  less  than  $8,000,000  held  in  treasury  vaults.  The  policy  of  the 
sound  money  administration  seems  to  be  to  withdraw  the  best  paper  money  and  leave  the  most  dan- 
gerous in  circulation.  The  object  lesson  of  struggling  to  keep  $100,000,000  gold  in  the  treasury 
is  worthy  of  note  under  free  trade  principles.  3,612  banks  in  thirty  States  are  now  members 
of  various  associations.  389  commercial  banks  and  100  savings  institutions  in  New  York  State 
are  in  organizations.  The  clearings  of  85  cities  for  eight  months  of  1895  were  $33,792,883,355, 
against  $29,052,379,279  in  1894,  and  $38,435,017,073  in  1893,  and  $40,147,209,730  in  1892.  The 
Glasgow  iron  market  has  been  greatly  excited  and  much  lower  of  late.  Our  exports  of  products 
recently  are  about  15  per  cent,  less  than  last  year,  and  imports  20  per  cent,  larger.  Cotton  is  up  on 
account  of  poor  promise  for  a  crop  more  than  because  of  great  decrease  in  domestic  supplies  and 
cessation  oi  imports.     Leather  is  higher  because  the  Trust  so  decreed. 

Stocks  and  Bonds. 

Bonds. — Pessimists  are  still  surprised  at  the  great  confidence  of  investors  and  large  sales.  Jan- 
uary 1  to  September  7,  sales  of  railway  bonds  were  $348,769,050,  against  $161,065,846  same  time  a 
year  ago.    The  bond  syndicate  contract  expires  October  l,  and  promises  successful  termination. 

Railway  Stocks.— The  1895  tonnage  of  St.  Paul  up  to  September  l  has  been  less  than  in  1894. 
Their  gross  earnings  are  22  ^  less  than  in  1893.  Exceptional  economy  has  prevented  worst  results, 
and  good  business  may  result  in  early  resumption  of  a  4  ^  dividend.  The  Burlington  and  Rock 
Island  business  appears  in  about  the  same  position,  aside  from  Northwestern  spring  wheat  crop  and 
plus  a  crop  and  a  half  of  corn  for  1805-6  movement.  Missouri  Pacific,  Louisville  &  Nashville,  and 
the  Southern  Railway  enjoy  similar  conditions,  minus  the  larger  cotton  tonnage  of  last  year.  Higher 
prices  for  cereals  and  provisions  might  offer  encouragement  for  freight  rates  and  warrant  a  further 
advance.  The  Erie  reorganization  may  bring  money  to  pay  the  floating  debt  before  January,  and 
warrant  investors  later  on.  Atchison's  reorganization  will  no  doubt  be  successfully  carried  out,  and 
their  earnings  this  season  ought  to  be  encouraging.  Reading  continues  as  mysterious  as  New  Eng- 
land ;  perhaps  it  will  turn  out  a  good  purchase  for  similar  reasons.  Tennessee  Coal  &  Iron  is  ful- 
filling predictions,  while  iron  interests  are  booming  and  promising.  Chesapeake  &  Ohio  is  but  little 
traded  in,  but  many  believe  it  likely  to  be  active  later.  Kansas  Pacific,  Texas  Pacific,  Missouri, 
Kansas  &  Texas,  and  Wabash  are  all  doing  well  and  likely  to  continue  improving.  Ontario  & 
Western  is  under  excellent  management,  skewing  good  earnings  and  fair  net  results.  The  trolley 
system  seems  to  be  superseding  steam  in  transporting  small  freight.  Western  Union  continues  a 
first-class  dividend  stock  and  likely  to  earn  its  dividend.  General  business  appears  to  favor  rail- 
ways. The  stock  market  has  had  a  good  advance.  Better  opportunities  for  new  investors  may 
appear  later  on,  especially  so  if  cereals  advance  under  an  export  demand. 

Industrials. — The  sugar  business  is  being  done  very  close,  and  the  margin  is  likely  to  diminish 
as  we  approach  the  opening  of  the  December  Congress,  and  the  stock  may  again  sell  under  par.  It 
appears  that  the  parties  that  arrested  the  decline  in  Gas  at  50  have  made  their  turn,  and  the  stock 
may  again  seek  a  lower  level.  Tobacco  people  claim  the  Trust's  business  will  be  seriously  hurt  by 
the  combination  of  outsiders  now  opposing  tnem.  Cordage  still  exists,  in  hopes  of  better  manage- 
ment. General  Electric  continues  gaining  friends  for  its  property  and  Wall  street  stock.  Lead  and 
Cotton  Oil  continue  holding  their  own. 

Cotton. 

The  yearly  consumption  of  American  cotton  has  never  exceeded  8,200.000  bales.  It  will  not 
likely  be  equaled  the  present  season.  The  American  cotton  in  spinners'  hands  September  l  equaled 
3,011,156  bales,  or  about  40  per  cent,  of  any  year's  consumption  or  enough  for  130  days.  About  ?2>^ 
per  cent,  of  European  consumption  is  American.  The  Chronicle  makes  the  actual  consumption  of 
mills  in  Great  Britain  last  year  4,264,000  bales  of  400  pounds  and  5,096, OOJ  bales  for  Continental  con- 
sumption, a  total  for  Europe  of  9,360,000  bales  of  400  pounds.  American  spinners'  takings  were 
2,694,121  bales,  and  the  last  crop  9,892,766  bales,  or  2,365,555  bales  more  than  the  previous  season. 
Secretary  Hester  claims  the  crop  was  9,901,251  bales.  Mr.  Thomas  Ellison  of  Liverpool  is  reported 
to  have  estimated  the  American  crop  as  7,250,000  bales  this  season,  and  that  it  and  what  is  left  over 
will  equal  10,600,000  bales.  The  world's  consumption  is  annually  about  12,600,000  bales  of  400 
pounds,  or  about  the  quantity  grown  last  season  in  the  United  States  reduced  to  pounds.  The 
American  mills  will  likely  carry  over  360,618  bales,  besides  325,538  bales  in  commercial  stocks, 
against  47,217  carried  over  a  year  ago.  Northern  spinners  took  2,1,^4,170  bales;  Southern  spinners, 
853,353  bales;  Canada  took  99,092  bales.    There  were  burnt  42,i7i  bales;   6,618,805   bales  were 

nil 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER.  3 

»  —      •  ■    ■  ■  -~" 

exported.  The  amount  of  new  cotton  marketed  up  to  September  1  was  only  8,982  hales,  against 
39,181  last  year,  and  23,299  in  189;,  and  lli,S.iU  in  1892,  61,171  in  1891,  and  80,5(16  in  1890.  First  ten 
days  Sept.,  port  receipts  were  28,197,  against  47,549  last  year  ;  exports,  5,(592,  against  16,590.  Many 
compare  this  season's  backwardness  to  that  of  1884.  Then  6  per  cent,  of  the  ciop  was  delivered  in 
September.  The  Government  report  out  on  tlie  10th  made  condition  70.8,  or  the  worst  since  18^1. 
when  it  was  71;  the  next  poorest  condition  was  73.4  September  10,  1893.  The  average  decrease  of 
August  condition  in  the  past  decade  has  been  5.9,  last  August  the  condition  declined  from  77.9  to 
70.8,  or  7.1  points;  based  on  these  reports  and  Government  estimates  in  pounds  per  acre  and  acreage, 
the  crop  promises  to  be  only  about  G, 500,000  bales.  The  report  makes  the  Texas  condition  decline 
from  71,  Aug.  10,  to  50,  or  the  lowest  average  in  15  years.  It  was  84  last  year,  63  in  1893,  81  in  18'.)2, 
82  in  1891,  and  77  in  ISfJO.  Among  the  causes  for  low  condition  were  drought,  hot  weather,  boUworms, 
sharpshooters,  Mexican  weevil,  caterpillars,  army  worms,  and  rank  weeds.  Prices  are  up  about 
three  cents  per  pound  since  all  hands  were  wondering  what  was  to  be  done  with  so  much  cotton  at 
5>4  cents.  Foreigners  are  buying  spot  cotton  and  selling  futures  in  this  market,  and  may  repeat 
many  years'  experience  and  oecome  winners  at  both  ends.  The  trade  generally  look  for  9-cent. 
January  cotton  and  expect  10-cent.  cotton  before  midwinter.  We  advise  caution  after  an  advance 
of  a  cent  a  pound  in  thirty  days.     Receipts  may  be  larger,  exports  small,  and  sentiment  deadened. 

Wheat. 

Russian  exports  have  begun  to  decrease.  Indian,  Australian  and  Argentine  are  smaller.  Ours 
show  some  increase  and  are  again  the  largest  of  any  country.  Freight  rates  are  firmer  and  cliarters 
for  future  shipments  increasing.  Russia's  exports  since  January  1  have  been  about  110  million 
bushels,  besides  about  15  million  bushels  of  corn.  Argentine  about  36  millions  of  wheat  and  16  millions 
of  corn.  Howard  Bartells  &  Company  make  the  world's  visible  supply  of  wheat  152,268,000  bushels, 
against  158,043,000  August  1,  and  189,549,000  September  1,  1894.  A  year  ago  Chicago  was  receiving 
winter  wheat  from  several  Eastern  and  more  Western  States,  and  little  from  the  Northwest.  Now 
they  are  receiving  from  Duluth  and  spring  wheat  belt,  and  none  from  winter  wheat  sections.  St. 
Louis  was  overstocked  a  year  ago,  now  she  has  scarcely  three-quarters  of  a  million  bushels  of 
milling  wheat,  and  millers  are  paying  high  prices  for  all  futures  to  encourage  receipts  which  appear 
to  be  falling  off  owing  to  competition  of  milling  buyers  in  adjoining  states.  Our  available  stock 
August  31  was  but  half  that  in  March.  Wheat  afloat  is  10  per  cent,  less  than  a  year  ago,  the  visible 
has  not  been  less  in  four  years.  The  Government  report  given  out  the  10th  reported  condition  as 
75.4,  against  83.7  a  year  ago,  and  74  in  1893.  Statistician  Brown  figures  a  full  crop  to  mean  14.9  per 
acre,  and  that  this  crop  equals  383,246,000  bushels.  Assistant  Statistician  Farquhar  in  the  "North 
American  Review"  claims  a  condition  of  100  means  a  yield  per  acre  of  15.7.  This  would  indicate 
the  crop  will  be  about  401  million  bushels  from  33,915,600  acres,  yielding  11.3  bushels  per  acre. 
Reduced  to  dollars  at  present  prices  the  crop  may  not  be  worth  as  much  as  last  year  into  30  millions 
of  dollars.    There  appears  to  be  a  bull  clique  now  in  wheat,  willing  to  buy  all  offered  as  cheaply  as 

Eossible  and  biding  their  time  for  the  short  element,  exporters  and  millers  to  become  competitive 
uyers  and  advance  prices.  With  results  practically  as  foreshadowed  last  April,  the  query  is  why 
may  not  wheat  sell  again  as  high  as  110  days  ago  when  everybody  was  predicting  it  would  go  to  a 
dollar  a  busheL 

Corn. 

About  once  in  every  ten  years  farmers  burn  corn  and  cease  buying  coal.  Present  prices  indi- 
cate they  are  practically  again  in  that  predicament.  Old  visible  and  invisible  supplies  are  very  low. 
The  export  and  New  England  demand  is  unusually  large.  It  seems  quite  generally  believed  the 
crop  will  be  about  double  that  grown  in  1894.  The  two  crops  together  will  scarcely  equal  average 
home  consumption  the  previous  five  years.  Average  exports  past  five  years  have  been  about 
48.343,000  bilsliels.  The  Government  report,  based  on  averages  and  acreage,  indicates  a  crop  of 
about  2,328,800,000  bushels  from  82,000,000  acres,  yielding  27.9  bushels  per  acre.  We  believe  the 
bears  in  pressing  values  below  any  previous  records  have  over  discountea  the  market  and  crop  con- 
ditions. Seldom  is  the  corn  crop  out  of  frost  danger  before  October.  November,  1881,  the  crop  was 
generally  ruined  by  too  much  moisture  after  October  1,  causing  the  cob  to  be  soggy  and  corn  to 
mould,  turn  black  and  lose  its  nutritive  and  mercantile  value.    Buyers  appear  to  have  an  advantage. 

Oats. 

The  Government  report  indicates  the  acreage  as  27,888,305;  yield  per  acre,  26.3  bushels  and  prob- 
able crop,  733,462,000  bushels,  against  662,186,000  grown  in  1894.  The  Rye  crop  is  1,880,600  acres, 
yielding  11.5  bushels  per  acre  and  producing  21,600,000  bushels.  Barley  is  3,297,400  acres,  vielding 
22.3  bushels  per  acre  and  73,532,000  bushels.  Potatoes,  2,954,300  acres,  yielding  86.7  bushels  per 
acre  producing  255,842,000  bushels.  Buckwheat,  761,600  acres,  yielding  14.9  bushels  per  acre  equal- 
ing 11,348,000  bushels. 

Provisions. 

Low-priced  corn  is  causing  a  very  bearish  feeling.  Hogs  are  about  $1.50  to  $1.75  per  hundred 
lower  than  a  year  ago.  Packers  seem  willing  sellers  in  all  positions.  The  Lard  visible  September  1 
was  273,600  tierces  against  153,100  a  year  ago  and  314,000  tierces  August  1st,  1895.  Packing  March  1 
to  September  5  was  6,155,000  hogs  against  6,955,000  last  season. 

Yours  truly,  CLAPP  &  COMPANY. 

163 


OLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

QnotatiODs  for  Stocks,  Cotton,  Graiq  and  Provisions  for  Week  ending  September  11,  1895,  and  tor  September,  1894. 

Par  value  of  all  stocks  $100.  except  P.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
PROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Weekly 
Sales. 


e,970 

1.611 

174.778 

2,i48 

74.688 
101.513 
2.U45 
8.IM 
7,31* 
4.610 

72,273 

40,574 

170.066 

2,210 

•a.967 
2.020 

10.600 

4*io6 

1,170 
£.616 
2114 
6  100 
2  2ii3 
88.250 
61.b90 


767 

1,675 

706 

424 

638 

tt.582 

7  840 
IbO 

«7.oa7 

100 

61.749 

8.604 

6SS 
1.614 
8.626 

120 
4.4JS 

lo.oua 

810 

686 

4.739 

45.590 

8.050 

I7b  6h\ 

l.tSO 

11,000 

2.050 

6.b70 

13752 

117.-<:T2 

12.868 

5.323 

6.240 

15.01.6 

930 


8.895 
23.065 
14.329 

5,435 
900 


Cafitai. 

Stock. 


$80,237,100 
10,198.600 
88.778,000 
86,773,000 
17,900,000 


85,000,000 
16,000.000 
22,488,000 
60.805,400 
82  262.700 
24,885,800 
46,027,261 
85,923,900 
48,1.^6,000 
18,659,860 
89,054,907 
22,835  170 
28  000,000 
11,696,000 
88,4.30.060 
26.200,000 
85  000.000 
38  000,000 
84  091900 
30,459,700 
fc'i.OOO.OCO 

8.000.000 
60,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
62,800,000 
30,000,000 
18.788,204 
13,000.000 
47,844,100 
47,436,576 
14,906,400 
14,904,000 
89,428.300 
77,427,000 
20,000,000 
68,119,982 
13000.000 
89,767,200 
49,000,000 
89.269,646 
80.000.000 

8,600,000 
40,486,861 
86,000,600 

68.402,900 
125,000,000 
CO.000,000 
19,850,000 
38,710,900 
e0,868,.'i00 
62  9:'1.600 
62,861.5(10 
20.166.000 
18.685  .WO 

7,707,040 
88,000,000 
24.000,000 
94,820,000 
10,000,000 

4.6OO.0O0 


DiTIDENI)  RECOBS. 


Pays  8po  J-D 

Pays  Spc  0-J-A-J 

Pays  3>^pc  J-J 

Pays  8po  F  M  A-N 


Paid  2po  1895 

Pays  mpo  F-A 

Pays  l^po  F-M-A-N. 


Paid  Ipc  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  Ipo  

Pays  7  PC  Per  Annam. 
Paid  Hpo  June  1895... 


raysl!^pc  J-D... 
Pays2K:Pc  J-D... 
Paid  3pc  in  1893. . 


Pays  2po  M-J-S-D.... 
Pays7po  per  annum. 
Pays  7po  per  annum. 


Paid  IHpo  Jan.  1698. 
Paid  2pc  August  1893. 
Pays  6pc  per  annum. 


Pays  ^po  M-S. 


Pays  iMpo  F-M-A-N. 

Pay.s  Spc  PA  

Paid  2po  August  1898. 
Pavs  li^po  J-A-J-0.. 
Paid  2pc  in  July  1895. 


Paid  8po  1891 

Paid  Ipc  in  Dec.  1894. 
Pays  19^pc  M-J-S-D.. 
Pays  ipo  J-A-JO 


Paid  IHpo  Nov.  1898. 


Paid  Ipc  April  1892.. 
Paid  ipc  In  1887..., 


Pays  2pc  F-M-A-N. 


Paid  Ipc  In  1867. 


Paid  S^po  In  1884. 


Paid  Ipc  »'ay  1895.. 
Paid  2^pc  March  15, 


Nakes  of  Stocks. 


Pays  li^pc  J-A-J-O... 
Paid  IPC  In  FebVisw! ! 


American  Cotton  Oil.. . 
American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co 
Am.  Sugar  Refining  Co  Pf. 
American  Tobacco  Co... 
At  ch.Top.  &  S.  F.  8d  ins.pd 

Baltimore  &  OdIo  

Canada  Southern 

Central  of  New  Jersey... 

Chesapeake  &  Ohio 

Chicago.  Bur.  &  Quincy. 

Chicago  Gas  Cos 

Chicago,  Mil.  &,  St  Pan!.. 
Chicago  Mil.  &  St  Paul  Pfd 
Chicaco,  R.  I.  &  Pac:flo. .. 
Cblc.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  <t  Northw'n  Pfd. 
Cleve.,  Cin.,  Chio..  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del.,  &  Hudson  Canal  Co. 
Denver  <fc  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ot  all  in  pd 
General  Electric  Co... 
Great  Nortljern  Pfd.... 
Green  Bay  W  &  St  P  TrReo 

Illinois  Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  &  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Miob.  So'n 
Louisville  &  Nashville.. 
Manhattan  R'yCouiol.. 

Michigan  Central..  

Mo..  Kansas  &  Texas  Pfd 

Mexican  I'eutrai 

Ul.ssourt  Pacific 

National  Lead  Co    ... 
National  Lead  Co  Pfd. 
N.  Y.  Cent']  &  Hudson  Rlv 
N.  T.  Lake  Erie  &  West'n 
NY&N  E  t«t  CO  cU  all  m  pd 
N.  Y  Ontario  &  Western. 
N.  Y.  SusQ.&W'n  Pfd... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd..... 

Pacific  Mall  S.  S.  Co 

Peoria.  Deo.  A  ETansvlIie 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  &  K  K  Co 

Texas  &,  Pacific 

Union  Pacific 

U  S  LeatherCo 

U  8  Leather  Co  pref 

United  States  Rubber  Co. 

U,  S.  Coidage  Co 

U.  S.  Cordage 'Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lak«  Erie..  . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. . . 


1.593.703 


COTTON,  in  ba'es. 
I  World's  visible.  1  Total  in  slghttl  Total  Export*. 
1895  2  2S9  549  9.892.763  6.818.805 

:891|  I,913.8a8         I        7.527,211        I        6,^31,194 


•T  V-  f  October  .. 
■"•  ■^-  J  November. 
Cotton  I  Deceniber. 
January. 


WHEAT,  In  bushels. 

I    r.  S  Visible.     .Primary  rec'ts*!  Total  Exports. 
1899         86.761.000  2.S.000  000  21.268  194 

18911        eO  168,000         I      45  000  000       |      82.199.562 


CORN,  in  bushels. 
I    U.  S  Visible. 
1895  4.782.000 

lG9i|         8  646  COO 


Wheat.  jDf/^ber. 


IPrimarv  rec'ts*!  Total  Exports 
17  000.000  9  653  182 

16.000,000  1.896  380 


Chicago )  December. 

Wheat.  I  May 

r«/»m       i  December. 
''*'™--lMay 


OATS,  In  bushels. 
I    U.  S.  Vi>ible. 
1895  8.164  000 

1-941         7,718  000 


N.Y.  Stock^ 

646  148 

S,l&8,:36 


Cbgo.  Stocks. 

525  000 

1.8.'7  000 


Oau. 
Pork. 


I  December. 
(May 


1  September 
1  January... 


1895 
1894 


LARD-tCS. 

World's  vis. 
281.287 
159,056 


CHICAGO  CONTRACT  STOC  KS. 

PORKbbls.l  LARD-tcs.  i   RlBS-lbs. 

111.204         ■      68,964        Sl.'JdO.COO 

41,092     I  22,588     I   18,505,784 


Lard 

Ribs. 


j  Septemfser 
I  January.  .. 
1  September 
I  January.  . . 


Thursday. 
Sept.   6. 


24M  23H 
73  U% 
Ui%  11.3V4 

mi  94H 

22^    21^4 


Friday. 
Sept.  6. 


24 

72^ 
114>4 
104 
97 
28 
65J6   66% 
67    I  609i 
116      114     lUH 
22       81^   21?i 
90%    90       909< 
64^    63?i    64?^ 

78V6   7:h  n% 
130      12914  130 
mi    68H   6^ 
45^    45       4m 
lOOH  105%  106J6 


49%  49 
25^  26 
145       144 


«8M 
7^ 

16.3I 
94^ 

am 

60 

mi 

113 

81^4 

mi 

63K 
77^4 
ISO 


105 


4SJi    4»i 

145  144^ 
166  166M'J'>7M  167M 
1349-4  133H  13354  133Vt 
61H  63^1  64  SSfi 
21  80  20Vi  -  "^ 
S^    87%   89%    8 


106     10B9i  106 
28%    28^ 

80H    80^ 


64^ 


88 


66%    til 


113%  118^;il8^  112; 

40%  8e» 


43 
86% 


9%    ■«« 


19 

88 
6« 


40Ji  89% 

13  13 

41%  40% 

85>i  85hi 

10^  103V 
0         8i 


IdH  lt>H 

sen  im 

m  «,, 

6w    5%  w< 

19>J    18H  19,^ 

88VJ    81%  SiH 
7         6?^      7% 

£2%    20%  2lV6 
173Vi  I73!.i  178>i 

67U    67V4I  •• 

26M    26  28^ 

14         18%'  1394 

42H;    41%  42 


Saturday 
Sept.   7. 


65%  66 
112%  113 

ii"  ton 

41%  4i% 

85%  85H 

91%  91% 

»  • 


28T) 

25' 

80 
150W  14i»% 

65%    64W, 
112%  lUM 

4l"    40% 
3^1    85% 


103%  108 
8% 


8% 


1509^  150 
64%    a3% 
U89i  111% 

40%    89% 

4i"'    893^ 
36%    85 

108%  16m 
9        6h 


66  6i\l  66^  66 

60H  68%    69%  68% 

36%  86       85%  85% 

6094  59%'  60%  59% 

649i  6.39I    64%  «>8%|  635i 

2{'%  2?^    89  88^<!  989| 

29^  29^    80%  89%    89% 


10         996    10         9% 

26%    25%    «4V:S!  24%    24 


94       94 
16%    16-i 


93% 

16% 


90,688    I  813,966 

6,00  7.96  3.18  8.06 

8.07  8,08  8.19  8,:3 

8,14  8.09  6.^7  8  19 

8.20  8,16  a38  888 

65^  6494  61%  64 

68%  68%  68%  67^, 

85%  85%  85%  85 


93%    93% 
16%    16^4 


822  751 

8.19  800 

8.25  8.07 

83.  6  14 

6,89  819 

64%  63% 

68  67% 

85%  86% 


2^    «% 


1.50%  150 
04%    <k^i 
118%  112% 
101%  101% 
89%    86 

40%    88 
86       8494 

103^  102% 

18%  iry, 

34*i  83% 
5%  6% 
5%      6^ 

18%  ms 

3394  819 

f.%  6U 

20%  19% 

173%  173% 

67%  e7M 

25%  S3 

18%  13 

41  40 

45.1  (J  42% 

^m  12W 

15^  14% 

16%  16 

85     eiVi 

40%    40% 


aj& 


0% 

2S'.a 


93)4  9.1% 
16%  16. 
50-V4    60 


853  244 

8,16  8.00 

8  20  6.09 

8  26  6  15 

8  80  8.20 

64Vi  62^6 

67a  66% 

8:1^  35% 

35%  84U 


1894  1^' 

21%  20% 

8,35  6.811 

9  67  9,60  , 

6.90  5,90 

5.67  5.82 

6.65  5.65 

6,u0  4.9? 


6994    69%  5994  68%   59%  58%  58%  57% 

6354    63%  63%  62%    63  62%  629*  61H 

««2    88%  2-%  27:/?,    28%  28  28  27% 

8994  2994  29%|  8994  89%  29%  2a% 


1894  1894 

81%    8094   21%  21 

8.50    6.50     ~    -  " 
9  76    8.70 


I 


696  595 

6.90  6  90 

5  67  5  67 

6  08  5  08  i  5  00    4.97 


21%  20%'  81%  80% 
8,40  8.40  8.25  8  25  !  8'20  8  20 
9.78    9.08     9.62    9.50  |  9,45    9.35 


6  92    6.98    6.82  6,62  6  75  6,75 

5  87    5,87     5  85  5.68  5,80  5,75 

6,60    6  60     6.35  6.35  6  10  5.10 

6.00  4.92  '  4  90  4.85 


18%  18% 

21  80% 

606  806 

9.37  9.25 


47% 
24% 
145      143 
1G7%  163 
134%  181% 
55%    68% 

■nu  19% 

41       87-»4 


41%    40% 
3%      8^ 


5  72  5.78 
5.78  5  72 
.M5    5.15 


8,19  7.81 

8.25  7,86 

6,33  7  92 

8  39  7  99 

6694  £2% 

72%  60% 

8594  8r>^ 

36%  34ii 


Ranee  for 
Sept.  189t 

84%  31% 

79%  7o 

106%  68% 

99  9194 

1CM%  9!' 

8!<  8 

78%  76 

63%  cm 

115%  111% 
21%  19% 
7894  72J« 
75S»  67,'-4 
C798    63'.i 

123      122% 

6094   im» 

38%  35% 

107  102!  i 

143  142-r'4 

41%  39 

19%  18% 

126  11» 

171  lf« 

137  184 

36%  83% 
1'-'%      6% 

42     sr% 

101%  101% 
6  4% 

96        94:j 
1994    18>4 
19%    17 
74       72 

137  184% 
67%    5194 

120%  113% 
98%  97ki 
24%    22^ 


'Z 


80%  8<Vi 

44%  8894 

891.4  H(S^ 

IO1S4  69 

16%  M-H 

3398  2<W4 

1.-94  16% 


48 
6 


48 
4% 
4>4 


82%     t79i 
18        UV 


5 

aU 

82% 

173 

:08%  107% 

81% 

■ZTBi 

14% 

y^i 

45V4 

41% 

19% 

18 

loa^ 

r^ 

14^ 

u% 

10 

(Wti 

r9% 

40% 
199-4 
83 

89% 
K'% 
84v^ 

8 

6% 

17% 

14% 

92% 

87% 

i^ 

44% 

6.78  6i>S 

6.65  5 -07 

6.91  0.03 

697  008 

62%  57 

67  OlM 

61  52% 

60%  53 


68%  57%  I  6-%  53 

68  61%  r,3V4  ■'■'8% 

30%  27%  5614  lO^s 

81  88%  60%  49 


1894  18% 

21%  80% 

6  93  8  06 

10.03  98S 


6  95    5.73 

6,00    6.73 
5  90    5  10 


4,77  ,|  6  26    4  77 


3294 

29% 

8frK 

88 

14  40 

1300 

14.50 

U'.b 

9.05 

aai 

^.47 

7..'* 

S.OO 

7.12 

7.42 

0.56 

1695 
1894 


OU)  PORK,  Chgo.-bbto. 
....     bbU. 


WHEAT  on  passage. 
85.040.000  bush. 
80,-.;56,000    '• 


CORN  on  passage. 
9.440.000  bush. 
8,429,000    " 


Russian  Shipmts.  for  wk. 
8.010.000  bush. 
8  400,000    " 


Indian  Shipmts  for  wk. 
440  000  bush. 
iOO.COO    " 


Argentine  Shpts.  for  wk. 
3:^000      bUKll. 


t  Since  Aug.  31.    •  Since  June  80.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING,  NEW  YORK 


^echlv  HDarhct  Xcttcr. 


No.  447. 


OeptfriffM,  t$9S,  fcf/  Ctupp  Jt  Company. 

O.  W.  CLAPP. 
OWIQHT  O.  CLAPP. 


CLAPP    &    COMPANY, 

MILLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK"  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE, 


BRANCH 

Ofticii 


■{ 


277    BROADWAY,  CoRNEH  Chambers  St. 

621    BROADWAY  (Cable  Buildinq,  Corned  Houston). 

753  FIFTH  AVENUE,  Corner  68tm  St. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  September  19,  1895. 


We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Orain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  aiivays  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  189*  SOUVENIR,  "LEADING  AI^ERICAN  EXCHANGES." 


Clapp  &  Company's  Souvenir  of  18D4,  etnbi-acing  daily  repoits  of 
tlie  leading;  markets  of  the  woild.  and  an  accuiute  recoi-d  of  tlie 
flnaiicial  luarkels,  elegantly  bound  and  gilt  edged,  a  volume  that 
will  adorn  tlie  Ubitti^  and  pi-ove  of  incalculable  value  to  all  inter- 
esK^d  in  stocks,  cotton,  grain  and  provisions,  is  received  from  the 
j)ubli3hera.  No  Investor  can  aftbrd  lo  dispense  with  a  guide  such  as 
these  daily,  monthly  and  yearly  records  supply.— The  PUtsburi;  Dis- 
patch, Pittsbui-g. 

Messrs  Clapp  &  Company,  brokers,  Mills  bufldln».  New  York,  have 
Issued  their  souvenir  volume  for  ls94.  It  contains  llio  weekly  letters 
iasued  by  the  finn  during  the  year,  giving  a  brief  account  of  the 
markets,  also  a  brief  histoi-y  of  the  leading  American  e.xchanges.  a 
detailed  statistical  record  of  the  finances,  commerce,  banking,  and 
prcKluction  of  the  year,  together  with  other  valuable  tables  and  sta- 
tistics- The  book  is  sold  at  S3.00  per  copy.— The  BankeiV  Magazine, 
New  York.  N.  y. 

CLAPP  A  COMrANY's  SonrENiR.- The  Tmde  Register  acknowl- 
edges  receipt  of  the  handsome  souvenir  of  1894  issued  by  Clapp  .% 
Company,  banicers  and  bi-okers,  of  New  York  City.  Tills  well-known 
lirui  issues  valuable  weekly  letters  on  the  stock  and  bond  and  Indus- 
trial  market  situation,  and  ex  cutes  commission  orders  to  buy  orsell 
stocks,  bonds,  cot  ton,  grain  and  provisions  on  the  lead 'ng  exchangt.s. 
The  Souvenir  of  1894  is  a  compilation  of  their  last  year's  letters,  in- 
terspersed with  handsome  engravings  and  portraits,  together  with 
c.iinplete  compilation  of  tlnancial  and  commercial  data  on  all  subjects 
of  interest  to  the  business  man  and  valuable  for  ready  reference. 
The  Ijook  is  artistically  printed,  comprises  352  pages,  SXzll  Inches, 
and  is  well  bound.— Tlie  Tiade  Register,  Seattle,  Washington. 

We  have  received  fixjm  clapi)  &  Company  a  bound  volume  con-^ 
tnining  their  weekly  market  lettei-s  for  1894.  Business  men  and  all 
who  are  Interested  In  stocks,  bonds,  corn,  wheat,  oats  and  other 
articles  dealt  in  at  the  leailing  American  Exchanges  will  flndamass 
of  useful  infoi-mation  in  this  volume.— New  York  Herald,  New  York. 

Mes.srs.  Clapp  &  Company,  the  prominent  New  York  Bankers  and 
Commission  Merchants,  have  issued  a  souvenir  volume  of  nearly  4(X) 
mtjes.  handsomely  bound  and  gilt  edged,  like  the  standing  of  the  firm 
Itself.  The  volume  contains  "Weekly  maiket  letters,  valuable  in- 
foi-matlon  and  comparisous,  etc"    It  is  of  great  value  to  the  busi- 


ness and  newspaper  world.  The  Item  is  under  compliments  to 
Messrs.  Clapp  *  Company  for  a  copy  of  this  excellent  and  beautiful 
work  —The  Daily  Item,  New  Orleans. 

Mes.«rs.  Clapp  &  Company,  bankei-s  In  the  Mills  building.  New 
Tork,  have  sent  the  American  a  Souvenir  for  1894,  consist  imr  of  the 
bound  copies  of  their  weekly  maiket  circulars.  The  book  is  gilt- 
edged  and  illustrated  with  pictures  of  the  membei-s  of  the  tlnii, 
principal  scenes  in  the  money  district  near  Wall  Street,  and  the  ex- 
changes of  all  the  large  cities.  It  is  suiprising  how  well  tlieii  pre- 
dictions In  the  early  part  of  1S94  were  verified.  The  iKxik  is  a  loiii- 
plete  libi-ary  of  market  events  in  1884  and  very  useful.— Baltimore 
American,  Baltimore,  Maryland. 

Clapp  *  Company's  Souvenir  which  was  Issued  the  other  day  is  a 
most  valuable  book  of  reference  for  people  interested  in  flnancial 
atfairs.  It  contains  the  firm's  weekly  market  letter,  and  a  great 
number  of  tables  and  all  kinds  of  information  concerning  financial 
and  commercial  matters.  In  it  are  stateinente  of  3,737  national 
banks;  highest  and  lowest  price,of  26  active  stocks  for  eight  years;  an 
immense  amount  of  infoi-mation  about  bonds,  monev,  i-ailriiads  and 
silver;  cotton,  wheat  and  other  important  staples;  descriptions  and 
pictures  of  the  leading  American  Kxchanges,  and  in  fact  it  is  a 
book  which  business  men  genei-ally  will  find  extremely  useful.— The 
Press,  New  York. 

A  wonderfully  multitudinous  collection  of  Information  on  all  the 
manifold  branches  of  finance,  ti-ade  and  pnKluction  during  the  year 
1894,  much  of  it  most  intelligibly  tabulated,  is  presented  in  the  bound 
volume  of  the  weekly  market  lettei-s  for  the  past  year  of  Clapp  .» 
Coinpanv.  bankers  an'l  commission  merchants  in  the  Mills  building; 
on  Bii»d  Street,  New  York.  The  facilities  here  afforded  for  tracing 
comparison  of  prices  and  conditions  for  the  guidance  of  investors 
and  others  interested  in  business  affairs  have  a  peculiar  value.  11 
makes  a  solid  book,  heavy  cover  and  gilt  edged  leaves,  adorned  with 
fine  pictures  of  the  slock  and  produce  exclian^e,s  and  cliuinbeif  of 
commerce  in  the  principal  cities  of  the  United  States  and  Caimd:i. 
It  is  handsome  enough  for  a  parlor  table  souvenir  and  the  Union's 
thanks  are  due  to  Messi-s.  Clapp  &  Company  for  their  kindly  Kmem- 
bi-ance.—  Daily  Union,  Schenectady,  New  York. 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $^  each. 

KEEP  OUR  LETTEKS.      PORTFOLIO  FOB  FILING  FOB  WARDED  APPLICANTS  FBES. 


H 

X 

> 

O 

m 

o 
o 

z 

H 
> 

i 

a 
> 

r 
-< 

X 
IT 
C 

c 

D 
C/3 

o 


r 
m 
> 

o 

z 

o 

m 

X 

o 

X 

> 
z 

o 
m 

03 


^         CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  lETTER. 

Financial  Outlook. 

Prosperity  is  writ  large  without  respect  of  class.  It  takes  time  to  convert  com  into  meat  and 
prospects  into  dividends.  A  silver  statesman  cannot  be  turned  into  a  gold  bug  in  a  moment  any 
more  than  can  the  silver  certificates  be  converted  into  gold  in  large  amounts.  The  lawyer  that  can 
win  every  case  and  the  broker  whose  advice  is  always  right  are  yet  to  be  born. 

Straws. — Government  expenditui-es  have  exceeded  receipts  during  32  months  ending  Septem- 
ber 1st  $136,196,229.68.  Total  merchandise  imported  free  of  duty  in  12  months  ending  June  30,  1895 
was  $363,233,795  ;  the  value  of  that  paying  duty  was  $368. 73'), 170.  In  1890  there  was  $225,317,075.66 
collected  as  duties  on  $507,571,763.95  of  values.  An  English  statistician  claims  70  j^  increase  in 
real  wages  (purchasing  power)  in  United  Kingdom  during  31  years  ending  1891,  and  60  %  increase  in 
Jnited  States  during  same  time.  Dry  goods  imports  since  January  1st  equal  $107,000,000  against 
about  $61,000,000  last  year.  The  Chronicle  says  :  "  It  is  felt  that  with  foreign  exchange  so  high  this 
is  not  the  time  to  encourage  a  speculation  either  in  stocks  or  commodities."  Other  authorities  believe 
foreign  money  anxious  to  come  here  if  rates  of  interest  warrant.  The  world's  railways  are  esti- 
mated to  be  worth  thirty  billion  dollars.  Bessemer  iron  is  again  being  imported  ;  the  first  cargo 
arrived  in  Philadelphia  last  week  from  the  Mediterranean  district.  The  steamer  "  Georgic,"  saiUng 
recently  for  foreign  ports,  took  the  largest  cargo  ever  sent  out,  comprising  750  head  of  beef 
cattle,  9,000  sheep,  3,000  quarters  beef,  136,000  bushels  wheat,  90,000  bushels  corn,  550  bales  cotton, 
2,000  sacks  flour,  1,800  bags  oilcake,  1,800  cases  oatmeal,  1,700  boxes  bacon,  300  barrels  and  tierces 
provisions,  9,000  packages  lard,  3,900  barrels  rosin,  700  barrels  glucose,  1,000  cases  canned  goods, 
oOO  packages  soap,  400  barrels  wax,  300  barrels  bark  extract,  1,000  barrels  lubricating  oil,  lOu  tons 
wood,  3,000  packages  acetate  of  lime,  150  barrels  oxide  of  zinc,  and  10,000  packages  cooperage  stock. 

Railway  Stocks.— St.  Paul  earnings  for  eight  months  of  1895  show  a  decrease  of  $458,095, 
while  for  August  the  increase  was  $169,908.  September  gains  are  about  certain.  Rock  Island  and 
Burlington  caunot  show  best  increase  in  earnmgs  until  the  corn  crop  moves.  Crops  along  the 
Missouri  Pacific  will  doubtless  encourage  investments  and  trading.  Atchison  is  getting  through 
its  assessments,  and  maybe  its  favorable  conditions  may  make  it  sell  higher.  Southern  Rail- 
way appears  the  most  promising  property  in  the  South.  Manhattan's  insiders  talk  of  needed 
curtailments  of  dividends,  but  that  is  not  the  past  record  or  present  prospect.  LouLsville  is 
always  bought  by  foreigners  on  sharp  breaks,  and  this  last  decline  was  no  exception.  Jersey 
Central  appears  gradually  passing  out  of  the  Street  and  into  investment  hands.  Reading  holds 
strong.  Texas  Pacific  has  earned  more  money  in  1895  than  in  1894,  and  all  Texas  roads 
are  gradually  getting  into  better  condition.  Canada  Southern  must  feel  good  effects  of  the 
northwestern  crop  and  business  improvements,  and  increased  movement  of  freight  and  provisions 
taken  from  Lake  Shore.  Western  Union,  New  York  Central  and  Northwestern  continue  investors' 
favorites.  Comparisons  of  earnings  may  show  a  gradual  increase  and  all  good  stocks  a  gain  in 
prices.  The  consensus  of  opinion  appears  to  be  that  those  who  have  courage  and  confidence  and 
patience  enough  to  hold  over  tidal  bear  raids  will  see  good  profits.  We  see  no  radical  cause  for 
disturbance  in  our  finances  in  the  near  future,  and  favor  a  conservative  optimistic  view  of  general 
business  and  fall  trade. 

liJDUSTRiALS. — World's  visible  sugar,  August  28,  was  1,045,688  tons,  against  798,548  tons  last 
year.  The  Sugar  bunco  game  still  stands  foremost  in  the  New  York  Stock  Exchange,  and  will  likely 
sell  higher.  General  Electric  is  in  a  position  to  get  much  business  out  of  change  of  power  now 
almost  certain.  Cotton  Oil  is  probably  making  good  money,  and  its  stocks  should  do  to  buy  for 
investment.  Lead  appears  the  best  managed  industrial  on  the  list  and  should  merit  investment 
purchases.  Cliicago  Gas  is  finding  more  friends  and  is  likely  to  advance.  The  industrial  list  is 
much  stronger  and  is  likely  to  do  better. 

Cotton. 

According  to  the  Chronicle  the  Southern  consumption  gained  20.7  per  cent,  in  1894.  JNorthem 
consumption  gained  about  9  per  cent.,  and  the  Manujacturers'  Record  says  proximity  of  coal  and 
cotton  in  the  South  points  the  way  to  larger  developments  in  futures  at  the  expense  of  both  new 
and  old  England.  Secretary  Hester  estimates  2  per  cent,  of  each  crop  is  never  marketed  or  counted, 
and  that  the  total  grown  in  189+  5  equalled  9,951,000  bales.  He  gives  total  Southern  spindles  in 
operation  2,484,124,  idle  139,670,  new  not  complete  558,516,  total  of  435  mills  having  3,177,310  spindles 
against  total  last  year  of  2,503.876.  He  estimates  total  supply  of  the  United  States  last  year  at  10,- 
085,038  bales,  and  home  spinners'  takings  2,946,677.  The  various  discrepancies  as  to  consumption 
indicate  a  considerable  quantity  in  spinners'  hands  not  reported  or  counted  in  stocks  carried  over. 
If  the  crop  be  6,500,u00  bales  it  may  turn  out  that  there  will  be  available  for  actual  spinning  in 
America  say  3,000,000  bales,  leaving  about  4,000,000  for  export.  Favorable  weather  and  a  late  frost 
may  yet  cause'sentiment  to  change,  to  conform  to  the  view  of  many  spinners  and  bears  who  persist 
in  claiming  the  crop  will  exceed  7,000,000  bales,  and  that  that  and  what  is  left  over  will  be  enough 
for  spinners'  uses,  and  a  year  hence  leave  ordinary  reserves.  The  South  is  making  strenuous  efforts 
to  spin  a  much  larger  percentage  than  ever.  Her  crop  probably  never  cost  less  per  pound,  as  they 
never  before  grew  enough  food  for  home  uses  or  used  so  few  fertilizers.  The  largest  number  of  bull 
speculators  appear  in  the  growers'  district,  or  the  same  place  where  last  March  or  February  the  great 
mass  of  bears  sent  selling  orders,  and  were  wondering  what  was  to  be  done  with  so  much  surplus 
cotton.  Perhaps  these  very  traders  will  find  the  Englishman  is  playing  now  the  same  game  he 
played  a  year  ago  when  they  bought  the  spot  cotton  in  the  South  and  hedged  by  selling  distant 


CLAPP  &  COMPANY.  BANKERS  AND  BEOKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.  3 

futures  in  this  and  other  markets,  and  after  disposing  of  the  actual  cotton,  bought  back  futures 
here  and  elsewhere  at  minimum  prices  for  the  crop  year.  Money,  patience  and  time  work  out  many 
things  Europeans  desire,  especially  so  when  they  use  more  than  two-thirds  our  crop.  The  more- 
ment  in  the  South  to  hold  back  cotton  reminds  us  of  the  northwestern  letters  sent  oroadcast  two 
years  ago  reading,  "  Hold  your  Wheat."  The  outcome  was  wheat  sold  lower  the  following  year 
than  for  half  a  century. 

Wheat. 

The  Liverpool  Corn  Trade  News  estimates  the  world's  wheat  crop  of  1893  was  short  120  million 
bushels,  that  1895  is  short  160  million  bushels,  and  that  shipments  to  Europe  now  fall  short  of  actual 
requirements.  That  shipments  from  Russia  and  the  Danube,  India,  Argentine,  Australia  and 
North  America  to  Europe  for  the  four  weeks  ending  August  31  were  21,760,000  bushels  against 
26,240,000  for  same  time  in  August,  1804,  and  probably  500,00J  bushels  per  week  from  other  points 
were  exported  in  same  time.  It  is  generally  assumed  importing  countries  require  on  an  average 
about  7,600,000  bushels  per  week,  or  about  400,000,000  bushels  per  annum,  and  that  they  took  last 
year  about  430  million.  In  August  their  average  imports  were  only  about  5,840,000  bushels.  The 
Corn  Trade  News  estimated  the  world's  visible  August  1st  was  128,920,000  bushels  against  149,712,- 
000  a  year  previous,  and  157,360,000  bushels  August  1,  1S93.  The  Russian  reports  generally  indicate 
the  crop  will  likely  fall  short  of  early  estimates.  The  United  Kingdom  reports  no  signs  of  improve- 
ment, French  reports  indicate  their  crop  will  not  fall  much  short  of  that  grown  in  1894  ana  may 
equal  336,000,000  bushels  against  337,400,000  in  1894,  Our  exports  for  August  were  but  4,265,597 
bushels  against  8,546,645,  and  of  flour  and  wheat  9,283,821  bushels  against  10,403,983  last  year  same 
time.  For  July  and  August  wheat  exports  aggregated  17,571,693  bushels  against  26,346,497  last  year 
Bame  time.  Monthly  exports  of  wheat  have  always  been  in  excess  of  corn  until  last  August  when 
39,981  bushels  more  corn  was  shipped  out  of  the  country  than  wheat,  indicating  foreigners  are 
beginning  to  appreciate  "hominy"  by  taking  4,858,578  bushels  in  August  against  onlv  733,583 
bushels  in  August.  1894,  Our  visible  is  now  38,093,000  bushels  against  69,214,009  bushels  in  1894, 
and  57,331,000  in  1893.  The  amount  afloat  is  23,383,000  bushels  against  28,920,000  a  year  ago  and 
33.752,000  in  1893,  The  stocks  of  flour  reported  September  1  at  leading  points  is  748.951  barrels 
against  866,360  a  year  ago.  It  is  reported  there  are  500,000  barrels  flour  stored  in  Hong  Kong, 
China,  perhaps  Chinese  are  eacing  bread  in  place  of  rice. 

Madam  Rumor  claims  strong  evidence  exists  indicating  the  bond  syndicate,  who  are  reported  to 
have  made  10,000,000  dollars  out  of  the  Government,  have  been  using  their  wits  and  power  to  de- 
press wheat,  while  buying  many  millions  of  bushels,  expecting  to  ship  the  same  and  make  exchange 
and  eventually  create  a  boom  in  wheat.  The  price  seems  low  enough  to  warrant  investment  buying. 

Our  Mr,  D wight  0,  Clapp  wires  from  Chicago  :  "  I  believe  wheat  a  purchase  to  hold  :  it  will  not 
go  up  right  away,  but  will  see  very  active  and  much  higher  market  later.  Local  traders  and  those 
who  bought  wheat  at  75  and  above  are  bears  to  a  man  ;  local  scalping  bears  sell  on  the  breaks  and 
take  small  loss.  Keep  our  people  long  ;  get  our  friends  in  for  good  big  move  ;  it  will  come,  but  may 
require  some  patience;  rathar  sell  cotton  on  rallies  until  short  interest  gets  too  big;  it  is  growing  now. 

Corn. 

In  1892  the  writer  sold  a  cargo  of  corn  to  the  late  Rufus  Hatch  in  Chicago  at  18^4  cents.  Mr. 
Hatch  shipped  it  to  Bufl"alo,  paying  23  cents  freight,  from  Buffalo  to  New  York  the  freight  was  24 
cents.  The  cargo  was  sold  without  profit  in  this  city,  and  corn  was  quoted  at  about  68  to  70  cents. 
Corn  is  now  38  or  39  cents,  and  for  the  first  time  in  our  history  the  August  exports  exceeded  in 
bushels  those  of  wheat.  Our  visible  is  now  4,934,000  bushels,  against  4,101,000  bushels  a  year  ago, 
and  6,462,000  two  years  ago.  The  amount  afloat  is  9,760,000  bushels,  against  3,560,000  bushels  a  year 
ago,  and  May  prices  have  not  been  lower  in  a  third  of  a  century.  Corn  is  down  about  14  cents  a 
bushel  in  about  100  days.  The  Daily  Trade  Bulletin  estimates  the  old  stock  back  in  country  is 
about  9^4i  of  last  year's  crop.  We  advise  purchases,  belie\ring  patience,  time,  and  a  little  money  will  . 
secure  handsome  gains. 

Oats. 

The  visible  is  now  but  2,840,000  bushels,  against  8,221,000  bushels  a  year  ago  and  3,106,000  bushels 
two  years  ago.  Exports  of  oats  for  the  past  two  mouths  were  795.000  bushels,  against  but  96,000 
bushels  for  July  and  August,  1894,  Prices  are  practically  at  the  minimima  point  m  more  than  33 
years.  We  see  no  prospect  of  sustaining  any  great  loss  in  buying  May  1896  oats  around  ^  of  a 
cent,  a  pound  or,  say,  present  prices,  or  about  10  cents  less  than  they  sold  at  less  than  100  days  ago, 
and  only  60  ^  of  the  price  one  year  ago. 

Provision  r 

There  has  been  a  decline  of  about  $5  per  bbl.  on  pork,  over  a  cent  a  pound  on  lard,  and  ll4  cent, 
on  short  ribs,  and  as  usual  under  these  conditions  the  crowd  are  bears.  We  think  it  is  often  wise  to 
go  against  the  tide,  if  one  trades  to  mate  a  winning  rather  than  for  fun.  We  believe  there  is  a 
scarcity  of  pigs  and  sows  in  the  country,  and  that  as  usual  when  prices  get  to  about  a  minimum 
noint  farmers  sell  all  their  brood  sows  and  such  stuff  as  they  are  forced  to  sell  to  meet  debts  like 
interest  and  taxes.  This  will  likely  make  receipts  of  packing  hogs  unusually  small  the  balance  of 
the  season  or  until  "March  hogs  are  secured  from  the  present  corn  crop.  The  cash  demand  is  improv- 
ing. Shippers  in  Cliicago  estimate  November  receipts  will  be  about  550,000  to  660.000  hogs,  against 
936,896  last  November  and  557,397  in  November  1803.  Packing  from  March  1st  to  September  12th 
was  6,300,000  hogs,  against  7,130,000  hogs  last  year.         Yours  truly,      CLAPP  &  COMPANY. 

169 


OLAPP  &  COMPAirr,  BAITKEBS  AND  BROKERS,  HEW  YORK.  WEEKLY  MARKET  LETTER. 

Qnotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Septemlier  18,  1895,  and  tor  September,  1894. 

Far  Talae  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
7BOH    KEW    TOKK    STOCK    EXCHANGB    OFFICIAL    RECORDS    OP    mGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


WBBKI.T 
6ALS8. 


8,335 

889 

873.859 

1,978 

84.931 

104  390 

1,502 

i.963 

14  077 

9.700 

190.031 

8S,i^ 

E3i;.745 

776 

83. '223 

0  435 

i>3  98a 

18,337 

1,300 

1.143 

1,044 

4,777 

5,950 

92.770 

16.164 

500 

800 

800 

1800 

8,010 

6;« 

885 

85.785 

8,787 

461 

e4U3:i 

74,5Pi 
10 ',■08 
i,a37 
1,974 
6.819 
BOO 
4,946 

ii.a28 
aoi« 

4.130 

4,!.03 

4H,5;;0 

8(.6 

13-'.  705 

1,102 

lO.OtO 

2,i&0 

i;..oo 

iB.oUO 
87.b85 
I2,.'i75 
1,714 
6.430 
6  330 
8155 


8. 1 '5 

80.137 

lb.«7 

14.005 

860 


Oatixai. 
Stock. 


190,287.100 
10.198,600 
86.773,000 
86  773,000 
17,900,000 


85,000,000 
16,000.000 
22,488,000 
60.806.400 
82  262,700 
24,885,800 
46,027,261 
86,823,900 
46,156,000 
18,659,360 
89,054.907 
22,335  170 
88  000.000 
11.606,000 
86,480,060 
96,200,000 
85  000.000 
38  000.000 
84  001  900 
30,459,700 

85,ooo,oce 

8,000.000 
60,000,000 
10,000.000 
11,840,000 
11,840,000 
49,466,500 
62,800,000 
30.000,000 
18.788,204 
18,000.000 
47,844.100 
47,436,576 
14,905.400 
14  904.000 
89,428.300 
77,427,000 
20,000,000 
68,119,982 
18,000.000 
89.767,200 
49,000,000 
89,289,516 
20,000,000 

8.500,000 
40.426  361 
86,000,000 

68.102,900 
125,000,000 
CO.000,000 
19,8,'i0,000 
.JS,710.900 
60.868,.^00 
62  91;  1.500 
52,301.500 
20. 16*!,  000 
18,858  ."iOO 

7,707,040 
28,000,000 
84.000,000 
94.820,000 
10.000,000 

4.500,000 


SiTisiMS  Record. 


Pays  8poJ-D 

Pays  8po  0-J-A-J.. 

Pays  3HP0  J-J 

Pays  8pc  F  M-A-N. 


Paid  2po  1895 

Pays  IWpc  F-A 

Pays  1J4P0  F-M-A-N. 


Paid  Ipc  Dee,  1894 

Pays  Ipo  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  Ann  am. 
Paid  iiipo  June  1895. . . 


Paysmpc  J-D.. 
Pays2^pc  J-D.. 
Paid  8dc  In  1893. 


Pays  2po  M-J-S-D 

Pays  7po  per  annum. 
Pays  7pc  i^er  annum. 


Paid  IJ^pc  Jan.  18'j8. 
Paid  2pcAnpi.  St  1693. 
Pays  Spc  per  annum. 


Pays  2^pc  MS. 


Pays  IHpc  F-M-A-N. 

Pays  3pc  FA     

Paid  2po  August  1893. 
Pays  l^po  J-A-J-0.. 
Paid  2pc  in  July  1895. 


Paid  8dc  1891 

Paid  Ipo  in  Dec.  1894, 
Pays  i?4po  M-J-.s-D.. 
Pays  Ipc  J-A-J-0.... 


Paid  IHpo  Not.  1893. 


Paid  Ipc  April  1892.. 
Paid  Ipo  in  1887.... 


Pays  2po  F-M-A-N.. 


Paid  Ipc  in   1887... 
Paid  3^pc"ln"  1884! 


Paid  Ipo  A- ay  1695... 
Paid  aj^pc  March  15, 1895 


Pays  IHPC  J-A-J-O.. 
Paid  IPC  ill  Feb.  1894! 


Nakks  ov  Stock*. 


Amencao  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co 
Am.  Sugar  Refining  Co  Pf, 
American  Tobacco  Co . . . 
At  oh.Top.  &  S.  F,  8d  ins.pd 

Baltimore  &  Onio  

Canada  Southern 

Central  of  New  Jersey.... 

Cliesaoeake  &  Olilo 

Chicago,  Bur.  &  Qulncy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Panl. . , 
Chicago  Mil.  &  St  Paui  Pfd 
Chicago,  R.  I,  &  Pac.lic.., 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwesiero. 
Chicago  &  Northw  n  Pfd, 
Cleve,,  Cin.,  Chic,  <te  St  L. 
Col  Hocli  ng  VaUey  &  Tol 
Consolidated  Gas  of  N.  Y. 
Delaware.  Laoli'a  &  Wu. 
Del..  &  Hudson  Canal  Co 
Denver  <jt  Kio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  StPTrReo 

llliuois  Central 

Laclede  Gas  Co,  of  St  L.. 
Lalte  Erie  <fc  Western.  . 
Lake  Erie  4  Western  Pfd 
Lake  Shore  &  Mich,  So'n.. 
Louisville  <fc  AashviUe.... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo.,  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co 

National  Ix;ad  Co  Pfd . , . 
N,  Y.  Cent'l  &  Hudson  Riv 
N-  T.  J^ke  Erie  &  Wesfn 
M  Y<!fcN  E  t«t  CO  Ota  all  lu  pd 
N.  Y  Ontario  A  Western.. 
N,  Y.  Susu.A  Wn  Pfd.... 

North  American  Co 

Northern  I'acilic 

Northern  Pacific  Pfd 

Pacific  Mali  S.  8.  Co 

Peoria.  Deo.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Buiiiou  Certificaiek 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn,  Coal.  Iron  &  K  R  Co 

Ttxas  &  Pacific 

Union  Pacific 

U  S  LeathtrCo 

U  8  Leather  Co  pref 

United  States  Rubber  Co. 

U.  S.  Cordage  Co 

V.  S.  Cordage  Co  pfd.... 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co... 
Wheeling  &  Lake  Erie..  . 
W  heeling  &  Lake  Erie  PM 


Total  sales  of  ail  Stocks  each  day  and  for  the  six  days. 


1.9t>7,412 


COTTON,  in  ba  es, 

I  World's  visible. 
IR05  8  254  910 

;«y4  1,890 10 


Tctal  In  olghtH  Total  Exports, 
109.33<  2.1.295 

178,848       I  88.255 


y. 


Y    f  October 
i  November, 
CoUon  I  Deceiiiber. 
I  January.  . . 


WHEAT,  inbushtls. 
I     I'   S   Visible.      Primary  rec'ts* 
1805  88  093.000  I       fcU.OOO  000 

IbOll        69  211,000         I      60  000  000 


Total  Exports, 
ai  E4 1  S86 
84.206  671 


I  Wheat  i  December. 

*^'^^*''    (May. 

Corn      i  December. 
I^''™-     iMay 


CORN,  in  bushels. 
I     US   Visible. 
IS05  4.9-1000 

1^941  4  101000 


Primarv  rec'ts* 
19  000.000 
17.000,000 


Total  Exports. 
10  295  508 
2.040  630 


Chicago  i  December. 
Wheat.  (May 


OATS,  in  bushels. 
I    U  S.  Vi>ible. 
1895  2.841  000 

18941         8,221 00« 


N.  Y,  Stocks, 

678  558 

8,it;2,897 


Cbgo.  Stocks. 

SilOOO 

1,4^000 


OaU. 
Pork. 


1  December. 

(May   

i  September 
I  January... 


IS95 
IS94 


1895 
1894 


LARD  tcs. 
World's  vis. 

281,i87 
159,056 


CHICAGO  CONTRACT  STOCKS 
PORK-bbls,|  LARU-tcs.  i  RIBS-lbs. 
111,204  68,984        81.980.000 

41,092    I         22,533     |   18,505,724 


Lard 
Ribs. 


■] 


I  September ; 

(January,  .. 

■  September , 

January,  . .  ^ 


Thhrsdav. 
Sept.  12. 


28       2% 

iii9i  lioii 
lom  101^ 

96  94§-4 
21^    80% 

56>^    65i^ 
113^  111 
2UM     19H 

62K  UH 
76        75 

129%  \mi 
60  78% 
43        429i 

i04      103H. 


4r^ 

24^ 
1JS54 
ItiSHi 
132H 
51^ 
19% 
83?4 


Friday. 
Sept.  13. 


22^ 

r.% 

x07% 
x99^ 

96 

20H 

55^ 
112 
20^ 

im 

63H 
76 

79  ' 
42^ 
103H 


88 

nu 

1045i 
»4M 

m, 

110 

im 

849i 
61 « 

77 

41%: 

102H 


47        44^ 
24^    24 
143      142 


4696 
24« 
143 1/4 
llilH 

130%  13m  130H 
-  •       64        58^ 
16M     18 
38       87^ 


64 

18 
88^ 


28    vm. 


H9% 
64!* 
113H 


79 
149%  149 


102 
279i 


Saturday, 
Sept.  14. 


KM 

105H 
99 
96 

mi 


88W 
WH 
103k. 
99 
MM 
19 


549i 

68M 

110 

109 

20 

199i 

65« 

839^ 

62^4 

61% 

74 

72% 

77% 
42 

1U2% 


76M 
41« 

101^4 


44H    43 


163« 
ISIW 
629i 

87H 
12S 


io!H  tom 

27H    27H 
24!^    84 
78    I  78 
149    I   ... 
62^    68M    62%l  63J4 


49% 


113 


89       88 


xll%  llu%lll 


161% 
130H 
52 
18^ 
86% 
125 

lOIH 
27 
23^ 
7o 

eiH 

110% 


mi    3rj4'  87       85% 


8C%'  87 
33^  84 
91 


103 

m 

6S 
17)4 
83^4 
6^ 

mi 

80>i, 


9»M  91M    «' 

61H  6'^'  ??a/ 

85  88%    35 
5«  6^1     5« 
6%  5^'     5^5 

16%  18%    1"^ 

83  82>6    a2>6 

Sok  18%   19%  lfiJ< 
|i78}i  173V4 

a  84^    8^H  84 

13M  12^    18  l-t^ 

4'  %  88       39)4  87^4 

4-H»  42H    *^H  ■*U4 

12>i  12    ]  l-^  12 

15  16       "»i  "M 

K%  16       16,  V,% 

86  biW  ^^^  ^ 
..I  40  89*i 

9^  '9M    ^U  'aii 

■i*%  83J4   23%  82 

^i%  93f<ii  93i>4  9^94 

16%  l.'>%'  16%  1594 

&0V«  &0>v   ^i>  60 


88/063 


465.888 


7.97  7  88    7.98  7.90 

8.04  7  96     8.04  7.98 

8  12  8.03  I  6.13  6,05 

6  19  6  10    6,19  8.10 


102  Ji 
9 


6>« 

19M 
81.>4 

18« 
173 

2iii 

12'^ 

mi, 

12 

14'^ 

15% 

84)4 

89)4 


84% 
82 

101 
8% 

i: 

33 
6)i 

19- 

80)4 

189i 
173 


Monday. 
Sept.  16. 


82)4    i\M 


106 

100 
96)4 
19% 
64)^ 
64 

108)4 
19)4 

m. 

62)4 
74X 
129 

rr% 

42 
102% 

44)4 
23;»4 
142}* 

130 

??^ 
87% 


88)i 
24 
77)4 
149 
62% 

no 
101)6 


103)4 
9994 

im 
1894 

64)4 

63 
107 

19 

83)4 

61)4 

72% 
129 

7594 

41 
101)4 

43' 
23H 
141)4 

129X 
62 
1694 
86)4 


20)^ 
23(4 
7<>i, 
148 

61  ^ 


Tuesday. 
Sept.  17. 


8^    88 


107% 
100)4 
97)4 
20)4 

B4% 
111% 
1994 
6594 
65)4 
74% 

78*" 
42% 
103% 


105)4 
9-J% 
96 
19)^ 

54 

108)4 
19)4 
84H 

?i 

7694 
4194 
102% 


45  4394 
ii\i  23)a 
142%  148 

132      181 

5394  63)4 
MVa  17% 
88       86% 


27% 
25 


87 

24)i 


.    63%    6J94 
107)4  1'0)«  109 
101)b 
84    I  86%    t&h, 


35 

83% 

yu% 
102 
8% 

17% 
33 

18}* 
32)6 
6k 
\M 
173 


88% 
82)1 
90 

101% 
8)4 

17 
81)4 


86% 

^^ 

8% 
66 
17% 
81)4 


1894'  19*4 
80     I  88)i 
6)41 
16)4'  I9« 


24)4    ««» 
12)4!  1294 
37-;4l   38 
40     I  41% 

r-X'  ii-s 

144i|  14>4 

■l.->)4  10 

81     I  61% 

39)6  39% 


178 

8394 

11% 

87 

8S94 

11 

1414 

15)4 

63)4 

86)4 


9)6  9%  9%     « 

22%  21%  22)6  21 

»8  924  93)6  92U 

15%  15)4  15)4  13% 

6U  60  49%  49 


249.604 


456,413 


7,95  7.90  7.84  7.70 

8.03  7.96  7.91  7.8.1 

8,12  8,04  7  9S  7  90 

8.16  6,10  8  04  7.96 


«»\  62%'  64%  «8,'.  6m  t\\%  6394  «2!S. 

67  66)6    6M4  65%^  0^)4  6756  1*7%  6C,>» 

85)^  ai)^    85%  8594'  ....  3.5-'>4  85% 

84%  84->4    36)4  84>-4,  35%  85)4  85)6  8194 


56  67)4  59%  57%   59  675^  58)4  56% 

62  61)4  63)»  61%    63  61%  6i%  61 

27%  27)4 1  26)4  27%!  '>8)4  27%  2-.)4  27)« 

29  2694  29%  26%'  29%  29  29)4  2894 


173 
67  X 
£494 
13 


84  M, 
83)4 
00 

6% 
68 
17)4 
83)4 
5H 
5)4 
18% 
ilW 

1894 
173 
67)» 

84)4 
1294 


Wed., 
Sept,  18. 


2294    82% 

10796  iC6)4 

97  96 

80)<  20 

64%  63 

64  54 

112  111 

20  1994 

65%  84)4 

67)4  ^^ 

76%  74% 

77%  7694 
ii\i  42)1, 
103)4  l>)^^-< 

44%    44)4 

I6«'  166 
1.32)4  131?^ 
53%  6394 
1;))4  1S)4 
88   8794 

10294  10294 
-   27% 


24)4 
78 


26 

25 

76 
149)4  149)4 

6.3%  63% 
110  109)4 
101      lOt 

8694    ^^ 


86% 
86)4 

102)4 
694 

60)4 
17T.<, 
8494 

5% 

19>4 
34)4 
6)» 
20)4 


24)4 

13 


39       86)6   39 


4-'% 

12 

15% 

16)4 

8494 

39H 


41% 
11% 
15% 
15% 
6496 
8894 


9)4  9 

2-276  21% 

9.j%  93 

15%  14>4 


856  676 

7.91  7*5 

KOI  7.91 

8  09  7  99 

6,10  8  06 

84%  6.J,",. 

ri-*  67  ,\ 

30)4  86 

35)4  35)4 

59)6  5794 

63)4  6I9i 

28>n  28 

29%  88% 


'  19  19       19  1894  1*^  18?6  1*94  ^VA 

20%    20%'  21)4  20%    21%  20?4  20%  20%  21  2094 

8.20    8.15     8,25  8.25     8.12  8  12  6  05  8  05  1  8'15  8  15 

9  52    9,40     9  52  9.<5|9  45  9  36  9.40  9.80  9,40  9.32 


6.S8  6.82    5  85  5  85  6  77  5.77  6n  B.77 

5.88  5.72  ;  5,67  5  60  6,77  5.75  6  77  6  70 

6.85  5,35'  5  37  5.87  5.27  5  27  5.12  6.12 

4.90  4,S0.'4  90  1  65  '  4  65  4  JO  4.82  4.77 


5  77  8,77 
5,75  5,72 

6  12  5.12 
4  62  4,60 


43% 
1-2)6 

16% 
64>« 
39 


85)4 
84)4 

102% 
6)6 
66)i 
1794 
81)4 

5)4 
19)4 
82?i 

6)4 
19% 


84 

12% 
88)4 
42 
12 

16* 

68). 
86% 


9)4  9)4 

22%  22% 

9396  93>* 

15%  14i^ 

4S94  48 


860  630 

7,97  7,83 

8  08  7.i)5 

ti.l2  8  01 

6.19  8,10 

0694  64V4 

iiJ%  68)4 

36  i»  3CX 

.i5J4  8596 

60^4  r.9",4 

64)4  63M 

28%  284 

2994  29^>6 

19  mi 

21)4  81 

H  25  8  25 

9,55  9.45 

5  85  8S5 

5,80  5  7? 

5,15  5.15 

4,87  4,82   I 


4994  43 

26%  28H 

146  141)4 

167)4  161% 

134%  129% 

65)4  52 

21%  169^ 

41  86)4 

ISS  185 

'6  _.^- 

106  lOIk 

28%  2C)i 

27  23% 

81  11y% 

15094  146 

%  61)4 

114)1  |07)4 

103  lOl 

41  84 

14)4  18 

42^  83?i 

9?^  90 

104%  lOl 

()394  58% 

19)6  •' 

88  81)4 

'^      5^ 

19^  18% 

81)4  80 

7)4      6)4 

2i:||  I8)4 

174  I72V4 

67)4  67% 

20%  f894 

!4)6  ll'/f 

42)4  87 

46%  8894 

;8  I5)S 

90  68)4 

41'4  36)6 
396      8>(. 

i6)4  '9' 

2()K'  21 

9.>%  92)4 

1094  iV.i. 

51%  48 


8,19  7.78 

8.25  IM 

6,:«  7  90 

8  39  7.96 

6894  «2?6, 

724  66)6 

3«)4  35'. 

30%  34;  J 

63%  56%' 

68  61 

30%  27)4 1 

81  •26>4 


19 

21% 
8  92 
10.02 

5  95 
6,00 
5  90 
625 


1696 

20% 
8  05 
925 

5.72 
5.7U 
5  10 
477 


Range  foj 
Sept  1894. 

84%  31)4 
79)4    70 

106)4  88)4 
99       9194 

104%    97 
8)6      6 
7894    76 
68^    61)4 

115%  111)4 
•21%  1996 
7894  72-}4 
75V4  67)4 
67%    63'i 

:23  122)6 
6694  60% 
88%    854 

107      102)4 

148     l4-:>4 
41)6    39 
19%    16)4 

125      lit* 

174      168 

137      184 
88%    83)4 
19)4      6)4 
48        87)4 

101%  101)4 
6  4), 
96  94)4 
1994  18)4 
19)4  <7 
74        72 

137  184% 
67%    5194 

120%  118% 
98)4  97)4 
24%  2-.')-4 
6%  '<V4 
80%  8-*)4 
44)4  8^>-« 
69M    86I.4 

10194    99 
16%     14»4 
33%    2f.% 
1794     "'^ 


46 
5% 
6 


43 
414 
41^ 


22%  \rh 

16  14)4 

5  8)4 

8.'%  VM 

162)4  157% 

2:%  «6% 

14%  18% 

4-.)4  41)« 

19)4  16 

1fi>4  9)4 

ll'^  1-^)4 

11%  10 

63  H  59^ 

4014  8914 

in>4  12)i 

33  84% 

8  6% 

17%  14'^ 

92)4  87)4 

13%  12% 

46)1  44H 


6.78  5  95' 

6.65  5  97 

0.91  6.0.J 

6,97  6  08 

03%  57 

07  6IM 

01  5214 

60)4  53 

MM  53 

63)4  58% 

60)4  46% 

66%  49 

829i  29% 

86%  83 

14  40  18  00 

14.50  li  75 

9.05  8,20 

r.47  7.50 

8.00  7,12 

li  7.42  6.55 


OiJ)  PORK,  Chgo,-bbl8, 
..,.     bbb. 


WHEAT  on  passage. 
:i8.640,aco  bush. 
88,9<;0,000    " 


CORN  on  passage. 
9,76n.00u  bush. 
8.500,000    " 


Russian  Shifmts.  for  wk. 
2.416.000  bush. 
2,350,000    " 


Indian  Shtpmts.  for  wk. 
106.000  bush. 

aoo.coo  " 


Argentine  Shpts.  for  wk. 
40.000     bush. 


t  Since  Aug.  31.    •  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING,  NEW  YORK 


170 


HQeeRI^  HDarJ^et  Xctter. 


No.  448. 


C»pt/r{fht,  taOM,  by  Clmjtp  S  Ctmpany. 
O.  W.  Clapp. 

OWIQHT  O.   CUAPP. 


CLAPP    &    COMPANY, 

Bankers  an6  Bvoherg, 
MILLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


BRANCH 

Otfice* 


■A 


277    BROADWAY,  Corner  CHAM»eRt  St. 

621   BROADWAY  (Cable  Builoins,  Corneh  Hou(ton). 

753  FIFTH  AVENUE,  Cmner  68tm  8t, 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro," 


New  York,  Thursday  Morning,  September  26,  1895. 


We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable '  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    3^  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


PRESS  NOTICES  ABOUT  OUR  1894  SOUVENIR.  "LEADING  AI^ERICAN  EXCHANGES." 


The  annual  volume  recently  received  from  Clapp  &  Company. 
New  York,  "  Leading  American  Exchanges,"  Issued  as  a  souvenir  for 
1894. 13  a  handsome  and  valuable  contribution  to  statistical  and  other 
Information  for  business  men.  It  reflects  a  degree  of  intelligence 
and  entei-prise  which  Is  rarely  equaled  in  tlie  conduct  of  a  broker, 
age  concern.  It  is  a  splendid  work.— The  Cincinnati  Price  Cuirent, 
Cincinnati,  Obia 

One  of  the  most  convenient  hooks  of  reference  connected  with  the 
market  is  that  issued  by  Clapp  &  Comiiany.  the  Mills  Building 
bankew  and  connnisslon  merchants.  Tins  is  entitled  "Leading 
American  Excnangres,"  but  its  most  Important  contents  are  the 
weekly  letters  issued  bv  the  firm  on  every  Thursday  momiiig.  Tliesa 
letters  are  cleverly  and  sometimes  brilliantly  written  by  a  iien  cap. 
able  of  biwid  tieatment  of  important  mattei's.  Taken  as  a  whole, 
they  fui-nish  a  voluminous  and  accui-ate  histtiry  of  I8'.i4  in  the  flnun- 
cial,  the  stock,  the  cotton,  the  grain,  and  the  piiivision  markets  of 
the  counti-y.  An  ingeniously  arranged  statistical  page,  wiih  each 
letter,  shows  at  a  glance  tne  coiii-se  of  prices  and  other  necessary 
facts.  Hound  up  with  these  letters  are  illnsti-ated  histories  of  forty- 
two  of  the  princii>al  exchanges,  boards  of  trade  and  chambers  of 
commerce  in  the  counti-y.  In  addition  there  is  a  considerable 
amount  of  verj'  impoitant  general  statistics.  The  book  is  well  woith 
posse.ssing  and  using.— Bixx)klj-n  Daily  Eagle,  Bitx)klyn,  N.  Y. 

Clapp  &  Company,  the  well-known  Imnkers  and  bi-okersof  Wn\l 
street, have  issued  their  souvenirof  1S94.  in  the  fotm  of  an  annual  re. 
cord  of  daily,  weekly  and  monthly  prices,  and  transactions  in  stocks, 
btnids  and  piwluce' dealt  In  on  all  the  loading  exchanges  of  the 
country,  together  with  the  most  complete  and  up-to-date  statistics 
of  i-nilit>.ids,  crops  and  infonnation  alTecting  the  stock,  money  and 
dukIucc  markets  of  the  countrj-,  including  their  complete  market 
letters  for  the  j-car.  and  photogmphs  of  the  chief  conuneitiial  ex- 
clianges  of  the  country.  The  whole  forms  one  of  the  most  interest- 
ing and  complete  booksof  reference  on  flnancesand  ti-ade  that  could 
begotten  up,  as  it  is  compiled  with  great  care  to  Insure  accuracy: 
hahd.-fomely  printed  end  elegantly  bound,  on  the  best  of  pai^er,  and 
in  the  best  of  style,  for  which  this  flrm  is  so  Justly  note<l  in  all  that 
it  does.    Their  souvenir  for  .£94  is  the  finest  publication  of  its  kind. 


both  in  matter  and  form,  that  has  been  seen  by  the  street  in  a  long 
time,  and  is  a  credit  to  tlie  firm.— The  Hebrew  Leader,  New  Yorlc, 

Nearly  a  yearpassed  since  we  had  the  pleasureof  acknowleilging 
the  leceipt  of  Clapp's  Souvenir  for  lS9:i,  and  now  we  have  to  thanic 
Wes.sis.  Clapp ,1  Company  for  their  1894  volume.  The  s'at  istics  which 
it  contains  are  so  valuable  for  reference  that  no  newspaper  or  ])io- 
gressive  business  house  can  afford  to  do  without  them,  WeoMen 
refer  to  it,  and  invariably  find  that  of  which  we  ai'e  in  seAith. — 
American  Economist,  N.  i. 

Clapp  il-  Company,  bankeis  and  commission  meix-hants.  New  York, 
have  issued  a  la i;ee octavo  volume  of  infonnation  concerning  invcot. 
nients  of  all  kinds,  with  valuable  statistlc-al  tables  and  many  hand- 
some  iUusti-alions.— Kansas  City  Journal,  Kan:^as  City,  Mo. 

AVe  take  pleasure  In  acknowledging  the  receipt  of  Clapp  *  Com- 
pany's Leading  American  Exchanges,  or  Souvenir  of  131>4.  a  hand- 
somely lK)nncl  book  which  contains  a  world  of  valuable  infoi-matlon, 
and  as  a  reference  book  is  unexcelled,  and  of  special  Interest  and 
value  to  the  busy  merchant  or  business  man.  It  is  unquestionably 
the  finest  publication  of  its  kind  ever  issued,  handsomely  illusti-ated 
with  picturi's  of  Wall  street,  and  of  the  various  leading  exclianges  of 
the  United  States,  together  with  porti-aits  of  O.  W.  and  D.  O.  Clapp. 
If  it  wci'e  possible,  it  is  handsomer  and  contains  a  greater  amount  of 
information  than  their  souvenirof  1S9.3.  I'jxjn  receipt  of  %3.  Me.««rs. 
Clapp  A  Company,  bankei-s  and  brokers.  Mills  Building,  New  York, 
will  send  the  book  to  any  address  in  the  United  States.— The  Hay 
Trade  Journal,  Canajohahe.  N.  Y. 

Slcssi-9.  Clanp  &  Comp.-iny,  the  itell-knowu  New  York  banVei-s, 
have  issued  their  Souvenir  Book  of  1,S94,  a  copy  o(  which  has  been 
received  by  the  Sews  Tlieediti(m  isof  grsat  value  to  invesioi-sand 
sm-culatoi-s,  as  it  contains  the  complete  recoitlof  the  hajipenings  on 
the  New  York  Stock  and  Cotton  Kxchanges,  the  Chicago  Board  of 
Trade,  and  other  imiwitant  coniineici«l  and  financial  exchanges.  It 
is  also  valuable  as  a  reieience  bojk,  sliowing,  as  it  does,  receipts  and 
shipments  of  gn\in  at  tl:e  princiiwl  pimiary  and  seapoit  markets, 
and  stock  and  uond  fluctuations  durinsr  the  year.  A  cut  of  the  Balti- 
more Corn  and  Flour  Exchange  is  printed  in  the  Ixxi^.— The  Balti- 
more News,  Baltimore,  Md. 


4^ 

X 

> 

o 

m 

o 
o 
z 

H 
> 

Z 
(J) 

a 
> 

r 
-< 

•J} 
m 
o 
o 

:o 
o 
(/) 

o 


r 
m 
> 

D 

Z 

o 
m 

n 

X 

> 
z 
o 
m 


Clapp  &  Company's  annual  Souvenir  book  for  1S94  will  be  delivered  free  to  applicants  upon 
receipt  oi  $3.    A  few  copies  of  1803  can  be  had  for  $3  each. 


KEEP  OUK  LETTEKS.      PORTFOLIO  FOR  FILING   FOinVM?DKD  APPLICANTS  FKEE. 

171 


2        CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETlER. 

Financial  Outlook. 

The  feverish  pulse  and  mercurial  movement  of  a  speculative  craze  are  beginning  to  be  noted. 
Experienced  men  see  new  estimates  of  values  at  hand  based  on  the  inflation  of  organized  credit. 
With  the  Government  credit  at  the  centre,  the  money  of  account  now  available  can  be  doubled  with- 
out danger.  The  general  knowledge  that  this  new  era  of  inflation  is  at  hand  will  increase  the 
courage  of  some,  the  timidity  of  others,  and  the  ner^^ous  energy  of  all. 

Steaws. — The  Chinese  Government  is  to  build  700  miles  of  North  and  South  railway,  giving  tea 
and  grain  an  outlet.  Japan  has  practically  concluded  to  build  four  of  her  new  ships  in  the  United 
States.  Berlin  will  probably  soon  have  a  ship  canal  to  the  tea.  English  telegraphers  are  now  send- 
ing 600  words  a  minute,  while  400  words  is  the  standard  achievement.  The  Bond  Syndicate,  as  such, 
shows  13  per  cent,  interest  as  its  gain.  The  present  market  value  of  the  bonds  indicates  $10,800,000 
profit.  Speculation  on  London  Stock  Exchange  in  mining  stocks  is  said  to  exceed  all  former 
records.  American  Leather  Trust  operations  are  being  felt  in  France  to  their  detriment.  The 
new  American  railway  combination  is  expected  "to  support  rates  for  the  benefit  of  all"  without 
infringing  interstate  commerce  regulations.  More  than  21  millions  from  this  city's  bank  reserve  has 
disappeared  this  month  to  move  country  crops  and  seek  other  channels.  A  year  ago  the  reserve  was 
27  millions  larger.  In  same  time  in  1893  more  than  17  millions  was  brought  into  New  Tork  banks. 
European  banks  of  issue  hold  $210,000,000  more  gold  than  a  year  ago.  A  special  trial  of  speed  on  the 
New  York  Central  sent  a  three  car  train  148  miles  in  132  minutes,  beating  the  world's  record.  A 
train  has  also  been  run  139  miles  in  ten  hours  and  five  minutes  without  stopping,  and  five  miles  at 
a  rate  of  102  miles  an  hour. 

Stocks  and  Bonds. 

Bonds. — Governments  are  firm.  Railway  bond  sales  are  large.  The  demand  is  steady. 
We  look  for  a  larger  demand  to  absorb  all  supplies  of  choice  bonds  at  higher  prices.  The 
investment  buyer  is  more  numerous. 

Railway  Stocks. — The  depressing  influence  of  Receivership  stocks  appears  nearing  an  end. 
The  changed  policy  and  more  honest  methods  will  likely  further  enhance  values.  The  principle  of 
appointing  parties  who  wreck  railways  to  act  as  receivers  is  wrong.  Northern  Pacific's  plan  of 
combination  with  Great  Northern  may  be  thwarted  by  the  immense  wheat  crop  on  border  lines, 
tjnion  Pacific's  government  entanglement  on  an  oppressively  large  property  may  be  patched  up  for 
a  new  career,  especially  so  if  Hollanders  settle  on  its  lines  in  large  numbers,  as  reported  from  Lon- 
don. Among  grangers  Northwest  and  St.  Paul  may  lead  in  earnings  and  prices.  Other  roads  in 
the  mixed  corn  and  wheat  sections  will  likely  improve  in  business.  Burlington  and  Rock  Island 
may  lag  for  want  of  corn  tonnage  in  near  future.  Louisville,  Southern  Ry.  and  other  Southern  roads 
continue  having  brilliant  prospects,  based  on  the  iron,  coal  and  agricultural  and  manufacturing  ad- 
vance of  the  South.  Atchison  continues  to  grow  in  favor  on  the  street  as  an  all  around  Al  property, 
only  requiring  honest  management  and  time  to  cause  it  again  to  enter  the  front  rank.  We  think 
the  market  headed  for  a  much  higher  level,  subject  to  many  small  set-backs.  Evidently  the  present 
depression  will  reveal  many  opportunities  to  make  good  investment  or  speculative  purchases.  The 
general  position  warrants  a  cheerful  and  hopeful  feeling. 

Industrials.— Sugar  men  report  trade  of  the  best.  Often  under  such  conditions  the  stock  de- 
clines. It's  a  blind  pool.  It's  still  a  bunco  game  sanctioned  by  the  N.  Y.  Slock  Exchange.  Chicago 
Gas  continues  attracting  capital,  investors  and  speculators,  who  are  predicting  higher  prices.  Gene- 
ral Electric  is  doing  large  business.  Its  stock  will  later  on  likely  show  a  handsome  gain.  Lead 
common  will  likely  prove  a  good  in\estment  for  composed  thoughtful  people.  Cotton  Oil  may  have 
light  supplies  of  seed  and  enable  them  to  market  last  large  crop,  and  advance  the  stock  on  Wall 
street.  Cordage's  new  President  may  put  new  lite  into  the  stock  so  long  abused  by  its  friends.  Rubber 
and  Leather  hold  the  advance  quotations  evidently  by  matched  orders.  Tobacco  is  shunned  and 
sought  after  like  an  adder  in  the  rushes. 

Cotton. 

There  came  into  sight  prior  to  September  20,  244,889  bales  against  256,661  bales  to  Sep- 
tember 22,  1893.  The  1893  crop  materialized  7,527,211  bales.  The  C'ArontcZe  reports  this  season 
phenomenally  late.  The  world's  visible  is  2,276,895  bales,  or  365,512  bales  more  than  last  September. 
The  New  York  stock  is  155,720  bales  against  79,836  bales  a  year  ago.  Stock  at  all  ports,  329,620 
bales  against  218,752  bales  a  year  ago  and  258,207  bales  two  years  ago.  Exports  September  1  to 
September  20  were  41,1531  bales  against  81,466  bales  in  September,  1894.  Liverpool  market  is  appar- 
ently ^  of  a  cent  a  pound  lower  than  our  market,  and  Southern  markets  range  X  cent  a  pound 
against  exporters  and  Southern  spinners,  who  are  aggressive  buyers.  The  export  buyers  are  selling 
distant  futures  in  this  market.  Three  Texas  towns  received  85,961  bales  against  319,362  bales  in  1894 
and  64,139  in  1893  same  time.  Usually  well  distributed  stocks  are  reported  in  interior  towns  aggregat- 
ing 66,739  bales  September  20,  against  84,519  bales  a  year  ago  and  96.756  bales  two  years  ago.  Great 
Britain's  export  goods  October  1  to  August  31  aggregated  233,931,000  pounds  yarn  and  4,714,392,000 
yards  piece  goods  valued  at  $258,165,000.  Our  domestic  exports  seven  months  ending  July  31  were 
valued  at  $7,714,618.     It  is  a  pitiable  exhibit  of  American  enterprise  when  it  is  conceded  we  grow 

172 


CLAPP  &  COMPANY.  BANKERS  AND  BROKEES.  NEW  YORK,  WEEKLY  MARKET  LETTER.  3 

two-thirds  to  three-fourths  the  world's  crop  and  all  the  contract  cotton.  All  cotton  States  report  cli- 
matic conditions  unfavorable,  acreage  and  fertilizer  less.  The  Government  report  indicates  a  crop  fully 
600,000  bales  less  than  the  Financial  Chronicle.  Many  of  our  correspondents  recently  report  pick- 
ings fully  three  weeks  late  and  indicating  a  much  larger  shortage  than  expected,  and  Southern  spin- 
ners buying  more  freely  than  a  year  ago.  As  a  rule  all  Southern  operators  are  more  bullish  now 
than  they  were  bearish  last  March  at  about  $16  per  bale  less.  Mr.  Ellison  is  reported  as  believing 
America  will  not  have  to  make  up  any  shortage  on  account  of  a  short  Brazilian  crop  this  season,  al- 
though last  year  probably  G00,000  bales  went  to  make  up  that  deficiency.  The  Fall  River  print  cloth 
market  holds  firm  at  outside  prices  of  3>6c.  Stocks  are  reported  as  less  than  half  those  a  vear  ago 
and  less  than  one-third  those  two  years  ago.  The  recent  cold  weather  South  has  stimulatea  a  desire 
to  buy  cotton  in  all  positions.  Late  cables  re-echo  and  confirm  the  bull  feeling  and  indicate  immense 
transactions  and  much  higher  prices  may  prevail,  and  that  sanguine  bulls  may  yet  realize  their  ex- 
pectations of  10  cent  cotton  on  this  crop,  and  that  the  recent  advance  is  based  on  something  more 
tangible  than  froth. 

Wheat. 

Chicago  appears  to  hold  the  key  to  the  wheat  situation.  A  year  ago  nearly  all  primary  winter 
wheat  markets  were  sending  wheat  to  Chicago,  now  Chicago  is  shipping  wheat  to  the  same  places 
where  the  premium  ranges  from  two  to  eight  cents  over  Chicago  price.  Chicago  supplies  are  about 
seven-eighths  winter  wheat  and  equal  about  14,000,000  b  jshels.  Primary  receipts  of  winter  wheat 
since  July  1st  have  been  about  11,000,000  bushels,  of  spring  wheat  about  29,000,000  bushels, 
against  about  24,000,000  bushels  winter  wheat  last  season,  same  time,  and  37,000,000  bushels  spring 
wheat,  or  a  total  of  about  40,000,000  bushels  to  date,  against  about  61,000,000  bushels  last  season, 
showing  a  decrease  of  about  21,000,000  bushels.  The  visible  supply  is  about  39,000,000  bushels, 
against  about  70,000,000  bushels  last  year,  showing  a  decrease  of  about  21,000,0C0  bushels.  The 
amount  afloat  is  about  24,400,000  bushels,  against  about  27,768,000  bushels,  showing  a  decrease  of 
about  3,300,000  bushels.  The  crop  is  now  reported  by  the  Government  at  about  390,000,000  bushels, 
or  about  70,000,000  bushels  less  than  last  year.  Exports  to  date  are  about  25,000,000  bushels,  against 
about  36,000,000  bushels  in  1894.  All  Northwestern  mills  are  running  on  full  capacity  and  time. 
Based  on  the  above  official  estimate,  we  do  not  see  how  the  present  rate  of  exports  can  be  kept  up 
for  want  of  supplies.  It  is  now  three  months  since  the  beginning  of  the  winter  wheat  harvest, 
which  shows  the  lightest  receipts  on  record.  December  wheat,  a  year  ago  in  Chicago,  ranged 
around  58c.,  recently  it  is  around  59  or  60  cents.  All  winter  markets  hold  minimum  stocks.  Duluth 
and  Minneapolis  hold  near  maximum  quantities.  The  average  price  of  Atlantic  wheat  exports  in 
August  was  73.2  cents,  while  Pacific  coast  exports  only  averaged  56.4  cents.  Prices  at  Chicago  are 
about  59  cents,  against  82  cents  in  May  last,  when  speculation  and  demand  were  based  on  prospects 
that  have  since  practically  materialized.  Doubtless  the  real  value  lies  between  these  two  ranges. 
When  the  bears  cease  to  sell  other  people's  property  as  if  at  auction,  and  against  what  seems  to  be 
prevailing  facts,  we  shall  look  for  much  higher  pi-ices.  Evidently  the  world  is  nearing  the  place 
where  consumption  is  to  overtake  production. 

Corn. 

Sentiment  seems  to  have  materialized  until  the  price  has  reached  a  minimum  point,  which  per- 
haps offsets  a  large  crop,  and  will  allow  corn  to  be  burnt  rather  than  cause  railways  to  haul  coal. 
Iowa  will  likely  be  the  banner  state  this  season  and  produce  300,000,000  bushels  :  Kansas  may  come 
next,  with  a  crop  of  275,000,000  bushels ;  Illinois  and  Missouri  will  each  likely  grow  250,000,000 
bushels  ;  Nebraska  about  150,000,000  bushels,  making  the  five  states  likely  to  produce  half  the  crop 
and  furnish  a  good  hog  crop  next  spring.  We  think  the  chances  to  lose  near  the  minimum  point 
and  to  secure  profits  in  purchases  of  property  at  prevailing  prices  that  cost  no  charges  for  seven 
mouths  to  come  offers  maximum  opportunities. 

Oats. 

The  oat  supply  seems  large  and  to  equal  immediate  wants.  Sentiment  is  bearish,  while  the  new 
and  old  England  demand  fairly  covers  supplies.  Higher  prices  seem  more  probable  than  much 
decline. 

Provisions. 

Provisions  recently  have  sold  at  the  lowest  point  in  years.  Packers  continue  selling  futures  at 
less  than  the  cost  to  manufacture  the  product.  The  Government  report  makes  average  condition  of 
hogs  as  to  weight  and  condition  93.9,  or  2.6  over  last  year.  It  makes  the  number  fattening  7.4  per 
cent,  less  than  last  year.  Prices  seem  low  enough  to  warrant  purchases.  Total  packing  from  March 
1st  to  September  19th,  6,455,000  hogs  against  7,320,000  last  year. 

Yours  truly, 
173  CLAPP  &  COMPANY. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qnotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Septemkr  25  1895,  and  lor  Septemkr,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AXD    LOWEST    PRICES    WITH    COMPARISONS. 


Weekly 

Sales. 


4,325 

499 

£11.065 

851 

179,651 

59.856 

401 

2  243 

6.593 

2.891 

94.082 

1204.061 

152  246 

1.011 

70.?77 

3.130 

14  135 

2fiS 

10.039 

liOO 

1.063 

1.446 

7144 

1.820 

165.711 

48.055 


Capital 

Stock. 


$20,287,100 
10.198,600 
36.773,000 
86.773,000 
17,900,000 


85,000,000 
15,000.000 
22.488.000 
eO.805.400 
82.262,700 
24,885,800 
46,027,261 
25,933,900 
46.156.000 
18.559.860 
89.054.907 
22,335  170 
28  000.000 
11.096,000 
35,430.060 
26,200,000 
35  000,000 
38  000,000 
84  091900 
30,459,700 
45,000,000 


940 

8.000.000 

1.100 

50,000,000 

8.200 

10,000,000 

8.050 

11,840.000 

825 

11,840,000 

801 

49,466.500 

18.0.-i8 

52,800.000 

4,750 

30,000,000 

2220 

18.788,204 

13.T74 

13,000.000 

lUO 

47,844.100 

42.2« 

47.436.575 

16.481 

14. 905.400 

2.Uti9 

14  904,000 

535 

89,428.300 

2.'.m 

77,427.000 

140 

20,000,000 

4.210 

58,119,982 

7.0(i5 

13  000  000 

8.050 

39.767,200 

2,025 

49.000.000 

4.889 

89.269,546 

24.730 

20.000,000 

512 

8.500,000 

85  508 

40,426,361 

1240 

36,000.000 

1.900 

88.402,900 

6.840 

125,000.1X10 

14.C38 

CO.000,000 

47  505 

19,850,000 

5.550 

•38.710,900 

1.4«) 

60.8B8,.500 

B.125 

6S9';l.B00 

6.523 

52,861  fi(!0 

4.078 

20.166.000 

J0.4t5 

18,858  .500 

2.803 

7,707,040 

1.646 

28,000,000 

18.897 

24  000,000 

6,142 

94,820,000 

13,070 

10.000,000 

1,008 

4..500.000 

DlTIDBNS  ReCOBS. 


Kaheb  or  Stocks. 


Pays  3pc  J-D 

Pays  3pc  0-J-A-J.. 

Pays  3^pc  J-J 

Pays  3pc  F  MA-N. 


Paid  2dc  1895 

Pavs  Ikpc  F-A 

Pays  IJ^pc  F-M-A-N. 


Paid  Ipc  Dec.  1S94 

Pays  Ipo  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  Annum. 
Paid  ^pc  June  1895... 


PayslJ^pc  J-D.. 
Pays2Hpc  J-D.. 
Paid  3pc  in  1893. 


Pays  2pc  M-J-S-D.... 
Pays7pc  per  annum. 
Pays  7pc  per  annum. 


Paid  l^pc  Jan.  1893. 
Paid2pc  AuRi  stl893. 
Pays  5pc  per  annum. 


Pays  2i^pc  M-S. 


Pays  li^pc  F-M-A-N. 

Pays  3pc  FA     

Paid  2pc  August  1893. 
Pays  IJ^pc  J-A-J-0.. 
Paid  2pc  in  July  1895. 


Pald3pc  1891 

Paid  Ipc  in  Oct.  1895. 
I'ays  i?ipc  M-J-S-D.. 
Pays  Ipc  J-A-J-0 


Paid  l^pc  Not. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2pc  F-M-A-N. 


Paid  Ipc  in  1887... 
Paid  S^po'in'issi! 


Paid  Ipc  A  av  1895 

Paid  2}4pc  March  15, 1895 


Pays  IHPC  J-A-J-0 

Paid  IPC  in  Feb.  i894!!!. 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd 
Am.  Sugar  Refining  Co- . 
Am.  Sugar  Refining  Co  Pf. 
American  Tobacco  Co. . . 
Atcli.Top.  &  S.  F.  allms.pd 

Baltimore  &  Onio  

Canada  Souttiem 

Central  of  New  Jersey.... 

Chesapeake  <&  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Panl. . . 
Chicago  MU.  &  St  Paui  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Normw  n  Pfd. 
Cleve..  CIn..  Chic,  &,  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Geo  of  N.  Y. 
Delaware,  Lack  a  &  W'n. 
Del.,  &  Hudson  Caoal  Co. 
Denver  <fe  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  ali  m  pd 
General  Electric  uo... 
Great  Nortnern  Pfd.... 
Green  Bay  W  &  St  P  'It  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  <&  Westeru . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Micti.  tio'u. . 

LoaltvlUe  &  Nashville 

Manhattan  R'yCousol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mis.souri  Paoifio. 

Nai.ouaJLe«d  Co 

National  Lead  Co  Pfd 
N.  Y.  Cenfl  <t  Uudson  Riv 
ktle«w  jpMcoctlstinpd 
NY&N  E  tst  CO  ct.,  all  in  pd 
N.  Y  Ontario  &  Western.. 
N.  Y.  SusQ.  &  W'n  Pia.... 

North  .American  Co 

Northern  Pacific 

Northern  Pacific  Pfd. 

Pacific  Mail  S.  S.  Co 

Peoria.  Deo.  &  Evansville 
Philadelphia  <t  Reading. 
Pullman's  Palace  Car  Co 
Sliver  Bullion  Certihcatea 

Southern  Pnoific  Co 

Southern  Railway 

Southern  Railway   pfd. 
Tenn.  Coal.  Iron  <£  R  R  Co 

Texas  &  Pacific 

Union  Pacific 

0  S  Leather  Co 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co 
Wheeling  &  Lake  Erie. 
Wheeling  &  Lake  Erie PM 


Thursday. 
Sept.  19. 


2Sii    2% 


I'O^ 
10294 
22% 


lOOM 
961^ 


Friday. 
Sept.  20. 


23^    23 


:089i 

10OJ4 
104 
2356 

65M 

■■m 

86H 

r, 
i2dw 

im 

43H 
105H 


104% 

98 
22% 


Saturday. 
Sept.  SL 


107      105% 


100^ 
23^; 


55J4 
114 

20^ 

8'% 


66 
114 
8094 
85% 

7594'  77|i 
129    1 130 
7!%\  78^ 

104M  lt*J6 


22^^. 

56 

114 
20^ 
8594 

6« 
76k 
ISO 

76% 


104?4 


Total  sales  of  all  Stocks  each  day  and  for  the  six  day* 1,701940 


COTTON,  in  ba  eg. 
I  World's  visible. 
1895  2  276  895 

IHUjI  1,911.331 


Total  In  sighttl  Total  Export*. 
244.&S9  41.631 

865,394        I  81,406 


N.  r. 


C  October 
i  November. 
Cotton  ]  December, 
I  January.  . 


WHEAT,  in  bushels. 
I    US  Visible.     Primary  rec'ts*!  Total  Exports. 
1695         39..S85.000  40.000  000  25  000(00 

189l|        70  189,000         I      60(\X)U00        |      86.000  000 


December, 
May... 


Corn. 


CORN,  in  bushels. 
I     U.  S.  Visible. 
1805  6.411.000 

18041         4  193  000 


Primary  rec'ts*!  Total  Exports. 

21000.000  11000  000 

19.000,000        1        2.400  000 


OATS,  in  bushels 
I    U  .^  ViMble. 
1895  3  045  000 

1894|         TM-i  000 


N.  T.  Stocks. 

680  ilb 

8,359. I»0 


Chgo.  Stocks. 

410  000 

1.494  000 


Chicago  \  December. 

Wheat.  (May 

Com...^P«'=ember. 
I  May 


I  December. 

(May   

)  September 
f  January... 


Oats . 
Pork. 


1695 
1894 


LARD-tcs. 

World's  vis. 
281.287 
159,056 


CHICAGO  CONTRACT  STOCKS. 
PORK-bbls,   LARD-tcs.  1  RIBS-lbs. 
111.204    ,         58,884       Sl.OeiO.OOO 


41,092 


22,538     I   18,565.724 


Lard 

Ribs 


I  OiJ)  PORK,  Chgo.-bbls. 
1895  ...       bbls. 

1894  .    . 


8.25 

965 


,1  September  \  6.92 
■  -January.  ..I    5.67 

s  September;!  5.22 
'  >  January.     ;    4.95 


20% 

my, 

18?» 
89^ 
4894 

15H 
1696 


16% 
694 

5  I  m 

19  19H 
82^'  339^ 

SO  I  219» 
173    ,178>i 

t\  v^ 

3894  3»k 
4294  «?4 
12  1  12^ 
16 

16%'  isy* 

64 


40H    3996 


28% 

94 

l->9< 
4894 


229i 
93«3 
1494 

mi 


868  807 


806 
8.12 
880 
625 

66,', 
70 
87 
86 


798 
8  01 
8.0a 
8  15 


4094  40^ 

15%  U^ 

9^   9\i 

88%  23M 

93k  9<:9^ 

15M  M->^ 

4994  49 

423.688 

8.09  6.01 

8.17  8.06 

8.25  8,15 

8.82  8.12 


8694 
02 


2494 
7794 

mt 

1119k 

101 

80 

am 

8Sk 
98 


>*% 
I78>4 

24.^ 
18H 

*m 
4394 

i5J4 

66 
40H 

8% 
15^4 

9% 
2-iH 
93 
15^ 


10 

Mm 


Monday. 
Sept.  23. 


23«    28% 
25}i    25 
7S       79 


lasu  103H 
29^4    29 
25M     25M 
78        78 
150      150 
6494    64^    64^     639-4 
112       11194, 112J6  111% 
101       101  .  . 

Si%    88%   8S$i    87?4 


iM  89 

33%  36Vi 

9294  92^ 

13  12W 

i8%  18V4 

85J«  S5H 


69l 


19^    19^4 

88M  am 

20J^    2otJ 
173H  173H 


a     24^ 

13%  13% 
89%  40% 
42«    44^ 

15%'^^ 

8594    "'^ 

^?^^ 

'6%  16% 
9%     9V| 

23H  84U 

92%  9.3^1 

15  16 

•  •••  49« 


84 

18 

im 

18% 

^^ 

16!^ 
9^ 
23% 
92I4 
15^ 
49% 


tM.«0O     j     864.178 

8.07  8.08  8.30  8.05 

8,14  8.10  8.27  8.18 

8.22  8.17  184  8.20 

8.89  8,24  8  42  8.i6 


89%  88S< 
365*  35J^ 
92  91% 
K-iM^  102^ 
13        18 

mi  18^4 

3.594    U% 
0%      5H 

19%    19 

%  '^ 
8094  199i 
17894  173 


£4V4 
13% 
40^4 

17M 

8:% 

41 

8% 
169i 

9H 
24K 
9294 
16% 
5094 


24 

18 

8994 

42!^ 

129$, 

1694 
85  V 
4^ 

8 
16 

9% 

92>K 
15>i 
49% 


860  846 

a.-*  812 

S.83  8.20 

842  8  27 

8,49  8  34 


64%   65V4  64%  64«  6iM  64  63M    65%  64 

6S%    mi  67JI  6794  67H  (<7%  66(|    69  679i 

87     I  4594  8594  85%  35%  Z5%  ?&M\  36  86 

a5,',!  359i  85A  85  8494  85^5  8)%i  85>4  85 


19    I  19^  m 

21%   UYa.  20k 

8.23  I  8.02  8.00 

9.50  I  9  62  9. 12 

6,02  '  5  85  6  85 

5,.-0  i  6.87  6  83 

5.22     5  10  5  07 

4.S5  '  4  92  4  86 


58%    67%   58% 
62%    62       62V4 


5794    60 
61%'  639i 


689^ 
62>i 


98%  27%  2-^  i^y^    284  2794 

29^  28%  29%  28MI  29>4  28^ 

1894  189i  if%  18%l       . 

20%  2094  20%  20%   20%  2094 

7,85  7,85  7.82  7  82     7"92  7  9." 

9  37  9  30  9.42  9.85    9,47  9,35 

6  80  6.80  6  80  6.80    6  77  B.77 

5.77  5.75  6  80  6  80  \  5.82  5.77 

5.00  5  00  5.00  6.00     5  05  5  05 

4  82  4  77  4.87  4.82  !  4  87  4.82 


102Ji  103 
29       2894 


150      180 

111%  11196 
lOOHb  100 
88        8795 

8896    8796 
86       85H 

102%  102% 
1296    129s 

\m  18 

35  84% 

5%  5^ 

5Wi  6% 

1996  16% 

329s  8m 

5^  5H 

2096  19% 

178  173 

24'  83% 

18^  18 

40  89j 

48H  4ll 

129fc  12^ 


86%  86H 

42  41 

8%      8H 

16K  lOH 

iV*     »% 

23H  23% 

9-2%  9-2% 

16  15)^ 

50W  50J^ 


265  778 

8,40  8.83 

8  48  8.40 

8.^6  8  48 

6  (A  8.56 

66,',  6411 

6rf%  6896 

3594  8594 

85>4  9> 

61  59% 

64%  6-294 

28^  28!^ 

2it%  29^* 

1896  1856 

21  20% 

790  7  90 

9.52  9,42 

5  80  5  7!- 

5,82  5  80 

.\07  5  0.' 

4.87  4,82 


Ranee  tor 
Sept  1895. 
to  date. 


20^ 
6994 


25 

i4>*  "»?i 
11494  103M 
104!^  99 
10)   93H 
2;396  22H; 
6rt94  63 
57!^  53 
116)^  107 
22    19 
9194  8-3M 
7196  61.^ 
76%  7296 
ISO   129 

S4V4  7594 

4594  41 

106!^  101% 

148  148 

4994  43 

2594  28)4 

145  141H 

16994  161% 

134J6  129% 

55M  52 

23%  169-4 

41  86)4 

125  125 

96       % 

106  lOlW 

80  26Vi 
27  23H 

81  77n 
15094  l48 

114%  107% 

108  |00 

41  34 
14%  13 

42V»  83'/i 

87W  82 

9294  90 

1049*  lOl 
13   \i 

6394  66 

■»%  iT. 

38       8IV4 


67^4  67% 

2096  sf3H 

14%  11% 

42'.s  87 

4696  mi 

149(1  11 

1694  14% 

18  16H 


8.40  7,78 

8.4'i  T.S8 

8.56  1  90 

863  796 


72^6  60^6 

37  85 'w 

36%  341 J 

6896  56% 

68  61 

8096  27k 

81  2894 

19%  1896 

21%  2096 

8  92  7  82 

1002  9  25 

5  95  5.72 

6,00  5  70 

5  90  5.00 

i  5  25  477 


Range  for 
Sept.  1694. 


8496  ai% 

79)6  7a 

106H  88% 

99  91U 

104%  97 

m    6 

7894  70 

63^  61^ 

115^  111% 

21%  1S« 

7894  ''294 

76H  67!4 

6796  63'^ 

123  12216 

6694  6096 

38%  85U 
107  I02U 
143   142^ 

19%  18^ 

:2&  i\i 
174   168 
187   184 
8696  88u 
19M   «% 

42  8;2 

lOlH  lOlU 

«»       94V4 
199i    16% 
19>4    17 
74       78 

187  184% 
6796  519J 

120^  113% 
96%  97^i 
24%    22Va 

80%    8^ 

89  >4     86.4 
10194    99' 
10%     149< 

??^?^ 

46  48 

5%  4J4 

6  4<4 

2296  179-i 

Id  14% 

6  8% 

162^4  15796 

^^ 

45H  41^ 

19'4  18 

1094  8% 

144  12^ 

1196  10 

6.S'.i  59W 

4/JI6  89H 

1994  1-'% 

33  84% 

8  6% 

1796  14% 

92W  H7!4 

1396  1-^ 

40>6  44M 


6.78  6  95 

6.S5  5  97 

O.fll  6.03 

6.97  6  01' 

621^  67 

67  6l9i 

61  52% 

60«  53 

5^  53 

634  S8>^i 

564  465i 

56>6  49 

mi  2996 

86%;  88 

14  40  IS  00 

14,50  1 1  75 

9.06  8.20 

^.47  7.ftO 

8.00  7.12 

7,42  e.u 


WHEAT  on  passage. 
84.400.0(:o  bush. 

27.'.66,000    •• 


CORN  on  passage. 
9.1•^0.000bush, 
4,448,000    " 


Russian  Shipmts.  for  wk. 
1.4*4.000  bush. 
2,104,000    " 


Indian  Shipmts  for  wk. 
272.000  bush. 
12O.C0O    " 


Argentine  Sbpts.  for  wk. 
16.000     bush. 


♦  Since  z\iig.  .31. 


•  Since  June  80.  CompiUd  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


174 


milCCf^IV    fIDarhCt    letter.  copyright,  laOS,  by  Clapp  A  Compmnw- 

No.  449.  O-  W.  CLAPP^ 

OWIQHT  O.  CLAPP. 

CLAPP    &    COMPANY, 

Banhcrs  anb  SSrohcrs,  i 

MILLS    BUILDING,    IM.  Y.  > 

m 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.   Q 

o 

Branch     (   277    BROADWAY,  Corker  Chambers  8t.  PRIVATE  TELEGRAPH  WIRES.  2 

Offksh-     )    621   BROADWAY  (Cable  Builoinq,  Corner  Houston).  LONQ  DISTANCE  TELEPHONE.  ^ 

t  753  FIFTH  AVENUE,  Corner  68th  St.  Cable  ADDRESS:  "OzRO."  ""1 


New  York,  Thursday  Morning,  October  3,  1895. 


credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


Financial  Outlook. 


> 

i 


We  respectfully  solicit  Commission  orders  for  the   Purchase  or  Sale  of  Stocks,  Bonds,      CO 


a 


Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities   are  unsurpassed  to   all    New    York,    Chicago   and    Western  ^ 

Exchanges.      Close  relations   to   important   interests   enable  us   to  give   early   and  valuable  "^ 

information.  ^ 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 

delivery.  ^ 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office  ^ 

Orders,  or  by  deposit  with  local  out-of-town   banks.     The   local  bank  should  always  wire  us  at  ^ 

once,  at  our   expense,   stating   amount   that  has   been  placed   to   our  credit,    and  for   whose  j^ 

account,  thus  allowing  customers'  orders  to  be  filled  promptly.  q 

A  General  Banking  Business  conducted.    B%  Interest  allowed  on  Average  Daily  Balances. 


O 


r 


Nothing  is  any  stronger  than  its  weakest  part.    "We  shall  know  the  strength  of  ourcunency  [^1 

system  when  it  has  been  thus  tested.    The  locking  up  of  legal  tenders  in  banks  and  Treasury  may  >* 

bring  about  the  desirable  test.    Silver  certificates  when  presented  at  the  United  States  Sub-Treasury  O 

should  be  redeemed  in  gold.     Any  refusal  would  be  liable  to  bring  about  another  object  lesson  in  — 

American  finance.     The  good  faith  of  the  nation  is  pledgfed  to  redemption  of  all  the  Government's  Z 

demand  paper  in  gold.    The  country  is  on  the  road  to  further  inflation,  based  on  good  crops  and  Q 
pi'ices,  and  evidence  that  this  is  the  unalterable  policy. 

Straws. — The  Prussian  4  %  consuls,  or  a  debt  of  $900,000,000,  or  $53  per  capita,  is  to  be  refunded  at  PH 

Zi.    The  United  States  net  interest  bearing  debt  at  present  is  less  than  $10  per  capita.    It  is  estimated  X 

that  all  the  cotton  consumed  in  the  world  could  be  raised  in  the  State  of  Texas.    European  statisti-  q 

cians  estimate  this  country's  wealth  greater  than  that  of  any  other.     English  investors  have  360  -j- 

million  of  defaulted  securities  of  South  American  countries,  272  million  being  Argentine,  provincial  r~ 

and  municipal  loans.     The  Rothschild's,  who  carry  2,420  millions  securities  of  various  countries,  are  •** 

reported  saying  American  investments  are  the  best  in  the  world.  The  Bank  of  England  discount  rate  Z 

has  continued  2  %  for  nearly  two  years.    Their  reserve  is  t)0.45  ^  against  70.96  a  year  ago.     England's  O 

mercantile  marine  aggregates  a  tonnage  of  9. 585, 000  tons  ;   Germany,  1,485,000.     Poor's  Manual  fi^ 

estimates  the  tonnage  mileage  in  1894  was  82  billion  miles,  in  1882  it  was  39  billion  miles.     That  the  (jj 

average  rate  for  carrying  one  ton  one  mile  then  was  1,236  cents,  and  last  year  it  was  but. 851  cents,  " 
or  31  %  decrease. 

Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.     A  few  copies  of  1893  can  be  had  for  $2  each. 

KRUP  OUK  LETTERS.      PORTFOLIO  FOR   FILING  FORWARDED  APPLICANTS   FREE. 

175 


3         CLAPP  &  COMPANY.  BANKERS  AITD  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Stocks  and  Bonds. 

The  market  is  fairly  active,  furnishing  many  opportunities  to  make  good  purchases.  The  senti- 
ment of  the  street  favors  an  advance.  Money  is  not  as  plenty.  This  feature  tends  to  make  a  strongei 
market. 

Stocks.— Pennsylvania  Railway  gross  earnings  are  good  indications  of  the  general  business. 
They  are  over  $6,000,000  in  August,  and  since  January  1,  over  $41,000,000.  The  net  increase  over 
last  year  is  over  $1,000,000.  The  effects  of  good  crops  may  be  felt  for  a  year  or  more.  St.  Paul.  Bur- 
lington, Rock  Island,  Northwestern,  Missouri  Pacific,  Atchison,  and  Northern  and  Union  Pacific 
must  carry  a  large  tonnage  from  a  bumper  crop  of  corn  in  1«95. 

The  Southern  Railway  and  Louisville  &  Nashville  and  the  Texas  roads  allied  with  the  Gould 
system  have  been  carefully  handled  from  all  standpoints.  The  shortage  in  cotton  may  not  be  felt 
while  their  crops  of  everything  else  are  good  and  the  industrial  South  is  actually  booming.  Man- 
hattan, Metropolitan,  Long  Island,  and  a  host  of  roads  carrying  passengers  only,  m  our  great  cities, 
have  improved  their  position,  popularity  and  earning  capacity.  The  coal  interests  so  recently 
clogged  and  impeding  the  progress  are  now  under  control  and  better  rates  will  likely  add  greatly  to 
the  profits  of  Reading,  Ontario  &  Western,  Norfolk  &  Western,  and  other  low  priced  properties. 

Industrials — Bear  Sugar  news  is  not  as  plenty,  but  buyers  are  not  so  eager  and  many  talk  90  for 
the  stock  before  Congress  meets,  and  possibly  oefore  the  Stock  Exchange  acts  on  the  subject  of  state- 
ments. Chicago  Gas  acts  as  if  manipulatea  for  advance.  General  Electric  is  gradually  working 
up  friends  and  strength.  Cordage  remains  slow  for  want  of  confidence.  Cotton  Oil  is  reported 
making  money;  we  are  friendly  to  it,  expecting  better  prices.  Lead  is  good  for  a  rise  on  an  active 
market. 

Cotton. 

In  1893  the  world's  visible  was  2,229,09?  bales  and  the  September  movement  into  sight  511,275 
bales.  Exports  were  151,325  bales.  A  year  ago  the  visible  was  2,017,802  bales  and  the  September 
movement  into  sight  663,703  bales.  Exports  were  202,673  bales.  Now  the  visible  is  2,284,590  bales, 
85  per  cent  being  American.  Amount  in  sight  441,303;  last  September  it  was  617,647  bales.  Exports 
are  81,278  bales,  against  188,922  last  year.  Based  on  average  amounts  coming  in  sight  short  crop  years 
in  September  the  past  decade  we  predict  this  crop  will  eq^ual  about  7,300.000  bales.  Seldom  is  the 
September  movement  a  fair  test  of  what  may  come  in  sight  the  following  eleven  months.  Ordi- 
narily about  one  half  of  each  crop  comes  in  sight  the  first  three  months  of  the  crop  year.  Last 
year  Egypt  exported  22,000  bales  in  September,  this  season  but  7.000  bales.  Their  crop  is  reported 
much  larger  and  the  acreage  largely  increased.  India  has  sent  25,000  bales  against  30,000  bales  last 
season.  Their  crop  is  reported  also  good.  It  is  estimated  fully  600,000  bales  more  American  cotton 
was  consumed  last  year  than  would  nave  been  had  the  crop  in  the  other  parts  of  the  world  been  as 
good  on  an  average.  It  is  also  estimated  visible  and  invisible  supplies  at  the  beginning  of  this  crop 
year  equaled  about  3,000,000  bales.  American  spinners'  takings  in  September  were  much  less  than 
September,  1894.  European  spinners  bought  very  sparingly  a  month  ago  and  apparently  sold  some 
futures  in  our  market.  Since  then  the  Neill  estimate  that  the  crop  will  be  only  about  7  to  7,250,000 
bales  has  been  given  out,  and  has  apparently  alarmed  speculators  who  have  bought  cotton  in 
all  positions  and  materially  aided  in  creating  the  recent  advance  of  more  than  $5  per  bale  in  less 
than  three  weeks,  and  nearly  $18  per  bale  since  March.  Reports  of  frost  stimulated  Southern  buy- 
ing until  sentiment  seems  to  have  run  away  with  statistical  facts  and  ignored  demand  and  supply 
which  is  nearly  always  the  case  when  the  nervous  and  impetuous  continental  speculator  exchanges 
views  by  cable  with  planters  who  seem  to  be  watching  more  closely  speculative  markets  than  his 
cotton  fields.  Some  cotton  factors  and  speculators  have  reduced  their  crop  estimates  of  about 
8,000,000  bales  down  to  about  6,750,000  bales  and  are  speculating  in  futures  accordingly,  and  appar- 
ently ignoring  the  present  large  movement  into  sight  which  just  now  about  equals  that  of  last  year. 
It  is  quite  possible  visible  supplies  September  1, 1896,  will  be  as  large  as  September  1,  1893.  If  so, 
perhaps  values  are  high  enough  and  may  get  a  set  back. 

Many  seem  to  think  this  crop  will  be  the  earliest  gathered  and  the  shortest  season  of  picking  in 
a  numqer  of  years.  Hot  weather  appears  causing  bolls  to  open  prematurely  and  fall  off  and  may 
prevent  a  top  crop  and  cause  a  large  early  movement  and  practically  none  thereafter.  As  the  price 
is  satisfactory  it  will  likely  aid  in  making  the  amount  delivered  larger  in  the  near  future. 

Wheat. 

Ofiicial  estimates  place  the  French  crop  at  337,600,000  bushels;  the  French  Millers*  Association 
estimates  it  at  356,000,000  bushels ;  others  as  low  as  300,000,000  bushels.  Varied  estimates  are 
given  out  by  different  Governments  and  interested  parties  either  desirous  of  further  depressing 
the  market  or  to  buy  more  cheap  whea1>  to  make  flour  from,  and  appear  to  be  prominent  factors 
in  preventing  an  advance  and  to  prevent  official  crop  reports  and  visible  supplies  from  affecting 
values  as  in  days  gone  by.  The  American  Agriculturalist  now  estimates  our  crop  as  12.6  bushels 
per  acre,  or  459,589,000  bushels.  The  Corn  Trade  News  estimates  the  United  States  exportable 
surplus  at  115,000,000  bushels.  Our  world's  crop  letter  in  August  last  estimates  our  surplus  export- 
able supply  as  120,000,000  bushels.  Our  visible  and  the  amount  afloat  is  65,008,000  bushels,  against 
77,813,000  bushels  a  year  ago.  It  has  not  been  as  small  for  years.  The  amount  afloat  has  decreased 
about  13,000,000  bushels  the  last  two  months.  Our  visible  East  Rocky  Mountains  has  decreased  same 
time  about  5,000,000  bushels.  Last  year  same  time  the  amount  afloat  or  on  passage  increased  about 
7.000.000  bushels.    The  succeeding:  twelve  weeks  the  amount  afloat   and  our  visible   increased 

176 


CLAPF  &  COMPANY.  BANKERS  AND  BR0KEE8.  NEW  YORK.  WEEKLY  MARKET  LETTER. 


22.000,000  bushels.  Apparently  the  same  increase  this  season  would  have  to  amount  to  50,000,000  to 
bring  us  up  to  a  corres[)on(ling  amount  with  last  year.  We  consider  it  impossible  and  believe  our 
BurpTus  wheat  all  located  in  only  about  three  States  of  the  Northwest.  English  visible  and  amount 
afloat  is  less  tliau  for  years.  "World's  visible  Sept.  1  was  37,000,000  bushels  less  than  a  year  previous. 
The  forty-two  counties  of  England  report  the  acreage  as  but  1,339,886  acres  against  1,826,^26 
acres  in  1894  ;  Scotland  but  37,779  acres  against  44,806  acres  in  1804  ;  Wales,  44,030  acres  against 
60,470  acres  in  1894.  Argentine  shipments  have  been  but  30,000,000  bushels  against  50,000,000 
bushels,  and  must  be  small  until  a  new  crop  ripens.  Spain's  crop  is  now  estimated  at  92,000,000 
bushels  against  105,000,000  bushels  a  year  ago.  Duluth  has  shipped  wheat  to  Chicago  and 
the  movement  is  counted  twice.  Minneapolis  large  receipts  are  mostly  ground  into  flour,  and  the 
immense  movement  talked  of  in  the  Northwest  seemed  to  disappear  without  largely  increasing  the 
visible.  Pei'haps  it's  because  considerable  spring  wheat  is  being  shipped  into  Missouri,  Kansas  and 
other  southern  points  to  millers.  With  a  visible  30,045,000  bushels  less  than  last  year  and  all  wheat 
movements  only  about  five-sixths  as  large,  we  fail  to  perceive  how  the  visible  shortage  or  the  world's 
shortage,  both  visil)le  and  invisible,  can  he  made  up  before  another  crop.  Official  crop  reports  seem 
to  indicate  the  crop  grown  in  the  world  was  about  7  or  8  per  cent,  less  than  1894.  Official  visible 
supplies  appear  to  fully  confirm  those  estimates,  and  are  nowhere  increasing  or  maintaining  records 
made  the  past  few  years.  The  system  of  selling  other  people's  property  for  future  delivery  has  in- 
creased until  it  now  seems  to  be  a  mania  with  a  few  local  traders,  who  have  been  able  to  sell  many 
millions  for  distant  delivery  to  practically  forestall  statistics  and  thwart  natural  advances,  and  aid 
in  creating  an  impression  there  was  much  more  wheat  to  come  forward  than  really  existed.  We 
are  creditably  informed  sales  of  over  12,000,000  bushels  have  been  made  to  European  parties  for 
shipment  this  month. 

Corn. 

Crop  estimates  and  reports  still  seem  to  favor  a  prospective  yield  in  America  and  the  world,  and 
a  corn  crop  that  will  each  exceed  any  previous  crop  grown.  Sentiment  has  decreed  that  minimum 
prices  are  probable.  Europe  seems  to  be  favoring  our  corn  as  an  article  of  food  and  buying  it  in 
larger  quantities  than  ever.  We  look  for  an  enormous  export  demand,  great  waste  on  the  farm, 
much  to  be  burned,  and  later  on  to  an  awakening  of  public  opinion  that  prices  now  at  a  minimum 
point,  and  are  low  enough  to  warrant  investment  purchases,  both  for  December  and  May  delivery. 

Corn  crop  yearly  by  States  for  ten  years,  with  the  1894  acreage  and  July  percentage  of  changes 
in  acreage  and  crop  condition  percentage  for  August  and  September,  1895  : 


ao}!' 

Condition 

AcreaRe 
of  1894. 

S  t;  §       Leadinq 
>.2ti.  Corn  States. 

percentage 
]89rj. 

1894. 

1803. 

1892. 

1891. 

1890. 

1889. 

1888. 

1887. 

1886. 

;=^s 

Aug. 

Sep. 

491,278 

103 

New  York ... 

98 

100 

18.854,040 

15,256,483 

17,414,000 

22,080,000 

17,101,000 

20,475,000 

22.870,000 

23,410,000 

22,426,000 

1,685,&47 

100 

Virginia  

102 

89 

82.195,858 

81,324,046 

26,067,000 

39,486,000 

86,922,000 

84,231,000 

34,745,000 

87,68f»,000 

82,793,000 

681.728 

101 

W.  ViPKinia.. 

100 

92 

12,611.968 

14,089,051 

14,322,000 

18,888.000 

1.3,435,000 

15,199,000 

16,149,000 

12,516,000 

15,194,000 

8,003.738 

108 

Georgia 

108 

105 

85,143,735 

&3,678,27? 

82,992,000 

87,829,<KX) 

31, .306,000 

83,730,000 

28,009.000 

82,067,000 

81,197,000 

8,649,404 

112 

Texas 

113 

107 

69,338,676 

61,170,905 

73,642.000 

70,6:15,000 

6.3.802,000 

83,698  000 

92,4:10,000 

76,490,000 

69,213,000 

3,107,797 

107 

Tennessee . . . 

110 

105 

68,060.316 

6:1,649,601 

61,274,000 

82.552,000 

67,092.000 

80,831,000 

75,065.000 

78.204,000 

73,314,000 

2,951,839 

102 

Kentucky.... 

113 

106 

67,892,297 

68,008,060 

68,805,000 

82,795,000 

03,645.000 

75.:i82.000 

81,545.000 

67,640,000 

88,7.58,000 

8.736,644 

101 

Ohio 

89 

Si 

71.97:l,7-i7 

64,487,266 

&3,868,000 

94,0'J2,000 

ft5,870,000 

88.9.V1.000 

93,01 P  000 

73,797,000 

96  204.000 

8,352.5:59 

104 

Indiana 

100 

86 

9«,888,:n7 

85,363,782 

103,334,000 

12:1.622,000 

89,025,000 

I0O,656,00<J 

125.47  B(X)0 

71,400,000 

118,795,000 

5,8?2,274 

105 

Illinois 

106 

97 

169,121,491 

160,550,470 

165.32*  ,000 

2:14,880,000 

187,446,000 

2.-9. 125,000 

278,9:12,000 

141,060,000 

20",818,000 

'6,422.9*1 

106 

Iowa. 

107 

96 

M, 844,010 

251,832,150 

200,221,000 

850,878,000 

2:12,439,000 

849,966,000 

278,2.32,000 

ia3,502,000 

196.847,000 

6.273,257 

107 

Missouri 

115 

111 

116,011,654 

158,197,715 

152,489.000 

203,210,000 

175,:145,000 

218,841.000 

202,.->8:i,000 

140,949,000 

142.709,000 

8,731,940 

117 

Kansas 

90 

86 

41,797,728 

139,456,702 

145,825,000 

141,893,000 

55.260,000 

240,,5O8,000 

1.58,186.000 

76,547,000 

128,712,000 

2,:«)9,254 

107 

Nebraska.... 

76 

56 

13,855,534 

157,278,895 

157,145,000 

167.052,000 

55,310.000 

149,54.1.000 

144,217.000 

9.3,150,000 

106,12.}.000 

1,273,418 

102 

Pennsylvania 

90 

82 

40,74n,:ir6 

31,198,741 

89,632,000 

46,527,000 

38.043.000 

41,22,').  000 

45.414,000 

44,905,000 

40,545,000 

623.067 

09 

Maryland 

108 

84 

14,268.2:14 

15,078,221 

12,905,000 

18.881,000 

16,3.!:i,UOO 

1.5,105.000 

17„553,000 

19,415,000 

15,039,000 

8,459,66;^ 

102 

N.  Carolina.. 

98 

lUO 

82.959.4S4 

29,954,313 

25,-347,000 

37,6';  6,000 

86,264.000 

33,050,000 

28.:143.0C0 

85,830,000 

87,215,000 

8,5:i7.a49 

110 

Alabama 

99 

102 

34,7(iO,:Jll 

28':328,514 

30,006,000 

32,245,000 

25,-390,000 

3:1.944,000 

31,616.000 

83,522,000 

88,893,000 

2.069,024 

100 

Mississippi... 

93 

94 

35,931.213 

25.817,179 

27,272.000 

29.665,(100 

24,39<i,fl00 

29.474,000 

28.422.000 

82,6:1.3,000 

2,5,.507.000 

1,10:1,715 

113 

Louisiana 

99 

104 

17,880,183 

15,216,266 

15,895,000 

18,725,000 

16,979,000 

18.949.000 

15.263,000 

18,022,000 

14,040.000 

2,201,970 

117 

Arkansas .... 

103 

99 

88.4.57,824 

32,110,814 

34.344,000 

42,455,000 

83,443,000 

42.008,000 

41. .543,000 

40,267,000 

42,140.000 

9:J7.821 

106 

Michigan .... 

75 

85 

21,7.57,447 

21,790,538 

23,218,000 

31,13:1,000 

86,580,000 

22.737.000 

29,025,000 

18,9:10.000 

27,6:15,000 

787.066 

(05 

Wisconsin . . . 

87 

89 

16,29-'.266 

28,956.243 

27,347,000 

29,718,000 

83,061,000 

28.415,000 

82,738,000 

25,775,000 

88,48:1,000 

1,028,980 

112 

Minnesota.... 

95 

97 

18.9:«,232 

25,103,572 

24,198,000 

21,586,000 

21,286,000 

21.26:1,000 

20.622,000 

18,081,000 

19,905,000 

354,!^4 

106 

S.  Dakota.... 

78 

61 

1,490,345 

20.511,686 

17,706.000 

21,018,000 

12,0.30,000 

14.74.3;000 

18,816,000 

80,992,000 

15,8a5.000 

1,672,216 

107 

S.  Carolina . . 

92 

100 

18,728,819 

12,501,035 

16,713,000 

18,650,000 

16,078,000 

18,310,000 

13,715,000 

15,018,000 

13,318,000 

61,839  286 

.. 

26  States 

,  , 

,, 

1,182,278,145 

1,690,914,645 

l,598.CO7.000 

2,018,771,000 

1,454,496.000 

2,076,961.000 

1,95.5,190.000 

1,417,117,000 

1.651,244.000 

1,242,983 

•• 

21      "  scat'g 

•• 

•• 

80,492,907 

29,581,486 

30,457,000 

41.:183.000 

80.474,000 

85,931,000 

82,600,OOC 

39,044,000 

14,197,000 

82,582.269 

,, 

47  States,  tot. 

,, 

,, 

1,812,770,062 

1,619,496,131 

1,628,464,000 

2,060,154,000 

l,4f!9.970,000 

2,112.892,000 

1,987.190.000 

1,450,161,000 

1,665,441,000 

•• 

•• 

Ac.  U.  S.,  abt. 

•• 

•• 

72,036,466 

70,628.258 

76,201.515 

71.970,763 

78.319.651 

75.672,76:-, 

72,:l92,720l 

7b,QSH^06 

Oats. 

Mr.  Snow,  of  the  American  Agriculturalist,  now  estimates  the  crop  at  904,095,000  bushels,  or 
about  20  ^  in  excess  of  any  previous  crop  grown,  with  an  average  yield  of  about  30  bushels  per  acre. 
A  rye  yield  of  14  bushels,  equalling  33,707,000.  Barley  20  bushels,  yielding  9x,381,000  bushels.  This 
practically  may  make  oats  per  ton  sell  at  about  the  price  of  hay,  which  crop  is  the  largest  one  grown. 

Provisions. 

Receipts  of  hogs  at  six  principal  points  the  past  seven  weeks  were  510,830  less  than  last  year 
same  time.  Exports  of  meats  and  lard  show  quite  an  increase.  The  domestic  and  export  demand  is 
improving.  The  low  price  of  corn  may  make  plenty  of  hogs  next  spring,  but  cannot  materialize  for 
packers  this  autumn,  as  the  pig  crop  is  considered  short.  Chicago  stocks,  October  1st,  are  92,397 
barrels.  Lard,  29,080  tierces.  Short  Ribs,  22.211,(;85  lbs.  World's  visible  supply  lard  decreased  32'o00 
Uerces.    Summer  packing  from  March  1  to  Sept.  20  was  0,045,000  hogs,  against  7, -100,000  last  season. 

Yours  truly,  CLAPP  &  COMPANY. 

177 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatioDS  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  October  2  1895,  and  tor  October,  1894 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  EBKLT 

Salm. 


1.860 

138 

129.702 

707 

68.765 

•i3.910 

550 

8.310 

8.855 

lv!70 

65  870 

89.861 

87.160 

880 

28.515 

405 

e.551 

i530 

400 

1,672 

2  1G3 

2,795 

750 

823  279 

11.640 

'206 

68.' 

710 

765 

670 

4li0 

4.510 

2  080 

2<)0 

8.7i!9 

300 

15,125 

767 

854 

l.i:« 

1  144 

6,542 
6,530 
735 
1.510 
1.111 

11.815 

1.945 

177  2U5 

1.541 

25.000 
2,360 
8.036 
6,589 

81  550 
1.800 
1.04U 
8.761 
4.086 

4  561 

5  040 
1.021 

860 
7.425 
8.293 
16.558 

600 


CafitaX. 
Stock. 


$20,287,100 
10,198,600 
36  773,000 
86  773,000 
17,900,000 


Dividend  Ricobd. 


Names  or  Stocks. 


25,000,000 
15,000.000 
22,488.000 
60.805.400 
82.262,700 
24,885,800 
46,027,261 
25,923,900 
46.1.'>6,000 
18.559,360 
39,054,907 
22,335  170 
28  000.000 
1 1  690,000 
35,430.060 
26.200,000 
35  000,000 
38  000.000 
84  091900 
30,459,700 
«5,000,000 

8,000.000 
50.000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18.738,204 
13,000.000 
47,844.100 
47.436  575 
14,905,400 
14  904,000 
89,428,300 
77,427.000 
20,000,000 
58.119,982 
13  000.000 
39.767,200 
49.000.000 
89.209,546 
20.000,000 

8.500,000 
40.426,361 
36,000.000 


68.402.800 
125,000,000 
60.000,000 
19,8.')0,O0O 
38,710,900 
60,868,500 
52  91:1,500 
52,361.500 
20.166.000 
I8.808  .'lOO 

7,418,300 
28,000,000 
24,000,000 
94,820,000 
10.000,000 

4,500,000 


Pays  Spc  J-D 

Pays  3pc  0-J-A-J 

Pays  3^pc  J-J , 

Pays  3po  FM  AN 


Paid  2dc  1895 

Pays  IMpc  VA 

Pays  l^pc  F-M-A-N. 


Paid  Ipc  Dec.  1H94 

Pays  ipo  M-J-S-D 

Paid  Ipo  

Pays  7  PC  Per  Annum. 
Paid  Hpc  Oct.  1895.... 


Pays  l^pc  J-D 

Pays  2K.pc  J-D 

Paid3oc  m  1893 


Pays  2pc  M-J-S-D.... 
Pays7pc  per  annum. 
Pay*  7pc  i,er  annum. 

Paid  1  iipc  Ja'iV '  I'sos! 
Paid  2pc  August  1893. 
Pays  5pc  per  an  num. 

Pa'yilj^'pc'M-S.'.";;! 


Pays  IJ^po  F-M-A-N. 

Pays  3pc  FA   

Paid  Spc  August  1R93. 
Pays  l^po  J-A-J-0.. 
Paid  2pc  in  July  1895. 


Paid  .3po  1891 

Paid  Ipo  In  Oct.  1895. 
Pays  l?^po  M-J-S-D.. 
Pays  Ipo  J-A-J-0 


Paid  l>4po  Nov.  1893. 


Paid  Ipo  April  1892.. 
Paid  Ipo  in  1687.... 


Pays  2pc  F-M-A-N. 


Paid  Ipo  In  1887. 


Paid  S^po  in  1884. 


Paid  Ipc  May  1895.... 
Paid  2Mpo  March  15, 1895 


Pays  l>4po  J-A-J-0.. 
Paid  IDO  In  FebVisM! 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Ai  ch.Top.  &  S.  F.  all  ins.pd 

Baltimore  A  Onio  

Canada  Souttiem 

Central  of  New  Jersey.... 

Chesapeake  &  Oblo 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  StPanl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic..  St  Paul  M.  <t  Omaha 
Chicapo  &  Northwestern. 
Cliicaeo  &  Northw'n  Pfd. 
Cleve..  Cin.,  Chic.,&  St  L. 
Col  Hockng  Valley  <fc  Tol 
Consolidated  Gau  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 
General  Electric  Co... 
Great  Northern  Pfd.... 
Green  Bay  W  &  St  P  Tr  Reo 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Erie  &  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. . 
Louisville  &  Nashville.... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Paoifio 

National  Lead  Co    

National  Lead  Co  Pfd 
N.  Y.  Cent'l  &  Hudson  Rlv 
NTLEiW  J  p  M  CO  ct  1st  in  pd 
N  Y&N  £  tst  CO  ct ,  all  in  pd 
N.  Y  Ontario  &  Western 
N.  Y.  Susa.A  W'n  Pfd.. 

North  American  Co 

Northern  Pacifio 

Northern  Pacific  Pfd.... 

Pacific  Mail  S.  S.  Co 

Peoria,  Dec.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal,  Iron  <£  K  R  Co 

Texas  &  Pacifio 

Union  Pacific 

D  8  Leather  Co 

U  8  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Col  r  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co 
Wheeling  &  Lake  Erie. 
W  heeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. . . 


1,153.324 


COTTON,  in  ba  ei. 
I  World's  vi.sible.  I  Total  in  slghttl  Total  Export*. 
1895  2  284  690  441.303  81.278 

1894|  2  017.802         |  617,647        I  188.922 


2f  Y    f  October   .. 

J  November. 
ColUm  I  December. 

i  January. . . 


WHEAT,  In  bushels. 
I    n.  S.  Visible.     iPrlmary  rec'ts* 
1895        40.768.000  61.000  000 

189J|        71421,000         I      66  000  000 


Total  Exporti. 
27  911  206 
40.012.270 


Wheat.  jDl^/Z^ber. 
i  December. 


Corn... 


1  May.. 


CORN,  in  bushels. 

I     U  S  Visible.  IF'i-imnrv  rec"t«*|  Total  Exports. 
1895           6.451.000  i6  000,000  14  266  4^2 

1894|  4  305  000  |      22.000,000  2,455  495 


Chicago  I  December. 
Wheat.  (May 

co"'-iS'ay!°:'.'!!:; 


OATS,  in  bushels. 
I    U.  S.  Vi-ible. 
1895  2.725  000 

18941         8,234  000 


N.  Y.  Stocks, 

537  903 

8,030,000 


Chgo.  StockB. 

603  000 

1.819  000 


Oata 


j  December. 
•••  (May. 


Pork...  i?^P*  *  Oct 


I  January. 


1895 
1894 


LARD-tca. 

World's  vis, 
281.287 
159,056 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,|  LARD-tcs.  1   RlBS-lbs. 

92.397  89  689        22.211.000 

24,558     I  9,028     I   11,338,000 


Lard. 


)  Sept  &  Oct' 
I  January.  .  ! 
Ribs... -jSePtA  Oct 
'"  °  •  •  •  I  January.  .  1 


Thursday. 
Sept.  26. 


Friday.    Saturday, 
Sept.  27.     Sept.  2a 


i\%    21M    • 


i08« 
I00>i 
I02H 
22J6 

eiH 

55% 
1141^1 
20H 
80!^ 
69^6 
7.% 
129^ 
79^4 
43H 
105 

46« 
23% 


46V6 
23^ 


70H     70Vi 
108^  1079i 
M       101 
102)4  100% 

23^    22?-4 

551^    55' 
114^  114 

86%    K?i 

71        69H 

78^  TiVA 
129U  129 

7!4i     79 

43^  4^^^ 
105      105 

46Ji    46H 

113!^  143^ 
1«9W  169H 
133!^  1S3 

23H  2«s 
S99i    iM 

\i      H 

102      102 

28«    28?4 

25        25 

TTH  77^ 
150      160 

64        64 
lll«  11094 

88H    83 

88T<  88H   88W1    88M 

86  85«   85       84M 

92  92     I  92«     mi 

103%  103M  103      lO.% 

li'A   i2«j  13H   la 
icH  im\  «8^   is^ 

86        85K    3694    "" 
5%      6%      .. 
6V«      5^ 

i9j2  im  •"%  'S''* 

82^  8ii||3i>2  eoH 

21H.    soil    22%    ^H 
m^  nSiii  I?3}4  l<3>i 


lO7^l0f« 

lOltt  101% 
22%;  23 
MH    6494 
54M'       . 

113-%  114% 

69H    699i 
-'       7794 


77 
12J% 

78!^ 

43H 
104%  lU4% 


79^ 


170^  170 
133H  133M 

24^     2^ 
89H    88H 


lOlJi  lOI 
29   28^ 
26   26 


64H    «3% 
rnii   3794 


«4« 

13% 


40%    89^ 

43 

12M 

1094 

42 

8% 
16% 

28% 

92^4 

16 

50%    80% 


84% 

..  40V4 
*2H    43>6 

ay.'   .. 

-■  I  1494 
16^  164 
86H  86^ 
41%.  4m 

8  84 
1C%    16^ 

■'  9H 
83U 


242  607 

854  882 

8.64  887 

8.75  8.45 

8  81  8  53 


6694 
70^4 


92U 
15ji 


84V4 
13V6 
40 
*m 

14% 
16H, 
85 
4m 

8 
16J4 

9 

«3H 
8<!M 
16H 


229,878 

8.70  8.63 

8.76  8.67 

8.85  8.73 

8,92  8.82 


6494    67A 


68%l  70' 

....I  aoii 

85%    K/,\  S5>i 


6IM  69)^1  61?^ 

64%  62%    65^ 

2844  26\i\  28% 

29%  29     I  2994 


21%  20%  21M 
8.10  8.10  8.40 
9  55    9,17     9  80 


5.80  6.J0 

5.82  5.80 

5.15  5,15 

4.92  4.87 


6  92 
5.95 
5  87 
497 


65% 
69k 
36^ 
35>4 


64 
28!^ 

am 


20% 
8.40 
9.57 

5.92 
585 
5  37 
4  90 


107k 

106 
2294 
6494 

114% 

65% 
69 

im 

79 

10494 


4694    *5\i 
2J>4    21^4 


25       24% 


28M    mi 


64 
HI 


86)4 

9294 
103% 


64 

iiOH 

8794 

88% 

9294 
103% 


36       S8 


17394 

24^ 
18% 


81 

6^ 
21% 
178K 


13% 


42%    42% 


16M 
S5)4 
41 
8% 


23% 

15% 


I«% 
8494 
«1 

a 


Monday. 
Sept.  £0. 


23       22 


108% 

9994 
«-% 

55" 

113 
20 

86^ 

604 

x76!^ 

X 

79 

4314 
l(M9 


107% 
9b!4 

54i4 
113 
19% 
85H 
68 
7594 

78% 
43>4 
10394 


47       45% 


183%  183^^ 
53M    83 
^.5^    23H 


101  101 
29  29 
25        25 


Tuesday. 
Oct.    1. 


108%  107% 

101%    99 
2i%    22% 
64       64 

11494  11194 
20       20 
80%    85% 
70%    68% 
77%    76% 

78%xr8 

10494  104)4 

48       45% 

14394  <4S 

174  170 

134  133 

53  53 

2-iH  24 

88^  8894 


Wed., 
Oct    2. 


101 
28% 


lot 

28% 


150      150 
6394    '^■'H    ti3% 

110%  109%:  .... 

86       87%    87% 

38'      8694;  88% 
35        85 
92-'54     92941     ... 
X01%101%,102 
18        12%|  1294 

18%    18%'  i894 
88%     85%    30% 


1894 

31% 


22 

173% 
67% 
24% 
131^ 
89% 
42% 
12% 
14% 
16 
85 
42 
8% 
....     16 
9 
23%   2i% 
•,      92% 
15%    15% 
....    60 


1894 
81% 

21 

173% 
67% 
24 
12% 
89 
4194 
12% 
14% 
16 
85 
41% 

8 
1594 

9 
23 

91% 
15 
49 


85,284 


192,103 


8.S4  8.57  S.92  6.80 

8.70  8.57  8.96  8.84 

8.78  8.63  9  04  8  S9 

8.85  8,71  9  12  8  96 


68',4 
71% 
86!4 
35% 


18% 
22 


63% 

87 

87% 

162 
1294 

i8V4 
86% 


18% 
8194 
894 
21 


£4%    24% 


39% 
43 
12 
14% 

16% 
85% 

%^ 
16% 

23% 
92% 
15% 


89 
4I?6 

iii* 

14% 
16 
65 
41% 

8 
16% 

9% 
23% 
92 
15% 


169,196 

8.89  8  75 

h.92  8.77 

906  882 

9,14  6  89 

68%  66% 

71%  7l'% 

•35!J  8594 

35%  85 


6.85  6.87 

590  6  92 

6  37  5.57 

4  87  4.95 


62%  6294  60% 

66%:  66%  64M 

28)4,  28)4  2794 

i^h  29%  29% 

18%  18)4  18)4 

20%  20%  20% 

8.42  I  8.42  8  30 

8.55  I  9,62  9.50 

I 

6.87  I  6  85  6,82 

6.87  5.90  5,85 

5,57  5  55  5  35 

4.90  I  4  92  4.87 


23%    23 

111%  1C8% 
101%  101 
101       100 
23       22% 
64        04 
55%    55 
11494  114% 
20%    20 
87%    86% 
7194    70)4 
77%    76% 

79)4    78% 
44        41 
105%  10494 

4694     46! 
24%    24! 

145%  144 
X 

13394  J3394 
54  5;J94 
2494  2-''96 
3994    88 


28%    28% 

78  78 
150%  150% 
6.^94  63% 
112%  111% 
101%  101% 
88%  37% 
18)a  18 
88%    88% 

92%    82% 

12%    12% 


mi,    18% 


67%  67% 

2494  84% 

13%  13% 

40)4  89% 


42% 

12% 

14% 

16 

85 

4m 

7% 
16)i     16 

23^  2.1% 
92%  92)i 
1594     15 


45 

18% 
14% 
16 
85 
42 
8 


214  258 

8,77  8,70 

8  83  8.65 

8  90  8  74 

8.97  8.81 

68%  6«% 

7194  70 

M  8594 

85%  35% 

82)4  60% 

66)^  64)4 

28%  8794 

29%  29 

1S%  18% 

2094  20% 

-.23  8  25 

9,47  9.42 

6  82  6  80 

6,82  5  80 

5,42  6  30 

4,86  4,82 


Ranee  for 
Sept  1895 


25%    20% 
UU    6994 
11494  '0.3)4 
IOJ%    99 
101        93% 
2:^%    22% 
6H94    63 
67%    58 
116%  107 
22        19 
9194    83H 
'l^i    61- 
78%    721 
130      129 
S4%    7594 
4594    41 
106%  101% 
148      143 
4994    43 
85^    23)i 
145      141% 
170%  161% 
134%  129% 
65)4    6- 
25%    1694 
41        86)4 
125      125 

H        V4 
108      101 
30       26% 
87       23% 
81       77% 
I5094  148 
66%    61% 
1I4)|  107% 
IO8       100 
41        84 

'*^  II. 

42%  33% 

87%  32 
9294  90 
104%  101 
18%  li 
6394  86 

19)2    :7 

81V4 


28^  18% 

174  172% 

679«  67% 

26%  23% 

14)1  11% 

42)1  87 

46%  8«9i 

14%  11 

1694  UH 

18  15% 


Ib^     1.5 
61%    48 


8,»  7.78 

8.96  7.S3 

9.04  7  90 

912  796 

69%  63% 

72%  66% 

37  &■>% 

86%  84iJ 

64  56% 

68  61 

30%  27% 

31  2894 

19%  18% 

21%  20% 

8  92  7  82 

i  10.02  8  25 

6  95  5.72 

6,00  670 

5  90  5.00 

5  25  4  77 


749J 


Ranr?  foi 

>>Ct    1894. 

82%    26)4 

8894  8o3 
,92)2  89)4 
*101        96% 

7694  68" 
62)i  40^ 
112)i    »»% 

K&J4 
59% 
'.18^ 
61)4  58% 
36  32)i 
104%  9S% 
145  142% 
39%  30 
19  17 J4 
122  116% 
171%  165)4 
134  !1'j94 
34%  32 
10%  7% 
3S%  33% 
104       101 


76 
62?, 

ISOV. 


4% 
94 


3% 
90 


19%  i;94 

18%  16 

72  69% 

136%  180% 

5tt  52'M, 

116%  104% 

99%  98 

2iJ%  21 

2,^94  2-'% 

40)4  30% 

8s%  85 

100^1  97% 

1494  1^94 

3296  2it 

16%  15V4 

45%  41 
4%      S94 
4%      4 

l'J)4  10% 

201.4  1494 
4)4       3% 

80%  lU)i 

162%  137 

26%  1794 

1394  "*4 

4.'^  40 

18%  14 
10%      9% 

12%  11 
10)4      9% 

60%  59 

4194  38 


6'.i  ri 

1494  13% 

8a%  »-M 

13  11 

45%  38% 


6.02  5  41 

6.12  5  44 

6.20  5  49 

6.25  5.54 

58%  55 

03  ^  59% 

57  529<; 

55%  52% 

64%  51% 

60  56% 

52  4C% 

61%  4894 

80%  2«% 

3194  sm 

13  30  11  8i 

13.37  11  57 

832  6.85 

7.75  6.6.1 

7.86  6.30 

6  87  6.85 


1895 
1894 


OLD  PORK,  Chgo.-bbU. 
....     bbls. 


WHEAT  on  passage. 
24.240.000  bush. 
26  335,000     '• 


CORN  on  passage. 
6.400.00f'  iMisb 
8,836.000    •• 


Russian  Shlpmts.  for  wK. 
2.000.000  bush. 
1  (50.000    " 


Indian  Shlpmts.  for  wk.  1  Arjteatlne  Shpts.  for  wk. 
13i>.000  busii.  8.000     bush. 

40,roo  "  1 


f  Sinc»  Aug.  81.  ♦  Since  June  30.         Compiled  and  Copj>righted  bj>  CLAPP  &  COMPANY.  BANKERS.  MILLS  BUILDING.  NEW  YOEK 


WIlCClUV>    (lI^^^hCt    letter  Copynyht,  tsoe,  by  CUpp  *  Compmnw. 


No.  450. 


O.  W.  CuAPr. 

OWIQHT  O.  CLAPP. 


I 


CLAPP    &    COMPANY, 

aSanheis  anb  Brokers.  i 

MILLS    BUILDING,    N.   Y.  > 

m 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 

OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE.  IN  THE  HEART  OF  THE  BANKING  CENTRE.  Q 

o 

Branch     (   277    BROADWAY,  Corner  Chambers  St.                                                                                                                      PRIVATE  TELEGRAPH  WIRES.  ^ 

OfFiCE*-     1    621    BROADWAY  (Cable  Buildino,  Corner  Houbton).                                                                                                      LONQ  DISTANCE  TELEPHONE.  . 

(  753  FIFTH  AVENUE,  Corner  58th  St.                                                                                                                    Cable  ADDRESS:  "  OZRO."  "i 

> 

New  York,  Thursday  Morning,  October  10,  1895.  ^ 

We  respectfully  solicit  Commission  orders  for  the   Purchase  or  Sale  of  Stocks,  Bonds,  C/) 

Cotton,  Grain  and  Provisions.  j-j 

Our  private  wire  facilities   are  unsurpassed  to   all    New    York,    Chicago   and    Western  ^ 

Exchanges.      Close  relations   to   important   interests   enable   us   to   give   early    and  valuable  "-" 

information.  [^ 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 

delivery.  ^ 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office  \j^ 
Orders,  or  by  deposit  with  local  out-of-town  banks.     The  local  bank  should  always  wire  us  at 
once,  at  our  expense,   stating   amount   that  has   been  placed   to   our  credit,    and  for   whose 

account,  thus  allowing  customers'  orders  to  be  filled  promptly.  m 

A  General  Banking  Business  conducted.    3%  Interest  allowed  on  Average  Daily  Balances.  ^ 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers 


o 


o 


Financial  Outlook.  ^ 

The  dear  old  unequal,  inconsequent,  patriotic  public  is  again  asserting  its  clear  vision  of  Ameri-  jt) 

can  destiny.     In  Municipal  and  State  conventions  the  men  who  convert  conviction  into  action  are  |> 

shaping  the  machinery  of  Government  to  fit  the  hours  need.    A  tidal  wave  of  snowy  ballots  may  pi 

confirm  the  sound  financial  policies  so  long  hidden  b^  unfortunate  administration.  j^ 

Straws. — The  President  of  Argentine  Republic  is  urging  the  funding  of  the  public  debt  into  4  ^ 

per  cent,  gold  bonds.     United  Kingdom  revenue  returns  show  gain  of  about  $18,295,000  in  last  three  ^ 

months,  indicating  business  improvement.     The  customs  receipts  of  the  port  of  New  York  for  three  ^ 

months,  ending  October  1st,  were  $30,896,817  against  $24,736,266  year  ago  same  time.     There  is  out-  ___ 

standing  $1,092,962,663  paper  money,  $44,466,000  is  in  $1  bills.  $25,500,000  in  $2  bills,  $251,662,000  in  [J 

$5  bills,  $287,598,000  in  $10  bills,  $223,697,000  in  $20  bills,  $37,005,000  in  $50  bills,  $76,882,000  in  $100  ^ 

bills,  $13,265,000  in  $500  bills,  $104,125,500  in  $1,000  bills,  $7,070,000  in  $5,000  bills,  and  $17,666,000  in  O 

$10,000  bills.   The  total  of  all  our  money  in  circulation  is  $1,585,593,509.   The  Street  Railway  Journal  X 

estimates  that  cable  power  in  a  great  city  road  is  .012  per  cent,  cheaper  than  electricity  and  .020  per  ;> 

cent,  cheaper  than  horse  power.    Director  of  the  United  States  Mint  now  estimates  the  gold  product  ^ 

of  the  world  at  $200,000,000,  and  United  States  at  $46,000,w00.     A  foreign  authority  estimates  ore  in  — . 

sight  in  African  mines  equals  $1,500,000,000.     One  line  of  the  New  Haven  road  will  use  electricity,  pii 

It  is  estimated  United  States  furnaces  can  turn  out  about  11,500,000  tons  iron  ore  per  annum,  break-  yj^ 

ing  all  records.  It  is  now  the  great  query  among  iron  men  to  know  how  much  foreign  iron  ore  has  )P 
been  contracted  for.    A  poll  of  the  next  Congress  is  reported,  showing  211  against  free  coinage  of 

Clapp  &  Company's  annual  Souvenir  book  for  1894  wiU  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 

KEEP  OUK  LETTEKS.      PORTFOLIO  FOB  FLLIJiG  FORWARDED  APPLICANTS  FREE. 

179       ■ 


a    .     «JLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  lETTER. 

■  ■  ■  1.1  ■       —  •-■       .  ■  ■  » J-       I  .1  I    ■■;■■  ■  -— 

silver,  88  for  it,  and  52  doubtful.  From  1873  to  1893  every  capitalized  property  was  being  watered. 
The  scaling  that  has  been  done  on  the  World's  securities  since  1873,  is  likely  in  the  end  to  produce  a 
healthier,  better,  broader,  and  more  steady  and  safer  market.  A  similar  movement  in  London 
mining  shares  would  be  a  great  thing.  Our  customers  in  40  states  generally  report  optimistic 
views  on  general  business.  Our  weekly  letter  exchange  list  of  newspapers  in  every  state  in  the 
Union  furnishes  us  with  many  hopeful  editorials  indicating  a  bright  future. 

Stocks  and  Bonds. 

Bonds. — New  Tork  Stock  Exchange  bond  sales  in  September  equalled  $45,751,700 ;  Philadelphia, 
$1,420,641 ;  Boston,  $7,852,195;  Baltimore,  $997,000.  Railroad  bonds  of  par  value  of  $388,429,180  were 
sold  past  nine  months  at  an  average  of  $69.06,  against  sales  of  $252,387,250  same  time  in  1894  at 
average  of  $72.30.    The  demand  is  fairly  active  for  choice  securities. 

Railway  Stocks. — The  New  York  Stock  Exchange  reports  sales  past  nine  months  of  49,338,633 
shares  at  average  price  of  $59.20  per  share,  against  36,580,154  sold  at  $63  per  share  corresponding 
time  in  1894.  The  Great  Northern  is  expected  to  show  increased  earnings  the  coming  winter.  The 
increase  in  the  grain  tonnage  on  the  Northern  Pacific,  Northwestern,  St.  Paul,  Burlington,  Rock 
Island,  Atchison  and  Missouri  Pacific  is  expected  to  be  larger.  Louisville  &  Nashville,  Southern 
Railway,  Missouri  Kansas  &  Texas  and  Texas  Pacific  are  all  properties  now  fairly  well  managed. 
Public  confidence  is  slowly  reinstating  itself.  Manhattan,  Metropolitan  and  Long  Island  show 
favorable  business.  Tennessee  Coal  &  iron,  Colorado  Fuel,  Reading  and  all  roads  affected  by  coal 
or  iron  or  both  are  getting  in  a  way  to  show  much  better  results.  Trunk  line  tonnage  is  steadily  in- 
creasing both  ways.     Stocks  available  for  covering  short  sales  are  decreasing. 

Industrials.— Large  stocks  of  raw  sugar  and  a  possible  short  crop  cause  speculative  combina- 
tions to  put  more  activity  into  sugar  stocks.  Chicago  Gas  people  appear  confident  of  consolidation 
and  much  higher  prices  ;  they  may  be  mistaken.  General  Electric  is  weak  and  strong  under  favor- 
able speculative  conditions.  Lead  and  Cotton  Oil  appear  good  investments  for  people  wanting  good 
securities  that  have  a  limited  market.  Cordage  people  talk  about  consolidation  ot  all  plants  m  the 
United  States.    Activity  in  the  industrials  is  quite  likely. 

Cotton. 

The  smallest  percentage  of  any  cotton  crop  marketed  in  September  was  in  1882,  when  only  5^ 
per  cent,  came  into  sight,  out  of  a  crop  of  6,992,234  bales.  The  largest,  on  a  small  crop,  was  in 
Sept.,  1887.  when  11.74  per  cent,  of  the  crop  of  7,017,707  bales  came  into  sight.  Ordinarily  more 
than  one-fifth  the  crop  appears  in  sight  in  October.  In  September  and  October  1893,  28.61  per  cent, 
came  into  sight,  out  of  7,549,817  bales  grown.  Last  September  and  October  about  28  per  cent,  came 
in  sight,  from  a  crop  that  counted  out  nearlv  10,000,000  bales.  November  movement  generally  equals 
close  to  a  quarter  of  the  cotton  marketed  each  season.  Based  on  average  receipts  present  crop  promises 
to  exceed  or  equal  8,000,000  bales.  Based  on  smallest  movement,  22.64  ^  marketed  in  Sept.  and  Oct. 
1882,  crop  will  be  about  7,000,000  bales.  Receipts  Sept.,  1882,  were  402,336,  last  September  they 
were  about  10  per  cent,  larger.  The  largest  September  movement  was  in  189u,  when  856,438  bales 
appeared  in  sight.  Then  the  crop  was  8,652,597  bales,  30.05  per  cent,  being  marketed  the  first  60 
days.  Based  on  Government  percentage,  it  is  possible  that  this  crop  will  grow  but  144  pounds  lint, 
and  is  the  lowest  in  14  years,  and  off  of  but  20,182,000  acres  instead  of  23.687,950  acres,  and  that  this 
crop  may  not  exceed  5,812,000  bales.  •  The  last  Government  report  for  September  was  70.8,  and  in- 
dicated a  lint  yield  of  159. 3  pounds  per  acre,  and  a  final  crop  of  6,430,000  bales.  The  Government 
report,  due  to-day,  is  expected  to  be  the  worst  ever  given  out,  and  to  only  show  condition  to  be  about 
60,  allowing  for  an  average  deterioration.  The  report  will  likely  show  about  65.  The  best  October 
1st  condition  ever  reported  was  88  in  1892,  and  the  lowest  66  in  1881.  The  average  deterioration  from 
September  1st  to  October  1st  in  the  pastUyears  has  been  5.1per  cent., rangingfrom9per  cent.  inl885, 
to  2.7  per  cent,  in  1893. 

Receipts  just  now  are  exceedingly  heavy  in  many  towns,  exceeding  those  of  a  year  ago.  A 
Georgia  correspondent  says  "  that  the  present  prices  cause  the  entire  satisfaction  of  the  grower  who 
is  getting  8}i  cents  for  his  cotton  instead  of  4>^  cents,  and  that  the  negroes  are  so  eager  to  get  their 
cotton  on  the  market  that  they  pick  all  day  and  half  the  night,  the  moon  being  in  the  harvest  season 
shines  nearly  all  night  now.  The  negroes  have  cotton  pickings  nights,  100  may  pick  until  three 
o'clock  and  then  haul  the  cotton  to  a  public  gin  and  put  it  on  the  market,  and  by  sun  up  the  wagons 
are  strung  out  everywhere  and  buyers  are  thick  and  buying  from  the  wagons  on  all  the  streets,  i 
The  talk  about  farmers  holding  cotton  is  all  folly,  they  are  tickled  to  death  to  get  it  sold  at  8>^  cents. 
Many  of  them  will  only  grow  20  bales  where  they  had  30  last  year,  and  have  already  marketed  15 
bales.  The  cotton  is  reported  all  open  in  some  places  and  much  of  it  prematurely,  not  having  had 
a  shower  in  the  past  33  days.  The  bolls  look  like  they  would  make  a  decent  crop  in  many  places, 
but  being  open  prematurely  the  lint  would  hardly  cover  the  seed,  and  this  may  cut  down  the  yield 
very  rapidly.  This  county  has  a  better  crop  than  any  adjacent  county.  We  estimate  our  county 
crop  at  ^  tnat  grown  in  1894  and  the  total  crop  at  6,700,000  bales."  Generally  our  reports  indicate 
the  color  and  staple  is  good  and  cotton  smoothly  ginned  and  quite  dry  and  light  in  weight.  Texas 
reports  are  very  varied,  rain  and  drought  being  complained  oi  frequently.  New  Orleans  continued 
sending  the  worst  reports  and  most  bullish  arguments.  Their  market  is  practically  the  highest  one 
on  earth,  freights  and  charges  considered.  Our  market  never  ranged  so  near  the  Liverpool  price. 
Cotton  buyers  all  through  the  cotton  belt  appear  to  be  paying  more  for  the  staple  than  is  warranted 
in  shipping  to  any  market.  Easter  i  and  foreign  spinners'  stock  at  country  towns  and  larger  points 
of  accumulation  seem  to  be  increasing,  speculation  between  folks  near  the  grower  seems  to  have 

.180 


CLAPP  &  COMPANY.  CANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER. 


caused  tlie  advance  from  5.37  in  February  last  for  March  cotton  to  9.25,  for  cotton  to  bo  delivered 
next  March,  and  an  advance  about  equal  to  the  price  paid  last  March  for  spot  cotton  at  interior 
towns  in  Texas.  Port  receipts  to  October  7  were  Gil, ;J80  bales  against  747,405  last  year.  Exports 
same  time  1S7,39G  bales  against  343,380  bales.  The  average  weight  of  the  bales  is  about  10  j^  less 
than  last  year.  In  some  instances  the  bales  weigh  about  GO  pounds  less.  Tliis  crop  now  promises 
more  money  for  growers  than  they  got  out  of  last  year's  picking.  Just  now  these  bull  elements 
seem  to  be  meeting  some  resistance  from  the  spinners  in  Europe  and  the  United  States,  and  north- 
ern speculators,  who  are  watching  to  sell  cotton  for  distant  delivery,  believing  it  is  possible  senti- 
ment has  overdone  actual  conditions,  and  the  market  is  as  liable  to  decline  a  cent  a  pound  as  to 
advance  one,  even  if  the  final  outcome  should  be  a  very  small  crop.  Personally  we  think  the  invis- 
ible and  visible  crop  will  be  equal  10,000,000  bales  and  be  enough  to  meet  spinners' requirements, 
which  have  never  yet  exceeded  about  8,500,000  bales  of  American  cotton.  The  1895-6  crop  will 
likely  prove  a  very  profitable  season  to  judicious  operators. 

Wheat. 

Russian  shipments  to  date  are  about  120,000,000  bushels  wheat  and  16,009,000  bushels  corn. 
Argentine's  shipments  have  been  about  37,000,000  bushels  wheat  and  about  21,000,000  bushels  corn. 
The  past  week  Russia  exported  barely  1,340  bushels  more  than  the  United  States,  and  led  all  coun- 
tries in  her  shipments.  London  Evening  Corn  Trade  List  says:  "  The  supplies  immediately  in  pros- 
pect in  the  United  Kingdom  are  very  much  smaller  than  at  this  time  last  year.  That  requirements 
of  the  various  countries  exceed  surplus  available  from  present  year's  production  in  exporting  coun- 
tries; the  difference  must  be  made  from  reserve  stocks."  laverpool  Corn  Trade  News  estimates  the 
United  Kingdom  will  require  200,000,000  bushels  ;  France.  32,000,000  bushels  ;  Northern  Europe, 
91,000,000  bushels  ;  Southern  Europe.  45,000,000  bushels;  China,  Brazil,  etc.,  about  28,000,000  bush- 
els ;  equaling  a  supply  of  about  39G, 000,000  bushels,  or  50,000,000  bushels  less  than  exporting  coun- 
tries sent  abroad  this  season.  We  conclude  Europe  is  looking  to  South  America  to  make  up  this 
deficiency.  England  the  past  few  years  has  bought  a  large  amount  of  wheat  from  south  of  the 
equator.  Official  reports  show  the  world's  acreage  north  of  the  equator  the  past  three  years  has  de- 
creased materially,  in  Great  Britain  the  decrease  being  40  %,  in  France  21>^  %,  in  Germany  yi  %,  in 
Australia  4  ^,  in  the  United  States  3  ^.  Russia  compared  with  1890  is  unchanged,  compared  with 
last  year  shows  7  ^  less  acreage.  The  eyes  of  the  speculative  world  appear  to  be  watching  the 
large  movement  in  the  Northwest,  which  now  exceeds  all  records.  The  quality  is  good.  Minneap- 
olis millers  are  grinding  more  wheat  per  week  on  an  average  than  ever  before. 

Primary  receipts  to  date  are  about  60.000,000  bushels,  against  73,000,000  bushels  a  year  ago.  Not 
in  thirty  years  has  cash  wheat  in  central  wheat  states  commanded  from  5c.  to  7c.  premium  over 
Chicago  prices  at  this  season,  A  year  ago,  Chicago  was  above  other  markets.  This  market  is  now 
about  6>^c.  over  Chicago.  Lake  freights  have  advanced  about  50  per  cent,  in  the  past  thirty  days, 
and  all  available  freight  room  is  being  used.  Foreign  buying  has  been  more  notable  the  last  month 
than  for  a  year.  There  appears  to  be  a  general  disposition  to  buy  wheat,  as  an  investment,  around 
60  cents  for  December  delivery  in  Chicago.  We  still  believe  a  lew  strong  parties  arc  working  the 
markets,  buying  under  60  cents  and  selling  some  at  above  60  cents,  hoping  ere  long  to  see  much 
higher  prices,  based  on  a  good  demand  and  a  large  falling  off  in  northwestern  receipts.  Reported 
liberal  quantities  of  American  wheat  have  been  sold  in  Liverpool  for  October  delivery,  and  that  its 
scarcity  there  practically  makes  a  corner  possible.  We  are  advised  Minneapolis  has  landed  100.000 
bushels  of  wheat  to  go  by  rail  to  Gladstone  and  then  by  boat  to  this  city  and  Europe,  and  that  it  is 
but  part  of  a  2,000,000  bushel  lot.    We  continue  very  friendly  to  wheat. 

Corn. 

For  the  year  ending  June  30,  1890,  the  export  price  of  corn  was  but  41.8  cents  per  bushel,  the 
lowest  average  on  record,  and  coming  from  the  largest  crop  grown  heretofore,  viz. :  2,112,000,000 
bushels.  From  it  102,000,000  bushels  or  the  largest  exports  were  made.  Now  it  is  conceded  that  on 
basis  of  this  crop  prices  for  long  futures  in  Chicago  and  in  this  market  are  lower  than  ever.  Specu- 
lation is  small.  New  corn  of  contract  grade  has  arrived  in  small  quantities  in  St.  Louis.  We  look 
for  export  demand  to  be  enormous,  and  Chicago  and  the  New  England  demand  to  care  for  supplies, 
and  contracts  to  be  large,  and  see  no  reason  to  expect  May  corn  to  decline  here  or  in  Chicago.  Should 
the  thousands  of  men  who  are  short  of  corn  attempt  to  cover,  higher  prices  may  prevail. 

Oats. 

Based  on  the  largest  crop  of  oats  ever  grown  the  price  is  now  only  about  $10.50  per  ton  In  Chi- 
cago. Hay  commands  more  money.  Oats  for  May,  J8C''',  delivery  around  21  cents  in  Chicago  do 
not  seem  tiigh,  especially  when  one  realizes  there  is  no  expense  to  carry  them  the  coming  seven 
months. 

Provisions. 

Foreigners  are  more  liberal  buyers  of  lard  and  some  kinds  of  meats.  Chicago  stock  of  provis- 
ions is  about  2^2  times  as  much  as  year  ago.  Packers  contiime  beari?b  and  appear  sellers  on  all 
rallies  in  the  market.  The  outside  trade  is  light  and  seem  discouraged  Ly  a  large  com  crop.  The 
aggregate  receipts  of  live  stock  in  Chicago  last  week  was  313,000.  Packing  to  October  3  was 
6,855,000  against  7,685,000  hogs  last  year. 

Yours  truly,  CLAPP  &i  COMPANY. 

1*1 


CLAPP  &  COMPANY,  BANKERS  AND  BBOEEKS,  NEW  TOEE,  WEEKLT  MARKET  LETTER. 


Qnotations  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  October  9,  1895,  and  lor  Octotier,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  A  W.;  P.  &  R.  and  Am.  Tobacco  Co.. 
FROM    NEW    TORK    STOCK    EXCHANGE    OFFICLiL    RECORDS    OK    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  KKKLT 

Salbs. 


1.240 

937 

144.248 

942 

85.444 

67,773 

6S 

2.423 

2  106 

2.49i 

81,795 

35.035 

IC4  845 

2.701 

38.971 

2.100 

U.638 

z.m 

750 
S458 
1.80(1 
2.990 
ItiOO 
72,900 
13.8:.2 

2*.  105 
500 

1,350 

730 

485 

506 

12,775 

4.645 
550 

8.029 

100 

22.107 

1034 
998 
9c:6 

2.6iJ8 

41492 
4t>35 
SCO 
GtiO 
8.695 
8.815 

i.o;* 

93.3b5 

709 

100.000 

2.390 

4.420 

8.606 

71340 

4.475 

2,090 

5t:M) 

4.430 

3.307 

19  230 

2.680 

790 

10,300 

2.9i2 

23  620 

330 


Capitai, 
Stock. 


J20,287,100 
10,198,600 
36,773,000 
86,773.000 
17,900,000 


85,000,000 
15,000,000 
22,488.000 
eO.805,400 
82,262,700 
24,8S5,800 
46,027,261 
25,92;J,900 
46,156,000 
18,559,360 
89,054,907 
22,335  170 
28  000.000 
11,696,000 
35,4.30,060 
26.200.000 
35,000.000 
38.000.000 
84.091900 
30,459,700 
e5,000,0(j0 

8,000,000 
60,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800.000 
30,000.000 
18.738,204 
13,000.000 
47,844.100 
47.436,575 
14.905,400 
14,904,000 
89,428.300 
77,427,000 
20,000,000 
58,119,982 
13.000,000 
39,767,200 
49.000.000 
89,289,546 
20  000.000 

8  500,000 
40.426,361 
36.000,000 


68.402,900 
125,000,000 
60.000,000 
19,850,000 
38,710,900 
60,868,500 
62  961,600 
52,361,500 
20.166.000 
18.858  500 

7,418,300 
28,000,000 
24.000,000 
94,830,000 
10,000,000 

4.500,000 


DiyrDEND  Record. 


Pays  SpcJ-D 

Pays  3po  O-J-A-J.. 

Pays  SHPC  J-J 

Pays  8po  F  M-A-N. 


Paid  2dc  1895 

Pays  iMpc  F-A 

Pays  1>4pc  F-M-A-N... 

Paid  1  pc  Dec.  1894! ! '. '. '. 

Pays  Ipc  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  Annum. 
Paid  Hpc  Oct.  1S95.... 

Pays  ii^pc  j-i)!.'.']!!!!! 

Pays2><;pc  J-D 

Paid3po  in  1893 


Pays  2pc  M-J-S-D.... 
Pays7pc  per  annum. 
Pays  7po  per  annum. 

Paid  IK'PO  Jan!  1893! 
Paid  2pc  August  1893. 
Pays  5pc  per  annum. 


Pays  2J^po  MS. 


Pays  154PC  F-M-A-N. 

Pay.s  3pc  PA   

Paid  2pc  Augrust  1893. 
Pays  l^pc  J-A-,J-0.. 
Paid  2pc  in  July  1895. 


Paid  8pc  1891 

Paid  Ipc  In  Oct.  1895. 
Pays  iJipo  M-J-.s-D.. 
Pays  ipo  J-A-J-0.... 


Paid  l^pc  Nov.  1893. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2po  F-M-A-N. 


Paid  Ipc  In   1887... 
Paid  8^po  in  'is&i! 


Pays2po  Nov.  1895... 
Paid  2^po  March  15, 1895 


Naves  or  Stocks. 


Pays  l^po  J-A-J-O.. 
Paid  Ipo  in  FebVlBM! 


American  Cotton  Oil 

American  Cotton  Oil  Pfd, 
Am.  Su^ar  Refining  Co. , 
Am.  Sugar  Refining  Co  Pf 

American  Tobacco  Co 

Aicli.Top.  &  S.  F.  allin8,pd 

Baltimore  &  OQlo 

Canada  Southern 

Central  of  New  Jersey.. 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Qnincy 

Chicago  Gas  Cos 

Chicago,  Uil.  &  StPanl. 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Paciflo... 
Chic..  St  I'Bul  M.  &  Omaha 
(htcat'o  &  Northwestern. 
Cliicago  A  Norttiw  n  Pfd. 
Cleve.,  CiD.,  Chic,  &  St  L 
Col  Hock  ng  Valley  <t  Tol 
Consolidated  Gas  of  N.  Y 
Delaware.  Lack 'a  &  VV'n. 
Del..  &  Hndson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  m  pd 
General  Electrjc  to... 
Great  Northern  Pfd.... 
Green  Bay  W  &  StPTrEec 

Illinois  Central , 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  &  Western.  . 
Lake  Erie  <fc  Western  Pfd 
Lake  Shore  &  Mico.  So'n 
Louisville  &  Nashville.. 
.Manhattan  R'yCousol.. 

.Michigan  Central ... 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mi.><souri  I'acifio 

National  Lead  to    ... 
National  Lead  Co  Pfd. 
N.  Y.  Cent'l  dj  Hudson  Riv 

NTLE4  W*  P  M  CO  Ct  ISt  IB  pd 

NY'Jt.N'  E  tst  CO  ut.  all  lu  pd 
N.  Y'  Ontario  &  Western.. 
X.  Y.  Su8a.&  W'n  lid. 
North  American  Co.... 

Northern  i'acilic 

Northern  Pacific  Pfd... 
Pacific  Mail  S.  S.  Co... 
Peoria.  Dec.  &  Evansville 
Philadelphia  &  Heading.. 
Pullman's  Palace  Car  C'o. 
Silver  Bullion  Certiucates 
Southern  Pacific  Co... 

Southern  Railway 

Southern  Hallway  pfd 
Tenn.  Coal.  Iron  Jt  H  K  Co 

Texas  A  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  8  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co 
Wheeling  &  Lake  Erie. 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1.811.059 


C01T0N.  in  ba'es. 
I  World's  visible. 
18951  2  445  496 

1894  2  211,538 


Total  in  sigbttl  Total  Exports. 
737.914  152.078 

937,851        I  323,558 


y  y    f  October   , 
•  J  November. 
CoUon  I  December. 
I  January. . , 


WHEAT,  in  bushek. 
I    U   S   Visible.    iPrimary  rec't«*|  Total  Exports. 
18951        41  832,000  CO.000.000  30  555  016 

189l|        73  624.000         I       71000  000        |      43.450  318 


I  December. 


i  December. 
'May 


Com. 


CORN,  in  busheli. 
I     U  S,  Visible. 
1895  5.^14000 

18941  3,905  000 


IPrimarv  rec'ts* 
Ud  000.000 
2;j.000,000 


Total  Exports, 
15  670  176 
e,640  21» 


Chicago  i  December. 
Wheat.  IMay 


OATS,  in  bushels. 
I    U.  S,  Vi>ible. 
1895  8,436  OOO 

18941         8,650  000 


N.  T.  Stocks, 
787  828 
8,092,602 


Cbgo.  Stocks. 

629  000 

1,464  000 


Oats...]S«e='|'e';- 

October.  . , 
January... 


Pork. 


I  LARD-tcs. 

World's  vis. 
1895         249.794 
1894|         115,451 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,|  LARD-tcs.  i   RIBS-lbs. 

92,397  29  669        22.211.000 

24.558    I  9,028     I   11,338,000 


Lard 
Ribs. 


I  October. 

I  January. 

October. 

\  January. 


Thnrsdav. 
t    Oct.    8. 


iii«  mii 

hi2      102 

100  y8?i 

227^  22% 
6414  64H 
55^    55 

20  UT* 
87«  87H 
724^     7m 

r7?i  rryi 

127^4  12GU 
79>4  7!?^ 
44        44 

105^  105H 

46H    46^ 

1459^  145H 
jl72  Hi 
1339^  133Vi 
5.%  5.-5fi 
24^4  23^ 
am    89H 

»   29' 

25H  25 

15l'   150^ 
64«  64 
I12>i  112H 

101  101 
88M  S3 
13}4  13« 
89   88^4 
86^  85M 


12%  \m 


Friday. 
Oct    4. 


239(5 
71^ 

102 
99M 

63K 
54?i 

I27H 
78« 
43?i 

106M 


23 

riM 

108*i 
10154 
99  Vi 
2194 
MH 
649ii 

\m 

86 

70 

76« 
127 

77% 

43H 
104H 


Saturday. 
>  ct.    6. 


10994  10S94 


e9M 
21% 

62H 

1^3^ 

i^ 
71V4 
76H 
127 

4394 

luS 


B7V. 
21 K 
62M, 
54V4 
113 
19% 

8e« 
row 

76 
127 
VM 

104% 


108      10-2 
12%    1« 


37}i 


1K%  1^ 

3794  87 H 

594  6% 

6  5 

\m 

a2H  8194'  ii% 

594  5H 

2194  21%  2m 

173>4  173     il73W 

6:k4 

8<%  24%'  24% 

13!.4  13^    12t* 

40M  8994    89J4 

ib%  44H    45^ 

ViVi  li)i\  12 

14H  UW  "« 

16%  16^    16 

86  85H   <«94 

41%  4m    41H 

m  8V6'  9 

16%  lOH    17 

9  9    19 

34  23%'  2^ 

92%  9294    9^% 

1594  li%    16% 


18 
86>4 


231255 


890 
8.(.5 
905 
9  12 

68 
71K 
3594 
35^4 

62 
6594 

2Hk4 
2S»% 

im 

2094 
8.27 
950 

5.80 
5.(<2 
5.35 
4.85 


880 
882 
8.91 
898 

66,», 
T0% 
8594 
85% 


255.079 

8.87  8.82 

8.90  8.84 

8.99  8.91 

8,08  8.98 

67%  65>,t 

70%  69ii 

85%  85iJ 

85.'.  85,'. 


60%    81%  69% 

64%'  65%  64 

27%'  2SV4  28 

29M|  29%  29% 


18%  18% 

2094  20% 

8.40  8.30 

965  9.42 


8.27 
9,40 

6.->0 
5.80 
5.20 
4.82 


6  83 
5.82 
5  25 
487 


sec 

580 
520 
482 


45%    4S 
23^    23% 
I45      144^ 

,     •  -  ^^'f* 
133      132% 

62%    52% 

«%    23% 

88%    88% 

"h    % 


45%    45 

23k  28% 
145H  144% 
16rf%  169H  16794  167 

1.33    ia3    ■""      ■" 

53H    53k 
2394     23 
8996    88% 


%  % 

29'  isy* 

78%  78% 

63%  62% 

112%  I109i 

37%  3? 

8^  87% 


,62% 
111 

87% 

87% 

10894 


18% 
86H 
6% 

18% 
81% 

2IM 

67% 
24% 
1'^ 
39% 
44% 
11% 
14% 

as" 
9 

17 

*3% 
92% 
16 
4894 


62% 
111 

87% 

mi 

102 

18% 
86 
6% 

18% 
30% 


Monday. 
Oct.    7. 


71% 
109% 
10194 
97% 
21% 
62% 
54k 
113% 
19% 
86% 
71 

76k 
\i1 
78 
43% 
106 

45° 


71% 
108 
10194 

9594 

21 

62% 

54^ 
111% 

19-'H 

85 

6H94 

75% 
127 

76 

43 
101% 

44% 


144%  144% 

16^  169 

132  131V4 

53  62J<, 

•24%  2294 

8894  87% 


28%  28% 

m"  re 

63  62% 

111%  HI 

87%  86% 

37%  35% 

34%  34% 

92  91% 

12%  12 


19  1894  '^ 

83^4  35%  86 

5k    "•  '■ 

6 


Tuesday. 
Oct.    & 


109% 

21% 

&4% 
118% 
19k 
85% 
69k 
76 
127 
76% 
43H 
105 


Wed.. 
Oct.   9. 


4294    iV^ 
108%  109%  IC8% 

lom 

"     9?%    96% 
21%    80% 


95^ 
2094 


51% 

113 
19% 
81% 
66% 
75% 

127 
75% 
43 

104  9^ 


44%    HVi 


169      169 
132      isiv 
52%    52U 
^    225< 
88%    87 


28%    26% 
28%    2.3% 


62%    62 
111      110% 

86%    36% 


86% 
34  V4 
9194 


35% 
34  ki 

sm 


5V4 
4% 
18%  18% 
81        8094 


80%  2i% 

67% 

24k  24% 

12%  13 

■  89 

,-  44% 

y*  11% 

14>4  14% 

'    '  15% 

8494  8494 

..■■  40k 

e%    8% 

16%  I6k 

22%  2)k 

92^4  92% 

15k  15% 

4894  499I 


20% 
172 

24 
1294 
8*% 
43 

11% 
14% 
15^ 

4^ 
8% 

16 
9 

22% 

92% 

15 

49% 


104.IM1 


293,85? 


8.85  8.77  8.84  8.84 

8.88  8.80  8.88  8,81 

8,96  8,87  8  95  8.:19 

9.05  8,95  W02  8.96 

I 

^m  65! !  S.'i*,  65 

70A  6994  69%  6894 

8594  3.=.94  35^  85 

35%  85%  85  8494 


11%    1194 


18^ 
36 

6% 

6 

18k 
3i)94 


5% 
& 
19 

3094 


21%   2094 


6794 
24H 

1294 

38% 
4.»4 
11% 
14% 
15% 
8494 


9 

22% 

92% 
15k 
48 


6794 
24 
12% 
38k 
43% 
IIW 
14% 
15 

81% 
40)a 
8% 

8 

22% 
92 
11% 
48 


209,275 

8.84  8  82 

8.86  8.80 

8  95  8  87 

9.01  6  94 

e6»  e&K 

70%  69!  1 

85k  85 

85A  34% 


60%  69%  59%  6894    60%  69% 

64%  63%  63%  62%,  64%  63% 

28%  2794  27^  27V4.  27%  27k 

29%  29k  29%  28%   29  28% 


8.35 
955 

682 
585 
5.30 
4  87 


17%  1794  17%!  17% 

20%  20%  20%   20% 

8  35  8.40  8.4u  |  8.10 

9  52  9.62  9.50     9,65 


5.82 
5.82 
620 
485 


B.85 
585 
B.25 
4.90 


B.80 
5.80 
6.20 
4.85  I 


5eo 

5.85 
5  25 
490 


17% 
20% 

8  37 

9  52 

5.80 
5.82 
5  22 
4.85 


55%  5494 
J13  112k 
19k  16% 
86  85% 
68%  6594 
76%    75% 

77%  76^4 
43%  43^ 
105k  I''494 

4594    4194 

24%     24 
»70%  1 69% 

24%  23^ 
38       3'% 


28%  «^ 

23%  *3% 

.62%  ,«f 

lOl  lOl 

87%  36% 

87  ^' 

84  54 

91%  81% 

11%  1'^ 

1«9^  '^ 

594      ^ 

30%  80% 

21%  20% 

69%  68% 

2!^  f> 

3894  f^ 

41  43 

15%  i^ 

84^  ^* 

40%  40H 
8%      8>6 


25% 

92k 
15% 
49 


22k 
92 
1S% 
49 


216  652 

8.91  8.83 

8  92  8.85 

9  05  8  92 
8.14  9.00 

67."^  65}i 

70J6  69% 

35  \H% 

85%  341J 

60%  59% 

65  6.394 

27%  27% 

2il%  2894 

17%  I'm 

20%  20k 

-  32  8  3-' 

9,57  9.47  I 

5.77  B73 

5,83  5  77  . 

5,17  B05 

4.87  4,82. 


Range  for 

Oct.    1895. 

to  date.  I 


23%    22% 
71%    7m 
111%  107% 
102      101 

101%  9594 

23  2i'94 
64%  62U 
5594     54% 

11494  i:ik 
20%  19k 
8794  84% 
7-292  659| 
7794    75% 

127k  126% 
79%  75% 
44        43 

10594  !04% 

4694  44% 

2»:»4  23% 

14594  143 

174  16794 

134    ism 

64  52k 
25  229-< 
3994    87 

%  "y* 

102      101 
29        28 
25k    23% 
78%    78 

151  I50>« 
64%    62 

112k  "0% 

101%  101 
»S%     36% 
13>4     13 
39        85% 
35%    34 
92%    9m 

10294  102 
1294    11% 

19  '8 

8794  857^ 

594  Bk 

5%  4% 

19,  18k 

8^%  SOk 

594  394 

22  20>4 

173%  172 

69k  67M 

24%  24 

I3k  1-2% 

40%  8SH 

45%  41% 

12k   n% 

14%     14% 

IGH     15 

86       81% 


40k 
7% 
18 


9%  9 

24  22k 

92%  92 

16%  14% 

48  48 


8,31  8.70 

8.05  8.65 

9.00  3  74 

814  8.81 

68%  65 

7194  «89i 

30  84% 

35%  3494 

6294  5894 

6if^  62% 

28%  27% 

29%  289-4 

IP%  17% 

20%  20% 

8  42  6  25 

9.65  8  40 

5S5  V75 

5,90  577 

5  55  5.07 

4  92  4  82 


Range  foi 
ct.    1894. 


82%  26k 

77  74M 

8894  80k 

92%  89k 

101  8«k 

7694  m" 
52%  49k 
112%    90% 

1994  m 

749i  71^ 
76k  6894 
62%  59'4 
:20k  118% 
em  58'k 
86  82k 
104%  98% 
145  I42k 
89k  36 
19  1794 
\ii  116% 
171%  155% 
184  :i<*94 
81k     82 

88%  ^ 
104      101 


4% 
94 
19k 


8% 
90 

ir9i 


18%    16 
72       69% 

136%  l.SOk 
56        52% 

116%  101% 
9'.l%    98 
22%    21 


2-*94 

40% 

88% 

2'^% 
86k 

85 

100k 

97% 

149-4 

1294 

:J2% 

29 

16% 

I5k 

45k 

41 

4% 

894 

4% 

4 

19k 

16% 
1494 

20k 

4k 

8k 

20^ 

16% 

:62k 

157 

20%  :794 

1394  1194 

4294  40 

18k  14 

10%  ■ 


12%    II 


9% 


9% 


10% 

60%    59 
4194     38 


6%  6 

1494  13% 

89k  C-4i 

13  11 

45%  38% 


6.02  5  41 

6.12  5  44 

6.20  5  49 

6.25  5.54 

58%  55 

63  ^  59% 

57  52% 

55%  iM 

54%  51% 

60  5698 

52  46% 

51%  4394 

30%  21% 

3494  3194 

13  30  11  8i 

13.37  11  57 

8.32  6.85 

7.75  6.6.i 

7.35  6.30 

6  87  5.85 


I  OU)  PORK,  Chgo.-bbls. 
I895I  ....      bbfa. 

18941 


WHEAT  on  passage. 
23.840.000  bush. 
25,264,000     '■ 


CORN  on  passage. 
6.720.000  bush. 
8, 184.000    •• 


Russian  Shipmts.  for  wk. 
2.624.000  bush. 
2000.00c    " 


Indian  Shipmts.  for  wit.  1  Argentine  Sbpts.  for  wk. 
33ti.000  bush.  1  ...       bush. 

260.C0O    " 


t  Since  Aug.  81.    •  Since  June  30.  Compiled  and  Copyrighttd  bj>  GLKS'B  &  COMPANY.  BANKEES.  MILLS  BUILDINQ.  NEW  YORK 


CQCChlP    flI^'^^hCt    TLCttCr  CopyrigM,  ISOB,  hw  aapp  *  Compmmp. 


No.  455. 


O.  W.  CLAP^ 
■)WIQHT  O.  CLAPP, 


CLAPP    &    COMPANY, 

Banhers  anb  Brokeis, 


Bkanch 
Of  Fic£« : 


BoN'BR. — Railroad  bonds  are  in  fair  request  and  find  ready  buyers.     Sales  are  not  large,  yet  for 
the  year  to  date  are  the  largest  of  recent  years. 

Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $•>.     A  few  copies  of  1S03  can  be  bad  for  $2  each. 

KEEP  OUK  LETTEKS.     rOKTFOLIO  FOB  FILIJiG  F011WAKDE1>  APPLICANTS  FKEE. 

1S3 


.J 
2 


a 
> 


MILLS    BUILDING,    N.   Y.  > 

o 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE.  PI 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 

O 

I    277    BROADWAY,  Corner  Chambers  St.                                                                                                                              PRIVATE  TELEGRAPH  WIRES.  ,_ 

-j    621    BROADWAY  (Cable  Building,  Corner  Houstoh).                                                                                                      LONQ  DISTANCE  TELEPHONE.  ^ 

(   753  FIFTH  AVENUE,  Corner  58th  St.                                                                                                                            CaBlE  ADDRESS:  "  OZRO."  -^ 

> 

New  York,  Thursday  Morning,  October  17,  1895.  — 

Z 

We  respectfully  solicit  Commission   orders  for   the    Purchase   or   Sale   of  Stocks,   Bonds,  (^ 

Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities   are  unsurpassed   to   all    New    York,    Chicago    and    Western 
Exchanges.      Close   relations   to   important   interests   enable   us   to   give   early    and  valuable 

information.  r" 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  ^ 

delivery.  ^ 

Margin  deposits  may  he  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office  [T| 

Order's,  or  by  deposit  with  local  out-of-town  baiiks.     The   local  bank  should  aliuays  wire  us  at  O 

once,  at  our   expense,   stating   amount   that  has   been  placed   to   our  credit,    and  for   whose  O 

account,  thus  allowing  customers'  orders  to  be  filled  promptly.  iz. 

A  General  Banking  Business  conducted.     3^  Interest  allowed  on  Average  Daily  Balances,  cr; 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers.  O 

Tl 

Financial  Outlook. 

With  a  continental  base  the  American  pyramid  may  early  furnish  a  world  outlook.     The  land  r~ 

that  is  the  nursing  mother  of  multitudes  of  poor  may  also  hide  riches  which  will  make  their  aggre-  HH 

gation  a  great  power.     The  constructive  minds  which  develop  great  enterprises  have  now  in  their  ^ 

hands  the  tools  out  of  w'lich  an  unparalleled  growth  is  possible.  Q 

Straws.  — 90  per  cent,  of  the  transactions  made  by  the  members  of  the  London  Stock  Exchange  — 

are  in  the  South  African  and  Australian  mining  stocks.     The  interest  carrying  rate  ranges  from  6  Z 

to  20  per  cant.     On  the  continent  the  rate  ranges  from  10  to  20  per  cent.     A  liberal  subscription  was  Q 
recently  reported  in  Chicago  to  a  new  company,  and  agents  are  reported  en  route  to  New  York  to 

offer  African  mining  shares  here.     Cotton  goods  declined  between  October  1,  1S90,  and  March  1,  (T) 

1895,  about  27.5  per  cent.,  and  have  rallied  in  four  months  about  20  per  cent.     Woolens  declined  x 

23.7  per  cent.,  advanced  2.5  per  cent.     The  manufacturing  product  of  the  United  States,  according  q 

to  the  last  census  was  over  nine  million,  and  only  2  per  cent,  of  that  value  was  reported  as  exported  -j- 

for  the  year  ending  June  30,  1895.     The  Eailicay  Age  reports  only  687  miles  railway  involving  ~~ 

$23,438,000  capitalization  passed  into  receivers'  hands  in  three  months  ending  October  1,  1895.     The  ^ 

National  Bank  deposit  of  ten  largest  cities  of  the  United  States  on  September  28,  were  $700,475,438,  Z 

against  $756,202,899  October  2, 1894.  Q 

Stocks  and  Bonds.  rn 


03 


CIAPP  &  COMPANY.  BANKERS  AND  BROKEES.  NEW  YORK,  WEEKLY  MARKET  lETTER. 


Railway  Stocks.  — 171,424,400  shares  of  stocks  cleared  at  the  New  York  Stock  Exchanga, 
against  139,309,500  shares  corresponding  time  in  1894,  and  this  report  represents  about  20  stocks,  all 
the  other  stocks  were  delivered  direct  to  the  various  brokers.  Many  large  interests  appear  getting 
investments  in  securities  of  companies  in  receivers'  hands.  It  is  possible  consolidations  may  centralize 
railway  control  and  improve  the  service.  The  public  responds  readily  to  the  calls  for  the  needed 
money  to  assist  in  making  the  leaders'  plans  effective.  Efforts  to  better  the  public  service  show  a 
steady  improvement.  Officials  and  employes  seem  in  accord  and  this  feature  is  in  striking  contrast 
with  conditions  during  years  past.  The  table  below  gives  comparisions  of  gross  earnings  of  roads 
whose  stocks  are  leaders  and  active  on  New  York  Stock  Exchange  for  years  named. 


aAtchison 

bBurlington 

cMissouri  Pacific 

dNew  York  Central 

eRock  Island 

/Reading  (both  companies) . 

firSt.  Paul 

^Southern  Railway 


1895 

to  date. 

L'test  report 


27,568,123 
19,466,896 
16,946,211 
31,930.992 
10,935,413 
27,827,511 
21,397,395 
13,446,151 


1894 


39,502,210 
29,054,522 
22,536,709 
41,797,493 
16,333,855 
34,392,396 
28,473,365 
17,992,064 


1893 


47,515,369 
85,460,252 
24,989,837 
46,710,573 
19,541,526 
88,830,825 
83.860,022 
18,286,607 


1892 


1891 


48,881,354 
40,412,401 
27,700,992 
45,590,888 
18,701,056 

35,060,219 
19,300,578 


45,958,299 
85,352,375 
25,918,106 
44,264,061 
10,842,465 

81,606.869 
21,118,010 


High  and 

Low  since 

1890 


47>|-3 
110^-68^ 

78^-161^ 
1193^—92 

94M-51K 
65    —12 
99%-46^ 


a  Report  9  months,      b  1895,  7  months,     c  9  months,  1  week,      d  9  months,      e  9  months.     /  7  months,      g  9  months,  1  week.      A  9  months,  1  week. 

126  roads  show  increased  earnings  of  $1,997,302  for  September,  against  a  decrease  last  year  same 
time  of  $2,878,167,  and  44  roads  gained  7.19  per  cent,  in  first  week  of  October.  From  February  1st 
to  September  20th,  124  roads  with  97,961  miles  of  track,  earned  $14,860,156  more  than  in  1894  same 
time,  and  $35,091,699  more  than  two  years  ago  same  time.  The  market  appears  getting  broader 
features,  a  better  underlying  feeling,  more  attention  from  abroad  and  more  inquiry  from  domestic 
sources.  Any  further  excitement  m  South  African  mines  will  likely  encourage  speculation  in 
American  securities,  especially  so  while  conservative  brokers  fear  the  dizzy  heights  of  KaflBr  securi- 
ties in  London  and  Paris  and  are  advising  the  purchase  of  American  stocks.  We  look  for  Granger 
stocks  from  Northwestern  to  Burlington  to  score  advances. 

Industrials. — Sugar  men  appear  willing  to  advance  raw  and  refined  sugars,  perhaps  with  a 
view  to  selling  shares  at  higher  figures  before  Congress  meets.  Its  the  old  bunco  game.  We  see  no 
reason  why  the  N.  Y.  Stock  Exchange  should  longer  sanction  it.  General  Electric  and  all  other 
shares  covering  electrical  inventions  and  practical  plants  appear  in  better  repute  and  more  honestly 
managed.  Lead  and  Cotton  Oil,  in  absence  of  a  good  general  market,  are  very  quiet.  Leather  may 
prove  a  boomerang  to  tlu;  stock  manipulators.  Industrials  may  continue  to  hola  a  prominent  posi- 
tion, especially  so  while  the  public  want  blind  pools  and  raining  stocks. 

Cotton. 

The  apparent  corner  brewing  in  the  New  Orleans  cotton  market  appears  affecting  values  in  all 
other  markets.  Prices  there  are  from  %  to  ^-cent  per  pound  above  an  export  or  coastwise  shipping 
basis  and  about  same  or  above  those  in  New  York.-  Our  market  is  about  the  lowest  one  in  America. 
Cotton  growers,  factors  and  speculators  in  the  cotton  belt  appear  generally  enthused  with  the  opinion 
that  there  will  be  no  top  crop  grown  this  season;  that  rain,  drought  and  frosts,  boll  worms  and  other 
ravages  have  done  the  work  and  ruined  the  plant  and  there  is  no  longer  a  possibility  of  a  top  crop. 
Somewhat  similar  conditions  were  reported  in  1891.  Bets  were  then  made  that  there  would  be  no 
top  crop  and  the  final  marketing  would  not  exceed  7,500,000  bales,  but  the  crop  finally  counted  out 
over  9,000,000  bales,  and  about.  1,000,000  bales  of  it  proved  to  be  the  fruit  of  a  top  crop  which  scarcely 
made  its  appearance  until  the  latter  part  of  November,  and  was  not  realized  until  the  final  count 
was  made  at  t\io  end  of  the  season.  There  never  was  a  larger  amount  of  cotton  carried'  over  from 
any  one  crop  than  has  been  from  the  1894-5  production.  Mr.  Ellison  thinks  consumption  this  sea- 
son will  be  reduced  about  10  per  cent,  and  that  it  will  not  likely  exceed  7,650,000  bales  of  American 
cotton,  against  about  8,250,000  bales  last  year.  Port  and  interior  receipts  continue  far  above  the 
average  and  the  quality  generally  of  the  best,  yet  some  places  report  the  bales  are  very  light  and 
the  cotton  not  clean.  Exports  are  only  about  half  those  of  last  season.  Northern  spinners'  takings 
continue  small.  Southern  mills  have  bought  freely.  The  Indian  crop  is  reported  likely  to  equal  an 
average  crop  of  about  600,000  bales  more  than  last  season.  The  visible  exceeds  all  previous  records 
at  this  date.  The  Government  report  October  1  shows  decline  from  70.8  September  1  to  65.1.  In 
our  last  weekly  letter  we  said:  "  The  report  will  likely  be  the  worst  ever  given  out,  and  based  on 
averages  will  probably  show  condition  to  be  65."  The  reports  gives  condition  in  Missouri  85;  Florida, 
84;  Virginia,  78;  Georgia  and  Arkansas,  72;  Alabama  and  Tennessee,  70;  North  CaroUna,  68;  Mis- 
sissippi, 67;  South  Carolina  and  Louisiana,  64;  Texas,  58.  Texas  grew  about  one-third  the  crop  last 
season.  The  speculative  sentiment  continues  at  fever  heat.  Leading  bulls  frealy  predict  10  to  11 
cent,  cotton  soon,  while  the  enthusiasts  claim  13  to  13  cents  will  likely  be  paid  before  March  for  de- 
livery in  leading  speculative  months.  There  seems  to  be  a  strong  desire  among  cotton  men  to  force 
European  spinners  to  buy.  Some  say  our  crop  reports  will  yet  bring  them  to  a  realization  of  the 
shoctness  or  the  crop.  Manufactured  goods  nave  advanced  25  per  cent,  since  March,  and  cotton 
has  a.bout  doubled  price  in  several  cotton  states,  and  is  now  about  four  cents  per  pound  h'>(her,  or 

va. 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER. 


about  80  per  cent.  "We  think  it  well  to  act  cautiously  until  the  demand  from  spinners  and  exporters 
Increases  and  consumers  have  an  opportunity  to  effect  sales  of  manufactured  goods  without  seriorj 
loss  from  cotton  they  may  yet  be  compoUed  to  buy  perhaps  from  the  sentimental  market  manipulators. 


CONDITION 

OF  THE 

CROPS 

ON    FIRST  OF 

EVERY    MONTH 

FOR 

15    YEARS. 

And  the  Percentage  of  Cotton  Planted  May  i,  as  reported  by  the  U.  S.  Statisticim,  Washington,  D.  C;  also  Yearly  Acreage  since  1889. 

COTTON. 

WINTER  WHEAT.               1   SPUING  WHEAT. 

COKN. 

OATS. 

Prnfd          1 
lUT  1-  Jane  Jaljr 

Aan.l8ep.|  Oct 

ApL 

May.  Jtine.'  July.  3ept.|  Deo.  June.  July.'  Ang.  '  Sept. 

July. 

Aug.   Sept. 

Oct. 

June. 

July. 

'xng. 

Sept 

1881 

98 

95 

W~ 

70     66 

88 

74 

80 

74 

98 

89 

78 

68 

90 

79 

60 

66 

96' 

99 

97 

92 

1882 

81' 

89 

93 

94 

92     88 

102 

166 

99 

105 

102 

,, 

98 

97 

97 

97 

85 

83 

83 

81 

101 

103 

102 

100 

1883 

74 

78 

90 

84 

74      68 

80 

83.6 

75 

79 

78 

,. 

105 

100 

97 

96 

88 

69 

84 

78 

96 

99 

95 

99 

1884 

87 

87 

84 

87 

82.6  74.7 

95.4 

94 

98 

94 

97 

,^ 

101 

100 

98 

100 

96 

96 

94 

93 

98 

98 

91 

95 

188S 

80      ,92 

96     9«.5 

87     j78 

76.8 

70 

62 

65 

66 

97 

96 

93 

86 

94 

06 

95 

95 

94 

97 

06 

93 

1886 

80      ;88.7  86.1,81.8 

82.1  79.8 

94.1 

94.9 

92.7 

91.2 

90.8 

96.8 

98. 5 

ess 

80.1 

83.5 

05.2 

80.7 

76.6 

80 

95.9 

88.8 

87.4 

90.9 

1887 

83-4  '96.997    |93.8 

88.8  76.5 

88.1 

85.8 

84.9 

m  5 

84 

95.9 

87.3 

79.3 

78-8 

78.1 

97.7 

80.5 

72.8 

72.8 

91 

85.9 

85.6 

83.4 

1688 

79.9  ,88.2  88.7  87.3 

83.8  78.9 

83 

73.1 

73  3 

75.6 

77.4 

96. K 

92.8 

95.9 

87. 8 

77  2 

93 

95.5 

94.2 

92 

95.4 

95.2 

91.7 

87,2 

1889 

87       86.4  84.6  89.8  86.6  81.4 

94 

96 

93.1 

92 

89.4 

95.8 

94  4 

83.8 

81.2 

83.8 

90.3 

94.8 

90.9 

91.7 

93.8 

94.1 

92.3 

90 

1890 

768   88.8  98.489.5 

85.5  80 

81 

80 

78.1 

76.8 

Ti.5 

98. 4 

91.8 

94.4 

83  2 

79.8 

91.1 

73.8 

70. 1 

70. 6 

89.8 

81.6 

70.1 

64.4 

1891 

776   85.7  88.6,88.9 

82.7  75.7 

96.9 

97.7 

96.6 

96.2 

96.8 

85.8 

92  6 

94.1 

95.5 

96.8 

92.8 

90.8 

91.1 

92  5 

85 

87.6 

89.6 

90.T 

1892 

78.8  185.9  86.9  88.8 

76.8  78.8 

81.3 

84 

88.3 

89.6 

87.8 

87. 2 

92  8 

90.9 

87.3 

K1.2 

81.1 

82  5 

79.6 

79. 8 

88.6 

87.2 

86.2 

78.9 

1893 

85.8  '85.6  82.7  80.4 

78.4  70.7 

77. 4 

•75.8 

75.5 

77.7 

T6.3 

91.5 

86.4 

74.1 

67.0 

6S.9 

93.2 

87.0 

76.7 

75.1 

88.9 

88.8 

78.3 

74.9 

1894 

81.6   88.8  89.6  91.8 

85.9  82.7 

88.7 

81.4 

83.2 

83.9t 

83.7 

,, 

88 

68.4 

67.lt 

83.7 

95 

69.1 

68.4 

64.2 

77.1 

77.7 

76.5 

77.8 

1895 

78.6  l81    i&t  8177  9  70.8  65.1 

81.4 

83.9 

n.i 

65.8 

75. 4t      .. 

97.8    102.2 

95.9 

75.4t 

998 

103.6 

96.4 

95.6 

64.8 

88.3 

84.h 

86 

ACREAGB    SINCE    1889. 

11895 

SO  183,138  aore& 

C2,f>02  4.50  acres. 

11.415,400  acres. 

ei.noo.soo  acres. 

27  874.  .500  acres. 

1894 

2:, 687,950      " 

28,116.72      " 

lO.lOS,!)'.!^      " 

60.700.000       " 

27,072,575       " 

1893 

19.528,000       ** 

<          82,868,539      " 

11.760,879      " 

72.a»,465       " 

27,273,033      " 

1892 

18,888,000      " 

85.989,076      " 

12,565,354      " 

70,626,7.58      " 

27.063,835      " 

1891 

80,838,000      * 

26,581,284      " 

13,335.613      " 

76,201.515      " 

25,581,861      " 

1890 

20.91 

0,000 

•• 

e 

3,520.  IC 

\i     " 

12,567,050      " 

71,9T0,7( 

i3      •' 

1 

86,431,36! 

»      •• 

t  Averaifp  both  spring  and  wln'er. 

October  preUmiuar;  estimate  of  yield  Is:  Wheat,  12.5bn9hels;  oats,  29.6  bushels; 


t  June  Govi-mmpnt  report  cotton  acreage, 
rye,  14.4  busheU;  barley,  26.4  busbeU. 


Wheat. 


The  largest  primary  receipts  for  a  single  week  were,  October  13,  1892,  when  10,420,000  bushels 
came  in  sight.  The  past  week  it  is  quite  probable  more  than  10,000,000  bushels  reached  the  same 
markets.  About  67,000,000  bushels  have  been  received  in  these  markets  since  July  1,  against  about 
76,000,000  a  year  ago  same  time.  Exports  have  been  about  34,000,000  bushels,  against  about  47,000,- 
000  bushels  last  year.  The  world's  visible  October  1,  as  made  up  by  the  Daily  Chicago  Bulletin, 
October  10,  was  176,637,000  bushels,  against  205,157,000  bushels  a  year  previous.  The  amount  afloat 
varies  but  little  from  a  year  ago.  Our  visible  is  about  the  same  as  July  1.  In  1894  the  visible 
increased  about  20,000,000  bushels  during  that  time.  In  1893  the  visible  increased  from  about 
24,000,000  to  about  48,000,000  bushels  October  1  following.  The  visible  generally  increased  until 
about  the  first  week  in  January  and  begins  to  decrease  about  this  time  in  October.  The  Govern- 
ment report  indicates  a  yield  of  12.5  bushels  per  acre  off  of  33,947,850  acres,  equaling  a  crop  of  424,- 
231,000  bushels  The  winter  wheat  yield  was  placed  at  240,288,000  bushels,  from  23,502,450  acres. 
Of  spring  wheat  at  183,943,000  bushels  from  11,445,400  acres.  Vermont  averaged  the  largest  yield 
per  acre,  29  bushels.  Wyoming  next,  averaging  28.3  bushels.  North  Dakota  averaged  19  bushels, 
and  South  Dakota  but  10.3  bushels.  North  Dakota  leads  all  the  States  in  production,  gi-owing 
64,160,000  bushels  ;  Minnesota  next  with  63,134,000.  California  grows  the  most  winter  wheat,  equal- 
ing 30,914,000  bushels ;  Ohio  next,  producing  29,066,000  bushels.  Kansas  grew  22,911,000  bushels, 
against  35,315,359  bushels  last  year.  The  quantity  of  choice  or  contract  winter  wheat  is  below  an 
average.  Drought  is  complained  of  in  most  parts  of  the  world  where  winter  wheat  is  gro\rn  We 
think  it  liable  to  be  a  leading  factor  in  shaping  values  the  coming  twelve  months.  Many  wells  are 
dry  for  the  first  time  in  the  Mississippi  and  Missouri  River  States.  The  American  streams  are  at 
low  water  mark.  The  largest  amount  of  wheat  ever  sent  to  importing  countries  by  exporting 
countries  in  a  single  year  is  estimated  to  be  436,000,000  bushels.  A  French  estimate  now  places 
importing  countries'  necessities  at  448,000,000  bushels  for  the  coming  year.  The  general  desire 
among  outsiders  and  old  grain  men  to  buy  wheat  around  60  cents  for  December  delivery  in  Chicago 
seems  to  be  increasing,  We  favor  making  purchases  on  all  weak  market  days,  expecting  demand, 
speculation  and  sentiment  will  ere  long  enhance  values  considerably. 

Corn. 

The  Argentine  crop  is  large,  of  very  poor  quality,  and  freely  exported,  producing  but  a  small 
recompense  to  the  shippers.  The  last  Government  report  made  condition  95.5.  the  highest  on  record 
for  October,  and  indicates  reduced  estimates  of  about  10  per  cent.,  or  2,161,357,000  bushels  to  come 
off  of  81,990,800  acres.  With  minimum  price  and  enormous  export  demand,  and  large  short  interest 
in  all  markets,  we  prefer  buying  corn  and  looking  for  35c.  per  bushel  in  Chicago,  before  it  sells  at 
what  nearly  everybody  expects,  or  27c. 

Provisions. 

The  low  price  of  com  continues  a  factor  in  depressing  provisions.  Receipts  of  hogs  continue 
liberal,  although  about  10  per  cent,  less  than  last  season.  Exports  of  provisions  have  been  larger 
than  last  year.  The  demand  for  consumption  from  all  sources  is  good.  Speculation  is  apatiieUe, 
and  packers  appear  in  full  control  of  values.  Packing,  October  10th,  was  7,i:50,0OO  hogs  against 
7,780,000  last  summer.  Vours  truly,  CLAPP  &  COMPANY. 

185 


OLAPP  *  coMPAmr,  BAinraas  ath)  beozees,  few  yoex  weeiit  market  letter. 


QnotatiODs  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Octolier  16  1895,  and  lor  Octokr,  189i 

Par  Tain*  •!  all  stocks  $100.  except  D.,  L.  A  W.:  P.  &  B.  and  Am.  Tobacco  Co., 
FROM    NBW    YORK    STOCK    IXOB^NQB    OFFICIAL    REC0ED3    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


P?M«mE' 


Wbbklt 

8  a  LIS. 


1.620 
215 

C8.426 
1  171 

42.082 

80,734 

1580 

1,835 

315 

S.985 

71,881 

145.427 

101.315 

1.^18 

8-^.2u9 
4  559 

27.710 

i.m 

4!087 
1,376 
1.094 
1.100 
tl959 

'366 
220 

1,2U0 
650 
420 
881 

15,000 

6.7(11 
150 

6,070 

S4.m 

370 

254 

1.1U4 

980 

170 

7,092 

1,459 

790 

e:o 

1.415 

6.200 

liO 

44.515 

302 

436.000 

2.480 

6,580 

6,6ti0 

£4  890 

4.705 

81.160 

19  218 

46.744 

997 

4.395 

640 

1.500 

11,795 

9.782 

14  780 

740 


Stock. 


$20,287,100 
10,198.600 
86,773,000 
86.77.3,000 
17,900,000 


86,000,000 
15,000,000 
82.488.000 
60.805,400 
82.262,700 
24,885,800 
46,027,261 
25,923,900 
46,156.000 
18,559,360 
89,054,907 
22,335  170 
28  000,000 
11.696,000 
85,430,060 
26,200.000 
35  000.000 
38  000.000 
84  091900 
30,459,700 
2.5,000,000 

8,000.000 
50,000,000 
10,000,000 
11,840.000 
11,840,000 
49,466,500 
52,800,000 
80,000,000 
18,738,204 
18,000,000 
47,844.100 
47.436.576 
14.905,400 
14,904,000 
89,428.300 
77,427.000 
20,000,000 
58,119,982 
13  000,000 
39,767,200 
49.000.000 
89.269,510 
20.000.000 

8.500.000 
40.426.361 
86,000.000 

68.402,900 
125,000,000 
60.000,000 
19,850,000 
38.710,900 
60,868.  .500 
62  9n 1, 600 
62,861.50(1 
20.]6(i.000 
18,808  r.00 

7,418,300 
88,000,000 
24.000,000 
94,820,000 
10.000,000 

4,500,000 


DlTtDBND  RiCOKD. 


Pays  8po  J-D 

Pays  8po  0-J-A-J.. 

Pays  8HPC  J-J 

Pays  8po  P  MA-N. 


Paid  2po  1895 

Pays  ikpc  F-A 

Pays  IHpc  P-M-A-N... 


Paid  Ipc  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  ipo 

Pays  7  PC  Per  Ann  am. 
Paid  ^pc  Oct.  1895.... 


Pays  IJ^pc  J-D,. 
Pays2i^pc  J-D.. 
Paid  8do  in  1893. 


Pays  2po  M-J-S-D.... 
Pays7pc  per  annum. 
Pays  7pc  ler  annum. 


Paid  IVipc  Jan.  1893. 
Paid  2pcAu(ri,  St  1898. 
Pays  5pc  per  annum. 


Pays  2)^pc  MS. 


Pays  IMpc  F-M-A-N. 

Pays  3pc  P  A     

Paid  2pc  August  1893. 
Pays  l^pc  J-A-J-O.. 
Paid  2pc  in  July  1895. 


PaldSpc  1891 

Paid  Ipc  In  Oct.  1895. 
Pays  i94pc  M-J-s-D.. 
Pays  Ipo  J-A-J-O. .  . 


Paid  IJ^po  Nov.  1898. 


Paid  Ipo  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2pc  F-M-A-N. 


Paid  Ipc  In  1887... 
Paid  3>^p'o"in  1884! 


Pays  2po  Nov.  1895 

Paid  2^pc  March  15, 1895 


Naxx*  or  Stocks. 


Pays  1J4P0  J-A-J-O 

Paid  Ipc  in  FebVisw!!!. 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co- 
Am.  Sugar  Retining  Co  Pt. 

Amerioau  Tobacco  Co 

Aioh.Top.  &  8.  F.  all  ins.pd 

Baltimore  &  Onto 

Canada  Soutbem 

Central  of  New  Jersey.... 

Chesapeake  <&  Ohio 

Chicago,  Bur.  &  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  St  Pan! . . . 
Chicago  Mil.  &  St  Paui  Pfd 
Chicago,  R.  I.  &  Pacific. .. 
Chic.  St  Paal  M.  &  Omaha 
Chicago  &  North  wesiero. 
Chicago  &  Northw'n  Pfd. 
Cieve.,  CIn.,  Chic,  &  St  L, 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Ga«  of  N.  Y. 
Delaware,  Lack 'a  &  Wn. 
Del.,  &  Hudson  Canal  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  TrRec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  bo'n. . 
Louisville  &  Nashville.... 
Manhattan  R'yConioi... 

.Michigan  Central... 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mi.ssouri  Pacific 

National  Lead  Co 

Natioiiai  Lead  Co  Pfd . . . 
N.  Y.  Cent'l  &  Hudson  Riv 
NTLZ&  w  J  p  11  CO  ct  1st  in  pd 
N Y&N  E  tst  CO  ctj  all  m  pd 
N.  Y  Ontario  <fe  Western.. 
N.  Y'.  Susa.<fc  W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria,  Dec.  <fc  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iron  &  R  R  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

D  S  Leather  Co  pref 

United  states  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co 
Wheeling  <fc  Lake  Erie. 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 980.146 


1895 
1894 


COTTON,  In  ba  es. 
World's  vi.sible. 
2  661  574 
2  126.031 


Total  In  sighttl  Total  Exports. 
1,118.267  263.760 

1.347,005        I  4'J6.034 


vr  jr    f  October     . 
I  November. 
Cotton  i  Deceniber. 
January. .. 


WHEAT,  In  bushels. 
I    r.  S  Visible.     iPriinary  rec'ts*!  Total  Exports. 
1895         41480.000  67.000  000  84.707  5(5 

18911        76.074,000         |      76  000  000  47.986  854 


Wheat 
Com.. 


j  December. 
I  May. 
I  December. 
'May , 


CORN,  in  bushels. 
I     U.  S.  Visible. 
1895  6.375.000 

18941  8.379  000 


IPrimarv  rec'ts* 

81  000.000 
I      24.000,000 


Total  Exports. 
17 '-;54  6'..'8 
2.569  223 


Chicago  J  December. 

Wheat.  (May , 

Com      i  December, 


( May. 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  4  029  000 

18941         9,080  000 


N.  Y.  Stocks, 

626  872 

8,055,3-52 


Cbgo,  Stocks. 

60:2  000 

1,674  000 


Oats-.-l^ecember. 


lay 


Pork. . 


i  October. 
I  January. 


LARD-^tCS, 

CHICAGO  CONTRACT  STOCKS. 

Lard 

1  October.    . 
■  1  January.  . 

World's  vis. 

PORK-bbls,   LARD-tcs.     RIBS-lbs. 

1895 

249.794 

92.397               29  689       22-211.000 

Ribs. 

1  October.  .. 

1894 

115,451 

24,558                9,028        11,338,000 

•  1  January.  .. 

Thnrsdav 
Oct.  10. 


mn 

98 

•ilH 

62 
55^ 
112 

19« 

86' 


4514  45H 

146  144H 

13J  182' 

24y4  2A% 

38^  87% 


•24 

77H 

if,OH 

62>i 

uih 

87« 
13% 
37H 


mi 

77H. 
15<IH 

11 IH 

13 
86K 


Friday. 
Oct.  11, 


23       tl 


64«    64H 


68% 
76J4 


19 


76%    76H 
105%  105' 

46M    45 
144^  144H 
133^  182% 


mi 

37% 


879i 


H      H 


1?}^ 

86^ 
13% 
806 


61 

11<% 

;3H» 
»5% 


liii  iiM   ii% 


18J4     . 
8oi^    35?4 
694:     6H 

m  ■■ 

18%l 

80%  mi 

....1  6« 
20'^'  21^ 
...   ,172 


14^1  14^ 
81HI  ii 
40« 

8%     »« 
16^ 

9         9 
22^   22^4 
92h'  92*^ 
Tj       16% 
47%      .    - 


183  466 


859i 


80-?^ 

mi 

17-J 
69 
24^ 
12H. 
&r^4 
42^ 
im 
14?4 
13% 
81 
40% 

m 

9 
2lJi 

15 


.Saturday. 
(  ot.  12- 


mn  108% 


97^ 
2IH 
61 


81% 
61 


70M 

7e« 

T?% 
43% 
lo5>. 


19Ji 
85 
6SH 
70% 

76?i 

10j*^ 


45       46 


167      167  . 
183^i  U3H 


83'k 
87?^ 


28      2:% 


186.643 


8  90  8  77    8.90  &B1 
8.S6  8  68  I  8.90  8.78 

9  04  8.76     8.99  8.86 
912  6  85    9.08  8.93 

67k  66fl,'  68%  65% 

7m  69%'  71%  69V6 

85  84%    85  34H 

35  84^1  85  85 

6094  69%'  61%  59% 

64%  64     I  65%  b3^ 

2.%  27       27%  2(i% 

29  2m\  29%  28^ 

1784  •:794'  18  1794 

20k  -20%    20%  80)^ 

8,27  8.27     8.30  8.30 

9  45  9,37    9  46  9.87 


5.75  5.70 
.5.77  5.75 
5.02    4.97 


5  73  5  72 
5.75  5  72 
5  05    5  00 


I    4.80    4.77  !  4  77    4  75 


86% 

mi 

m'i 

18% 
6% 

21% 

08% 
2494 
12% 
88k 
43k 
11^ 
15^ 
13% 

40^ 
894 
16% 

22k 

93'4 
15% 


6% 

86% 
86% 

101k 

ii' 

81 


24% 
li^ 


Jlonday. 
Oct.  14. 


22%    Si% 


10994 
101% 

97% 
2194 

55" 
Xl2H 
19% 
86 
71% 
77 

'^ 
43k 
105% 


10894 

lom 

96 

21k 

65 

112^ 
19W. 

6894 
76H 
12694 
7?% 
43 

io;k 


«  44% 

14494  14-494 

169  168 

133  183 


24k 


8.'J94 
87% 


a        % 

28%    28 

Vi"    78 

62%   6:% 
Hi      


Tuesday. 
Oct.  15. 


109% 
8694 


37H    86% 


101%  101 

12k  12% 

ii*%  18% 

33  3594 

6%  6% 

1894  IS9< 

81k  80% 

21%  2094 


2,S94  23 
73%  73k 
109k  I08k 
101%  101% 
«4%  93% 
2-'%  21% 
6194  61 
5ok     55% 

19%  19% 
87%  8.5% 
70  6894 
,77%  7094 
127  12694 
79  77k 
44%  4.3% 
107%  105% 

459i    4i% 

145%  14^94 

168%  168% 

1;38  133 

53%  68% 

•■ii<4  23H 

38%  83% 


24       SI 

151%  15i' 
62%    61% 


68% 
2494 
12k 
88k 
4294  43% 
Ilkj  11% 
15%,  i54i 
IW  14% 
79%'  81% 
40% 
8H  894 
16%    I6k 

82  21 

92%  98% 

15k  15% 

•■•  48% 


68V. 

24^. 

12k 

S^ 

42% 

11 

15% 

13% 


111 

88' 

8i% 
35k 
91 
101% 


109k 

8694 

8;!% 
81% 
91 
100% 


Wed.. 
Oct.  16. 


28       23 

109%  ;c794 
101     lol 


94k 

22% 

62 

6594 


9.'94 
21% 
62 
55% 

i&% 


68-»4 
7694 


494 
19 
81% 


18% 
Sftk 

■4% 

18k 
3J% 


21k    8094 


I  2494 
12% 
38% 

11 

16% 


789417894 


8% 
16% 

22% 
9294 
15 

48% 


81.877 


162.145 


■  ■  ■••  9.00  8.9J 

8.85  8.83  a98  8.90 

8,97  8.91  9.08  9  01 

9.04  8,99  u  16  9  09 

SSi".  67k  67,'.  6694 

7m  70%  70,',  69i| 

arM  3.1  35,',  85 

85%  85  85%  85A 

61%  60%  60%  60 

65%  64k  64%  64 

27%  27k  2rk  27k 

29%  29  29k  29% 


SW% 

12% 

88 

42% 

10% 

15% 

1894 

7694 


8%      8% 


9% 
23k 
93k 
15% 
4894 


9^ 
22% 
92% 
15k 
48 


191,064 

9.17  9  17 

9  20  9.05 

9  81  0  !S 

0.83  9  22 

68%  67% 

71%  70% 

85%  85k 

85%  85% 

6lk  60% 

65k  64k 

■27%  27% 

29%  29k 


17%     1794    17%    17%    18k     18% 


20k  20k  20k 

8,40  8  40  8  50  3.50 

9  47  9  42  9.60  9.52 

6  78  6,72  6  77  6,77 

6  77  5.75  5  82  6.80 

6.10  5  05  6.25  5.10 

4,S2  4  77  4.85  4.8iJ 


20%  20% 

8.45  845 

9,65  9  55 

6  78  6,72 

5.88  5.80 

5  12  5  02 

4S5  4.82 


1994 

87% 

0994 

77% 
127%  127 

79        78 

44%  4394 
•07%  106% 

45k     45' 

14694  14'''^ 
169  168% 
l:i3U  132% 
5.3%  5S94 
24%  23% 
38%    8794 


161       161 
62%    C194 
10k  110k 

100  100 
37%    37 

87%    87' 

91'      9i' 

101  100% 
12k    12 
53%    63% 


8% 


18%  1 

3694  3tik 
59i  5k 
494      494 

19  19 

30%  8.)% 

21%  20% 

68%  6Sk 

24k  24 

12%  12% 

88%  88 

43%  42k 

11%  10'/ 

16  IbU 

14k  14 

79%  7794 

4  k  40^ 
8%      sU 

9%      9 

23%  22% 

93  93% 

15%  15 

48%  48% 


185  651 

9.26  9.17 

9  26  9.10 

985  913 

944  0.25 

68k  67 

719<  70k 

35%  35k 

86  3594 

61%  «0k 

65%  d4% 

28  2792 

2994  ^'»? 

18%  18k 

20%  20% 

■■42  8  40 

9,52  9.45 

5.70  6  67 

8,77  5  72 

iS.05  5  05 


to  date. 


2394    ii 
78%    71k 
}ll%  107% 
102      101 
<01%    9294 
2:3       2f>94 
64%    61 
5594     64% 

11494  ink 

20k  19 

8794  6494 

7292  6.594 

,77^  75a 

l27k  126% 

7914  75% 

41%  43 

107%  :04k 

4«94  44% 

249?  iSk 

14694  148 

174  1«7 

134  181k 

54  »i% 

25  8294 

3994  87 

.   k  '  U 

102  101 

29  27% 

25%  28% 

78%  77k 

151%  160% 

64%  60-»4 

112%  109k 

lOlk  100 

i-^k  36% 
13%     13., 

39  85% 

SiSM  84 

92%  91 

10294  100% 
13-94     11% 
63%    63% 
19        18 
3794    3.594 

594     6k 

5k  4K 

19  18% 

3?%  80% 

Sv4  394 

22  20k 

173%  178 

69k  67k 

24%  24 

!8k  12^ 

40k  S794 

4.5%  41% 

I2k  '-O'A 
16% 
!6k 


14% 
13% 
7694 
40% 
7% 
16 


86 
42 

9 
17 

9%      fl 
24        81k 
93k     92 
16%     14% 
49        47% 


9.2"5  8.T0 

9.26  8.a5 

9.35  8  74 

9  44  8-81 

68%  «5 

7194  6894 

36  84% 

36  349-4 

6294  5894 

6i)%  62% 

28k  26% 

2994  2894 

18%  17k 

20%  80% 

8  50  8  25 

9.65  9  87 

5  85  V67 

5,90  5  70 

5  5.1  4  '.>7 


4,77   I  4  98    4.75 


ct-    1894. 


82k  26% 

77  74k 

8894  80U 

92%  89k 

101  96-^ 

7694  W  " 
52%  49k 
112%  90% 
1994  1:91 
749i  7IM 
76k  fi*^ 
62%  59k 
:20k  118% 
61k  '^Sk 
86  .92H 
104%  9S% 
145  142% 
39%  .36 
19  17^4 
:22  llCk 
171%  16.5k 
184  119% 
k    82 

%    33% 
104      101 
4%      3% 
94       90 
19k     VH 
18%     16 
72        69% 
136%  1.90% 
56        52H 
116%  101% 
99%     98 
22k     21 

2^i     8-(k 
40k     86% 

100%  97^ 

1494  129-4 

,33%  81 

16%  16k 

45k  41 

4'W  «94 

4%  4 

l',)k  16% 

20k  I4>4 

4k  3% 

20%  1'1% 

162%  467 


1794 
11% 
40 
14 

9% 
II 

^'* 
59 

88 


1394 

4.'94 

18>« 
10% 
12«t 
10k 
60H 
419^ 


6%  6 

1494  13% 

89%  »:-H 

13  II 

45%  3'^% 


6.0!  6  41 

6.12  5  44 

0.20  6  49 

6.25  5.54 

58%    65 

63  ^  59k 

.57  52% 

55%  52% 

5455  51 V« 

60  56% 

62  46% 

61%  4894 

30%  2'% 

3494  8.94 

13.30  1184 

13.37  11  57 

I  8.32  6.S5 

t  7.75  6.6.T 

7.35  6.30 

687  6.85 


I  OLD  PORK,  Chgo.-bblB. 
1895  ....     bbU. 

18941 


WHEAT  on  passage. 
26.720.000  bush. 
25.264,000    '• 


CORN  on  passage. 
6.800.000  bush 
8. 184,000    '• 


Russian  Shifrnts.  for  wk, 
3.024.000  bush. 
2  104,000     " 


Indian  Sbipmts.  for  wk.  I  Argentine  Sbpts.  for  xvfc. 
186.000  bush.  8,000      bush, 

220,000    "  1 


t  Sine.  Aug  81.    •  Since  June  30.  Compiled  and  Copyrighttd  hj>  QiLM'P  &  COMPANY.  BANZEBS.  MILLS  BUILDING.  NEW  YORK 


If-C, 


TtClcchip  riDarhet  letter. 


CopyHuM,  1898,  6»  Ctmpp  Jt  Compm»r, 


^*'  OWIQHT  O.  CLAPP. 

CLAPP    &    COMPANY, 

Banhers  anb  aSrokers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


BXAMH     j    277    BROADWAY,  Corner  Chamber*  8t.  PRIVATE  TELEQRAPH  WIRES. 

Offkjm:     j    621    BROADWAY  (Cable  Building,  Corner  Houston).  LONG  DISTANCE  TELEPHONE. 

i.  753  FIFTH  AVENUE,  Corner  58tm  St.  Cable  Address:  "Ozro." 

New  York,  Thursday  Morning,  October  24,  1895. 
•  ,''^^  OUTLOOK. — Nature's  bounty  may  be  unconvertible  because  excessive.     Tlie  seeming  calamity  that  withholds  may 

hide  a  blessing.  The  fewer  fibrous  flakes  that  journey  from  field  to  loom  in  1895  are  leaving  a  glow  of  golden  satisfaction  in  the  sunny  South 
that  the  silvery  surplus  of  1894  could  not  give.  When  two  pounds  of  cotton  buys  a  bushel  of  corn,  free  labor  can  scatter  flowers  on  the 
emancipator's  tomb,  and  the  new  South  return  to  the  prestige  and  power  of  the  old. 

STOCKS  AND  BONDS. — Bonds. — Speculation  in  bonds  is  not  prominent.  Government  and  some  others  are  a  trifle  lower. 
Good  issues  can  be  sold  readily. 

Railway  Stocks. — The  gross  earnings  of  roads  reported  and  representing  about  60  per  cent,  of  the  total  railway  mileage  show  gain  of 
nc.irly  |19,000,000  in  seven  months  ending  August  31,  and  the  net  aggregates  about  |11, 000,000,  or  10.56  per  cent,  gain  over  1894, 
Immensely  better  conditions  exist,  with  prospects  far  superior  to  those  in  sight  a  year  ago.  Earnings  will  likely  soon  begin  to  prove  an 
important  factor  in  creating  sentiment  and  a  high  rate  of  dividends.  The  Northwestern,  St.  Paul,  Burlington,  Rock  Island,  Great  Northern, 
Northern  and  Union  Pacific,  Jlissoun  Pacific,  Atchison  and  other  grain  carrying  roads  will  likely  have  a  tonnage  in  1895-96  not  equalled 
in  recent  years.  After  election  and  before  Thanksgiving  a  better  investment  demand  will  likely  exist  in  Wall  Street.  Many  specialties  may 
advance  in  November,  and  the  month  prove  a  fortunate  one  to  venturesome  traders. 

Industrials.— Sanguine  Sugar  people  claim  the  next  Congress  will  create  a  duty  for  revenue,  and  that  will  help  the  stock.  Chicago 
Gas  reorganizers  are  being  opposed  by  some  of  many  shrewd  men  in  Wall  Street.  General  Electric,  Cotton  Oil,  Lead  and  Cordage 
are  all  likely  enjoying  ordinary  business  and  profits.     The  industrial  stocks  are  likely  to  take  second  place  this  winter. 

COTTON.— The  amount  of  cotton  m  sight  the  18th  was  1,523,477  bales,  against  1,844,508  bales  last  year,  and  1,434,704  bales  same 
time  ill  1893,  when  the  crop  was  7,527,311  bales.  The  world's  visible  is  2,891,426  bales.  Mill  stocks  are  much  larger  than  ever  before. 
Counting  the  visible  and  invisible  and  crop  the  available  supply  is  10  or  11  million  bales.  Consumption  of  American  cotton  in  no  year  has 
exceeded  8,300,000.  Exports  to  18th  were  472,342  bales  against  743,673  a  year  ago.  Generally  the  October,  November  and  Decembitr 
movement  ranges  from  20  to  22  per  cent,  per  month  of  the  crop  grown.  We  see  no  reason  why  this  month  will  fall  out  of  line 
on  averages,  or  for  spinners  or  exporters  to  become  alarmed  until  more  proof  is  furnished  to  indicate  the  size  of  the  present  crop.  Several  of 
our  correspondents  say  the  fields  will  require  picking  more  times  than  last  season,  when  only  one  or  two  pickings  in  some  instances  completed 
the  work,  and  that  cotton  fields  are  now  black  where  they  were  white  a  year  ago,  and  many  gin  mills  are  running  on  half  time.  Many  very  con- 
servative people  claim  the  crop  will  be  7,250,000  bales.  The  Chronicle  predicts  it  will  likely  exceed  7,000,000  bales.  Others  equally  conserv- 
ative  and  more  closely  allied  with  cotton  and  Southern  interests  claim  we  will  not  have  more  than  6,750,000  bales,  while  New  Orleans  traders 
say  it  is  but  6,500,000.  These  folks  believe  in  ten  cent  cotton  before  Christmas.  Some  seem  to  forget  that  to  corner  cotton  in  October  is  different 
from  trying  to  corner  the  remnant  of  a  crop  in  summer.  Feb.  28  we  pointed  out  the  great  opportunity  to  make  money.  Cotton  was  at  5.37  to 
5.40.  Our  last  week's  letter  closed  by  saying:  "We  think  it  well  toactcautiously  until  the  demand  from  spinners  and  exporters  increases.  Janu- 
ary cotton  having  sold  at  9.44  the  d.ay  before."  In  our  daily  letter  October  17th  we  said:  "The  press  and  monetary  interests  are  against 
further  rise,  and  many  commission  houses  refuse  orders  unless  with  double  customary  margins."  October  18th  again  said,  "  Wall  Street  mon- 
eyed interests  appear  determined  to  move  heaven  and  earth  to  break  the  price  and  relieve  the  Exchange  market."  And  October  19th,  "we 
would  not  be  surjirised  to  see  our  market  recede  a  full  cent  a  pound  from  the  dizzy  height  it  reached  last  Wednesday,  the  16th,"  and  October 
21st,  that  "  liquidation  and  stop  loss  orders  have  caused  a  decline  of  116  points,  or  equivalent  of  $580  on  100  bales  contract  since  Wednes- 
day last,  when  we  warned  our  clients  against  purchasing."  October  19,  in  a  sjiecial  personal  letter  we  said :  "  The  best  and  heretofore  safest 
authorities  agree  that  the  two  crops  of  1894-5  and  1995-6  will  show  output  of  about  17,000,000  bales  of  500  lbs.  each,  and  that  total  supply 
for  two  years  will  be  ample.  Our  letters  from  the  cotton  states  all  agree  that  the  crop  is  very  short,  and  picking  will  be  completed  early. 
The  market  is  likely  to  have  many  sharp  fluctuations,  and  warrants  buying  on  breaks  or  selling  on  sharp  rallies." 

"WHEAT. — The  net  imports  of  wheat  and  flour  into  the  United  Kingdom  for  the  year  ending  October  1,  was  196,849,232  bushels. 
Sales  of  home  grown  during  the  same  time  were  but  37,670,000  bushels.  Their  estimated  requirements  for  the  present  year  are  230,000,000  . 
bushels.  Their  home  crop  about  15,000,000  bushels  less  than  last  season.  Latest  reports  from  the  Argentine  crop  indicate  a  full  average 
yield.  Germany's  crop  is  estimated  as  104,000,000,  against  111,000,000.  Her  potato  crop  is  expected  to  exceed  an  average.  England's 
potato  crop  is  large  with  prices  only  about  ten  dollars  per  ton.  Italy  has  a  wheat  crop  of  about  103,000,000,  against  118,000,000  last  year. 
Spain  estimates  a  yield  of  92,000,000,  against  105,600,000  in  1894.  Koumania  reports  an  exceptionally  abundant  crop.  Greece,  that  thecrop 
is  unexpectedly  short.  Russian  reports  vary  but  on  the  whole  seem  to  indicate  an  average  crop.  Their  rye  crop  is  reported  heavy  and  better 
than  expected.  Their  wheat  exports  continue  large,  their  weekly  shipments  of  late  being  about  40  per  cent,  in  excess  of  ours.  Their  port 
stocks  are  about  8,000,000  larger  than  last  year,  and  have  increased  about  7,000,000  bushels  siuce  July  1.  Northwestern  receipts  seldom  have 
been  larger.  Merchants  long  in  the  trade  think  the  movement  will  continue  large  the  balance  of  the  year.  Chicago  receipts  and  shipments 
of  grain  have  been  double  those  of  year  ago.  Primary  receipts  to  date  are  73,000,000,  against  81,000,000  in  1894.  Drought  reports  are 
common.  The  Mississippi  River  at  Memphis  and  many  points  has  seldom  been  lower.  Winter  wheat  sections  are  buying  futures  in  conse- 
quence, and  watching  the  weather  more  than  cables.  Dornbush  writes:  "Trade  blindly  follows  the  engineered  movements  in  American 
markets,  and  further  says,  continental  stocks  are  about  28,000,000,  against  30,000,000  last  year.  Wheat  seems  to  be  accumulating  many 
friends  who  favor  buying  for  December  delivery  whenever  they  can  at  or  under  60  cents  in  Chicago. 

CORN. — The  crop  is  ample  and  will  likely  be  secured  in  good  condition.  Consumption  and  exports  will  likely  exceed  all  records. 
Short  selling  of  December  and  May  futures  probably  was  never  larger  at  this  season,  or  sentiment  more  bearish.  We  think  it  is  barely  possible 
the  bears  have  discontinued  all  corn  possibilities  and  may  ere  long  pay  the  penalty. 

PROVISIONS. — Speculation  remains  dormant  while  packers  appear  willing  prices  should  further  decline.  Chicago  packing  shows 
increase  for  the  season  of  172,000  hogs.     Packing  from  March  1st  to  October  17th.  was  7,440,000  hogs  against  8,.115,000  same  time  last  year. 

Yours  truly,  CLAPP  &  COMPANY. 

187 


CLAPF  &  COMPANY,'  Bankers  and  Brokers,- Mills  Building, 

Yearly  cotton  yield  of  the  world  since  1890,  in  bales  of  400  Iba.;  average  consumption,  compiled  from  Govt,  Chronicle,  Sheppardson,  Ellison. 


THE    WORLD'S    COTTON 

PRODUCTION    AND    CONSUMPTION    SINCE    1890,    IN 

BALES 

OP    400    LBS. 

World's  Cotton  Pbodcctioii. 

1894-95. 

1893-94. 

1892-93. 

1891-92. 

1890-91. 

World's  Conscmption. 

1894-95. 

1893-94. 

1892-03. 

1891-92. 

1890-91. 

United  SUte« 

India. 

*Chu«|  Uezico  and  scatterlDg!!!! 

12.548,600 
1,717,000 
1,300,000 
1,100,000 

8,920.000 

2,311,000 
1,219,855 
1,594,145 

8.044,000 
2,22:3,000 
l,2tK),135 
1,346,863 

10,645,000 
2,413.000 
1,145.635 
1,067,365 

10,170,000 

2,229,000 

(5S;i,880 

1,856.000 

Great  Britain .„.. 

Continental 

United  States 

Indian 

4,204.000 
5,0!»6.000 
8,219,000 
1,200,000 
2,(K)0,000 
225.000 

4,100,000 
4,784.000 
2,830,000 
1,155,000 
1.070.000 
125,000 

3,706,000 
4,576.000 
8,189,000 
1,170,000 
1,000,000 
50,000 

4,080,000 
4,524.000 
3.290.000 
1,300,000 
1.076.000 
140.000 

4,318,000 
4,527,0.0 
2,fl58.0Li 
1.100,000 
1.008,000 
.120,000 

•Egypt,  Chi.,  Jap.,  Can..  Mex.,  etc. 
Burnt  and  otherwise  destroyed  . . . 

Total  crop 

TisiMe  and  Invisible,  August  81... 

16,665,600 
3,951,400 

14,045,000 
2,800,000 

12,874,000 
2,540,000 

15,271,000 
2.207,000 

14,738,000 
1.434,000 

Year's  consumption 

Invisible  supply,  August  31 

Visible  supply,  August  31 

16,664,000 
1,253,000 
2.700,000 

14,064.000 

528.000 

2.253,000 

13.761,000 

263,000 

2,400,000 

14,410,000 

46«.00O 

2,600,000 

14,091,000 

844,0('O 

l,737,0tiO 

Total  available  supply  for  the  year 

20,617,000 

16,845,000 

16,414,000 

17,478,000 

16,172,000 

Total  consumption  and  supply 

20,617,000 

16,845,000 

16,414,000 

17,478,000 

16,172.000 

THE    WORLD'S    EXPORTS    AND    IMPORTS    OF    COTTON     SINCE     1890,    IN     BALES. 


ExPORTDta  CoUNTaiBS. 


United  States,  In  bales  of  600  lbs. . 

India.  In  bales  of  400  lbs 

HBTpt,  reduced  to  bales  of  400  lbs. 


1894-96 


6,719.718 
757,000 
629,500 


1893-94 


5,281,494 

1,226,180 
664,207 


1892-93 


4,402,890 

1,049,779 

079,816 


1891-92.  1890-91 


6,864,921 

1,098,804 
620,750 


6,778,835 

1,129,000 

532,000 


Iia>oaTi2<o  Countries. 


European  Continent,  from  India 
and  Egypt,  bales  of  400  lbs 

Great  Britam,  from  India  and 
Egypt,  bales  of  400  lbs 

Gt.  Bntain,  from  U.  a.  bs.  500  lbs. 

France,  from  U.  S.,  bales  500  lbs. . 

Channel,  from  U.  S.,  bales  500  lbs. 

Canada,  from  U.  S.  by  rail 

Other  foreign  countries,  from  U.  S. 

United  States,  bales  400  lbs 


1894-95 


3,325,411 
774,904 
119,920 


2,499,478 


1893-94.   1892-93 


1,239,000 

448,000 

2,761,306 

688,145 

138,018 


1,744,.525 
79,741 


1,817,811 

411,784 
2,332,665 
548,407 
70,759 
58.971 
1,451,059 
108.445 


1801-92 


1,247,000 

487,000 
3,830.506 
692,304 
79,326 
76.500 
1,762,785 


1890-01. 


1,361,725 

492,751 
3,319,004 
561,246 
82,0)0 
55,240 
1,828,574 


Estimated  NUMBER  OP  SPINDLES  and  VALUE  OP 

WORLD'S  EXPORTS  AND  IMPORTS  OF  COTTON,  Manufactured,  eince  1890,  In  Doilare. 

1894^96. 

1893-94. 

1892-93. 

1891-92. 

1890-91. 

1894-9ft. 

1893-94. 

1802-93. 

1891-92. 

1890-91. 

U.  S.,  year  ending  June  30... 

Breat  Britain,  year  lending 

Si'ptember  30 

13.789.810 
281,220,000 

14,840,886 
298,735,000 
3i;213.090 

'is'&jY.OM' 

11,809,355 
279,965,000 
40,503,285 

45,270,000 
26.850,000 
15,641,000 
3,570.000 

13,226,277 
309,.'J75,000 
35.175,175 

45,.?5O.0O0 
20,405,000 
15,277,000 
3,402,000 

13,472,857 
325,140,000 
38,513,193 

44,750,000 
28,035,000 
14,781,000 
8,351.000 

D  8,  year  ending  June  80... 

East  Indies,  Egypt,  Africa, 
Turkey,  India.  China  and 
Japan,  Holland,  Germany. 
West  Indies,  S.  America. 
N.  America,  and  scattering, 
by  Great  Britain,  from  Oct. 
1.  18y;j,  to  July  31,  1894,  a 
value  of  about 

S.  America,  China  and  other 
ct)untrie8  as  above,  by  U.  S., 
scatttTiiig,  yr.  end.  J  une  30 

Scattering  countries,  prmci- 
pally  East  indies  and  Eu- 
rope, by  India 

33,195,.S;J8  '  22.84e,<?9 

i 
1 

83,560,293 

28.223,841 

20,712.624 

India,  in  dollars,  year  end- 
ing about  June  SO.......... 

8plndles,  Ot  Britain,  cat.  yr. 
*'         Continent'l  Europe 

United  SUtes 

**        Rast  Indie.s,,,, 

45,270,000 
27,3.W,000 
16,133,2-18 
3,576.000 

258,890.000 
13,789,810 

275,885,000 
Ii840,683 
31,213,090 

2av,flfC,«t-j 

11,809,355 
40,.W.3,285 

274,870.000 
13,226,277 
a'),175,175 

298,675,000 
13,472,857 
38,.513,I9.'i 

THE    PRODUCTION    AND    DISTRIBUTION    OP    COTTON    IN    THE    UNITED    STATES,    IN    BALES    OF    500    LBS. 


Acreage  in  the  United  States 

Yield  per  acre  in  pounds...... ........... 

Average  weight  per  bale 

Crop  in  bales 

Receipts  31  interior  towns 

Overland  receipts 

Port  receipts 

Crop  of  Sea  Island  cotton 

Stock  of  Sea  Island  cotton  August  31 

Consumption  of  Sea  Island  cotton 

Exports  Sea  Island,  year  ending  August  31  .... 

Foreign  cotton  imported  in  pounds 

Value  foreign  cotton  goods  imported  in  dollars 

Consumption  of  Northern  spinuei'S 

Consumption  of  Southern  spinners 

Totad  oonsumption , 

Exports  to  Great  Britain 

Exports  to  France 

Exports  to  Channel ,.,... 

Exp6rts  to  other  foreign  countries 

Exports  to  Canada  by  rail , 

Total  all  exports , 

Stock  at  ports  August  31 

Stock  hands  spinners  August  31 

Spindles  in  Northern  States 

Spindles  in  Southern  States , 

Value  exports  of  cotton  manufactures,  dollars.. 
Plantation  value  U.  S.  cotton  crop  in  dollars. 
Stock  at  interior  towns  August  31 


Areraj^  condition  of  crop  for  5  months  of 
•ach  year  since  1884. 

Average  percentage  planted  May  1., , 

Average  condition  June  1 

Average  condition  July  1 , 

Average  condition  August  1 , 

Average  condition  September  1 

Average  condition  October  1 


.verage  prices  Middling  cotton  per  lb.,  IT.  Y. . . . 
Average  prices  standara  sheetings  per  yd..  N.Y. 
Average  prices  standard  prints  per  yd.,  N.  Y... 
Average  prices  64x64  print  cloths  per  yd.,  N.  Y. 
Avg.  expert  price  cotton  per  lb.  yr.  end.  June  30 
Pm-centage  domestic  production  exported  cal.yr, 


1896-90 


20,182,138 


1894-95. 


7,250,000 


1895. 

78.6 

81 

82.8 

77.9 

70.8 

65.1 


6.50 
69.88 


23,087,950 

200 

507.38 

9,892,766 

6,640,4.35 

1,867,104 

7,882, 16;J 

74,839 

405 

34,981 

40,741 

40,3(52,787 

33,19.'j,338 

1,840,769 

853,352 

2,694,121 

3,:i25.411 

774,904 

119,920 

2,499,478 

99,092 

6,719,713 

280,063 

300,618 

13,700,000 

2,4.3-3,248 

13.789,810 

325,000,000 

32,760 


1893-94. 


19,701,000 

179 

497.98 

7,527,211 

8,052,285 

1,25.3,856 

6,98:^,392 

61,052 

1,914 

24,346 

37,.3:0 

27.705,949 

22,:W6,479 

1,675.000 

72:j,329 

2,398,329 

2,761,306 

688,145 

188,018 

1,744,025 

62.672 

6,2:51,494 

183,737 

47,217 

13,550,000 

2.291,004 

14,:540,683 

250,000,000 

57,041 


1892-93. 


1894. 

81.6 
88.3 
89.6 
91.8 
85.9 
&i.7 

6.94 
6.11 
4.90 
8.75 
7.67 
71.20 


18,362,000 

178 

499.85 

6,717.142 

3,468,ftl4 

1,290,512 

6,124,476 

45,422 

1,951 

22,911 

22,548 

43,307,952 

33,500.29:j 

1.950,000 

733,701 

2,08.3,701 

2,3.32,665 

648,407 

70,7,59 

1,451,059 

54,276 

4,402,890 

24:i,2n 

108,240 

13,475  000 

2,10C,023 

ll,80'.l,:iT5 

268,000,000 

79,421 


1893. 

85.3 
85.6 
82.7 
80.4 
73.4 
70.7 

8.56 
6.90 
6.25 
8.30 
8.24 
65.99 


1891-92. 


20,838.000 

2a3 

498.78 

9,0:58,707 

4,689,913 

1,800,482 

7,157,542 

59,171 

2,441 

82,093 

27,.'>68 

28,603,769 


1892. 

78.3 
85.9 
86.9 
82.8 
76.8 
73.S 

7.71 

6.50 
6.26 
8.39 
8.7 
65.18 


2,025,000 

681,471 

2,706,471 

8,8:50,508 

692,.304 

79,328 

1,762,785 

76,560 

6,804,921 

416,5:56 

310,932 

13,275,000 

2.002.8G9 

1:5,228,277 

313,000,000 

128,6.» 


1890-91. 


20,910,000 

194 

409.84 

8,(5,55,518 

4,689,192 

1,666,145 

6,993,150 

68,118 

90 

26,651 

89,116 

20,908,817 


1889-90. 


1891. 

77.5 
85.7 
68.6 
88.9 
82.7 
7B.7 

8.60 
6.83 
6.00 
2.96 

10.0 

67.36 


1,925,000 

605.916 

2,5:50,916 

8,319.004 

661,246 

82,010 

1,828,374 

68,867 

6,791,4:54 

228,684 

12:5,990 

12,925,000 

1,856,000 

13,472,857 

350,000,000 

65,929 


20.173,000 

169 

496.18 

7,313.726 

8,8:51,607 

1,429,192 

6,876, 1. 53 

46,841 

669 

19,142 

28,278 

8,606,649 


1888-89. 


1,800,000 

549,478 

2,849,478 

2,844,858 

475,144 

87,842 

1.509,003 

65,240 

4,906,000 

61,209 

17,:505 

12,825.000 

1,725,000 

9,999,270 

308,000,000 

14,570 


19,781,000 

163 

495.66 

6,935,082 

'i,46d.'r8b' 

6,647,757 

43,903 

147 

20,336 

23,045 

7,973,039 


1887-88. 


19,428,000 

165 

485.:55 

7,017,707 


1890. 

75.8 
88.8 
98.4 
80.5 
85.5 
60 

11.07 
7.00 
6.00 
8.84 

10.1 

68.16 


1889. 

87 

86.4 

84.6 

89.8 

8G.6 

81.4 

10.65 
7.00 
6.50 
-  3.81 
0.9 
99.33 


1,829. 
486, 

2,315 

2,841 
413, 
107, 

1,380, 

4,736, 

66, 

84, 

12,725, 

1,450, 

10,212 

292,000,1 


1,000 
603 
,603 
,635 
,667 
3.56 
0H7 
Oil 
000 
:5(M 
515 
000 

ooo 
4:50 
,000 


1880-87. 


18,'.)94,000 

1.57 

486.02 

6,513,623 


1,441,920       1,292,167 


1 88.5-86. 


18,710,000 

100 
4a'i.40 
6,500,215 


39,.571 

841 

19,68.5 

20,r).'<0 

6,497,592 


1,770,000 

443,:573 

2,222,373 


4,628,000 


1888. 

79.9 
88.2 
88.7 
87.8 
83.8 
78.9 

10.03 
7.25 
6.50 
8.81 
9.8 

65.83 


73,02;i 

12,275,000 

1.250,000 

1:5,013.180 

200,000,(JO0 


45,1:57 

2,871 

20,516 

26,651 

8,924,531 


1,687,000 

422,000 

2.109,000 


4,445,000 


1887. 

82.4 

96.9 

97 

93.3 

82.8 

76.5 

10.21 
7.15 
6.00 
8.33 
9.05 

68.71 


65,408 

12,275,000 

1,22.5,000 

14,929,.342 

257,295,000 


1,260,279 


37,672 

1.610 

10.963 

16.428 

5,072,.'534 


1,781,000 

38.5,000 

2,166,000 


4,.3:56,000 


ISSO. 

80 

88.7 

80.1 

81.3 

82.1 

79.3 

9.28 
6.76 
6.00 
8.81 
9.9 
64.68 


1 -3.5.000 

12.200,(;<H)  ' 

fl,200,OiK>,'> 

n,836..5fliv* 

269,989,000 


1886. 
M 
93 
96 
96.9 
87 
78 

1045 
6.75 
6.00 
8.12 
10.6 
68.5< 


•  Estimated. 

119  plants  employ  nearly  18  mflllon  dollars  tnespttal  In  manufacture  of  cottcm  seed,  dl  and  cake;  IS  establishments  engaged  In  cotton  cleaning  ;  62  In  compressing  •  1,687 
|b  ginning  j  905  in  the  manufacture  of  cotton  goods  j  3  of  cotton  ties  ;  31  handle  cotton  waste.  The  2,641  concerns  aggregate  •  cojaltai  of  $366.9&Z,S44  j  Ui^  employ  28a,8(R 
Md^  tmi  s"^  o»t  *"  w««80  nnniiii(Hy  |7l,71M^   VaU  fiiver  en^plctys  $20,478.0(10.  vhich  netg  6  to  8^  per  cei^t,  in  dividend*. 

188  ' 


IV  York,  Annual  World  and  United  States'  Cotton  Crop  Letter. 

ind  other  reliable  reports;  and  production,  consumption,  estimated  value,  interior  and  port  receipts  and  exports  of  U.  S.,  and  in  detail  by  Statea, 


PORT  RECEIPTS,  EXPORTS,  INTERIOR  RECEIPTS  AND  STOCKS,  BY  STATES,  SINCE   1880,  IN  BALBS  OF  800  LBS. 


Statbs,  Aorkaob  and  Spikdlxs. 


I 


TBI  AS,  Indian  Ter.  Incl,  crop  (6,854.621  acres)  .. 

Consumption  (spindles  40,4;iO) 

Galveston  port  receipts 

Galveston  exports  to  foreign  ports  and  Mexico. 

Galveston  stock  Aug.  81 

Receipts  at  interior  points,  year  ending  Aug.  31 

St4ick  at  interior  points  Auk-  81 

AOUl.SIANA  crop  (1,313,290  acres) 

ConEUmption(HpiDdlfS  t>!,82)i) 

New  Orleans  port  receipts,  yeiir  ending  Aug.  31 

New  Orleans  exports,  year  cuding  Aug.  31 

New  Orleans  stock  Aug.  31 

Receipts  at  Shreveport 

Stock  at  Slireveport,  Aug.  31 

AI.ABAMA  crop  (2,6GI,861  acres) 

OansuniptioD  (spindles  1(J3,4(JU) 

Uobile  port  receipts 

Mobile  exports 

Mobile  stock  Aug.  31 

Receipts  at  interior  points ,. 

Stock  at  interior  points  Aug.  31 

GEORGIA  crop  (3,610,J)Cti  acres) 

Port  receipts 

Consumption  (spindles  551,806) 

Savannan  exports,  including  Sea  Island 

Brunswick  exports 

State  |>ort  stocks  Aug.  81,  Including  Sea  Island 

Receipts  at  interior  points 

Stock  at  interior  points,  Aug.  81 

TENNESSEE  cn>p  (879,954  acres) 

Consumption  (spindles  U5,8(ili) 

Receipts  at  interior  points) 

Orerland  shipment  direct  to  manufacturers... 

Stock  at  interior  points  Aug.  31 

ARKANSAS  crop  (1,483,319  acres) 

Consumption  (spindles  6.14^) 

Receipts  at  Interior  points 

Stock  at  Interior  points  Aug.  31 , 

MISSISSIPPI  crop  (2,826,272  acres) , 

Consumption  (spindles  55,393) 

Receipts  at  interior  points 

Stock  at  interior  points  Aug.  81 , 

MISSOUKI  crop  (63,696  acres,  iuc.  in  Tenn.) , 

Consumption  (spindles  0) , 

Port  receipts  at  St.  Louis , 

St.  Louis  stock  Aug.  31 , 

KENTUCKY  crop  (8,243  acres,  ina  in  Tenn.)  ..... 

Consumption  (spindles  51,756) , 

Louisville  receipts 

Louisville  stock  Aug.  31 

FLORIDA  crop  (201,021  acres,  inc.  elsewhere)... 

Florida  ports  receipts 

Florida  exports 

NORTH  CAROLINA  crop  (1,296,523  acres) 

Port  receipts 

Consumption  (spindles  612,509) 

Wilmington  exports 

Washington  exports 

Port  stock  Aug  31 

Receipts  at  interior  points 

Stock  at  interior  points  Aug.  31 

SOUTH  CAKOLINA.  crop  (2,100,391  acres) 

Port  receipts 

Consumption  (spindles  619,849) 

Charleston  exports  (inc.  Sea  Island) 

Port  Royal  exprts  (ina  Newport  &  Georgetown) 

Port  stock  Aug.  31  (inc.  Sea  Island) 

Receipts  at  Interior  points 

Stock  at  interior  points  Aug.  31 

VIRCilNXA  crop  (61,128  acres,  inc.  in  other  States) 

Port  receipts 

Consumption  (spindles  127,408) 

'Norfolk  exports 

■  West  Point  exports. 

Newport  News  exports. 

'Port  stocks  Aug,  31 

INDL^Jl  TER.,  OKLAHOMA  <fe  KANSAS  crop 

(363,058  acres,  inc.  elsewhere) 

CALIFORNIA,  San  Francisco  port  exports 

OHIO,  Cincinnati  port  receipts 

Cincinnati  stock  Aug.  31 

MARYLAND,  Baltimore  port  receipts 

Baltimore  exports 

Baltinioro  stock,  Aug.  31 

PENNSYLVANIA,  Philadelphia  port  receipU  ..! 

,  Philadelphia  exports 

Philadelphia  stock,  Aug.  31 ,',' 

MASSACHUSETTS,  Boston  port  receipts 

Boston  exports 

Boston  stock  Aug.  81 '..' 

KEW  YORK,  New  York  City  port  receipts 

New  York  City  exports 

New  York  City  stock  Aug.  31 

CROP— Scattering ] 

Sea  Island  cotton [" 

Exports,  Portland,  Me 

TOTAL  SPINNERS'  CONSUMPTION V.'.'." 

Southern  spind  lea,  2,.37<1,:«I 

Northern  spindles  13,700,000 

TOTAL  CROP,  acreage  2:j,B87,950 ". "  " 

TOTAL  RECEIPTS,  31  interior  points 

Outport  receipts 

TOTAL  EXPORTS. 

STOCK  at  ports  Aug.  31 il'.".".'.!!'.'.!!". 

Stock  at  interior  points  Aug  31 

Stock  at  mills  Aug.  81 J.. ..II!!.".* 


1894-05. 


8,276,000 

12,576 

l,7:l.'>,3'i8 

1,407,:«1 

11,151 

l,989,:i24 

4,583 

800,000 

10,429 

2,.584,115 

2,053,8:J1 

67,855 

119,:i«0 

1,478 

1,000,000 

64,972 

240,220 

122,995 

5,407 

S38,568 

1,709 

1.. 300,000 

1,087,724 

218,085 

545,C:.7 

103,394 

5,849 

706,214 

6.203 

850,000 

30,914 

64.3,228 

1,157,251 

2,114 

850,000 

2,103 

197,;SS2 

876 

1,800,000 

15,757 

817,107 

1,014 


1893-94. 


1.900,000 

10,050 

1,067.730 

811,368 

20,313 

1,204,920 

13,196 

629,000 

14,718 

1,893,094 

l,fri0,811 

30.767 

78,:j55 

1.510 

792,000 

47,438 

mi  25 

84.600 

2,7HM 

811, .WO 

2,580 

1,046,000 

1,06.3,297 

170,303 

516,.322 

71.310 

9.223 

624,389 

8.344 

280,000 

24,807 

52,5,528 

620,490 

5,317 

632,000 

1.210 

105,943 

230 

1,021,000 

14,469 

226,575 

4,091 


1892-OS. 


071 

938,376 

7,644 


18,018 

10,819 

249 

60,000 

81,314 

800 

465,000 

268,182 

221,264 

202,270 


849 
63,162 
1,045 
800,000 
586,432 
229,580 
840,753 
158,389 


35,340 


770,823 
32,383 
188,324 
107,158 
83,303 
6,553 

135,633 

16,283 

881,494 

5,7ffi 

167,940 

277,806 

8,500 

164,706 

67,352 

2,509 

167,940 

287,466 

2,900 

137,107 

80;j,476 

160,558 


74,839 

4,095 

2,694,121 

853,352 

1,840,709 

9,892,706 

5,040,433 

7,882,163 

6,719,713 

280,063 

88,542 

860,618 


&16 

621,835 

17,872 


1,850,000 

10.943 

1,103,724 

813,821 

16.717 

1,208,533 

6,645 

609,000 

16,999 

l,6O2,0C9 

1,3:«,600 

87,051 

64, I. M 

2,497 

600.000 

41,409 

171. .WJ 

3(;.4.'''6 

5.42.') 

177.287 

4,508 

9.34,000 

92.'j,3(;9 

187,702 

80,7.'>5 

11,499 

51.^!M3 

12.612 

25.'').000 

;«,370 

404,064 

858,905 

8,858 

674,000 

1,110 

66,574 

8,519 

851,000 

16,310 

192,467 

9,902 

1,5.'J9 

409,209 

19,502 


1891-93. 


2,032,000 

9,104 

1,198,443 

848,9.36 

25,051 

1,802,022 

8,419 

798,000 

16,087 

2,603.251 

2,102,859 

05,:i26 

105,H84 

5,163 

1,010,000 

39,709 

2e7,.Vjrt 

37,806 

8,391 

812,n4 

6,315 

1,245,000 

1,194,417 

178,9.54 

507.043 

103.790 

9,729 

644,408 

10,:3C3 

865,000 

33,759 

818,599 

1,199,094 

24,774 

82.5,000 

1,567 

125,059 

2,060 

1,830,000 

15,122 

233,911 

6,729 


189001. 


15,.509 

7,064 

417 

56,000 

87,797 

500 

447,000 

228,184 

170,179 

107,404 

88,:i44 

1,375 

61,325 

433 

675,000 

42:j,283 

210,i« 

324,308 

81,7.53 

11,740 

42,279 

60 

'967,262' 
27,048 
174,010 
95,964 
48,210 
2,721 


7,225 

247,053 

8,001 

62,826 

156,266 

8,000 

69,411 

83,981 

1,480 

101,8&1 

230,844 

2,850 

70,529 

792, i:« 

92,480 

83,000 

61,052 

'2','^',.329' 

723,329 

1,675,000 

7,527,211 

8,952,285 

6,983,393 

6,231,494 

18;i,737 

57,:J35 

-   47,317 


15,.509 

8,710 

570 

45,000 

81  ,.328 

7,010 

888,000 

188,a35 

182,047 

131,995 

27.9 ,7 

1,740 

44,(>J8 

890 

687.000 

2<I2,1.34 

200,219 

217,.550 

3,609 

13.015 

38,550 

143 

'4'96',493' 
25,924 
139,125 
59,9:36 
11,259 
6,300 


8,78:J 

734,173 

46,402 


6.32 

213,186 

6.795 

70,656 

222,855 

3,000 

73,212 

20,791 

7,148 

120,056 

23;3,313 

6,4.'15 

49.807 

723,044 

134.941 

64.000 

45,4:;^ 

r33,701 
1,950,000 
6,717,142 
3,408,^14 
6,134,476 
4,402.890 

243.271 
79,429 

10ti,346 


14,419 
13,.392 
1,145 
60,000 
27,923 


1,708,000 
7,450 
1,058,841 
647,588 
13,980 
1,077,889 
9,5.33 
736,000 
12,8!)4 
2,077,744 
1,9.55,540 
44,.358 
91,757 
8,311 
1,011,000 
30,304 
296,443 
6.3,204 
6,155 
805,264 
8,4.53 
1,810,000 
1,326,309 
104,981 
5!(7,790 
121,9'JO 
12,1.37 
767,.576 
15,005 
8').5,000 
82,220 
772,092 
I,050,'«.58 
2,026 
760,000 
700 
137,879 
1,430 
1,209,000 
15,907 
246.038 
2,452 


1889-90. 


1,528 

700,:327 

10,735 


618,000 

2uy.0.35 

161,052 

118,573 

48,125 

2,370 

47,645 

750 

773,000 

468,904 

183,625 

850,212 

5,240 

15,253 

49,215 

100 

'lV025*,264' 

25,240 
190,940 
110,707 

27,251 
5,741 


143 

802,095 

10,744 

99,008 

287,472 

9,800 

89,904 

22,192 

4,250 

149,882 

288,857 

0,951 

88,983 

802.014 

263,0n 

87,000 

69,171 

'2',7b6',47i' 

681 ,4n 

2,025,000 

9,039,000 

4.0S9.913 

7,157..542 

5,864,921 

416.536 

128.6;i4 

810,932 


12,840 

15.745 

452 

63,000 

61,134 

21,426 

688,000 

257,301 

140,817 

103,308 

67,'j;0 

2,491 

70,408 

6'J5 

859,000 

614,488 

164,814 

414,252 

0,040 

2,296 

18,833 


1,470,353 
3,519 
879,960 
470,465 
15.811 
894,3:37 
8,867 
659,583 
12,a59 
1,9;-3,.571 
1,840,597 
4,.303 
78,0^ 
103 
91.5,414 
8;i,348 
840,176 
44,789 
1,174 
261,2:J9 
3,759 
1,191,919 
1,114,073 
150.B73 
6:31,409 
117,945 
11.541 
655,778 
8,707 
189,073 
.34,573 
616,342 
8e8,095 
603 
691,423 
1,344 
114,778 
870 
1,154,406 
16,698 
200,902 
114 


1888-89. 


1887-83.       1880  87. 


1,4.36 

635,953 

574 


962,342 

21,395 
827,200 
ir2,,500 

70,705 
6,107 


399 

&19,8:i9 

2,708 

51,002 

185,923 

5,500 

7:3,011 

28,2:38 

2,:380 

124,907 

239,441 

4,992 

1.35,740 

784,ft39 

129,288 

70.000 

68,118 

"2,53b!9i6' 

606,916 

1,925,000 

8,656,000 

4,56O,:307 

6,993,150 

6,790,634 

228,684 

6.5,929 

12;i,990 


12,493 
16,005 
108 
67,928 
88,213 


1.837,000 

1.9:35 

708,727 

810,8:32 

9,012 

721,500 

8,579 

430.000 

8.ft30 

1,097,376 

1,489,487 

5,803 

74,075 

180 

7a5.0O0 

80,947 

814,202 

60,498 

746 

836,968 

2,4:33 

978,000 

050,894 

133,477 

408,849 

9,613 

495,730 

1,155 

890,000 

80,638 

771.992 

900,722 

1,080 

845,000 

1,156 

76,928 

&3 

995,000 

15,718 

120,526 

24 


2,100 

679.368 

613 


830,345 

170,:379 

122,814 

113,149 

85,40:3 

2,160 

45,754 

39 

746,798 

328,8-25 

137,Si8 

340,333 

1,740 

8,531 

15,545 


22,103 

20d,;>64 
179,:356 

«8.on 

t,404 


816,6^4 

1,327 

91,*18 

1:21,943 

200 

81,615 

87.504 

1,073 

72,912 

140,.S25 

1.448 

115,0,50 

rr5A'43 

17,574 

67.975 

40,840 

'2,'34'9',478' 
549,478 
1,800,000 
7,313,720 
8,5:39.044 
6,876,153 
4,916,847 

61,029 
9.790 

17,a6a 


10,308 
15,215 
83 
65.000 
83,939 


4:35.000 
217,109 
100,733 

100,7C 

114 

64,054 

85 

6.50.000 

400,539 

124,459 

257,524 

130 
15,310 


974,409 
21,037 

544,054 

42 


124 

865,896 

3.272 

65,026 

199,271 

946 

61,S£) 

69.238 

2.585 

ia3,oa3 

234,750 
1,415 
129,297 
1,080,291 
25,899 
75,000 
43,90:5 

1,0(!0 

2,315,00:3 

486.003 

1,829.000 

6,9:«.0O0 

3,543,334 

5,M7,757 

4,742.745 

66.304 

\3.444 


MSl.OOO 

800 

6.89,701 

833,956 

4,289 

697,320 

1,9U 

486,000 

9,517 

1,780.,375 

1,622,087 

19,7.30 

80,95:3 

409 

740.000 

2.5,0.55 

207.377 

62,488 

1,511 

265,302 

1.594 

1.000,000 

960.927 

140,481 

440,230 

7,228 

605.5:31 

2,a30 

860.000 

84,724 

710,1.50 

971,703 

3,fl05 

800.000- 

1,199 

66,215 

1:34 

1,075,000 

14,705 

142,584 

128 


2,100 

627,900 

3,905 


8.996 

13,615 

I'M) 

65,000 

84,900 

3,446 

4,SO,000 

212,553 

80,485 

121,903 

380 

57,315 

72 

605,000 

441,825 

100,080 

287,621  j 

1,692 
18,440 


1,845,000 

180 

751.252 

43:3,713 

4.228 

806,340 

7,211 

460.000 

9,100 

1,764,1.51 

i,47i,6rA 

17,:34:3 

105,410 

840 

685,000 

38,646 

216,143 

46.807 

478 

231. 4C6 

3,.5.37 

920,000 

8:3.5,.5a3 

135,170 

489,743 

7,393 

460,003 

2,018 

870,000 

80,727 

718,440 

795,070 

4.638 

744,000 

1,415 

77,204 

693 

935,000 

13,72:3 

123,940 

975 


1885-80. 


1,855,000 


2,300 

417,007 

4,140 


8,291 

12,515 

179 

60,000 

27,212 


976,314 
19,731 

467,761 

1G3 


863,521 

1,005 

5.5,101 

164,111 

550 

87.500 

73.8:31 

2,355 

18.290 

t41,727 

1,500 

97,584 

918,981 

142,188 

75,000 

89,591 

443,373 

1,779,500 

7,071,000 

3,480,581 

5,602.6:33 

4,6:).S,9ei 

181.225 

1.5,:375 

73,028 


4'20,orx) 

196.6:37 
08,627 

109,691 

655 

64,150 

23 

630,000 

889,604 

97,.538 

277,016 

1,289 

2,157 

13,741 


815,391 
17.002 

439,577 

628 


895 

341, .300 

2,155 

60,4»4 

132,905 

410 

58,.V« 

65,535 

8,770 

105,417 

153,314 

8,000 

97,207 

&17,S>3 

36,824 

45,000 

45,137 

'2','l47!l79' 

397.929 

1,749,2.50 

6,514.0U0 

8,375,004 

5.320.024 

4,4.5,S,:326 

&i,088 

23,830 

66,408 


7:33,.371 
836,718 

0,762 
781,519 

9,778 
495,000 


1,764  88.3 

l,656..5.5a 

16,5W 

81,428 

1,880 

MS,000 


248,528 
47,418 

2,H50 
207.33:3 

2,271 
980,000 
813,855 


401,930 

6,453 

658,819 

12,029 

800,000, 

"bst'aoa' 

813,529 

4,252 
650,000 


61,725 
143 

•75,000 

'iSleiT' 

623 


473,471 
S,924 


14,492 

814 

65,000 

64,143 

20 

4.50,000 

168,350 


78,213 

108  i. 
66,408, 
275' 
605.000 
602.900 

"33f.',386" 
2,.3.54 
4,709 
12,957 


810,792 

313,689 
<,507 


953 

887,175 

4,398 

66,058 

172,413 

7,651 

66.529 

62,920 

11,107 

130,421 

189,637 

6,015 

66,893 

847,831 

107,859 

60.000 

S7,0r2 

4,924 

1,997,070 

840,000 

1,6.57,076 

6.5.50.000 

8,444.613 

6,390.686 

4,343.991 

173,723 

48,060 

136,000 


'''-^^SB^^^B^'EIW^^^^^^^^^^.B^^^r'-^  - 


isy 


CLAPP  &  COMPANY,  BANKEES  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QQOtatiODS  for  Stocks,  Cotton,  Grain  and  ProYisions  tor  Week  ending  OctoI)er  23.  1895,  and  tor  October,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
PEOM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wekklt 
Salxs. 


800 

1.460 

124.945 

1.776 

85.229 

17,300 

515 

S.401 

866 

S.810 

89  406 

85,965 

66,373 

61ti 

17,555 

510 

15.115 

408 

&.475 

4.125 

6,747 

3j2 

1,183 

1,210 

£0,835 

6887 

100 

175 

10  045 

400 

285 

l.I4> 

84.795 

13,1144 
5tl2 

19,963 

19*294 
1,476 
1,402 

1,100 
2.U70 

4.646 

2.590 
2.125 
602 
1,625 
7,030 
600 

68.443 
1  582 

46.000 
2.600 
7.958 
5.423 

68,734 
8,115 

10  038 

3,5;w 

84.671 

1.651 

6.189 

460 

660 

11,195 

I0.SO8 

19.810 

605 


Capital 
Stock. 


120,237,100 
10,198,600 
36,773,000 
86,773,000 
17,900,000 


25,000,000 
15,000,000 
22,488,000 
60.805,400 
82,262,700 
24,885,800 
46,027,261 
25,933,900 
46.156,000 
18.559,360 
39,054,907 
22,335  170 
28  000,000 
11,696,000 
35,430,060 
26,200,000 
35.000.000 
38  000,000 
34  091900 
30,459,700 
25,000,000 

8,000,000 
50,000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18,738,204 
13,000,000 
47,844,100 
47,4.36,576 
14,905,400 
14,904,00«> 
89,428,300 
77,427.000 
20,000,000 
58.119,982 
13000.000 
39,767,200 
49,000,000 
89.269,546 
20,000,000 

8,500,000 
40,426,861 
36,000,000 

68.402,966 
125,000,000 
60.000,000 
19,850,000 
.38,710,900 
6O,868,.50O 
52  9H  1,600 
52,361,500 
20.166.000 
18.858  500 
7,418,300 
28,000,000 
24,000,000 
94,820,000 
10.000,000 
4.500.000 


DivrDKND  Record. 


Nambs  or  Stocks. 


]Amerlcan  Cotton  Oil 

Pays  3pc  J-D I  American  Cotton  Oil  Pfd 


Pays  3pc  0-J-A-J. 

Fays  3Hpc  J-J 

Pays  3pc  F-M-A-N. 


Paid  2dc  1895 

Pays  mpc  F-A 

Pays  IHpc  F-M-A-N. 


Paid  Ipc  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  Annum. 
Paid  ^pc  Oct.  1895.... 


PayslV^pc  J-D.. 
Pays2!^pc  J-D.. 
Paid  3dc  m  1893. 


Pays  2pc  M-J-S-D 

Pays  7pc  per  annum. 
Pays  7pc  per  annum. 


Paid  IK'PC  Jan.  18!i3.. 
Pald2pc  AuffostlSOS.. 
Pays  5pc  per  annum.. 


Pays  2)^Dc  M-S. 


Am.  Suffar  Refining  Co 
Am.  Sugar  Refining  Co  Pf. 

American  Toiiacco  Co 

Atcli.Top.  &  S.  F.  all  ins.pd 

Baltimore  &  ODio  

Canada  Southern 

Central  of  New  Jersey.... 

Chesapeake  &  Obio 

Cliicago.  Bur.  <fc  Quincy.. 

Chicago  Gas  Cos 

Chicago,  Mil.  &  StPanl... 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic.  St  I'aul  M.  &  Omaha 
Chicago  <fc  North  western. 
Chicago  &  Northw  u  Pfd. 
CleTe..  Cin.,  Chic,  &  St  L. 
Col  Hock  ng  Valley  i  Tol 
Consolidated  Ga*  of  N.  V. 
Delaware,  Lack  a  <&  Wn. 
Del..  &  Hudson  Caual  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  in  pd 
General  Electric  to.. 
Great  Northern  Pfd... 
Green  Bay  W  <t  bt  P  Tr  Kec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  <fc  Western.   . 
Lake  Erie  <fe  Western  Pfd 
Lake  Shore  &  .MicD.  bo'n. . 

Louisville  &  Nashville 

Manhattan  R'yCousol... 

Michigan  Central 

Mo..  Kansas  &,  'lezas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  to 

National  Lead  Co  Pfd  . 
N.  Y.  Cent'l  &  Hudson  Riv 

NTLB4  W  J  P  M  CO  Ct  1st  lU  pd 

NY&IS  E  tstcoct»all  inpd 
N.  Y  Ontario  &  Western 
N.  Y.  Suso.  &  W'n  Piu.. 
North  American  Co.... 

Northern  Pacific  

Northern  Pacific  Pfd.... 
Pacific  Mail  i>.  i>.  Co.... 
Peoria,  Dec.  &  Evanaville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  to. 
Silver  Bullion  Certificates 
Southern  Pacific  Co 

.,  Southern  Railway 

Southern  Railway  pfd... 

Paid  Ipe  in  1887!."!!.'!!iTenn.  Coal.  Iror  *  R  K  Co 

Texas  &  Pacifio 

I'aid  8^pc  in  1884,...!!|Cnlon  Pacific 

U  S  Leather  Co 

Pay8  2po  Nov.  1895 ]  U  S  Leather  Co  pref 

Paid2Jr^pc  March  15, 1895!united  States  Rubber  Co. 

|U  S  Cordage  Co 'Ir  Co  ctfs 

'usCordgeCopfdTrCoct^ 

I  Wabash 

iWabash  Preferred 

Pays  1)4pc  J-A-J-0 iwestern  Union  Tel.  Co... 

I  Wheeling  i  Lake  Erie 1 

Paid  Ipo  in  Feb.  1894 Wheeling*  Lake  Erie  Pfd 


Pays  l^pc  F-M-A-N... 

Pay.s  .3pc  FA , 

Paid2pc  August  1803..., 
Pays  i>^pc  J-A-J-O.... 
Paid  2pc  in  July  1895..., 


Pald.3pc  1891 

Paid  Ipc  in  Oct.  1895.. 
Pays  l?ipc  M-J-S  D... 
Pays  Ipc  J-A-JO 


Paid  IHpo  Nov.  1893.. 


Paid  Ipc  April  1892., 
Paid  Ipc  in  1887..., 


Pays  2pc  F-M-A-N. 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


37.730 


COTTON,  in  ba  es. 
I  World's  visible. 
1895  2  891426 

18941  3  704.356 


I   V  T-    f  October   . 
Total  In  slghttl  Total  Exports.     "•  ^'    \  November, 
1,.52.3.477  420.812        i   ColUm  !  December. 


1.844,508 


706,994 


I  January. 


WHEAT,  in  bushfls. 
I    U.  S  Visible.     Primary  rec'ts'*!  Total  Exports. 
1895         46  199.000  I       73.000  000  37.117  021 

189l|        76  659,000         I      81000  000        |      61.340  628 


Wheat.  \  P.tl^'"'*''- 


Corn. 


(  May.       . 
^  December. 
•  llttay 


CORN,  in  bushels. 
I    U.  S.  Visible. 
1895  6.479  000 

18941         8.899  000 


Primarv  rec'ts* 

34  Odb.OOO 
25.000,000 


I  Chicago  l  December. 

Total  Exports    Wheat.  )  May 

18  955  300       ip„„       (December. 
2.061310        ^""'•••)May. 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  4  380  000 

18941         9,144  000 


N.T.  Stockt, 

735  377 
8,907.124 


Chgo.  Stooki. 

618000 

1,402  000 


Oata. 
Pork. 


,t  December. 

'May 

^  October. . . 
1  January... 


I  LARD-tcs.  I  CHICAGO  CONTRACT  STOCKS. 
World's  vis.  PORK-bbl-s  LARD-tcs.,  RlBS-lbs. 
18951        249.794     I  92.397     !  29,689     I  22.211.000 


'Lard.. 


October. 
January. 


1894 


115,451 


24,658 


I 


9,028     I   11,338,000 


'Rlh«        '  October. 
l"'"*--'  'January. 


Thursday. 
Oct.  17. 


108^ 
Ml 
93 

629k 
55 
112 

S6H 
699^ 
ink 

ik\i 

107 
44^ 
143 

53H 
24 


lOO'xi 
1009$ 

mu 

8l9i 
62** 
54Ji 
112 

\M 

85'4, 
68^ 

7fiH 
•n% 

106JS 

146?i 

1329i 
5.% 
23H 
37?i 


Friday. 
Oct.  18. 


74 

103 

lOOVi 
93?i 
21?6 


74 

107 
lOOM 

21% 


ua    112 


69 

78^ 
43% 

lor 

148 
147?i 


Saturday, 
>  ct.  19. 


>07^ 

100^4 

95 
21% 

111^ 
19 
865^ 

7o« 


Monday. 
Oct.  21. 


22% 
.     71H 

imi  io;% 


Tuesday. 
Oct.  28. 


28       28 
17%    llh, 


37?i 

z 


27 
23H 


62 

100 
37 

87k 


100% 
ll?* 

36 


15m 

109)^  llOM 
100  I  •••• 
37       87 

'..        91 

iofl9i'ioi« 
11^1  11^ 

18H    '8?fi 
85^4     ^^ 

18^ 


em 

76^ 

*^\,  J,, 
106^  loe^j 

148 
...    44 

83       23^ 

147>4,1''6 
...     163 
...     182H 
..     !  53 

iSH  •«% 
S7H    37 


lOO 
24%    HH 
23>»    204 

61%'6I« 
109H  109H 

{100 
36K   86% 


SOJi    83J4 


21 
176 

24 

vm 

37% 

42H 

10?* 

15M 

14 

7?H 

40H 

m 


20%'  sm 

172     1 172 
...  I  67U 
ZWa    i"% 
12     I  12^ 
379i    38 

*'^    ti, 

loH  'OH 

14^    15 

iSi   77% 
40Vi    41 
8%     »i4 
16« 


86?i 
84H 
91 

im 
i 

4% 
18^4 

172 

6:% 

23% 

a:H 

41 

m 

76H 
40^ 


is% 

85>i 


80 

20H 


lOOH 

03^ 
21% 

MH 
111% 
19 

68H 
76% 

77M 
106^4 

43% 

2.3 
146 
168 
132 

53 

239:j 

86% 

100 

zm 

33% 


61^4 
109% 
100 

3o% 

36% 
91 

ii% 

18% 
34% 


29% 
19% 


88% 
1'2% 
,87% 
41^ 
10 


23?i 
li% 
87% 
40% 

14% 


101 

94% 

21% 

61 

54% 
111% 

19% 

86 

69?4 

76% 

77% 
43^ 
IOd% 

48% 

22?i 
I469i 
I6i 
183% 

58 

•2:1% 

37 


71%'  71 
106%  108 
100%  100% 


93 
20% 
61 

64% 

111% 

19 

85% 
6fl% 


94% 
«1% 


70 
107 
100% 

93 

20% 


55%    55% 


19 

86% 

6a% 


76%l  76?i 
127 


7? 
48 

106 


r7% 


187^ 
8.^% 
69 
76^ 
127 
77 


107      108% 


43%    43%    43% 
20?$'  21%    21% 

146^.1147%  U6?4 

169 

1 3  IK  1^ 
5m\  52% 

2.1%  m 

8o%L^!% 


las 

52% 
33H 
86?, 


123%  123% 


25 
28 

150% 
61% 

109% 
99% 
86% 


2^! 


;;;■!  ..^ 

23%   25' 
83    I  '■ 


150%  151      150% 
00%  I  61%    60M 

108%  109      lOiTi 
69%       ••         • 
85^   35       84% 


8«^  85«  30%  859i 
84  33^  34  &3% 
90%  90%  90%  90% 
101      101      iO^i  100% 

11%  im  


is  18    I  l<i% 

35  84%   35 

6  5     I    A 

isl*  1*1   18% 


17% 
5 

1856 

29     I 
5 


Wed., 
Oct  23. 


107% 
100% 
91% 
80% 

55" 
111 

ii9i 

86% 
09-K 
76% 

126% 
77% 
43% 

10694 

43" 

22% 
147% 

132% 
52% 
23% 
67 


•C5% 
100% 

mi 

54% 
111 

18% 
85% 


l3<iK 

7a% 
43 

106% 

42% 

14^ 

1^1% 
5i% 
23!^ 
86% 


im    24?$ 


?r% 

151 
60% 
08?$ 

100 
84?$ 

8S 
34 

90% 
100% 


77% 
160% 

60% 
107% 
lOO 

33% 

84% 
83% 
90% 
lOok 


77%    76% 
8%      m 


23% 
12% 

4i% 
»?$ 

\i 

77% 

40% 
7?$ 
I5i$ 

22%    ^ 

14%    14% 
48M    47 


■;:      67% 
23?$    ^4 

12    I  1^ 

. .    I  37% 

8P%   -11% 
»?$     m 
14%    14 
1-3%    14% 
76?$    79 
40%'  41}$ 

:%l   8 
%'' 

22     1  22% 
91%    93 
14%    15 
47       47% 


161074 


99.936 


167,478 


9  JO  9  20  ,  9.09  8.98    8.86    8 

6,17  9  04     9.09  8.94 

9  23  J,  10     9.18  9.01 

9  85  916    9.25  9.07 


67f{ 
70% 
85!| 
35% 

i  61 
I  65% 

28 

29% 


20?$ 
8.30 
9  45 

5.65 
5.72 
5.00 
4,77 


67%    68  67 

70%'  71%  70% 

35%    3J?$  35% 

85?$|  35?$  85^ 


8.51  8.37 

8.83    8.77     8.54  8.22 

8,89    8.80     8.59  8  20 

8.98    8,66    8d6  8.27 


17% 

35 

f4 
18K 
29% 

19%|  19% 

67%'  68% 
33%   2:};^ 

87%    87 
40%    41% 

,'X?  "^ 
1'1%  13% 
!3%    13>$ 

m  io^ 

22%  .^1^ 

"t»  16% 
4'%    46 


17% 
84% 

t^ 

18^4 

•28% 
5 
19% 

68i$ 
23% 
11% 
36^4 
404j. 
9?$ 
i«K4 

40% 

m 

8% 
2% 
91% 
14?$ 
46 


Range  for 

Oct.    1895. 

to  date. 


118,458 

8  50  880 

848  8.28 

8.53  8  23 

8,60  8  30 


163  639 

8.85  8.35 

8  47  8  18 

8  51  8  25 

8.57  8.31 

67%  661} 

70,'.  70 

35?$  35% 

83?$  35% 

60%  60% 

64%  64% 

•■i6y4  28 

39%  39% 

18%'  18%    18%'  18M    17%   17%    17%'  18       18       18%  18% 

20%    20?$     20%    20%     20%    2ff%    20%;  20%    20-%    30?$  20% 

8.30     8.30    8.30     8.20    8  20     8.13    8.12     8.05    8  00  1  1  15  8  15 

9,37     9  42    9.40    9  37    9  22     9.30    9.05  19,10    9.05     9.22  9.15 


67%  66}|   6«%  66%    67%  66?$ 

70U  70       70%  69%l  70%  70% 

85?$  3.i!^      I  35%  85% 

35%  85%    85%  85%    85%  35% 

60%'  81       60%    60?$  60       60%  53%'  60%  60 

64%i  65%    b4i$i  64?$  64       64%  63%    64%  64% 

27%    28        27%,  27%  37%    27%  27%'  27%  27?$ 

29%    29%    2954    29%  29%    30%  39%:  39%  29% 


1895 
1894 


OLD  PORE.  Chgo.-bblfl.  I     WHEAT  on  passage, 
bblg.  25..520.000  bush. 

I         25  210,000    " 


5.65  5  68  5  80  5  52  5.52  6  50  6.42  6  50  6,47 

5.70  5.70  5  67  5  70  5.62  5  60  5.55  5.60  6.55 

4.95  4  97  4  90  i  4.90  4  85  4.72  4.67  i  4  72  4.72 

4.75  4  75  4  78  ;  4  75  4  67  4.60  4.55  ',  4  60  4.55 


556  5.18 

5,67  5  62 

4.72  4  70 

4,67  4,63 


23?$ 

111% 

102 

101% 
23 

64% 
55?$ 

114)$ 
20% 
87?$ 

tM 

77^ 
137H 

79% 

41% 
107% 
148 

46?$ 

24?g 
148 
174 
134 

54 

■25 

39?$ 
123% 

% 
102 
29 
25% 
78% 
I51H 
64% 
112% 
101% 
SS% 
13% 
89 
35% 
92% 
102?$ 
12?$ 
63% 
!9 
879$ 

5?$ 

8% 
19 
3^% 

5?$ 
22 
176 
69% 
24% 
13^$ 
40% 
45% 
12V$ 
10% 
16% 
86 
48 

9 
17 

9% 
24 
93!4 
16% 
49 


22 
70 

105% 
100^ 


61 

64% 
1:1 

18% 
64?$ 
6.5?$ 
75% 

120% 
75% 
43 

!04% 

148 
42% 
■20?$ 

143 

167 

131^ 
52!^ 
22?ii 
30% 

121% 
% 

100 
28% 
33 
77« 

60% 
I07!^4 
99% 
38% 
13 

34% 
33% 
90% 
100% 
11% 
53% 
17% 
34% 

.18^ 
28% 

3?$ 
19 
172 
67% 
23% 
11% 
86^$ 
89% 

9« 
13% 
13% 
76% 
40% 

•!% 
15 

8% 
21!^ 
9:% 
14% 
46 


Range  foi 
ct.    1894. 


9.25  8.35 

9.26  8.18 
9,35  .S.-20 
9.44  8.27 

68%  65 

71?$  «8?$ 

36  34% 

36  34?$ 

62?$  58?$ 

66%  62% 

28^$  36% 

39?$  '28?$ 

18%  17% 

30%  30% 

8  50  8  00 

9.65  9  05 

5  85  5.42 

5,90  555 

555  467 

492  455 


82%  86% 

77  74% 

88?$  mi 

92%  89}$ 

101  96^ 

769$  88" 

52%  49>4 

113%  9U% 

im  im 

74?J  719$ 

76%  68?$ 

62%  59?* 

180%  118% 

61}$  58% 

86  32% 

104%  98% 

145  142% 

39%  36 

19  17?i 

128  116% 

171%  165% 

184  :i9?$ 

34%  82 

10%  7% 

88%  .33% 

104  101 

4ii  8% 

94  90 

19%  17?$ 

18%  16 

73  69% 

136%  130% 

56  52'k). 

116%  101% 

99%  98 

22%  21 

289$  2-1% 

40}$  86% 

88%  85 

100}i  97% 

149$  1=J>4 

32%  29 

16%  15^$ 

45%  41 

4%  8?$ 

4%  4 

19%  16% 

20M  14?4 

m  3}a 

20%  16}^ 

162%  157 

mi  irk 

139$  Il?$ 

4'2%  40 

18%  14 

10%  9% 

12%  11 

10}$  9% 

60%  .59 

41?$  38 


6%      6 

I4?$  I.374 

89%  mi 

13  11 

45«  88)4 


6.02 
6.12 
6.20 
6.35 

841 
544 

5  49 
5.54 

58% 
63,'. 
57 
55% 

55 

59^ 

52% 

54% 
60 
52 
51% 

51% 
56H. 
46;^j 
4Si>-4 

30%    8«% 

31?$    3i;v., 

]33»  1l8i 
13.37  11  57 

8.32 
7.75 
7.35 
687 

6.!fi 
6.6.S 
6.:i0 
5.85 

CORN  on  passag*. 
6.080.000  busb. 
1.C56.000    " 


I  Russian  Shipmts.  for  wk.  :  Indian  Shipmts.  for  wk.  I  Argentine  Shpts.  for  w*. 

8..5O4.0O0  bush.  16.000  busb.  88.000      busb. 

I  3  3u0,000    "  I  ....     "  I  ....  " 


t  Slnoe  Aug.  31.    •  Since  June  30.  CompiUd  ana  CopyrigHted  hy  CLAPP  &  COMPANY,  BANKERS,  MILLS  fitllLDING,  NEW  YORK 


190 


<^ 


Q 
Ui 

O 


a: 
o 


CO 


z 
I) 


Nj 


Q 


UJ 
Q 


2: 


HClccl^lp  flDarhct  letter. 


No.  4S3. 


Copyright,  1993,  by  Clmpp  »  Compmm^, 
O.  w.  Clapp. 

OWIQHT  O.  CLAP^. 


CLAPP    &    COMPANY, 

Banhers  anb  Brokers,  i 


BnANCH 

Office)  : 


New  York,  Thursday  Morning,  October  31,  1895. 


Cotton,  Grain  and  Provisions. 


O  Our  private  wire  facilities   are  unsurpassed  to   all    New    York,    Chicago   and    Western 


o 
m 


°                            MILLS    BUILDING,    N.  Y.  > 

(0 

2  ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 

a        OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE.  Q 

O 

277    BROADWAY,  Corner  Chambers  St.                                                                                                                              PRIVATE  TELEGRAPH  WIRES.  ^ 

621    BROADWAY  (Cable  Buildino.  Corner  Houbton).                                                                                                     LONQ  DISTANCE  TELEPHONE.  ^ 

753  FIFTH  AVENUE    (Corner  58th  St.                                                                                                                    CABLE  ADDRESS:  "  OZRO."  "H 


> 

z 


I-  We  respectfully  solicit  Commission  orders  for  the    Purchase  or  Sale   of  Stocks,   Bonds,      (/) 


a 

> 


^       Exchanges.      Close  relations   to   important   interests   enable  us   to   give   early    and  valuable 

<       information.  f"* 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future     ^ 

delivery.  ^ 

y\  Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office      rn 

Orders,  or  by  deposit  with  local  out-of-town  banks.     The  local  bank  should  always  wire  us  at      Q 

once,  at   our   expense,    stating   amount    that   has   been  placed    to   our  credit,    and  for   whose 

account,  thus  allowing  customers'  orders  to  be  filled  promptly. 


o 

D 
A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances.     ^ 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers.     O 


>  Financial  Outlook. 

z  r- 

—  Victory  and  defeat  are  sometimes  hard  to  distinguish.  Between  the  State  elections  and  the  Repuh-  L- 
lican  Congress  is  only  a  step.    A  victory  that  would  promise  further  emphasis  to  the  period  of  revenue  L 

UJ       deficit,  bond  debt  and  business  demoralization  is  on  one  hand  ;  a  defeat  that  would  give  Congress  "^ 

Q       the  aggressiveness  of  an  avenging  goddess  is  on  the  other.     Treasury  oflficial  utterances  offer  as  lit-  CJ 

—  tie  relief  as  do  the  tariff  principles  to  which  the  national  executive  stands  consecrated.  Between  ~ 
gold  talk  and  silver  payment  is  a  gulf  that  in  an  off  ytar  might  prove  unfortunate.  Another  emer-  ■^ 
gency,  another  rescue  and  another  business  boom  is  possible.  O 

Straws. — The  following  correspondence  explains  itself  : 

^  Office  of  Clapp  &  Company,  Mills  Building,  New  York,  Oct.  24,  1895.  tj 

r^       Hon.  John  G.  Carlisle,  Sec'y  of  U.  S.  Treasury,  Washington,  D.  C.  ^ 

~:  Dear  Sir  :— Will  you  kindly  state  what  kind  of  coin  would  be  paid  at  the  U.  S.  Treasury  in  re-  ^ 

turn  for  a  demand  foV  redemption  of  $1,000,000  in  silver  certificates  ?  X 

^  Yours  truly,  Clapp  &  Company.  ^ 

Treasury  Department,  Office  of  Secretary,  Washington,  D.  C,  Oct.  25,  1S95.  Z 

Q       Messrs.  Clapp  &  Company,  New  York  City.  O 

?^  Gentlemen  :— Your  favor  of  the  24th  inst.  is  just  received,  and,  in  response  to  your  question,  I  (TJ 

^       have  the  honor  to  say  that  if  $100,000,000,  or  any  other  amount,  in  silver  certificates  were  presented  C/3 

at  the  sub-treasury  for  redemption  they  would  be  paid  in  standard  silver  dollars,  as  expressly  re-  " 

quired  by  law.  Very  truly  yours,  J.  G.  Carlisle. 

/^^jl         Clapp  &  Company's  annual  Souvenir  book  for  1S04  will  be  delivered  free  to  applicants  upon 
^v    I  receipt  of  $:}.     A  few  copies  of  1893  can  be  had  for  $2  each. 

IvEEL'  OtK  LETTEKS.      POKTFOHO  FOR   FILING   1  ORWAKDED  APPLICANTS  FKEE. 

I'.ii 


2    CLAPP  &  COMPANY.  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTEB. 

COLD  AND  SILVER  PRODUCTION  YEARLY  SINCE   1850,  IN  MILLIONS  OF  DOLLARS,  FROM  UNITED   STATES   MINT   REPORTS, 

THE  "CHRONICLE"  AND  "  MINERAL  INDUSTRY." 


World's  gold  production.. 
World's  silTer  production. 


Etcess  of  gold  production 
Excess  of  silver  production 


Total  of  both. 


*1895 


200.0 
100. 0 


100.0 
300.0 


18M 


183.3 
90.0 


73.0 


363.0 


1893 


158.0 
119.6 


56.5 


1893 


141.4 
116.8 


65.8 


259.5  318.6 


1891    1890 


125.8  120.4 
119.5173.7 


81.0  53.3 
313.6  294.1 


1889  I  1883 

121.0  110.3 
158.8  140. 


37. 8|  30.5 
379.8:250.9 


1837 


I  I  I  I  I  I 

1886    1885    1831 '  1883  1  1882   1881    1880 


10).8il06.0  103.4  101. 7|  95.4  103.01103.0 


134.3  120.6  118. 5  103.3  115.3  111.8 

-I- 


18.5   14.6;  10.1     3.6|  19.9     9.8 


102.0 


1.0 


106.5 


1879 
109.0 


1878    1877 


95.71  96. 0|  95.0 
13.0   24.0 


119.01114.0 
81.0 


9.8 


230.1  236.6,236.9  207.0  210.7  213.8  205.0  203.2 

I  I  I  I  I  I  I 


305.0214.0 


33.0 


1876    1875 


10;}. 7,  97.5 


1874 


90.8 


1873 
96.' 


87.6   80. 5|  71.5   81.8 


16.1    17  0    19.3|  14.4 


195.0,191.3  178.0  1C2. 3  178.0 


•  1895  estimated  and  silver  estimated  in  commercial  values. 

1872 

99.6 
65.3 

34.8 

1871 

107.0 
61.0 

45.9 

1870 

106.9 
51.6 

55.3 

1869   1868  !  1867  j  1866  1 1865  !  1B64   1863 

1862 

1861 

113. R 
44.7 



69.1 

1860 

119.3 
40.8 

68.5 

1859 

124.9 
40.8 

84.1 
165.7 

1858 

124.7 
40.7 

84.0 
105.4 

1857 

1.^3.3 
40.7 

92.6 
174.0 

1856 

:47.0 
40.7 

100.9 
188.3 

1855 

135.1 
40.6 

94.5 

1(5.7 

1854 

127.5 
40. C 

"86.9 
168.1 

1853 

155.5 
40.6 

114.9 
196.1 

1852 

1.32.8 
40.6 

93.3 
173.4 

1851 

67.6 
40.0 

~2^6 
107.6 

1850 

World's  gold  production. . 
World's  silver  production. 

Excess  of  gold  production 
Excess  of  silver  prod  action 

106.2  109.7  104.0  121.1  120.2  113.0  107.0 
47.5    50.2    54.3,  50.8^  53.0    51.7    49.3 

58.7   59.5    49.8J  70.3   68.2   61.3   57.8 

107.8 
45.3 

62.6 
,, 

41  5 
39.0 

5.S 

..  1     ..        ..  1     ..  1     ..   1     ••  1     .. 

ToUlof  both 

164.4 

168.1 

158.5  153.7  161.9  153.2  171.9  172.2  164.7  156.2  153.0 

1          1          1          1          1          I          I 

158.5 

160.1 

88.6 

October  1st,  1895,  the  government  report  showed  $330,434,837  silver  certificates  in  circulation, 
and  that  appears  the  amount  of  our  paper  currency  on  a  silver  basis.  The  Government  had  then 
outstanding  1107,035,426  legal  tender  U.  S.  notes  of  1890  and  $240,364,416  legal  tender  greenbacks, 
making  gold  basis  paper  in  circulation  of  $347,399,842.  It  appears  that  if  1100,000,000  silver  certifi- 
cates were  presented  for  redemption  the  present  administration  would  ignore  any  obligation  to 
maintain  parity  of  all  U.  S.  money  and  only  pay  in  silver.  There  is  scarcely  any  money  in  the 
hands  of  the  people  except  silver  certificates. 

Stocks  and  Bonds. 

Bonds.— The  bond  sales  continue  to  average  over  $1,000,000  daily.  The  market  is  a  trifle  easier 
Railroad  bonds  are  decidedly  preferable  to  municipal  securities. 

Railway  Stocks. — Granger  roads  are  again  turning  to  the  front  with  large  earnings.  St.  Paul 
leads  the  list  with  a  gain  of  $339,000  for  September  over  and  above  expense  for  operating.  Expenses 
of  Granger  roads  are  estimated  about  61  per  cent.,  against  68  per  cent,  last  year,  and  54  per  cent. 
in  some  former  years.  Trunk  roads  recently  report  railway  tonnage  double  that  of  1894, 
and  over  15  per  cent,  more  than  for  1892  same  time.  The  aggregate  gross  earnings  for  all 
roads  reporting  for  October  to  recent  date  shows  an  increase  of  6.3  per  cent.  The  grain  move- 
ment is  far  in  excess  of  last  year  on  all  roads.  Northern  Pacific  earnings  are  steadily  increasing. 
Union  Pacific  matters  are  likely  to  come  before  Congress  in  better  shape  than  last  year.  Prominent 
Reading  parties  seem  disposed  to  freeze  out  the  public  on  the  plan  pursued  by  Jersey  Central  in  1886, 
and  get  possession  of  a  lot  of  cheap  stock.  Southwestern  roads  report  a  falling  off.  Missouri,  Kan- 
sas and  Texas  shows  a  net  increase  for  the  year  ending  June  30th  appx-oaching  $500,000.  Southern 
Railway,  Tennessee  Coal  &  Iron  and  some  other  properties  which  were  recently  held  in  great  favor 
are  showing  good  earnings,  and  prospects  are  they  may  again  rally  from  the  attacks  of  the  bears. 
Manhattan  is  about  making  an  important  experiment  in  electricity.  Traction  stocks  generally  are 
showing  increased  earnings,  and  encouraging  reports  are  made  about  the  progress  of  both  the  cable 
and  elevated  lines.  Railway  presidents  have  been  generally  instructed  to  sign  a  traffic  agreement 
for  steady  rates  without  discrimination.     This  should  be  better  for  stockholders  and  the  public. 

Industrials. — Talk  of  renewed  Congressional  discussion  about  sugar  and  closing  of  refineries 
may  send  the  stock  into  the  eighties.  Chicago  Gas  friends  appear  in  fact  to  be  its  enemies.  Leather 
preferred  appears  being  freely  sold  by  insiders.  American  Spirits  Manufacturing  Co.,  which  took 
Distillers  property,  appears  making  progress.  General  Electric,  Lead,  and  Cotton  Oil  appear  firmly 
held.  Industrials  are  often  more  hable  to  be  raided  on  a  dull  market  than  granger  stocks.  After 
the  November  elections  are  things  of  the  past,  we  look  for  a  higher  range  in  the  stock  market  and 
more  activity. 

Cotton. 

We  believe  the  world's  production  and  consumption  of  cotton  reached  the  present  maximum 
point  last  season.  That  consumption  the  coming  year  will  fall  off  and  warmer  cotton  countries  aid 
in  reducing  any  unnatural  demand  for  American  cotton.  Mr.  Ellison  reports  British  spindles 
45,400,000,  continental  28,250,000,  the  United  States  16,133,000,  and  the  East  Indies  3,810,000, 
or  a  total  of  93,393,000  spindles  against  92,111,000  previous  season,  and  that  the  world's  consumption 
was  13,737,000  bales  of  400  pounds  each,  against  12,852,340  the  previous  year  when  all  records  were 
broken.  The  visible  is  now  3,128,455  bales,  2,846,255  being  American.  Ellison  estimates  our  crop  at 
7,200,000  to  7,500,000  bales,  and  consumption  at  8,300,000  of  American  cotton,  and  advises  spinners 
to  buy  cotton  around  recent  prevailing  prices.    Great  Britain  last  year  took  half-  our  exports  and 

1!»2 


CLAPP  &  COMPANY.  BiJNKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.         t 

one-third  our  crop.  France  took  about  9  per  cent.  All  other  countries  took  about  2,500,000  bales. 
Exports  this  season  are  about  640,000  bales,  against  about  1,030,000  bales  same  time  in  1894,  and  show 
a  pro  rata  falling  off  to  all  countries.  Spinners  inform  us  3-16  of  a  cent  advance  per  yard  on  64x64 
is  equal  to  about  a  cent  a  ponud  for  raw  cotton,  and  that  some  Fall  Rivor  spinners  have  cotton 
enough  to  last  them  until  August,  1896.  We  think  the  best  disinterested  authorities  expect  to  see 
the  present  crop  finally  count  out  over  7,000,000  bales,  and  that  the  visible  supply  September  1,  1896, 
will  equal  that  of  1893,  September  1.  More  than  2,000,000  bales  have  appeared  in  sight,  and  based 
on  general  averages  of  deliveries  in  September  and  October,  the  crop  will  exceed  8,000,000  bales. 
Our  Texas  reports  indicate  the  lightest  yield  per  acre  on  record.  Southern  statisticians,  speculators 
factors,  and  merchants  generally  estimate  the  crop  from  6,500,000  to  7,000,000  bales,  and  claim  pick- 
ing will  be  completed  and  gins  out  of  business  much  earlier  than  usual.  Many  growers  recently 
have  hauled  their  cotton  back  from  town  because  they  did  not  get  satisfactory  price.  The  Chroni- 
cle editor  says  the  Egyptian  crop  of  1894-5  will  equal  904,592  bales  of  500  pounds  each.  The  Man- 
ufacturers'  Record  says  northern  mills  consumed  309,231  bales  less  cotton  last  year  than  in  1891-3, 
while  southern  milk  increased  consumption  177,881  bales,  and  now  consume  more  than  half  as 
much  as  northern  mills  and  double  their  own  record  in  1886.  Port  receipts  past  few  days  have  been 
only  half  those  year  ago.  Not  in  a  decade  have  planters  grown  cotton  so  economically  or  sold  it 
so  profitably.  Scarcely  any  proceeds  need  be  used  for  food  stuffs.  Summing  up  these  various 
elements  great  opportunities  are  offered  to  traders,  speculators  and  investors  to  buy  cotton  for 
handsome  gains  or  sell  it  short  for  distant  delivery  to  secure  the  large  premiums  likely  to  be  paid 
during  this  season  of  great  speculation  in  cotton. 

Wheat. 

It  is  generally  admitted  that  the  world's  wheat  crop  this  season  will  be  at  least  100,000,000 
bushels  less  than  m  1894,  and  exceed  that  of  1893,  and  that  Europe's  shortage  represents  the  largest 
proportion  of  the  decrease.  They  grow  half  the  world's  crop.  Feeding  wheat  to  hogs  and  other 
live  stock  has  practically  ceased  since  corn  commands  but  half  the  price  per  pound.    France  never 

frew  more  wheat,  rye  and  maslin,  or  Great  Britain  less  food  stuffs  for  man,  since  statistics  were 
ept.  The  potatoe  crop  in  Germany  and  most  parts  of  Europe  is  large.  The  price  per  ton  is  less 
than  hay  in  Chicago,  per  ton.  The  American  crop  will  be  about  200,000,000  bushels,  againsc  170 - 
787,000  bushels  in  1894.  Russian  wheat  exports  recently  have  led  all  other  exporting  countries.  It  is 
generally  conceded  their  wheat  crop  will  not  exceed  an  average  one  ;  that  there  is  some  surplus  in  the 
Danubian  section;  that  importing  countries  will  likely  require  more  than  ever  before.  .Their  largest 
takings  were  about  436,000,000  bushels  last  season.  Our  primary  receipts  from  June  30  to  date  equal 
about  81,000,000  bushels,  against  86,000,000  bushels  last  year  same  time.  Exports  to  date  have  been 
nearly  40,000,000  bushels,  against  54,000,000  bushels  last  season  same  time.  Drought  reports  are 
numerous  from  all  winter  wheat  surplus  States.  The  movement  recently  has  been  50  per  cent, 
larger  than  same  time  in  1894.  We  think  seven-eighths  of  all  the  winter  wheat  acreage  has  been 
sown,  and  do  not  believe  it  too  late  to  seed  and  secure  a  ^ood  crop,  and  that  chances  can  be 
materially  improved  by  ample  moisture.  The  farmers,  like  miscellaneous  Wall  street  stock  manu- 
facturers, must  have  plenty  of  water  to  secure  a  large  crop.  We  still  believe  reserves  are  small  and 
that  demand  equals  supply,  and  that  when  speculation  re-enters  wheat  markets  higher  prices  will 
follow. 

Corn. 

There  appears  a  maximum  crop  of  corn  and  short  sellers.  The  export  demand  was  never  larger. 
The  visibe  supply  and  receipts  are  small.  Crops  of  1894-5  were  less  than  average  annual  home  con- 
sumption for  a  decade.  Prices  are  lower  than  in  one-third  of  a  century  and  waste  is  at  its  maximum 
point,  with  corn  likely  to  be  burnt  in  place  of  coal.  We  see  no  reason  why  it  is  not  wise  to  follow  the 
old  rule  of  bulling  the  beginning  of  a  large  crop.  It  is  quite  possible  prices  may  double  during  the 
coming  two  years  and  advance  10  or  20  per  cent,  this  winter.     We  advise  purchases  of  May  corn. 

Oats. 

With  a  crop  40  per  cent,  larger  than  ever  and  selling  per  ton  less  than  hay  and  prices  lower  than 
in  thirty  years,  we  see  no  reason  to  sell  them  short. 

Provisions. 

Live  hogs  now  range  around  90  cents  less  per  100  lbs.  than  a  year  ago,  with  the  product  proportion- 
ally lower.  Lard  is  fully  a  cent  a  pound  lower.  Little  cotton  seed  is  used  compared  with  previous 
seasons,  yet  cotton  oil  ranges  in  line  with  corn  products.  Hogs  are  lighter  and  receipts  less  at  pack- 
ing points.  Prices  are  low  and  consuming  sections  report  small  stocks.  The  export  demand  is  in- 
creasing. Speculation  is  small  but  the  low  prices  of  new  product  is  attracting  some  buying.  Pack- 
ing from  March  1  to  October  24  was  7.760,000  hogs  against  8,415,000  last  year. 

Yours  respectfully,  CLAPP  &  COMPANY. 

133 


CLAPP  ft  COMPAl^Y,  BANTERS  AXD  BROKERS,  NEW  TORK,  WEEKLY  MARKET  LETTER. 


Qaotations  for  Stocks,  Cotton,  Grain  and  Provtsions  for  Week  ending  Octokr  30,  1895,  and  tor  Octolier,  1894. 

Par  valae  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
FRHM    NKW    TORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Salxs. 


495 

884 

ao8.seo 

8.142 

85  571 

60  087 

400 

5.545 

5.861 

7.353 

63.6M 

38  120 

105,095 

924 

86.643 

1.620 

13  182 

388 

<.20« 

705 

8,806 

784 

t.S29 

1,18S 

48  775 

20.700 

'466 

1.688 

«1« 

230 

l.f<88 

2.676 

40  710 

2i,072 

225 

28.715 

86716 

5.264 

669 

987 

4.566 

2;878 

8.570 

1.900 

4.225 

4.398 

26,?90 

200 

139.610 

3i6 

21.000 

3.560 

14.590 

15  321 

64.740 

7.086 

2.250 

14856 

8^.018 

6245 

8.470 

611 

840 

17^55 

19.043 

24  485 

l.i>55 


Cafttai. 
Stock. 


$20,287,100 

10,198,600 
36.773,000 
86  773,000 
17,900,000 


25,000,000 
15,000,000 
22,488.000 
60.805,400 
82,26a,700 
24,885,800 
46,027,261 
25,92.3,900 
46.156,000 
18.559,360 
89,054.907 
22,335  170 
28,000,000 
11,696,000 
86,4.30,060 
96,200,000 
85.000,000 
38.000.000 
84  091900 
30,459,700 
85,000,000 

8,000,000 
50.000,000 
10,000.000 
11.840,000 
11,840,000 
49,466.500 
52,800,000 
30,000,000 
18.738,204 
18,000.000 
47,844.100 
47,436  5:6 
14,905.410 
14.904,000 
89,428,300 
77,427.000 
20,000,000 
58.119,982 
18.000.000 
89,767,200 
49,000,000 
89,269,516 
20.000,000 

8,.'>00,000 
40,426,361 
86,000,000 


DiTISBNS  RiCOBS. 


Nambs  of  Stocks. 


Pays  3pc  J-D 

Pays  3pc  0-J-A-J.. 

Pays  3Hpc  J-J 

Pays  3pc  F  M  A-N. 


Paid  2do  1895 

Pavs  IMpc  F-A 

Pays  IJ^pc  F-M-A-N... 


Paid  Ipo  Dec.  1894 

Pays  Ipc  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  AnnuTD. 
Paid  V6P0  Oct.  1895.... 


Paysl^pc  J-D... 
Pays2^pc  J-D... 
Pard3pc  in  1893.. 


Pays  2pc  M-J-S-D.... 
Pays7po  per  annum. 
Pays  7pc  per  annum. 


Paid  l^^po  Jan.  1893. 
Paid2pc  An?.  stl893. 
Pays  5pc  per  annum. 


Pays  2^pc  M-S. 


Pays  I^pc  F-M-A-N, 

Pays  3pc  FA     

Paid  2pc  August  1893. 
Pays  IHpo  J-A-J-0.. 
Paid  2pc  in  July  1895. 


Paid  3pc  1891 

Paid  Ipc  in  Oct.  1895. 
Pays  I94PC  M-J-S-D.. 
Pays  ipo  J-A-J-0. ... 


f-- 


aid  IHpo  Noy.  1893. 


Paid  ipc  April  1898.. 
Paid  Ipo  in  1887.... 


Pays  2pc  F-M-A-N.... 


68.402,900 
125,(XX),000 
60.000,000 
19,850,000 
38,710,900 
60,868,.V)0 
62  9(;  1.500 
52,361,500 
80.166.000 
18.858  500 
7,418,300 
88,000,000 
24.000,000 
94,820,000 
10,000,000 
4.500,000 


Paid  Ipc  In  1887. 


Paid  3yipo  In  1884. 


Pays2pc  Nov.  1895... 
Paid  2Jipo  March  15, 1895 


Pays  IHpc  J-A-J-0. 


Paid  Ipo  in  Feb.  1894. 


American  Cotton  Oil.. . . 
American  Cotton  Oil  Pfd 
Am.  Sugar  Refining  Co. 
Am.  Sugar  Refining  Co  Pf 
American  Tobacco  Co. . . 
Atch.Top.  4  S.  F.  all  ins.pd 

Baltimore  &  Oaio 

Canada  Southern 

Central  of  New  Jersey.. 

Chesapeake  &  Ohio 

Chicago,  Bur.  &  Quincy.. 
Chic  Gas  Cos  Cent  Tr  rects 
Chicago,  Mil.  4  St  Hani. 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacillo 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  North  WMiern. 
Chicago  A  Norlhw'n  Pfd. 
CleTB.,  ClD„  Chic,  A  St  L. 
Col  Hock.ng  Valley  A  Tol 
Consolidated  Ga»  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del.,  A  Hudson  Canal  Co 
Denrer  <fe  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  m  pd 
General  Electric  co.. 
Great  Northern  I'fd... 
Green  Bay  W  A  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  4  Weftern.   . 
Lake  Erie  4  Western  Pfd 
Lake  Shore  &  Mich.  So'n.. 
Louisville  &  Nashville.... 
Manhattan  R'yConsol... 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

.Mexican  Central 

Mi.>isouri  Pacific 

.National  Lead  Co    

National  Lead  Co  Pfd  . 
N.  r.  Cent'l  &  Hudson  Rlv 
NTLB  4 w  J  p  M  CO  Ct  i'd  in  pd 
N  Y4.\  E  tst  CO  ct.  all  in  pd 
N.  y  Ontario*  Western.. 
N.  Y.  SU80.&  W'n  Pia.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mails.  S.  Co 

Peoria,  Dec,  4  Evanaville 
PhUadelphia  A  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificatea 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iror  &  R  R  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  pref 
United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  otfs 
U  S  Cordge  Co  pfd  Tr  Coct 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co 
Wheeling  &  Lake  Erie. 
Wheeling  &  Lake  Erie  PM 


22 

70       70 

1019^' 102^  101 

99^    99 

91        8$ 

19J4  isy* 

60       60 

55H    5lJi 
109H  luS 

19)4     IS?^ 

85 

67% 

TnrH 
126 

?6^ 

42^-, 


f^ 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. . . 


1.499,866 


COTTON,  In  ba  es. 
I  World's  risible. 
1895  8  128  455 

1894|         2  955,313 


Total  Id  slghttl  Total  Export*. 
1.946.485  580.878 

2.367,937       I  972,966 


V  v-    f  October 
"■  '•   1  November. 
CoUon  1  December. 
I  January.  . . 


WHEAT,  in  bushel?. 
I    V.  S  Visible.      Primary  rec'ta* 
1895         60.486.000         I       81.000000 
18911        78  190,000         I      86  0O0UO0 


Total  Exports. 
39.495  779 
64.215.288 


Wheat.  ]Sfy«'°»'«'-- 

December. 
May.. 


Com. 


CORN,  in  bushels. 
I     U.  S  Visible. 
1895  4.805000 

1894|  8  769  000 


I  Chicago  \  December. 

IPrimarr  rec"ts*l  Total  Exports.  Wheat.  I  May 

36  000.000  20.106  880        L„„       I  December. 

I      26.000,000        I        2,;86  896        l^**™"- ■)  May 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  4.458  000 

18941         9,2.'3  000 


N.  T.  Stocks. 

897  143 

2,751,333 


Cbgo.  Stocks.  1°*"  ■ 
879  000 


l,5i0  000 


Pork. 


I  LARD-tcs.  I    CHICAGO  CONTRACT  STOCKS. 

World's  vis.  PORK-bbIs,    LARD-tcs.  1   RIBS-lbs. 

1895         249.794  92.397     |  29.689       22,211.000 

W94| 115,451     I  24,558     I  9,028     I   11,338,000 


Lard 

Ribs. 


( December. 

(May 

1  October, . . 
I  January... 

I  October.  . 
I  January.  . 
.1  October.  .. 
I  January.  .. 


Wed., 
Oct  30. 


83)^ 
66^ 
■!*% 
126 
75H 
42 


105H  IMU 

<2'       419* 

.'2  20^ 

148J4  H-y^ 

131Ji  130' 

50  49H 

28  iM 


24J4    83H 
2-'       ii 

?5H    76 
150       !oO 

mi    bA% 
lOo      lOSJi 

335<    S2>i 

?2H    30M 


329i  30H 

17^»  i7« 

''^  '-'^ 

17^  169? 


147^    14H    13 
171      171 


28^  S3 

11%  n% 

-  35Vi 

^'%  30H 

9«      8^ 

12H  12 

12?i  UM 

'•^  7.1% 

395<  3SJS 

■^      7\ 

iiy*  14M 

21'  iOVA 

90«  90^4 

il%  44 


8.78  868 

869  8.64 

,8  78  8  6? 

8,47    8  (37    8.55     8,85  8  74 


362  230 


8,75 
880 
889 
8  95 


t&M  6PA  67,'.  67!:  67,«.    B7A 

71^  70^:1  7m  7m  691|;  70 

36  35^4  35  STM  35kl  «,', 

8511  85%  35!^  35!^  35%    35\4 


28^    289i    28%!   ^(5^4 
199i    29%    29^ 


60%  mi  60i.il  60^ 

bi%\  65U    64%  64^  64'^    64% 

-"       "■       27%  2rr<  27K'  2T^     27% 

29%  29%  29^   29>2    29^ 


:8H'    \  m 

20%  aoj^  80% 

8.15  !  I  8,06 

9,2.!     9  22    9.10  !  9  12 


18%  18%  18HI   18!4  18^ 

20M,  20H  20%   20W  20% 

805  8.00  8  00  I  7.97  7  95 

10  9.07  9.0O    9,02  8.95 


59% 

•ZPa 
295 

18Vi 

f^ 
9,12 


5.57 
5.72 
4.67 
4,67 


5,55  1       '5  65  5  65  5  58  8.52  5  45  B,45  1  5  52 

5.70  5,70    865     6  67  5.65  5  65  5  62  5.62  5.60  15,67 

4.67     4.57  4  52  4.40  4.37  4  35  4  .^5     4.40 

4.67  !  4  67    4  60  I  4  57  4  67  4.55  4.50  4  bl  4.50  '  4.57 


8.75 
8.65 
8  74 
8.8-3 

6tfH 
69% 
85!^ 
35% 

mi 

63 
27% 

im 

20% 
8  05 
9.00 

6.'i2 
5  62 
4  40 
4,52 


Range  for 
Oct.  1895 
to  date. 


28%    22 

74       70 
111%  lot 
102       99 
lOlH    «^ 
23        18M 
64^    60 
56M    64H; 
114^  ir« 
20><     IS 
87%     tS,\i 
69!4    6tfW 
77%    74% 
I27H  126 
79^     75V» 
4(K    42 
I07)i  !04H 

148  14f 
46%     41% 
24%     ■»% 

149  143 


Range  foi 
ct.    1S94. 


166^ 

ISO 
49!^ 
22"4 


174 

134 
54 

25  -., 
39%    29)4 

128^  12:JH 

102  98% 
29  aVi 
25Vi    a 

ism  150 
M%    58H 

:i2H  105 

lOlVi  9^>« 

MYa  32^ 

13%  13 

39  80^4 

35M  30H 

92U  90 

102%  lOOH 

14  12 

53X  53)^ 

19  :7H 


87%  sm 


82M  fi6H 

77  74^ 

88%  8oy 

92«  89Ji 

101  96^ 

76%  M 

52^4  49y 

n-iM  90ii 

19%  ir|| 

74%  71% 


69^  67^ 

24%  2.3 

13M  nH 

iOM  35^4 

45%  S6^» 

12^  89i 

19)4     II"" 
86        6" 
42 

9 
17 

9% 
24 


u 

8^ 
20U 


^3^  90)4 
I6^J  13% 
49        44 


9,8S  8.85 

9,26  8.18 

9.35  3.20 

!  9  44  6.i!7 

68%  65 

71%  68% 

36«  84H 

36  34% 

62%  58% 

60%  62% 

28%  26% 

29%  28)4 

18%  17H 

20%  20)^ 

8  50  7  93 

9.65  8  95 

5  85  5.42 

5,90  5  55 

5  55  4  35 

492  450 


31)<    82 
10%      7% 
38%    33^ 

104      101 
4%      3« 
94        90 
19V<     17% 
\HM    16 
72        69U 

136%  I80!.J 
56        52% 

116U  104% 
99^    98 
Uy*    21 

2.^%  2'iVi 

40^  36^i 

M\i  85 

lOOVi  97^ 

32%  29  ■ 

16%  15^i 

45iii  41 
4%      8% 
4%      4 

\m  I6« 

20^  14% 

20«    1«« 
:62H  157 

20%    i'&A 

13%   i:% 

*i%  40 

18>^  14 

W%  9« 

12%  11 

10)4  «% 

60%  59 

41%  38 


6'4i      6 
14%    1.3% 

13        II 


6  02  6  41 

0.12  5  44 

6.20  6  49 

6.25  5.54 

58%  65 

&3\  59« 

57  52% 

55%  82M 

54%  51W 

60  56% 

52  46% 

51%  48% 

30%  2'% 

31%  3l.)J 
J3:W  11  8i 
13.37  11.57 

832  6.85 

7  75  6.65 
7  35  6.80 
6  87  5.85 


I  OLD  PORK  Chgo.-bbis,  I 
IB95I  ...        bbk. 

594  ....        "  I 


WHEAT  on  passage. 
24.  .160.000  bush. 
25  312,000    " 


CORN  on  passage. 
7.44O.0O0  bush. 
1,912,000    " 


Russian  Shipmts.  for  wk.  I  Indian  Sbipmts.  for  wk. 
2.392.000  bush.  I  48.000  bush. 

2  0tX),00e    "  I  20.000    " 


Argentine  Shpts.  for  w». 
21,000       buiiU. 


t  Since  Aug.  81.  •  Sine*  June  30.         Compiled  and  Copj>rightcd  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDmG,  NEW  TORK 


iw 


<] 


HClcchlp  (TDarftct  Xettcr. 


a 

bl 

H 

O 


o 

(0 

(A 
QC 
lii 
Q 
OC 

o 

a 

< 

(0 

I- 
z 

3 

o 
o 
o 

< 


^ 


o 

UJ 


UJ 

o 

z 

LU 
Q 

z 
o 

cn 

QJ 

a: 
a: 
O 
O 


No.  404. 


Copyright,  1S95,  bff  CImpp  #  Companff. 

O.  W.  CLAPP. 
OWIQHT  O.  CLAPP. 


CLAPP    &    COMPANY, 

JSanhers  an&  Brokers, 
MILLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 

RANCH      J 


Branch 
Oi 


277    BROADWAY,  Corner  Chambers  St. 
621   BROADWAY  (Cable  Builo(nq,  Cornfp  HayrT<M>, 
V  753  FIFTH  AVEfJUE.ICoRNER  68th  St. 


Private  Telegraph  Wires. 
LoNQ  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  November  7,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  ivire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.     S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customerb. 


PRESS  NOTICES  ABOUT  OIR  1894  SOUVENIR,  "LEADING  AMERICAN  EXCHANGES." 


We  have  received  f i-om  Messi'S.  Clapp  ft  Company,  tlielr  souvenir 
or  business  exiwsition  for  189L  It  i3  vei-y  comprehensive,  very  com- 
plete and  very  elegant  In  all  respects,  and  especially  so  in  its  en- 
gravings of  excliauges  and  other  buildings  at  all  important  centei's. 
Thev  well  deserve  "credit  and  prais*  for  the  enterprise  displayed.— 
Bnidstreet's,  New  Yorlc  Uity. 

We  acknowledge  the  receipt  of  the  "Souvenir  of  1894."  issued  by 
Clapp  &  Coiniiaiiy,  the  New  York  bankei-s.  The  volume  contains 
most  interesting  information  concerning  Wall  Street,  the  New  York 
Stock  Exchange,  stocks,  cotton,  gi'ain  and  provisions,  and  alsj  of  tlie 
markets  of  the  world.— The  Commercial  Bulletin,  Uoston,  Mass. 

Clapp  ft  Company,  bankei's  and  commi.ssion  mercliants,  weekly 
market  letters,  valuable  information  and  comparisons;  Lending 
American  Kxclianges,  1894.  Issued  March.  1895.  Ferria  Bros.,  New 
York.— Commercial  Advertiser,  New  York  City. 

Messrs.  Clapp  ft  Company,  bankers  In  the  Mills  Buildinp,  New 
Y'ork.  liave  sent  the  Enquirer  .Sun  a  souvenir  of  1894,  consi^tin^  of 
the  iHJuud  conies  of  their  weekly  market  clrculai-s.  The  book  is  gilt- 
edged  and  illustrated  with  pictures  of  muinbei's  of  the  tlmi,  prin- 
cipal scenes  in  the  money  district  near  Wall  Street,  and  the  ex- 
changes of  the  lai'ge  cities.  It  is  surp-ising  how  well  all  their  pre- 
dictions in  the  early  part  of  1894  were  verified.  The  book  is  a 
c<mip  ete  library  of  market  events  of  1894,  and  veiy  usefuL— Colum- 
bus Enquirer  Sun,  Columbus,  Ga. 

Clapp  &  Company,  bankei-s  and  brokei-s  of  New  York,  liave  issued 
a  souvenirof  ls94on  American  exchanges,  wliich  is  one  of  the  flne.st 
fliiaiicial  works  we  have  ever  seen.  The  book  is  indeed  a  ireasure 
and  a  nuxlel  of  what  brains  and  printers' ink  can  do.  It  contains 
excellent  photo  engiavings  of  the  various  New  York  exchaiige.<<, 
clearing  house,  etc..  giving  Ixjth  exteilor  and  interior  views.  This 
firm  issues  a  weekly  mar.>et  letter  wliich  contains  a  lot  of  valuable 
information. — Riclimond  Co.  t>emociut,  Torapkinsville,  N.  Y. 

The  "Souvenir  Book  of  1894,"  Just  issnei  by  Mes-srs.  Clapp  &  Com- 
pany, bankers.  Mills  Building,  New  York,  is  a  ta.sty  pixxluction  of 
3.V2  gilt-edged  [wtres,  quarto,  in  relation  to  the  various  departments 
of  liiide  covered  l)y  hansel's  and  commission  mpichants.  Banks  and 
bonds,  barley  and  wheat,  and  80  forth,  et  ceteiu,  all  through  the 


commercial  alphabet,  everything  is  treated  of  In  this  useful  and 
hand^me  '•  Souvenir,"  which,  by  the  way,  is  rendered  agreeable  to 
handle  by  the  excellent  index.  Finely  executed  portraits  of  Mr.  O. 
W.  Clapp  and  of  his  son,  Mr.  Dwight  O.  Clapp.  open  the  volume, 
after  which  is  an  inteiesting  repitxlnction  thi-ough  photognipliv  of 
meinbei-ship  tickets  is.sued  to  Mr.  O.  W.  Clapp  by  the  Chicago  Board 
of  Trade,  those  of  185S  to  1871  inclusive  having  passed  tluxjugh  the 
Chicago  fire  of  October,  1871,  In  Mr.  Clapp's  ssafe.  All  through  the 
volume  are  beautiful  photogi-avures  of  the  loading  linancial  and 
trade  exchanges  of  the  countiy,  with  succinct  sketches  of  them,  and 
carefully  premred  statistics  relative  to  tlieir  business.  The  volume 
is  replete  with  the  very  infornuition  that  financiers  and  nierchanis 
need  to  have  all  the  time  at  hand,  and  it  is  here  given  in  the  most 
concise  yet  thoit>ugh  and  handy  »hape  possible.— Empire  of  Fiuauc« 
and  Tiude,  New  York  City. 

Clapp  &  Company,  the  well  known  New  Yo.k  bankers  and  brokers 
have  issued  a  souvenir  in  thufomiof  alx)und  volume  of  their  weekly 
market  and  financial  lettei-sof  1891.  Asa  book  of  reference  it  is  very 
valuable.  It  contains  a  va.'<t  amount  of  data  and  cominei-cial  statis- 
tics. No  business  man's  library  is  complete  without  it,— The  Globe, 
Council  Blutfs,  Iowa. 

Clapp  A  Company's  annnal  sonvenir  volume  for  the  year  lf91  has 
Just  been  issued.  Ii  is  a  large  volume,  iKiund  in  the  usual  splendid 
manner,  and  contains,  besides  a  histoiy  of  all  the  exchanges,  a  lai^jcr 
mass  of  statistical  information  on  money  and  on  all  markets  tlmn 
any  other  similar  work  published.— The  tittsburg  I'ress,  I'itlsbuig, 
Peiin. 

Clapp  &  Company  have  issued  their  "Souvenir  of  1894."  This 
comjmny  representsone  of  the  largest  banking  institutions  in  the 
world,  and  their  place  of  business  in  the  Mills  Building,  opp<j6He 
New  York  Stock  Exchange,  is  situated  in  iheccnterof  the  banking 
portion  of  New  York  City.  The  book  is  a  compilation  of  lettei-s  that 
were  sent  out  fi-om  the  offlce  of  Clapp  A  Coiiii«ny  every  week  ui 
1894.  containing  valuable  information  on  tlie  market  "of  stocks,  bonds, 
cotton,  grain;  in  fact  everything  that  is  concerned  in  the  stock  ex. 
change.  As  a  Ixxik  of  i-efoi-ence  for  Innkers  it  is  invaluable —The 
Florida  Times  Union,  Jacksonville,  Fla. 


Clapp  &  Company's  annual  Souvenir  book  for 
receipt  of  $3.     A  few  copies  of  1893  can  be  had  for  $ 


ISO-i  will  be  delivered  free  to  applicants  upon 
2  each. 


H 
Z 

> 
O 

m 

o 

z 

H 
> 

Z 
C/) 

D 

> 

r 
-< 

m 
o 
O 

a 

o 
■n 


r 
m 
> 

D 

Z 

o 
m 

X 

o 

X 

> 
z 
o 
m 
(/) 


KEEP  OUK  LKTTEKS.      PORTFOLIO  FOB  FILING  FORWARDED  APPLICANTS   FREE. 


195 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK  WEEKLY  MARKET  LETTER 

Financial  Outlook. 

The  financial  pulse  is  always  strongest  when  individual  courage  is  supplemented  by  confidence 
in  public  opimon.  A  good  copcession  in  prices  coupled  with  good  crops  aud  good  earnings  would 
prove  a  safe  basis  for  public  investments  and  promote  personal  energy  in  pushing  enterprises.  The 
valleys  of  the  mountam  regions  are  still  higher  than  the  level  of  the  sea.  The  financial  resting 
places  of  1895  are  far  above  the  panic  periods  of  1893-4.  There  is  much  gold  higher  up  in  every  hifl 
of  human  endeavor. 

Straws. — Foreign  demand  for  American  metal  manufactures  is  increasing.  Dry  goods  imports 
for  past  ten  months  of  1895  aggregate  $125,760,998,  against  $74,772,223  year  ago.  The  outstanding 
U.  S.  interest-bearing  debt  November  1, 1895,  was  $747,361,560  against  $585,034,260,  March  1, 1893.  The 
wool  imports  of  1895  to  date  are  four  times  those  of  corresponding  period  last  year.  The  Agricul- 
tural Department  bulletin  issued  by  the  Government  openly  advocates  abolition  of  protective  duties. 
Europe  appears  delighted  with  our  free  trade  theories  and  the  deficit  in  our  revenue,  while  her 
factories  run  night  and  day  at  the  expense  of  American  commerce  and  labor.  For  years  they  have 
bought  our  cotton  in  February  and  March  at  minimum  prices  and  sold  us  futures  in  the  fall  at 
maximum  quotations.  The  recent  elections  foreshadow  better  finance,  healthier  methods  and 
improving  confidence. 

Stocks  and  Bonds. 

Bonds.— The  aggregate  bond  sales  of  October  were  $38,707,700  against  $26,517,400  last  year, 
$26,104,600  in  1803,  and  $28,459,850  in  1892.  For  ten  months  ending  October  1  they  were  $438,146,- 
930  against  $289,336,550  in  1894,  and  $300,042,050  in  1893  and  $430,921,900  in  1892.  The  investment 
demand  is  small.     Speculation  is  light. 

Railway  Stocks. ~N,  Y.  Stock  Exchange  sales  in  October  were  5,250,675  shares,  and  for  ten 
months  ending  October  31,  aggregated  54,589,308  shares.  St.  Paul  during  same  time  ranged  from 
53 /t  to  78^;  Northwestern  from  87^  to  107>4;  Rock  Island  from  60 ,'4  to  84^;  Burlington  from  69  to 
92s^  ;  Atchison  from  3>^  to  23)^,  with  $5  assessment  paid  in  the  meantime  ;  Missouri  Pacific  from 
18^  to  42 >^  ;  Northern  Pacific  from  13  to  27  ;  Reading  from  7*4  to  23>^  ;  Union  Pacific  from  7^  to 
17>^,  In  our  daily  stock  letter  of  Monday,  November  4,  we  said  :  "  No  doubt  the  assessments  on 
Northern  Pacific,  Union  Pacific  and  Reading  may  be  large  and  have  a  tendency  to  drive  out  holders 
of  these  stocks  without  sufficient  money.  They  may  succeed  during  the  winter  in  placing  the  roads 
on  a  firm  basis  and  obliterating  the  last  big  wrecks  of  the  panic  of  two  years  ago.  It  is  conceded 
the  effect  of  these  operations,  however  beneficial,  would  likely  be  bad  on  a  market  that  is  already 
none  too  strong."  Liquidation  by  tired  holders  seem  to  be  more  in  order  than  any  depressing  influ- 
'ince  of  the  bears.  St.  Paul  has  a  host  of  friends  through  loyal  advertising.  Appearances  indicate 
the  insiders  have  been  selling  as  usual  under  such  circumstances  when  they  give  bull  news  in 
advance.   Coal  and  other  stocks  may  do  to  buy  on  further  depression  if  gold  exports  are  not  renewed 

Industrials. — Apparently  Sugar  stock  manipulators  were  selling  when  the  price  was  10  or 
20  points  higher,  and  will  continue  on  that  side  until  the  stock  sells  in  the  eighties.  The  Chicago  Gas 
crowd  appears  to  be  giving  bull  points  and  selling  the  stock,  therefore  it  may  again  sell  at  near  50. 
General  Electric's  competition  for  business  may  be  deliberately  planned  to  freeze  out  interests  not  in 
sympathy  with  consolidation  schemes.  Lead  and  Cotton  Oil  are  apparently  unprotected  by  cliques. 
Cordage  is  dull  and  waiting  for  new  men  to  develop  some  honest  scheme.  Rubber,  Leather  and 
Tobacco  might  be  better  off  if  their  matched  orders  and  other  bunco  schemes  were  less  prominent 
and  respected  by  the  stock  exchange. 


The  bucket-shop  interests  and  their  assistants  or  backers,  "  the  public,"  seem  to  have  been 
working  a  boomerang.  The  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks. 


Cotton. 

We  have  no  hesitancy  in  claiming  the  manifesto  issued  by  Pres.  Hester  D.  Lane  of  the  Cotton 
Growers  Association,  advising  farmers  to  hold  their  cotton,  and  that  the  crop  will  not  be  over  6,600,- 
000  bales,  or  not  over  800,000  bales  of  it  will  come  from  Texas,  will  finally  be  as  detrimental  to  cotton 
growers,  factors,  merchants  and  speculators  as  were  the  famous  "Hold  your  wheat  circulars" 
issued  the  past  few  years  to  the  wheat  growing  interest.  Practically  less  cotton  is  being  marketed 
"  about  these  days  from  first  hands  "  than  from  any  crop  grown  since  the  civil  war.  The  cotton  per 
pound  or  bale  probably  was  never  less,  or  the  percentage  of  profits  larger,  or  the  holding  back  of 
the  staple  from  market  more  universal,  or  the  disposition  to  hold  for  9  or  10  cents  more  general 


CLAPP  &  COMPANY.  BA.NKEES  AND  BROKERS.  NEW  TORE.  WEEKLY  MARKET  LETTER. 


A  prominent  cotton  house  has  issued  an  estimate  raakinj?  the  crop  6,435,000  bales,  as  reporte 
by  2,633  cori'espoiidents,  showing  decreases  by  States  as  follows:  Alabama,  3J  per  cent.,  070,000 
bales;  Arkansas.  33  per  cent.,  570,000  bales  ;  Florida,  15  per  cent.,  51,000  bales  ;  Georgia,  37  per  cent., 
949,000  bales;  Louisiana,  '^7  per  cent.,  378,000  bales;  Mississippi,  28  per  cent.,  h;4,000;  North 
Carolina.  34  per  cent.,  307,000  bales  ;  South  Carolina,  26  per  cent.,  592,000  ;  Tennessee,  etc.,  28  per 
cent.,  252,000 ;  Texas,  etc.,  45  per  cent.,  1.802,000.  The  movement  in  sij^ht  while  prices  were  advanc- 
ing indicated  (based  on  different  averages)  a  crop  of  seven  to  eight  millions  bales.  It  is  possible  less 
money  credit  was  given  m  producing  the  crop  than  ever  before,  and  that  more  actual  cash  and  less 
legal  difficulties  and  more  home  grown  food  supplies  surrounded  the  growing  crop  tiian  any  previous 
year.  It  is  also  apparent  that  spiimors  were  never  more  apathetic  the  world  over.  Never  before  did 
cause  exist  to  report  an  ex-Govcrnment  bond  syndicate  more  interested  in  depressing  exchange  and 
cotton  than  of  late.  Practically  no  cotton  exchange  bills  are  being  offered.  Greeks  and  foreign 
speculators  are  f'-ee  sellers  of  distant  futures.  Cotton  growers  and  their  allied  neighbors  and  friends 
continue  bulling  all  markets.  The  visible  was  never  larger  before  at  this  date  but  once,  and  then 
the  export  spinning  demand  seemed  to  be  very  much  greater.  The  Indian  crop  promises  to  exceed 
all  previous  yields.  Shipments  from  India  and  Egypt  since  September  1  have  been  more  than  32  per 
cent,  larger  than  last  year.  Speculation  has  doubtless  passed  the  maximum  point,  and  higher 
premiums  will  likely  be  paid  for  distant  months  for  cotton  grown  in  18'J5,  while  for  the  new  crop 
futures,  to  be  grown  in  1896,  much  lower  prices  will  likely  rule,  October.  1896,  selling  recently  at 
half  cent  a  pound  under  cotton  for  June,  1896,  delivery.  These  features  will  likely  make  purchases 
on  weak  spots  advisable,  and  sales  on  sharp  rallies  profitable  for  some  weeks  to  come. 

Wheat. 

Primary  receipts  to  date  are  about  80  millions,  against  about  90,000,000  last  year.  "Winter  wheat 
receipts  of  late  exceed  those  of  a  year  ago.  Recent  evidences  indicate  the  Government  crop  report 
was-  20  ^  below  conservative  private  reports.  Late  cables  report  the  Argentine  crop  as  likely  to  be 
an  average.  Russian  shipments  continue  to  exceed  those  of  all  other  countries.  Liverpool  stocks 
are  less,  their  stores  being  bare  of  spring  wheat.  Various  State  reports  will  be  given  out  soon.  The 
Government  report  will  be  out  December  10.  American  millers  seldom,  if  ever,  ground  more  flour 
or  secured  larger  profits.  We  believe  at  least  half  the  spring  wheat  of  the  Northwest  has  left  first 
hands  the  past  90  days.  Cash  wheat  for  milling  or  for  storage  purposes  commands  a  premium  in 
nearly  all  American  markets.  The  New  York  May  delivery  brings  only  about  2}4c.  premium,  or 
only  about  one-half  the  cost  of  carrying.  We  think  it  possible  the  difference  in  December  and  May 
wheat  will  widen  to  5c.  We  advise  changing  over  while  it  can  be  done  at  4>4c.  or  h'ss.  Primary 
receipts,  perhaps,  were  never  more  largely  duplicated.  Duluth  and  Minneapolis  ships  to  Chicago, 
Detroit  and  Toledo.  Some  Chicago  shipments  go  to  St.  Louis,  while  Kansas  City  buys  in  the 
Northwest.  We  look  for  a  cessation  of  duplicating  receipts  and  larger  clearances  from  each  and  all 
Atlantic  ports,  and  a  higher  range  of  pr'ces,  as  soon  as  the  Chicago  December  wheat  purchases  are 
generally  liquidated.  Speculative  conditions  indicate  lower  prices  temporarily  if  rains  become  gen- 
eral in  the  winter  wheat  bait.  All  indications  show  England  has  a  very  short  crop,  and  must  be  a 
continuous  buyer  of  American  wheat  and  flour,  and  that  America  still  holds  the  main  key  to  future 
values. 

Corn. 

October  receipts  of  new  No.  2  com  in  Chicago  encourage  the  bears  and  depresses  the  bulls. 
The  exports  of  corn  recently  range  from  12  to  14  times  larger  than  last  season.  The  qrantity  and 
quality  is  good.  The  price  is  the  lowest  on  record  for  delivery  six  months  from  this  date  and  free  of 
all  charges.     We  see  little  prospect  of  losses  and  think  corn  a  good  investment. 

Oats. 

Primary  receipts  are  small.  We  believe  waste  and  home  uses  will  exceed  all  previous  seasons. 
21c.  for  32  lbs.  of  oats  to  be  delivered  free  of  all  charges  six  months  hence  in  Chicago,  sounds  cheap. 

Provisions. 

Exports  are  about  15  per  cent,  larger  than  a  year  ago.  Receipts  of  hogs  at  packing  points  are 
much  less.  The  average  weight  in  Chicago  for  October  was  230  pounds,  and  the  second  lightest 
average  for  October  on  record  The  average  weight  was  12  pounds  less  than  in  Septe:nber,  and  37 
pounds  less  than  in  October,  1893.  Chicago  receipts  of  cattle  this  calender  year  promise  to  equal 
but  2,600,000  head,  or  less  than  any  year  since  18S7,  and  15  per  cent,  less  than  1894.  In  1892  the  re- 
ceipts were  3.571.796  head.  October.  1895,  Chicago  receipts  were  309,051  cattle,  859,941  hogs,  and 
393,820  sheep.  Chicago  stocks  of  provisions  are  small,  prices  low,  outside  orders  few.  The  South- 
ern inquiry  for  speculative  futures  is  increasing.  Packing,  March  1st  to  October  31st,  was  at  all 
points  8,120,000,  against  8,735,000  in  1894. 

Yours  respectfully,  CLAPP  &  COMPANY. 

m 


CLAPP  &  COMPANT,  BANOES  AlH)  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QGOtatiOQs  for  Stocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  November  6,  1895,  and  tor  November,  1894. 

Par  valne  of  all  stocks  $100.  ezo«pt  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
FROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


8  a  LM. 


2.160 

1217 

S52.656 

1.636 

68  716 

87,288 

1,020 

S.180 

6,250 

4.C55 

77,(fr0 

86,920 

•7.142 

228 

K.151 

6.810 

11.699 

iia 

400 
r592 
190O 
1.824 

«n'=»2 

>95,946 
17,127 

*i66 

457 

1.907 

605 

636 

^1.?26 

<4  295 

4,520 

1    125 

l7.3i3 

88.120 

3.893 

417 

S.-SSO 

4.785 

400 

6.040 

8  385 

2.920 

2.200 

.7  489 

•4.548 

,    250 

•6.261 

911 

C.OOO 

2.240 

10  268 

16  650 

15.063 

2.480 

2.876 

6.080 

t2  569 

15  704 

8.297 

1.040 

770 

16.970 

28.778 

8.525 

1.625 


Cafitai. 

Stock. 


$30,237,100 

10,198,600 
86,773.000 
86.773,000 
17,900,000 


25.000,000 
15,000.000 
22,488,000 
60.805,400 
82  262,700 
24,885.800 
46,027.261 
25,923,900 
46.156,000 
18,559.360 
89,064,907 
22,835  170 
28.000,000 
11.696,000 
85,480,060 
26.200,000 
85.000.000 
38.000.000 
84  091900 
30,459,700 
86,000,000 

8,000.000 
60,000,000 
10,000,000 
11,640,000 
11,640,000 
49,466,500 
62,800.000 
80,000.000 
18,738,204 
13,000.000 
47,844.100 
47,436.576 
14.905.400 
14  904,000 
89, 428.  .'WO 
77,427,000 
20,000,000 
58.119.982 
13  000,000 
39,767,200 
49,000.000 
89.269,546 
80.000,000 

8.500.000 
40,426.861 
86,000,000 


DiTISBNI)  ReCOBO. 


Pays  3po  J-D 

Pays  8pc  O-J-A-J.. 

Pays  3^pc  J-J 

Pays  3po  F  M  A-N. 


Paid  2pc  1P95 

Pays  lUpc  F-A 

Pays  IHPC  F-M-AN. 


Paid  Ipc  Dec.  1894 

Pays  Ipo  M-J-S-D 

Paid  ipc 

Pays  7  PC  Per  Annum. 
Paid  ^po  Oct.  1895.... 


Paysli^pc  J-D.. 
Paysa^pc  J-D.. 
Paid  3po  in  1893. 


Pays  2pc  M-J-S-D.... 
Pays7po  per  annum. 
Pays  7po  per  annum. 


Paid  l^po  Jan.  1893. 
Paid  2poAuKu  St  1893. 
Pays  5pc  per  annum. 


Pays  2JiDc  M-S. 


Pays  IHpo  F-M-A-N. 

Pays  3pc  FA     

Paid  2pc  August  1893. 
Pavs  l^po  J-A-J-O.. 
Paid  2pc  in  July  1895. 


PaldSpc  1891 

Paid  Ipo  in  Oct.  1896. 
•'ays  Ij^po  M-J-S-D.. 
Pays  Ipc  J-A-J-O.... 


Paid  IHpo  Not.  1898. 


Paid  1  PC  April  1892.. 
[Paid  ipo  In  1887.... 


68.402,900 
125.1X10,000 
60.000.000 
19,850,000 
88,710,900 
60,868,500 
62  9(31,600 
62,861.600 
20,166.000 
18.858  500 

7,418,300 
88,000,000 
24,000,000 
94,820,000 
10.000,000 

4,500,000 


Pays  Spo  F-M-A-N.... 


Paid  Ipc  hi  1887... 
Paid  siipi'in'is&i! 


Naxss  of  Stocks. 


Thursday. 
Oct.  81. 


Pays  2po  Nov.  1895... 
Paid  2Hpo  Marcb  15, 1895 


Pays  l^PO  J-A-J-O 

Paid  Ipo  In  Feb.' 1894!!!. 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd 
AuL  Sugar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf. 
American  Tobacco  Co. .. 
Atch.Top.  &  S.  F.  all  ins.pd 

Baltimore  &  Onio  

Canada  Southern 

Central  of  New  Jersey 

Chesapeaiie  &  Ohio 

Chicago.  Bur.  &  Quincy.. 
Chlo  Gas  Cos  Cent  Tr  rects 
Chicago,  Mil.  <fe  St  Panl 
Chicago  MU.  <fe  St  Paul  Pfd 
Chicago,  R.  I.  &  Paoiflo . . . 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwesieru. 
Chicago  &  Northw'n  Pfd. 
Cleye..  Cin.,  Chic,  &  .St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gav  of  N.  V. 
Delaware.  Laclt'a  &  W'u. 
Del.,  &  Hudson  Canal  Cu 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  P  Tr  Co  ct  all  in  pd 
General  Electric  Co.. 
Great  Nortdern  Pfd... 
Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  <fc  Western.  . 
Lake  Brie  &  Western  Pfd 
Lake  Shore  &  MicD.  So'n 
Lonlsrilie  <&  Nashville.. 
Manhattan  R'yCousol.. 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Paoitio 

National  Lead  Co 

National  Lead  Co  Pfd  . . 
N.  y.  Cenfl  &  Hudson  Riv 
NTLa«wji>Mcoct2dinpd 
NY4N  E  tst  CO  cu  all  in  pd 
N.  Y  Ontario  &  Western. 
N.  Y.  Suso.  &  W'n  Pfd... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mall  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iror  &  R  R  Co 

Texas  &  Pacific 

Cnion  Pacific 

D  S  Leather  Co 

tJ  S  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs' 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  TeL  Co 
Wheeling  <fc  Lake  Erie. 
Wheeling  &  Lake  EriePfil 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 1,218.791 


COTTON,  In  ba  es. 

I  World's  visible. 
1896  8  261  £h9 

lfm\  2  283.548 


Total  in  sighttl  Total  Exporta. 
i.JJOe.OOS  773.302 

2.934,8^>4       I        1 236.660 


V  v    f  Oct  &  Nor 

"•  '•  J  Nov.  &  Deo. 

Cotton  I  Deo.  &  Jan. 

I  Jan.  &  Feb 


WHEAT,  In  bushels. 
I    D.  S   Visible.     iPrimary  rec'ts*!  Total  Exports. 
1895         6i.990.000  89.000  000  ^1.8i6  yi3 

t89l|        80  027,000         I      90  000  UOO  66.730  464 


Wheat.  ]gfy«"'>ef- 
J  December. 


Corn. 


■  •  I  May.. 


COK^,  in  bushels. 
I     US  Visible. 
1895  4.854.000 

18941         2.658  000 


Primarv  rec'ts* 

38  000.000 
27.000,000 


Total  Exports. 

21596  928 

2.912  512 


Chicago  1  December. 

Wheat.  (May 

Pnrn      i  December. 


OATS,  in  bushels. 
I    U.  S.  Vi-ible. 
1895  4  999  000 

18911         9.373  000 


N.  Y.  Stocks, 
1.140  714 
2,730,715 


Ctago.  Stocks. 

404  000 

1.482  000 


OaU.. 
Pork. . 


I  December. 

(May 

i  Oct.  £  Jan. 
I  Jan.  &  May 


LARD-tes  I    CBICAGO  CONTRACT  STOCKS. 

\\orld'svis.  PORK-bbls,|  LARD-tcs.  .   RIBS-lbs. 
217.903  8.737  l.'',571        15.036.596 

105.2S9    I  5.600    I  8,044     I     7,425,561 


1895 
1894 


I  OjJi  PORK,  Chgo.-bbls. 
1895  ....      bb&. 

1894  ....        " 


Lard.. 
Ribs.. 


I  Oct.  AJan.l 
'  j  Jan  &  May 
I  Oct.  &  Jan 


8tM 

69^ 
lo3^ 

mi 

91H 

I  55i4 
109% 

19V4 

«4H 

6d 

n% 

7574 
42^ 
105>6 


21 

69!^ 

io-.'h 

999i 
8s%. 


Friday.    Saturday. 
Not.    1.     Not.    2. 


mi    69 
102J6  1009i 
99!^    99 
9Mii    SiM 


IA%  56  54H 
109  {109^  109^ 
lyi^  19^  19 
83^i  '  ' 
67 
74% 

75H   75«    76 
42       41ji    41^ 
104%  105)4  1(» 


417^  4m 

21^  21H 
U9V4  148^ 
165%  165;^ 
131H  131H 
49%  49^ 
2jk  22% 
81%    80 


WU    9flM 
28%    83% 

tmi    78Ji 

68^    669^ 
lUC      1059J 

8^    82K 

81%    80^ 
ai%    81% 
90       90 
100%  100% 
12M    12 
52 
17 
84 
4% 
4" 
16 


68 

17M 

34 

4% 

6 

80H    80 


I4«  14  \W* 
170H  l?0Wxl6:i 
68% 

28%    23 
11% 
86 


<1H 

2l9i 

167% 


70 
101 
99k 
90H 


109% 
19 

84% 
67V4 
76M 

75% 
41% 
1U6% 


69H 
100% 
99 
89% 
17% 


109 
19 

88% 
67 
74« 

74% 
41 
10«4 

41% 


41M   41% 

21?^, 

\*m  143%  14S% 


167% 


160      ISO 
67%    66% 
106%  105% 

88%    S3 

81%  vsy*. 


100%  lOOM 

18%  12% 

61  61 

17%  17% 

84%  81 

4%      4% 

17  16% 

29  27% 


168      167% 
ISl      131 
49       49 
iM    221,. 
31%    81% 


83%  28% 
82       82 

156"  149% 
56%  50K 
106%  106)^ 

8^    82% 


81 
81% 

100)4 
18 

i:% 

83% 
49« 

1^ 
83 


81% 

100% 
18 

17 

83% 
i% 
4% 

16% 

87% 


Monday. 

Taesday. 

Not.    4. 

Not.    6. 

69"    69" 

101%  100% 

99        99 

90%    89% 

17%     15% 

60%    60 

64%    5414 

108%  106^ 

19!4     19 

88%    6ili 

67%    65% 

75        74 

126      186 

74%    73% 

41        40 

105      104% 

Wed.,      Range  for 
Nov.    6.     Oct.    1896. 


41%  40% 

20%  20H, 

148  147% 

169  168 
130%  129 

48  47% 
22%    21 H 

81%  80% 

99"  99 

23%  28 

22  22 

149%  147 

106)4  10j% 

97  W 

32%  mi 

30%  «^ 

81)i  31 

90%  90% 

100  lOO 

U  11^4 

33%  82 

111      1 

16%  16% 

27%  26% 

4%   *y* 

J4  l^% 

167%  l'J7% 

83%   22%  80 

11%   im  "?i 

86       86%  35% 

86%   87  86 
9         o'/ii 

18%  ifJ^ 

'*       72H,  '1% 

86%    S6%  80% 

7)4    7?2    : 

14       14  ",^ 
7%     7«      7% 

20       19%  If 

90%    90%  S0)4 

13«   18%  13% 

.   ..    42%  « 


109.886 


818,553 


66%    66%  66,", 

69%   6911  69)4 

3-^   35)i  35,', 

35%|  35%  85% 


60  68%l  59%  58% 

64%  624^    63%  63 

28  27%    27%  27% 

89%  29)4    »%  29H; 


-«  20% 

8.10  8.10 

915  9,05 

5..52  5.52 

5.67  6.65 

4.45  4.40 


Jan.  &  May     4,00    4.57     4  85    4  60 


8.6.?  8,63  8.76  8  78 

8.72  8.66  8.79  8.71 

8,79  8.70  8  £7  8  76 

8.84  8,76  8.M  8.8. 

66%  65%  68%  65% 

69%  69  69^4  68% 

35  35  35)4  35% 

35%  85%  35%  36% 

59%  58%  58%  68% 

68%  68  63)4  62% 

27%  27%  27%  27% 

29)a  29    I  29%  29 


m  18%'  18%  18%  18%  18%  18%  im. 


20%  20%  20%  20%  20  )i  20% 
9  22  9  10  I  9.22  9.10  9  17  9  12 
9,52  9.42  9  50  9.47  9.50  9.47 


5.70  5.65 
5.87  5  85 
4.62    4.57 


5  70  6.65  6.65  B.65 

5  87  5.87  6  87  5.85 

4.65  4  60  4.60  4.57 

4  82  4  82  4.t<8  4.82 


Q 

H 

0 

? 

0 

> 

• 

I 

H 
Q 

H 

l> 

IB 

Q 

0 
B 

a 


81        19 


102% 

98% 

99 

99 

89% 

16% 

15% 

54)1 

58 
53% 

107%  106 

19% 

19 

82% 
65)4 

74J4 

73% 

?<% 

73% 

40% 

39% 

•W* 

104% 

40% 

40 

2m 

20)4 

I48V4 

147)4 

165 

165 

130%  129 

22  19% 

il%  30% 

%  "% 

W'  23H 

22  22 

73%  73% 

'47%  '.47)4 

,54%  iAU 

'06%  105% 

81%  30% 

29)i  2^ 

31)»  30 

90  90 

»9%  99J 

11%  lOJ! 

16%  i5% 

31%  89)i 

*%  4% 

<%  4% 

16%  16 

87%  i6M 

18%  i:% 

165  165  * 

68%  tf8% 

21  20 

ii?^  11?^ 

86%  85% 

36%  31% 

»  8% 


^ 


10)4 
IBi 
67% 
83% 
6^ 


13)i  13 
7%      6% 

194ii  18% 

90%  88H. 

l:i%  13^ 

41%  41% 


8:0  715 

8.68  8.57 

8  67  8.53 

8.75  8  58 

8.79  8.64 

66%  K,% 

68%  68% 

35%  SOS.i 

35%  35)v 

58%  68 

63  6i% 

27%  27% 

89%  89)4 


20%  20)ii 

9  30  9  20 

9,60  952 

5  72  5  67 

5,90  5  87 

4.67  4  02 

4.90  4,57 


27%    81 
74        69% 
111%  101 

102        99 
101%    88% 
23        18% 
64%    60 
56%     54% 

114%  108 
20%    18 
87%    83)^ 
69)4    66)i 
77%    74% 

127)^  126 
79%    75)s 
44%    42 
107%  104% 

148      147 
46%     41% 
24%    20% 

149)4  1^ 

174      165% 

134      180 
64       49% 
25       22)4 
39%    29)4 

128%  123% 
%        ^4 

102       98% 
29        23% 
25%    iti 
78%    73% 

151%  150 
64%    66% 

112%  lOp 

101%    9S% 


32X  27% 
6%      3% 

22  18 

176  170% 

69%  67% 

24%  23 

13)4  11% 

40%  85% 

45%  86% 

12%  8% 

16%  11% 

18}2  11% 

86  69% 

48  83% 
9  7% 

17  14 

9%  8)* 

24  20 

93%  90)4 

m  18% 

49  43 


9,2S  8.85 

9,28  8.16 

9.35  3.20 

9.44  &27 

68%  65 

71%  68% 

36%  31% 

36  84^4 

65%  58H 

66%  62% 


26% 


18%  17% 

20%  20% 

8  50  7  95 

9.65  8  95 

6  85  5.42 

5.90  665 

555  435 

492  4.50 


565i  52% 

11%  f"?)! 

52%  46^4 

51%  48)6 

2J%  2S% 
33  31% 
12  62  1 1  80 
U.8a  11.60 

7.80  6.75 

7.42  6.75 

6.45  5.95 

0  53  5.87 


WHEAT  on  passage. 
25.600.000  bush. 
26  9*2,000    '• 


CORN  on  passage. 
7.760.POI  bust 
l,944.0w     •• 


Russian  Shipmts.  for  wk. 
3.248.000  bush. 
2  800,00c    " 


Indian  Shipmts.  for  wk. 
144.000  bush. 
400.000    " 


Argentine  Shpts.  for  wk. 
21,000      busti. 


t  Sinee  Aug.  81.    *  Since  June  30. 


Compiltd  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YOSK 

m. 


<l 


MccIUp  riDarl^ct  Xctter. 


No.  405. 


O 

Ui 

H 

O 


O 
(0 

(O 
QC 
UJ 
O 

cc 
o 

a 

z 

< 

(/) 

\- 
z 
z> 
o 
o 
o 
< 


<i 


Q 
LU 

H 

> 

z 


tu 
o 

z 

HI 
Q 

2 

o 

Q. 
CO 
UJ 
Ql 

a: 
O 
o 


Copyright,  189M,  by  Ctmpp  Jt  Comfiany 

O.  W,  CLAPP. 
OWIQHT  O.  CLAP^. 


CLAPP    &    COMPANY, 

Banhevs  a»6  Brokers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Branch      '    277   BROADWAY,  Corner  Chambem  8t. 
Office*:     i    ^^I    BROADWAY  (Cable  Building,  Corner  HoutTON). 


(.  753  FIFTH  AVENUE.Io 


ORNER   68th   6T. 


Private  Telegraph  Wires. 
LoNQ  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  November  14,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    s%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


WHAT  OUR  BANK  FRIENDS  SAY  OF  OUR  SOUVENIR  OF  1894. 


Your  1894  Souvenir  Is  not  only  a  veiy  valuable  book,  but  beautiful 
as  well.— Cashier,  Watoiiwaa  County  Bank,  Madelia,  ilinn. 

your  1894  Souvenirof  "  Leading  American  Exchanges'Ms  areVuble 
authority  to  consult  whenever  occasion  detnunds. -Cashier,  ti.e  ^a- 
tlonal  Farmers'  Bank,  Owatonna,  Minn. 

Your  Souvenir  book  Is  not  only  an  artistic  work,  but  Is  full  of  tsI- 
nahle  statistics  aud  infoi-mation.— Cashier,  Fii-st  National  Banit, 
Miinkota,  Minn. 

Your  Souvenir  book  Is  fuU  of  valuable  Infonnation,  and  a  handy 
book  to  have  ou  one's  desk.— Cashier,  tieiirssee  Co.  Savings  BantL, 
Fliot,  Mich. 

Your  Souvenir  book  Is  a  vei-y  valuable  and  magniflcent  edition.— 
Cashier,  Bank  of  Jackson,  Jackson,  Minn. 

Your  book.  "  Leading  American  Exchanges,"  is  full  of  interesting 
and  instinctive  matti-r  uot  readily  accessible  elsewhcie  —  CKshier 
Fii-st  National  liunk  of  Saginaw,  ,*aginaw,  Slicb. 

Your  Souvenir  lKX)k  for  1S94  is  the  nicest  thin?  w«  have  ever  seen. 
—Cashier,  First  National  Bank,  Independence,  Mo. 

Your  Souvenir  of  "Leading  American  Exchanges"  received,  and 
the  elegant  tinish  and  comjiletcness  of  the  work  make  It  taeiirtily 
welcome.— Cashier,  Bank  ot  Sikeslon.  Sikeston,  Mo. 

Your  beatttiful  Souvenir  b(X>k  for  189J  is  a  valuable  acquisition  lo 
our  banking  libmry.— Cashier,  the  Bank  of  Commerce,  Chaiiute,  Kan. 

Youi- Souvenir  book  is  full  of  iiiteiesting  information.— Cashier, 
Blink  of  Livermore,  Livermoie,  la. 

Your  Souvenir  bonk  Is  a  treasure.  Its  historical  and  statistical 
j>)intsn)ake  it  worthy  a  place  in  a  libiary.— Ca.shier,  Gllmore  Ex- 
change Bank,  Gilmore  City,  la. 

Your  very  valuable  l)Ook  contains  Interesting  comparisons  in  its 
»;itistics.— Cashier,  Merchants'  National  Bunk,  Topeka,  Kan. 

Your  liook.  "Leading  American  Exchanges."  is  well  gotten  up, 
ami  we  find  it  a  valuable  book,  stored  as  it  is  with  a  vast  amount  of 
information.— Cashier  Mei'chants'  and  Flantei'S'  Nat.  Bank,  Uuion, 
S.  C. 


We  find  vonr  souvenir  book  quite  Interesting  to  pemse.— Cashier 
Karinei-s'  liaiik  of  Bales  Co.,  Butlei-,  .Mo 

Your  Souvenir  for  1891  is  very  neatly  annnged  and  gotten  up,  and 
contains  much  interesting  information.— Cashier,  M'atkins  Banking 
Company,  Lake  Charles,  La. 

Your  souvenir,  "  Leiding  American  Exchanges  "  for  1894  is  a  most 
useful  contribution  to  commei-cial  litei'aluie.  and  especially  vaia- 
abie  to  bankei-st  and  others  interested  In  market  quolAiiuns—Ca»hler 
vsasliington  State  l>aiik.  Washington.  La. 

Your  souvenir  book  for  1894  Is  a  model  ot  Its  kind,  as  It  is  most 
complete  in  all  it^  details.— Cashier  Fust  NaL  Uaiik  of  Shenandoah, 
Slienaiidouh,  Pa. 

Your  beautiful  souvenir  book  Is  very  convenient  for  reference  and 
full  of  desirable  information  — Casluei  National  Valley  Bank  dtauc- 
ton.  Va. 

Your  souvenir  book  Is  a  very  handsome  book  and  fu'.l  of  valuable 
•tatistlcs.— Ca«hiei-  The  Continental  Savings  Bank   Meini>hls.  Teun. 

Your  souvenir  for  1894  is  a  valuable  txx)k  and  handsomely  guiieu 
up.— Cashier  Lynclibui-g  Nat  Bank.  Lyaclibuig.  Va. 

Your  souvenir  hook  for  1894  Is  the  most  valuable  compilation  of 
the  kind  that  we  have  ever  seen.- A.  L.  Landis  it  Co.,  stock,  bond 
and  loan  bix>kei-s,  Nashville,  Tenn. 

v/e  And  vour  book  full  of  useful  Infonnation.— Richard  M.  Maury, 
banker  and  bi-oker.  Richmond,  Va. 

We  co.isider  your  souvenir  boak  one  of  the  most  raUiable  n  e  own 
for  a  reference  book.  It  is  replete  with  valuable  Infonimtion  to 
jnvpstoi-s.  besides  being  artistically  illustrated  —Cashier  Uaoufac- 
tuicrs'  and  Merchants' Bank,  Glovei-svllle.  N.  Y. 

The  souvenir  book  Is  surely  a  favor  to  every  Interested  flnanrier 
In  the  laud,  and  its  clear  aiid  concise  manner  and  the  accuracy  of 
your  preilictions  Justly  entitle  you  to  the  i-ank  of  the  leading  flnan- 
ciei3of  the  counlj-y.— President  Kock  County  Bank,  Lucerne,  Minn. 

Your  souvenir  book  is  very  complete.— Cashier  Dollar  Savings 
Bank,  Wheeling.  W.  Va. 


H 
X 

> 
O 

m 

o 

o 

z 

H 
> 

z 

o 
> 

r 

< 

m 
o 

o 

DO 

o 

C/3 

o 

■n 


m 
> 

u 

z 
o 

m 

X 

o 

X 

> 

z 
o 
m 

CO 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.     A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  LETTSUS. 


PORTFOLIO  FOB  FILING  FOKWAKDKD  APPLICANTS  FUEE. 


CLAPP  &  COMPANY.  BANKERS  AND  BEOZEES,  NEW  YOEK,  WEEKLY  MARKET  LETTEE, 


Financial  Outlook. 

Congress  occasionally  forgets  itself  in  patriotic  efforts  to  promote  public  welfare.  Demagoguea 
can  be  cautious  and  progressive  when  posing  for  party  supremacy  in  a  presidential  year.  The 
financial  recommendations  of  ineflScient  officials  will  be  impotent  and  unheeded  at  the. national  cap- 
ital this  winter.  A  broad  and  comprehensive  scheme  of  National  finance  is  one  of  the  needs  of  the 
hour.  The  54tb  Congress  will  place  the  responsibility  of  the  additional  public  debt  and  the  chronic 
deficiency  in  treasury  funds  exactly  where  it  belongs. 

Straws. — The  Government  receipts  for  ten  months  of  1895  were  $272,285,000  against  $278,449,000 
in  1894.  Expenditures  were  $309,942,000  against  $319,798,000.  The  net  deficit  was  $37,657,000  against 
net  deficit  in  1894  same  months  of  $41,349,000.  Treasurer  will  likely  recommend  the  issue  of  bonds 
to  retire  legal  tender  note  circulation,  etc.  Imports  of  merchandise,  port  of  New  York,  ten  months 
of  1895  aggregates  $442,663,223  against  $368,025,679  in  1894,  and  $i86,548,833  in  1892.  Exports  of 
merchandise,  port  of  New  York,  exclusive  of  specie  for  1895  to  October  31st,  were  $288,530,473 
against  $307,706,343  in  1894,  and  $330,063,851  in  1892.  From  January  1st  to  date  the  exports  of  bul- 
lion have  been  about  $71,000,000  in  gold  and  about  $33,000,000  silver,  against  $85,460,452  gold  and 
$29,733,440  silver  up  to  Nov.  1, 1894.  Free  trade  and  no  foreign  poUcy  advocates  appear  to  be  without 
a  leader.  The  man  who  poses  to  be  better  than  his  people  appears  to  be  without  a  party.  Old  and 
tried  officials  in  finance  and  government  are  talking  to  move  earnest  listeners,  and  will  likely  again 
be  called  upon  to  reinstate  confidence,  business  and  stability  in  American  enterprises  still  sorely 
embarrassea. 

Stocks  and  Bonds. 

Bonds.— Municipal  bond  sales  for  October  aggregate  $6,687,612  against  $11,423,212  for  Septem" 
ber.  The  sales  of  railroad  bonds  aggregated  for  ten  months  ending  October  31st  $299,240,450,  ave" 
raging  $70.2  per  hundred  par  value,  against  $202,074,561  same  time  in  1894,  at  average  of  $72.7 

Railway  Stocks.— Tne  average  price  of  all  stocks  sold  first  ten  montlis  of  1895  was  $59.4  per 
share,  against  $63.2  in  1894,  the  aggregate  values  being  20  «^  more  than  in  same  time  during  1894. 
October  transactions  aggregated  a  value  of  $200,000,000  in  excess  of  October,  1894. 

The  gross  earnings  of  one  Trunk  line,  one  Southern,  one  Granger,  one  Transcontinental  and 
one  Coal  line  from  January  1  to  latest  report  for  October  for  years  named  follows  : 

ROADS.  ISOR.  1804.  1893.  1893.  1891.  1890. 

New  York  Central $36,116,298  $34,315,49.3  J39,232,'J56  $37,681,481  $30,172,094  $32,416,877 

Northern  Pacific 15,394,227  13,5.'i9,839  16.785.041  20,473,624  20,430,956  19,.522,161 

Chicago.  Milwaukee  &  St.  Paul 24,426,638  23.750.827  28.157,770  26,870,378  23,554,627  21,706.564 

Louisville  &  Nashville 16,145,448  15,893,869  17,065,666  17,881.504  16,635,332  15.833.618 

Philadelphia  &  Reading 82,104,334  29,905.517  83,779,773  82,746,782  80,582,698  28,693,734 

The  interstate  commerce  law  is  likely  to  receive  Congressional  attention.  Removing  restrictions 
may  prove  profitable  to  many  roads.  Consolidating  interests  may  remove  some  competition.  Union 
Pacific  will  likely  ask  extensions  or  to  pay  in  new  bonds.  The  new  Erie  Railroad  Company  and 
the  Atchison  Company  are  gradually  coming  through  reorganization.  Both  stocks  may  advance  in 
consequence.  tJnion  Pacific,  Northern  Pacific  r.  l  Reading  may  suffer  under  a  large  assessment  if 
scattering  holders  should  sell  rather  than  pay.  Tennessee  Coal  &  Iron  earnings  continue  large  and  to 
merit  better  prices  when  manipulators  so  decree.  Free  selling  of  Louisville  go  Nashville  for  foreign 
account  still  encourages  American  traders.  Canada  Southern  appears  safe  for  investment.  The 
market  has  had  a  ten  point  decline.  We  advise  purchases  on  weak  spots  based  on  increased  earnings, 
and,  later,  based" on  a  revision  of  our  currency  system  by  a  competent  Congress. 

Industrials. — Sugar  officials  appear  willing  to  let  the  stock  sell  lower  to  influence  Congres- 
sional action.  Chicago  Gas  manipulators  appear  aiding  the  bears.  General  Electric,  Cotton 
Oil,  Lead  and  Cordage  continue  in  disrepute.  Leather  people  may  take  the  hides  of  many  confiding 
investors.  Rubber  and  other  bunco  specialties  can  scarcely  be  sold  around  quotations  in  large 
quantities.  Tobacco  evidently  is  on  its  periodical  down  turn,  imitating  the  methods  of  sugar  men. 
The  next  Congress  should  try  hard  to  protect  innocent  trust  stockholders. 


The  bucket-shop  interests  and  their  assistants  or  backers,  "  the  public,"  seem  to  have  been 
working  a  boomerang.  2Vte  best  methods  outlive  those  inferior.  The  filling  of  orders  by  commission 
men  always  has  and  always  will  affect  values.  The  taking  of  trades  by  the  bucket-shop  never 
has  or  will  advance  prices.  The  saving  in  commissions,  interest  and  other  charges  for  years 
by  the  public  who  have  patronized  and  assisted  bucket-shops,  scarcely  compensates  them  for 
recent  losses,  or  repairs  financial  wrecks.  It  is  estimated  there  are  33,000  bucket  shops  in  the 
U.  S.,  and  if  they  would  each  buy  15,000  bushels  wheat  in  Chicago  daily,  their  buying  alone  would 
daily  exceed  the  annual  crop.  If  they  each  should  buy  100  shares  of  stock  per  day,  it  would  more 
than  double  any  one  day's  trading  on  the  N  Y.  Stock  Exchange.  If  in  cotton,  daily  purchases 
might  exceed  1,000,000  bales,  or  more  than  three  times  the  average  business. 

200 


ClAPP  &  COMPANY.  BAIfKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.  i 


Cotton. 

Government  reports  up  to  November  Ist,  indicated  this  crop  would  be  the  worst  grown,  variously 
estimated  from  6,300,000  to  6,600,000  bales.  November  10th,  lint  yield  was  given  as  155.6  per  acre 
from  20,182,133  acres.  November  10th,  1893,  the  lint  yield  was  given  as  148.8  pounds  from  19,701,- 
385  acres,  then  the  crop  proved  to  be  7,527,211  bales.  Last  year's  acreage  was  reported  as  23,687,050 
and  lint  yield  191.7  pounds.  The  difference  in  lint  yield  this  season  is  36.1  pounds,  or  18.8  per  cent, 
less,  indicating  the  crop  will  be  about  8,000,000  bales.  The  report  says:  "That  much  complaint 
is  made  of  the  short  yield  and  half  crop  and  poorest  in  thirty  years.  That  dry  weather  principally 
destroyed  the  top  crop  in  many  localities  and  mjured  it  everywhere,  and  was  favorable  to  picking, 
so  the  fibre  is  generally  reported  clean  and  in  good  condition."  The  visible  supply  is  about  35  per 
cent,  of  the  world's  annual  consumption,  and  only  about  6  per  cent,  less  than  a  year  ago.  Bulls  on 
Cotton  Exchange  now  claim  crop  will  be  about  6,500,000  bales.  Receipts  from  plantation  are  about 
35  per  cent,  less  than  last  year.  Stocks  at  interior  towns  are  12  per  cent,  larger.  Northern  spinners' 
takings  are  about  33  per  cent.  less.  Exports  about  45  per  cent.  less.  Receipts  of  cotton  at 
Egyptian  and  Indian  ports  show  an  increase  of  about  33  per  cent,  over  last  year.  Market  now 
ranges  3  to  4  cents  higher  than  year  ago  when  minimum  price  of  5.30  for  January  cotton  was 
reached.  Appearances  indicate  foreign  cotton  brokers  get  the  Government  report  on  the  10th  of 
each  month  about  five  to  fifteen  minutes  before  high  noon,  and  ahead  of  American  merchants 
at  the  expense  of  American  citizens.  European  buyers  in  the  cotton  belt  are  not  so  aggressive. 
Bear  sentiment  is  perhaps  too  prominent.  We  favor  purchase  on  sharp  breaks  while  producer  and 
spinner  are  trying  to  tire  each  other  out. 

Wheat. 

The  world's  visible  wheat  supply  increased  the  past  forty  days  about  1,000,000  bushels  per  day. 
Last  year  the  same  time  the  visible  increased  only  about  half  as  fast.  European  visible  supplies  are 
16,300,000  bushels  more  than  November  1,  1894.  The  American  visible  is  27,200,000  bushels  less  than 
November  1,  1894.  Our  official  visible  gained  25,041,000  bushels  since  June  30th,  last  year  the  gain 
same  time  was  44,379,000  bushels.  The  world's  visible  November  1st  was  209,857,000  bushels  against 
220,78 ■<,300  bushels  November  1,  1894.  It  appears  to  look  as  though  the  world's  visible  January  1st 
would  exceed  that  of  December,  1894.  The  Liverpool  Corn  Trade  Neivs  reports  exporting  countries 
shipments  from  Aug.  1  to  Nov.  1  as  81,112,0  »0  bu.  against  88,568,.000  bu.  in  1894.  Russian  Govt,  report 
indicates  their  crop  will  be  64,000,000  less  than  in  1894.  Indian  shipments  since  April  equal  15,840,- 
000  bushels  against  8,460,000  last  year  same  time.  Primary  receipts  now  equal  about  98,000,000 
bushels  against  94,000,000  bushels  a  year  ago.  Exports  about  44,000,000  bushels  against  59,000,000 
a  year  ago.  St.  Louis  and  other  winter  wheat  primary  markets  recently  show  moderate  increases. 
The  Ohio  state  report  out  the  8th  says,  2,278,431  acres  were  sown  in  fall  of  1894,  and  this  autumn 
2,251,043  acres  ;  that  the  condition  of  plant  is  but  55  per  cent,  of  fair  average,  and  condition  of 
ground  scarcely  an  average.  Wheat  weak  and  thin  on  the  ground  in  many  places,  some  fields  not 
up  and  some  that  are  thin,  weak  and  making  poor  growth.  Michigan  reports  condition  78  per  cent., 
that  most  of  the  crop  is  grown  in  the  south  where  condition  is  72  per  cent.  Drought  was  worst  in 
years,  and  is  being  relieved  by  generous  rains.  General  winter  wheat  conditions  seem  to  be  under 
an  average.  It  is  rumored  several  large  moneyed  interests  have  bought  about  25,000,000  to  30,000,000 
bushels  of  wheat  in  Chicago  for  December  delivery,  and  will  insist  on  delivery.  Elevator  men  have 
been  buying  December  and  selling  May  at  about  i^i  cents  difference,  the  actual  cost  being  about  5 
cents.  We  think  purchase  of  May  wheat  around  60  to  62  cents  much  more  likely  to  pay  handsome 
profits  than  cause  serious  loss.    England  must  continue  a  large  buyer. 

Corn. 

The  Government  report  indicates  ayield  of  about  26.2  bushels  per  acre,  and  a  crop  of  2,148,158.960 
bushels.  Thoman  makes  the  yield  29.7  bushels  from  80,850,893  acres,  total  2,400.718,000  bushels,  and 
estimates  five  Southern  States,  including  Missouri  and  Kansas  will  grow  one-third  the  crop.  Demand 
for  cash  corn  seems  to  fully  equal  supply.  Primary  receipts  have  been  disappointing.  Kansas  City 
receipts  have  been  less  than  last  year.  Evidently  growers  are  not  working  nights  to  market  their 
crop  at  10  to  15  cents  per  bushel  in  the  Mississippi  Valley.  We  favor  buying  corn  at  the  lowest 
prices  on  record.    Exports  since  July  1  23,000,000,  against  3,380,000  last  year. 

Oats. 

Mr.  Thoman  reports  the  acreage  as  31,559,553  acres,  yielding  30.1  bushel  per  acre.  A  crop  of 
940.^580,000  bushels,  Iowa  loading  with  U'7, 434,600  bushels.  The  average  yield  of  potatoes  is  100.7  'i, 
indicating  a  crop  of  about  250,000,000  bushels,  or  the  largest  grown.  American  Agriculturist  thinks 
the  crop  280,000,000  bushels.  May  oats  prices  around  21  cents  for  32  lbs.  sounds  cheap  and  low. 

Provisions. 

The  exports  and  domestic  demand  scarcely  equals  expectations.  Hogs  are  lighter  and  cholera 
reported,  which  makes  receipts  larger  than  if  no  fear.  The  meat  supply  is  only  moderate,  specula- 
tion small.  There  appears  to  be  some  Southern  demand  for  Januai-y  products.  Winter  packing 
375,000  hogs,  against  325,000  last  year. 

Yours  respectfully,  CLAPP  &  COMPANY. 

201 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Qnotations  for  Shocks,  Cotton,  Grain  and  ProYisions  for  Week  ending  November  13  1895,  and  tor  NoYember,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
FRiiM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF"    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


R  BKKLT 

Sales. 


1.125 

i.m 

188.6i26 

2.574 

68.188 

C2..500 

3070 

2.530 

11  185 

H.945 

93  845 

127.105 

163  r,50 

<7.iii 

3.179 
l9.iiS 

8335 

1.105 

8.245 

1.200 

«.456 

3.100 

62.970 

18A00 

200 

8.735 
097 

2.7W) 
801 

1  744 

14  888 

136 

15.600 

8ft'.776 

3.410 

826 

2  440 
4725 

600 

8198 

2.631 

8045 

2  725 

8  464 

tST45 

800 

43  260 

846 

S.000 

8.1160 

13.363 

25.P08 

81  317 

e.-wo 

6.777 

8.r,9o 

84  7.'i9 

4.419 

2.000 

1.439 

4.085 

25.1)50 

81  278 

9.070 

8  100 


Capital 
Stock. 


$20,287,100 
10  198,600 
36  773,000 
36  77:1000 
17,900,000 


25,000,000 
15.000.000 
22.488,000 
60.805,400 
82  262,700 
24,8«5.800 
46.027,261 
25.923,900 
46.1.16.000 
18.559.360 
89.054.907 
J8,335  170 
28  000.000 
1 1  696,000 
85,4.30.060 
96,200.000 
85  000.000 
38  000.000 
84  091  900 
30,459,700 
•5,000.000 

8.000.006 
59.UOO.0O0 
10.000.000 
11,840,000 
11.840,000 
49,466,500 
58,800,000 
80,000.000 
18.738,204 
13,000.000 
47,844.100 
47.436.5TB 
14.905.400 
14  904,000 
89.428,300 
77,427.000 
20,000,000 
58,119,982 
18.000  000 
89,767,200 
49,000.000 
89.269,546 
20.000,000 

8.500.000 
40.426,361 
86,000.000 


68.  «02,900 
125,000.000 
60.000.000 
19.8.50.000 
38.710,900 
60,8B8..500 
52  9  I.5O0 
52,361  500 
20.166.000 
18.858  .WO 

7.418.300 
28.000.000 
24.000.000 
94,820.000 
10.000.000 

4.500.000 


DiTiBENS  Record. 


Naves  or  Stocks. 


Pays  3pc  J-D 

Pays  3pc  O-.J-A-J 

Pays  3!^pc  J-J 

Pays  8pc  F  M  AN 


Paid  2do  1895 

Pays  l^pc  K-A 

Pays  1J4PC  F-M-A-N... 


Paid  Ipc  Dec.  1K94 

Pars  Ipc  U-J-S-D 

Paid  Ipc  

I'ays  7  PC  Per  Annum. 
Paid  Hpc  Oct.  Ife95 


Paysli^pc  J-D.. 
Pay8  2^^pc  J-D.. 
Paid  3pc  in  1893. 


Pays  2pc  M-J-S-D 

Pays  7pc  per  annum. 
Pays  7pc  per  annum. 


Paid  IK'PC  Jan  1893. 
Paid  2pc  Aug.  St  1893. 
Pays  5pc  per  annum. 


Pays  2^pc  AJ-S. 


Pays  l^pc  F-Jl-A-N. 

Pays  3pc  F  A     

Paid  2pc  August  1R93. 
Pays  l^pc  J-A-J-O.. 
Paid  2pc  in  July  1895. 


PaidSpc  1891 

Paid  Ipc  in  Oct.  1895. 
Pays  i9ipc  M-J-S-D.. 
Pays  Ipc  J-A-J-O 


Paid  IHpo  Nov.  1898. 


Paid  Ipc  April  1892., 
Paid  Ipc  In  1887..., 


Pays  2po  F-M-A-N.... 


Paid  Ipo  In   1887. 


Paid  8^pc  in  1884. 


Pays2po  Nov.  1895... 
Paid  2^pc  March  15, 1895 


Pays  1J4PC  J-A-J-O. 


Paid  IPC  in  Feb.  1894. 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refiniug  Co. 
lAm.  Sugar  Refining  Co  W. 
'American  Tobacco  Co. . . 
lAlcM.Top.  &  S.  F.  allins.pd 

Baltimore  &  Onio  

Canada  Southern     

Central  of  New  Jersey 

Cbesapealce  &  Obio 

Cbicaso.  Bar.  <fc  yuincy.. 
Cbic  Gas  Cos  Cent  Trrects 
ihicago.  Mil.  &  St  PanJ. . . 
Cnicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic..  St  Paul  -M.  <fc  Omaha 
Chicago  &  Nortti western. 
Chicago  &  Northw'n  P/d. 
Cleve..  Cio..  CLic,  A  St  L. 
Col  Hocit  ng  Valley  &  Tol 
Consolidated  Ga*  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del..  &  Hudson  Canal  Co 
Denver  &.  Kio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  aU  in  pd 
General  Electric  co.. 
Great  Nortnern  Pfd.  . 
Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  trie  <fe  Western . 
Lake  Erie  &  W  ebtern  Pfd 
Lake  Sbore  &  MicU.  So'n. . 

Louisville  <t  Nasliville 

Manhattan  R'yCon«ol... 

.Michigan  CVntral 

Mo..  Kansas  Jt,  'lezas  Pfd 

Mexican  Central 

Mi.^.soun  Pacitio 

NationaJ  Lead  CO    

National  Lead  Co  Pfd... 
N.  Y.  Cent'l  &  Hudson  Riv 
NTLi4wjpiicoct2dinpa 
NV&N  EtstcocUallinpd 
N.  Y  Ontario  &  Western 
N.  Y.  Suso.  *  W'n  Pfd.. 

North  American  Co , 

Northern  Pacific 

Northern  Pacific  Pfd...., 
Pacific  Mail  S.  S.  Co...., 
Peoria.  Dec.  &  Evangville 
Pbiladelphia  &  Keading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iror  &  R  R  Co 

Texas  &  Pacific 

Cnlon  Pacific 

U  S  LeatherCo 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Coidage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Onion  Tel.  Co 
Wheeling  A  Lake  Erie. 
Wheeling  &  Lake  Erie  Pfd 


Thursday, 

Nov.     7. 


20^  20 

68%  63^ 

9»H,  98k 

mi  96^4 

87^  85H 

17^4  16^ 

58  57% 

54^  54 

107  106)^ 

!9)4  l» 

6Gh    645i 
75^     74% 

126H  I26H 
7.-)!4     74 
41        89H 

i06      104^ 

40        899^ 
2u        20 
147«  1479i 

ISOM  129^ 

47^,  46^, 

20^  1*>i 

31H  30^4 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1,449.400 


COTTON.  In  ba  e». 
I  World's  visible. 
1896  8  362  166 

1«4|  8,558226 


Total  in  slghttl  Total  Export*. 
2.619.113  932.806 

8.479,608        I        1527,-112 


•T  y    f  November 

•  •'•    I  Dectmber. 

Cotton  1  January.. 

I  February.. 


WHEAT,  in  bushels. 
I    U.  S   Visible.     iPrimary  rec'ts*!  Total  Exports. 
1895         66  937.000  98.000  000  44  413  500 

189l|        81.220,000         I      94  000  000  69.640 188 


Wheat. -{5 


Com. 


December, 
ay.          . 
I  December. 
1Siay 


CORN,  in  bushels. 

I     V  »  Visible. 
1895  4.627.000 

18941  S  638  OOU 


Primarv  rec'ts* 

4.  oob.ooo 

26.000,000 


Total  Exports. 
22  9*^268 
8,882  618 


Chicago  1  December. 
Wheat.  I  May 

co™-{£ry!.'?.'!!:; 


OATS,  in  bushels. 
I    U.  S.  Visible. 
189B  6  289  000 

1S94I         9,064  000 


N.  T.  Stocks, 
1.639  980 
2,641,762 


Cbgo.  Stocks. 

437  000 

1,609  000 


Oats, 


t  December. 
■•  (May   

Pork...jJ\7»7-; 


1895 
1894 


LARD-tcs. 

World's  vis. 
217.903 
105,289 


CHICAGO  CONTRACT  STOCKS. 
PORK-bbls,|  LARD-tcs.  i  RlBS-lbs. 
8.737  l.%571        15.ffJ6.596 

6,600     I  6,044     I     7,425,561 


j^gy^      1  January. 


Ribs. 


May. 
J  January. . . 
iMay   


80J<  2S% 

31  mi 

90^  90 

100  »d% 

10«  10?4 

46  45 

16H  15% 

81  81 

4%  4% 

4^  4^ 

16U  15H 

i2«  n?i 

164^4  164 


9         tH 
10'4    10^4 


899i    88^ 

13%  m 

43)^    40 


Friday. 
Not.    8. 


aOH 

mi 

169i 
."« 

54;^ 

10694 

84 

66% 

74!>4 


86k 
15% 
66 
5S^4 
1059i 
19 

82% 
65 
78 

7m 

40 
104% 


40  40 
19%  19 
147«  147 

129%  129% 
46^    45>4 
20^     20 
80%    80% 


97^    »7% 
23%    SS 
28       Si 


Saturday 
Not.    9. 


100%    B9 


74       74 
149^  149 

55%    54% 
106%  I05?i 

8lM    80%   81%    30%    809^    80K 


64%    52 
106%  105% 


802  046        253.877 


8.61  8.61 

8.66  8  55 

3  71  8.61 

6  75  6  65 


80M    89% 
80%    30H 

99%  99% 

lOJi  10% 

45  44 

15%  16^ 


164     164 


8.»4  82% 

10|2  lOk 

12  uk 

68  66% 

85  84% 

7%  7% 

13%  13% 

7%  7% 

194»  II 

89^  6    . 

l?H  184(. 

42%  42% 


Tuesday. 
Nov.  12. 


74      73 
40%    40% 
105%  104% 

8^    89% 

19        19 

1469^  146% 

129%  129' 
44%  44 
20%  20. 
80%    80% 


08       96% 

24        289i 

88%  e 
U7«  i*:H 

Slli    51% 
105%  |06k 


mi 

80% 


29% 
80% 


8.54  6.49 

8.55  8.47 
8.68  6.53 
8,66  6.58 


12% 
164% 


9« 
11% 


7% 

16% 
89% 
13% 
41% 


75 

mi 

I059i 


74 
40% 
105% 


iOh    40% 

146%  146 

129      128 
45        45 
20%     19% 
80%     289^ 


24%  24% 
22%    28% 

49%  148% 
53%  52% 
106%  |Oi94 


96 

68 

16% 

56M, 

54% 

105% 
19 

83% 
639j 
74% 

127 
74% 
40(i 

105% 


42       41%    429^    42 


147%  147 

129%  128' 
46%    45% 
20%    20% 
31%    29% 


M  «% 

84%  23% 

75«  75 

14^  149% 

4    54%  529i 

^  106%  106 

I  99  99 

81%    80%    SOi  30% 


29%'  819i  299i  82«  81% 
30%  31%  81%  32>J  8196 
--     91% 


119^ 
l64% 

iV 

11% 

84% 
81% 
894 
9% 
ll9i 
67% 
85 
7% 


7  7% 
16^  im 
C8%  90% 
13%  13% 
40%   42% 


10%    1 


16% 
32% 

6 

<% 
16^ 
81% 


12%  ii9i 


21     n 


91%    889i 
18%    17% 


76^    7596 


41% 

106% 


106%  106% 


n%  209i 

148%  148 
169      168 
130      129% 
48%    47 
2196    20% 
33%    Sm 
120      120 

9891    B^ 
24        24 
21%    24% 

14^  1^ 
65%  54% 
;069i  I0-'% 

82%     31% 


Range  for,  a„„„    - 
Nov.  1895.   S^"^^'^- 
to  date.     N°*-  1894 


99%   100%  lOO% 
inu    itiz     MU 


a%  11% 
49%  49% 
■6%     ii 


159<    1696     ii         17% 
32^4    83%    83%     84% 

r.  ih?        KU  •i.l. 


164 


18% 
42% 


130.418 


65^  65!:  «5A 

6ti%  69,'.  68% 

3696  8596  85V 

85%    35/.  8694  859 

58 


58%    58%   53% 
-      62%   63% 

2%   2*i    2?T6 


62%    62%   63; 
28        —  ■    - 

29%    29%    2996 


18%  18% 

2094  209« 

9  20  9.15 

9,50  9.47 


9.32  9.12 

9  62  9,45 

6.70  5.62 

5.90  5.S2 

4.70  4.60 

4.90  4.80 


5.65  6,66 

5,85  5  82 

4.62  4.60 

485  462 


8,48  8  45 

8,43    8,37  8.54  8.26 

8,51    6.42  8.60  8  34 

8.65    8,47  6  61  8  40 

«5%    65^.  65  64% 

69%    68jJ  «■»%  67% 

85%     35%  SSi^  85% 

85JJ    85%  35%  85.'. 

58%    58%  68  67% 

68       6>%  62%  61% 

28%    27T|  2794  27% 

29%    299ft  29>«  ^9>6 

18%    18%  18%  18% 

20%    20%  20H  20% 

9,15    9  05  9  05  9  02 

9  47    9  87  9,40  9.85 


80% 
90% 
14 


18 
68 
35% 

7% 
I4H 

7% 
19% 
89% 
13% 


81^,094         225.411 


663  6.60 

6  8S  5.82 

4.60  4.57 

468  460 


560  6,67 

6  80  6.80 

4.57  4.55 

4.^2  4.60 


8.S1  6  25 

8.35  8.20 

8  41  8  25 

6,48  8  80 

64%  64 

67%  67% 

85%  85% 

8594  3511 

57%  56% 

6194  61^6 

2^  29% 

20%  iOH 

9,12  9  07 

9.45  9,42 


563 

5.82 
460 
4  82 


5.60 
6.82 
4.67 
4.62 


4«       494 

16%  16% 

6%      6\i 

13%  129^ 

165  185 

2?,'  81% 

87%  8594 

86%  3494 

9%      9% 

1094  10% 

13^  18 

7\ii  70% 

86%  37% 

7%      7% 

14%  I4k 

8«      794 

21%  20!^ 

91  90^4 

14%  1394 

42%  41 


825  554 

6.28  6.23 

8  37  8  22 

8  46  6  27 
850  6.84 

66A  64», 

«8,V  67% 

3594  85% 

86  3511 

S^  67% 

6d   .  61% 

2s%  28 

2994  29% 

18%  18% 

2094  20% 

9  cO  9  06 
9.5S  9.42 

665  560 

5,87  5  87 

4.62  4  57 

4.87  4,82 


21%     19 

:o       68% 
102%    98% 
99%    97^4 
91%    85% 
18%     !5% 
60%    54 
5.'>%    53% 
109%  105 
19%     19 
86%    829* 
68%    63% 
76%    72% 
127      126 
76%    73 
41%    39% 
106%  104^ 

4294  89% 

2194  19 

148%  146 

169  165 

131  128 

49%  44 

23%  19% 

32^  2894 

120  120 

H        U 

99  96% 

24%   es 

21%  22 

76%  7394 

150  147 

57%  51% 

10694  102% 

99  97 

88%  80% 

82%  88% 

8i%  2994 

91%  90 

100%  99 


81%  26% 

5%  494 

1494  1194 

168  164 

68^  67% 

23%  i<0 

!^  11% 

37%  34% 

38%  31% 

9%        - 

11%  IIH 

:3%  11% 

72%  66 

3»94  83% 

794  694 

1194  13 

m  6% 

21%  i8!-4 

91  ,  88^4 

14%  13% 

42%  40 


59%  56% 

6394  61% 

2^  27% 

23%  29 

1894  16% 

209-4  20% 

9  32  9  02 

9.62  9.35 

5  70  5.57 

5.90  580 

4.70  465 

490  480 


29%  2594 

77  :2% 

96%  93 

96  91% 

102%  90 

to'       67" 
5244     4994 
98%    8994 
19^    ir% 
76%    689-4 
7i%    6'J% 
64%     57% 
12!       116% 
65%    60 
36%    32% 
104%    9o% 
145      14294 
8994    30% 
19%     17 
;25       119 
162%  156 
129%  :22% 
37%    3^ 
1094     794 
8^9-4     3496 
!0!94  100% 
4%      8V2 
93        90 
^     19% 
16%     16 
74        TO 
138       131% 
5(j%    53 
10694  102% 
100        97 
24        SI 

3094  27% 

42%  83 

89%  84 

,0094  97% 

16%  1094 


80% 

15% 

4194 

4 

4 

10% 
20 

3% 


33>_ 
16% 
46 
5 

19% 
24 

894 

,696    13^ 
!61      1^^ 

26%    j^ 

17  "« 
n%     9^ 

iS%    'l^* 
60%    59% 

^^  toy* 

11        8 
24        14 

7%  6^ 

1.''%  13^ 

90%  H6% 

18  11% 
44%  40 


5.72  5  2i 

5.87  5  23 

5,94  5  26 

6.00  5  33 

60%  5511 

649i  60/; 

5:%  .'J3% 

55%  52 

5'5«rt  52% 

6194  fi7% 

52%  46% 

51%  48% 

29%  2*96 

83  81% 
12  85  1160   , 
13.  M  U.96 

7.48  6.75 

7.57  6.90 

6  55  5.87 

670  6.07 


169! 


OLD  POBZ,  Cbeo.-bbU. 
....     bbls. 


WHEAT  on  passage. 
85.360.000  bush. 
»6.9»,00O    " 


CORN  on  passage. 
6.9SO.00O  bash. 
1,944.000    " 


Russian  Shipmts.  for  wk. 
8.320.000  bnsh. 

2  9i>0.00C     " 


Indian  Shipmts.  for  wk. 
24.000  bush. 
100,000    " 


Argentine  Sbpts.  for  wk. 
48.000      baib. 


t  iisM  xv$.  ij^«  «^M  Juu.  80.         CompiUd  and  Copyrigkud  ly>  CLAPP  ft  GOMF AITT,  BANEEBS,  MILLS  BUILSIirQ,  NEW  YORK 


•Mi 


<1 


UQecklv  (TDarhct  letter. 


No.  406. 


Oopyrii/ht,  1895,  by  Clmpp  Jt  Companv, 

O.  W.  Clapp. 
DwiQHT  O.  Clapp. 


UJ 

o 


o 

(O 

(0 

a: 

UJ 

o 

o 

o 

z 
< 

(0 

I- 

z 

o 
o 
o 

< 


<] 


Q 

u 


LlJ 
O 

z 

UJ 
Q 

z 
o 

Q- 
(/) 
UJ 

o: 

o 
o 


CLAPP    &    COMPANY, 

Banhei'S  anb  Brohers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE.  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Branch 
Offices  : 


277    BROADWAY,  Corner  Cmambem  St. 

621    BROADWAY  (Cable  Builoino,  Cobner  Houston). 

753  FIFTH  AVENUE.ICorner  58tm  St. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  November  21,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.     S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customerb. 

WHAT  MANY  BUSINESS  MEN  SAY  OF  OUR  SOUVENIR  OF  1894. 


YoviT  Souvenir  of  1894  will  live  as  a  valuable  book  of  reference, 
and  reflect  the  notcwoiHiv  events  of  the  imst  yeai'  as  in  a  looking- 
glass.— Cashier,  Bank  cf  ttamniond,  Wis. 

Your  Souvenir  bo<ik  for  1894  is  full  of  statistics  and  figures,  and  is 
a  valniible  book  for  reference.— Cashier,  First  National  Bank,  Bidde- 
ford.  Me. 

Your  Souvenir  book  is  by  far  ahead  of  any  book  of  the  kind  it  has 
been  the  pleasure  of  the  writer  to  examine.— Cashier,  Atlanta  Trust 
&  Bimkinj;  Co.,  Atlanta.  Ua. 

Y'our  Souvenir  l)(X)k  forms  a  valuable  portion  of  our  bank  library, 
and  the  information  that  we  glean  through  it  is  of  great  importance 
to  us.— Cashier,  the  Bank  of  Arthur,  Arthur,  III. 

In  my  sjiare  moments  I  have  been  most  pleasantly  entertained  by 
the  jierusal  of  your  book,  and  can  only  add  woitls  of  praise  for  the 
large  amount  of  valuable  infonnation  it  contains  togetl-.er  with  its 
beautiful  illustrations,— Cashier,  First  National  IJankrNVisca.s.set,  Me. 

We  regard  your  Souvenir  for  1894  as  a  vei-y  valuable  publication, 
and  hand,some  as  well.— Casliier,  the  Broad  Street  National  Bank, 
Trenton,  N.  J, 

Your  handsome  volume,  with  its  interesting  portraits  and  illustra- 
tions, we  find  very  interesting,  and  will  keep  as  a  Souvenir  of  you. — 
I'reident,  the  Te.xarkana  National  Bank,  Te.xarcana,  Tex. 

Your  beautiful  Souvenir  Ixwk,  "  Leading  American  Exchanges," 
is  rtnely  gotten  up.  and  certainly  retiecis  great  credit  upon  vour- 
selves, "  It  is  of  great  value  to  any  banker.— Cashier,  Rocky  &loun- 
tain  Savings  Bank,  Denver,  Col. 

Your  Souvenir  book  for  1894  is  the  finest  thing  of  the  kind  I  have 
ever  seen,  and  the  information  contained  of  great  value.— Casnier, 
the  Maricopa  Loan  &  Trust  Co.,  Phoenix,  .\ri. 

Please  accept  our  thanks  for  your  1S94  Souvenir.  A  school  in  itself 
of  financial  facts  and  figuies  and  a  handy  reference  volume.— 
Casliier,  First  National  Bank  of  Salida,  Salida,  Col. 

Y'our  Souvenir  of  "  Leading  American  E.xchanges"  Is  very  com- 
plete, and  of  value  to  any  banker's  library.— Cashier,  Western  Na- 
tional Bank,  Pueblo,  CoL 


Your  souvenir  book  is  certainly  a  wonderful  compilation  of  useful 
facts  and  will  be  very  useful,  especially  In  answering  some  of  the 
wild  theories  and  assertions  of  our  Populist  friendd.—Cashier  First 
N.ational  Bank,  Beaver  City,  Neb. 

We  find  j'our  souvenir  book  filled  with  valuable  information,  and 
It  shall  occupy  a  pixjminent  place  in  our  librai-y.— Cashier  First  Na- 
tional Bank,  North  Kitst,  Pa. 

Your  souvenir  book  is  a  very  artistic  as  well  as  a  useful  compila- 
tion,—Casliier  First  National  Bank.  Lowell.  Mass. 

Your  souvenir  book  of  leading  American  exchanges,  1894,  is  a  book 
of  reference  which  cannot  fail  to  be  of  the  highest  value  to  us.— J. 
E   Brown  &  Co,,  bankers,  Chatsworth,  III. 

We  find  your  souvenii  book  for  1894  a  very  interesting  and  in- 
structive publicatiou.— Casliier  Putnam  Co.  National  Bank,  Cannel, 
N,  Y. 

Y'our  beautiful  sonyenlr  is  a  handsome  volume  abounding  in  use. 
ful  and  interesting  infonnation  most  cleverly  ari-angcd.— (.ashler 
National  Bank  of  Avondale,  Avondale,  Pa. 

Y'our  souvenir  for  1894  reflects  great  credit  upon  your  hou.se.  It  is 
well  and  beautifully  gotten  up  and  adds  very  much  to  our  libi-ary  — 
Cashier,  The  Mountville  National  Bank,  Mount ville.  Pa. 

We  congratulate  s'ou  on  your  book,  not  only  for  its  excellent  finish 
but  also  for  its  complete  lists  and  valuable  informatiou.— Cashier 
Reading  National  Bank,  Heading,  Pa. 

Y'our  souvenir  is  a  book  of  great  merit  in  point  of  usefulness  and 
beauty,  involving  much  skillful  labor  and  ex|)ense  to  get  It  up  and 
it  is  a  thing  that  is  certain  to  be  appreciated  by  everyone  so  fur 
tnnate  as  to  possess  It.— Cashier  Minei-s'  Savings  Bank,  Wilkesbarre 
Pa. 

Your  souvenir  book  for  1894  is  a  beautiful  volume  brim  full  of  val 
tiable  information,— Cathier,  The  Sioucham  National  Bank,  ^lune 
ham.  Mass, 

Your  souvenir  book  for  1391  is  valuable  and  convenient  for  refer 
ence.  and  represents  a  vast  amount  of  careful  labor. — Cashier,  Trad 
era'  National  Bank,  Lowell,  Mas.s. 


X 

> 
o 
m 

O 

z 

> 

Z 

o 
> 

r 
< 

m 
o 
O 

JO 

a 
(/) 

o 
-n 


r 
m 
> 
o 

z 

o 

m 

X 

o 

DC 
> 

z 
o 
m 

C/3 


Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.     A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  L.ETTEHS. 


POBTFOLJO  FOB  FILING  FOKVVAKDEli  APPLICANTS  FKEE. 

203 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Financial  Outlook. 

Concentrating  and  developing  tendencies  exceed  in  natural  power  any  forces  opposing  them. 
Cheapness  of  product  at  expense  of  labor  of  liberty  would  be  an  unequal  adjustment  sure  to  result 
in  harm.  As  the  larger  commercial  enterprises  must  continue  absorbing  the  smaller,  they  should 
be  controlled  and  regulated.  Uniformity  of  law  can  be  secured  by  wise  and  liberal  regulation  of 
banking,  industrial  and  railway  corporations.  National  interest  in  foreign  markets  can  secure  the 
support  of  the  people. 

Straws. — The  Manufacturers'  Record  says  the  annual  output  of  the  South  has  increased  about 
IQQfo  since  1880.  That  the  aggregate  for  the  decade  ending  1900  will  be  ten  billions  more  than  for 
the  decade  ending  with  18&0.  That  the  new  South  turns  annual  product  of  one  billion  dollars  more 
than  in  corresponding  time  ten  years  ago.  The  Progress  of  the  World  (a  new  magazine)  says  that 
a  prominent  New  Orleans  cotton  operator  recently  had  $20,000,000  in  paper  profits  on  cotton  held 
for  the  rise.  The  American  Economist  estimates  the  average  number  of  employees  of  American 
factories  has  doubled  since  March  1.  1893,  and  that  $?0,000,000  has  been  transported  in  32  months 
from  pockets  of  American  manufacturers  and  their  employees  to  increase  earnings  of  foreign  capital 
and  labor.  We  estimate  the  total  losses  of  Americans  by  adoption  of  policies  advocated  since  1892 
is  more  than  three  times  the  amount  named  by  the  Economist.  Poors  Manual  says  there  are 
13,176  miles  of  street  railway  in  the  United  States,  a  gain  of  3,514  miles  since  1891 — 109  miles  oper- 
ated by  steam,  10,238  miles  by  electricity,  578  with  cable,  and  but  1,950  with  horses. 

Stocks  and  Bonds. 

Bonds.— Many  issues  can  be  bought  at  concessions  that  should  encourage  buying.  We  do  not 
look  for  a  Government  issue  until  after  Congress  meets. 

Railway  Stocks.— For  ten  months  of  1895  earnings  were  $60,000,000  better  than  in  1894,  and 
the  first  week  of  November  shows  percentage  of  increase  nearly  double  that  of  the  previous  week. 
The  gross  earnings  of  139  roads  in  October  was  nearly  $57,000,000.  Chicago  receipts  of  flour  and 
grain  in  bushels  and  at  nine  other  primary  points  for  five  weeks  ending  October  31  were  90,459,269 
bushels,  against  53,376,533  bushels  corresponding  time  in  1894.  Chicago  received  30,634,810  bushels 
in  October,  against  12,178,706  last  year. 

Earnings  of  12  leading  stocks  m  October  for  years  named,  ^and  prices  Nov.  20  in  1890  and  1895: 


ises. 


1894. 


New  York  Central 

Louisville  &  Nashville 

Northern  Pacific 

St.  Paul 

Rock  Island 

Great  Northern 

Atchison,  Topeka  &  Santa  Fe. . 

Missouri  Pacific 

Missouri,  Kansas  &  Texas 

Southern  Railway 

Wabash 

C.  C.  &St.  Louis 


4,185,304 
1,952,295 
2,733,757 
8,851.842 
1.740,795 
3.519.604 
3.934.  .592 
2,. 506, 900 
1,242,492 
l,i»53,933 
1.315,731 
1,328.325 


29.269,670 


8.836,230 
1,86.5,196 
2,420,131 
2,990.874 
1,617.159 
2,147.967 
4,011,,593 
2.378,927 
1.417,964 
1.829,847 
1.173,808 
1,290,201 


26,979.896 


1893. 


4,350.294 
1.649,552 
2.226,339 
8.923,658 
2,143,294 
1.977.923 
4.370.182 
2,267,123 
1,288,227 
1,685,549 
1.402.703 
1.256.460 


30,333,804 


1892. 


4,289,878 
3,038.152 
2.948,286 
3,717,620 
1,915,240 
2,021,794 
4,645,762 
2.738,337 
1,046,374 
1  888,038 
1,411.780 
1,351,066 


30,012.317 


1891. 


4.173.663 
1.963,038 
2,993.305 
3,654,996 
1,739,477 
1,868,918 
4,524,396 
2,735,288 
1,149,819 
2,103,923 
1,333.630 
1.291.503 


1890. 


8.635,154 
1,788,920 
2,922,820 
3.045,330 
1,756,431 
1.514,930 
4.237.531 
2,453.482 
1,062,707 
2,028,904 
1,278,076 
1,263,071 


29,530.946 


26,977,353 


Price  Not.  20. 


1890.       1895. 


71 5i 
211^ 
47;g 
67 

273^ 
61 


9 


100 
52?i 

75 
75^ 

IWa 
'60% 
13^ 
10^ 

7M 
41 


The  tliree  months  ending  December  31,  1805,  are  likely  to  show  larger  earnings  for  these  twelve 
roads  and  for  the  United  States  system  than  have  been  made  during  any  last  quarter  of  any  year 
in  their  history.  The  aggregate  vield  of  cotton  will  likely  be  3,500,000,000  lbs. ;  Wheat,  30,000,000,000 
lbs.;  Corn,  78,8S8,000,000  lbs.;  Oats,  26,415,808.000  lbs.;  Rye,  1,516,000,000  lbs.;  Barley,  3,378,448,000 
lbs.;  Buckwheat,  76,500,000  lbs.;  Potatoes,  18,000,000,000  lbs.;  Hay,  100,000,000,000  lbs.  Miscella- 
neous vegetables,  rice,  tobacco,  and  dairy  and  pork  products  estimated  may  equal  500,000,000,000 
lbs.  more.  The  grain  and  cotton  tonnage  may  therefore  exceed  163,774,756,000  lbs.,  or  81,887,378 
tons  in  the  seven  products.  The  iron  and  coal  and  other  mining  and  forest  productions  may  exceed 
any  other  year,  and  carry  the  total  production  and  tonnage  of  the  United  States  in  1895-6  beyond 
any  figures  ever  before  realized  by  any  country.  Many  Western  railroad  companies  are  signing  an 
agreement  not  to  issue  passes  to  any  one  but  employees.  The  now  Presidents'  agreement  should 
be  more  effective  than  any  previous  effort,  in  short,  officials  are  looking  well  to  earning.s 
rather  than  devote  their  best  talent  to  Wall  street  record.  The  United  States  Supreme  Court 
decision  granting  the  United  States  the  right  to  string  telegraph  poles  along  the  Union  Pacific  Rail- 
road, andconstrued  to  mean  that  any  company  can  build  a  line  alongside  railways,  was  interpreted 
by  many  to  indicate  that  it  is  but  a  question  of  time  when  that  stock  will  sell  around  60,  and  other 
telegraph  companies  obtain  coveted  privileges  long  granted  the  Western  Union. 

Industrials. — Congressional  Sugar  afiairs  may  again  be  used  for  speculative  purposes.  Chicago 
Gas  manipulators  claim  to  have  secured  practical  control  of  the  oM  certificates  and  of  the  situation. 
Sometimes  parties  holding  both  ends  of  the  rope  get  the  worst  of  it.  Leather  and  Rubber  appear 
matching  orders  to  catch  lambs.  General  Electric  may  consolidate  and  get  better  manage- 
ment. Lead  and  Cotton  Oil  are  not  traded  in  much.  American  industries  are  concentrating  owner- 
ship.   The  New  York  Stock  Exchange  should  try  and  protect  public  interests  by  more  safeguards. 


I 


ClAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.         8 

Cotton. 

The  London  Times  says,  in  1885  Japan  imported  $800,000  worth  of  raw  cotton  for  the  50,000 
spindles  in  19  mills,  and  in  1894,  $19,500,000  for  600,000  spindles  in  40  mills.  Their  imports  of  cotton 
yarns  from  Great  Britain  decreased  proportionately  the  same  time.  Japanese  mills  paid  handsome 
dividends  last  year,  while  those  in  England  reported  losses.  American  mills  declared  handsome 
dividends.  The  spinning  business  is  increasing  uoth  North  and  South  faster  than  ever  before.  Ex- 
ports of  cotton  this  year  are  at  over  $40  per  bale  value,  against  about  $28  last  year.  The  aggregate 
values  of  clearances  about  10^  less.  European  stocks  of  American  cotton  the  past  90  days  have  in- 
creased. Our  exports  in  same  time  have  decreased  over  070,000  bales.  September  1,  the  world's 
visible  is  about  181,000  bales  less.  Port  stocks  are  about  20,000  bales,  and  interior  stocks  about  49,000 
bales  larger  than  year  ago.  Continental  and  English  stocks  about  same.  One  cause  of  the  short- 
ness of  this  crop  is  the  usual  light  weight  of  the  cotton,  owing  to  the  dry  weather  at  picking.  Some 
think  this  shortage  alone  will  equal  200,000  bales,  others  claim  the  shrinkage  is  10  per  cent.  Of  late 
spot  holders  of  cotton  have  been  more  willing  sellers.  Exporters  and  spinners  are  holding  off.  The 
undertone  appears  to  indicate  there  is  a  good  investment  demand  by  men  long  in  the  trade  who 
have  made  money  buying  on  depressions,  and  when  the  market  appeared  to  have  but  few  friends. 
Many  think  interior  and  port  receipts  are  likely  to  soon  fall  off  and  cause  an  upturn  in  values,  and 
that  English  and  continental  spinners  will  soon  perceive  this  and  become  liberal  buyers. 

Wheat. 

One  ^ear  ago  Chicago  was  receiving  large  quantities  of  winter  wheat,  because  a  premium  was 
being  paid  for  it.  Of  late  Indiana,  Ohio  and  Tennessee,  Michigan  and  this  State  have  been  liberal 
buyers  in  Chicago,  and  paying  a  premium  for  contract  No.  2  red  wheat  of  about  3  cents  per  bushel. 
Minneapolis  millers  keep  paying  about  1>4  cents  premium  over  December  wheat,  and  are  now  only 
4  cents  below  Chicago,  against  5  cents  a  few  weeks  ago.  Chicago  stocks  of  2  red  are  10,431,000 
bushels,  of  2  spring  4,502,000  bushels,  of  1  Northern  2,365,000  bushels,  of  all  kinds,  both  in  public 
and  private  elevators,  about  27 j4  million  bushels,  0>^  million  bushels  being  in  private  elevators. 
Primary  receipts  since  June  30,  at  the  ten  primary  points,  have  been  about  106,000,000  bushels, 
against  about  99,000,000  bushels  same  time  in  1894.  Total  exports  about  51,000,000  bushels 
against  about  63,000,000  bushels  a  year  ago.  Our  largest  visible  since  1884  was  89,071,000  bushels 
December  22,  1894,  and  the  smallest  11,805,219  July  11,  1891,  The  official  is  now  60,326,000  bushels. 
Beerbohm's  Corn  Trade  List  November  5  reports  the  world's  visible  as  168,032,000  bushels  against 
193,088,000  in  1894,  and  127,600,000  September  1,  1895.  Russian  private  and  official  reports  recently 
claim  a  large  shortage  exists  both  in  the  reserves  and  the  visible  supplies.  Their  shipments  from 
January  1  to  November  4  are  57,376,000  bushels,  against  37,080,000  a  year  ago.  Argentine 
reports  vary  greatly.  We  think  the  best  advices  indicate  the  crop  will  about  equal  that  of 
1894  and  be  ready  to  harvest  in  30  days.  Shipments  from  all  producing  countries  from  August  1 
to  November  2  to  Europe  are  reported  as  89,936,000  bushels  against  9:iJ, 200,000  bushels  last  year. 
American  exports  last  week  were  larger  than  any  week  since  January  last.  Invisible  supplies  July 
1  are  generally  considered  less  than  for  any  July  in  a  decade.  Recent  increases  shows  about  20  ^. 
Recent  primary  receipts  have  fallen  off  about  20  i.  Farmers  are  still  seeding  winter  wheat  in 
several  States.  Ordinarily  we  grow  two  bushels  of  winter  wheat  to  every  one  of  spring,  consuming 
at  home  most  of  the  winter  grown,  and  exporting  over  ^  the  spring  wheat  grown. 

Primary  receipts  at  winter  wheat  points  now  indicate  the  movement  is  scarcely  more  than  18)4  ^ 
of  the  total  and  the  spring  wheat  primary  movement  equals  about  81  >4  ^  of  the  total.  We  doubt  if 
receipts  were  ever  more  largely  duplicated,  A  very  successful  operator  says  liberal  purchase  of 
May  wheat  on  moderate  margins,  coupled  with  a  large  stock  of  patience,  will  likely  pay  10  or  15 
cents  per  bushel  profit  before  spring.  We  advise  changing  over  December  holdings  to  May  while 
it  can  oe  done  at  less  than  actual  cost. 

Corn. 

Exports  since  June  30th  exceed  26,000,000  bushels,  against  less  than  3,400,000  bushels  samo 
time  in  1894.  Farmers  in  the  commercial  corn  states  are  unwilling  sellers  at  14  to  16  cents  per 
bushel.  Cribbers  have  little  or  no  corn  in  store  or  contracted.  Most  of  the  sales  in  Chicago  are  for 
May  delivery,  and  short  sales,  based  on  hopes  that  growers  will  rush  their  corn  to  market  early 
and  break  the  price,  and  allow  the  shorts  to  reap  profits  while  contracting  other  peoples'  property 
for  delivery  five  months  hence,  free  of  charge,  at  prices  lower  than  ever  before  quoted  in  any  No- 
vember, for  May  delivery.  We  believe  the  crop  has  been  over  estimated,  that  old  corn  supplies  are 
very  small,  that  waste  and  consumption  are  at  the  maximum  point,  and  that  it  is  possible  natural 
forces  will  prevent  a  free  movement  of  corn  to  market  this  winter.     In  years  past  rain  has  often 

f^revented  any  large  movement.    We  believe  investors  with  moderate  margins,  ample  nerve  and  a 
iberal  stock  of  patience,  can  buy  May  corn  around  3U  cents  per  bushel  in  Chicago,  and  have  a 
chance  to  make  5  to  10  cents  profit. 

Provisions. 

The  domestic  and  export  demand  is  but  moderate.  Stock  of  provisions  are  not  large,  prices  are 
about  an  average,  corn  considered.  The  number  of  live  hogs  in  the  country  are  considered  less  than 
usual.     Speculation  in  provisions  is  small,  with  the  outside  trade  moderate  buyers  and  packers  and 

E revision  men  the  sellers  of  futures.     Winter  packing  from  November  1st  to  13th  inclusive,  705, OOU 
ogs  against  720,000  last  season.  Yours  respectfully,  CLAPP  &  COMPANY.' 

205 


CLAPP  ft  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK.  WEEKLY  MARKET  LETTER. 


QaotatiODS  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  NoYemkr  20,  1895,  and  tor  NoYemlier,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  I..  &  W.;  P.  &  K.  and  Am.  Tobacco  Co., 
PROM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OF    mGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wbeklt 

8  a  LBS. 


8.95S 

7tf5 

135  907 

8.188 

155.Sft8 

85.955 

ld90 

630 

8.8:26 

6.580 

111.481 

43,310 

61   66 

628 

•4  248 

920 

8168 

100 

950 

710 

2.604 

2.130 

1,980 

3  545 

85570 

9  996 

800 

100 

702 

600 

1.010 

1.044 

295 

45.146 

60  248 

674 

11,185 

I'.iai 

1.3ti9 

1.021 

985 

6.028 

eloio 

2,3-iO 
1.8-.!5 
1.152 
7,330 

31.220 

110 

114  J62 

213 

10  000 
2.520 

11.688 
6.868 

26  .'.65 
2.190 
•2.884 
80U0 

28  898 

1.182 

6  160 

s)00 

],.'^5 

13  1 54 

6C.061 

9.250 

120 


Capitai. 

Stock. 


180,287,100 
10,198,600 
86,966,000 
86.968,000 
17,900,000 


85,000,000 
15,000.000 
82,488,000 
60.805,400 
82,002,700 
24,886,800 
46,027,261 
25,983,900 
46.156,000 
18.559,360 
89,054,907 
22,335  170 
88.000,000 

4  890,000 
85,430,060 
26,200,000 
35  000,000 
38  000,000 
35  000  f  00 
30,460,000 
85,000,000 

8,000,000 
50.000,000 
10,000,000 
11,840.000 
11,840,000 
49,466,500 
52,800,000 
30,000,000 
18.738,204 
18,000.000 
47,844,100 
47,436,576 
14,906.400 
14,904,000 
89,428.300 
77,427.000 
80,000,000 
98,119,982 
13,000.000 
39,767,200 
49.000.000 
89,269,5<6 
20.000,000 

8,500.000 
40.426  361 
36,000,000 


68.402,900 
125,000.000 
60.000,000 

ig.s-'Aooo 

38,710,900 
60,868,500 
61  509  900 
60,909,900 
80.166.000 
6.000.000 
8,000,000 
88,000,000 
84,000,000 
94,820,000 
10.000,000 
4.500,000 


DrvxDBND  Recobs. 


Pays  3po  J-D 

Pays  3po  O-J-A-J.,. 

Pays  3}^pc  J-J 

Pays  3po  F  MA-N.. 


Nahbs  of  Stocks. 


Paid  2do  1895 

Pavs  I'^pc  F-A 

Pays  li^po  F-M-A-N. 


Pays  Ipo  M-J-S-D 

Pays  Ipo  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Annum. 
Paid  Hpc  Oct.  1895.... 


PayslJ^pc  J-D.. 
Pays2!4pc  J-D.. 
Paid  3oc  in  1893. 


Pays  2pc  M-J-S-D.... 
Pays7po  per  annum. 
Pays  7pc  per  annum. 


I'aiU  2pc  AngiiSt  1893. 
Pays  5pc  per  annum. 

Pays'b^pc'M-s!!!!!! 


Pays  IHPC  F-M-A-N. 

Pays  3po  FA     

Paid  2pc  Augu.'st  1893. 
Pays  l^pc  J-A-J-O.. 
Paid  ipc  in  July  1895. 


Paid  3pc  1891 

Paid  Ipo  in  Oct.  1895. 
Pays  l9ipc  M-J-S-D.. 
Pays  Ipo  J-A-J-O.... 


Paid  1J4P0  Nov.  1893. 


Paid  Ipo  April  1892.. 
Paid  Ipo  in  1887.... 


Pays  2pc  F-M-A-N. 


Paid  Ipo  in   1887... 
Paid  3^opc  in  issi! 


Pays2pc  Nov.  1895 

Paid  2^pc  March  15, 1895 


Pays  1J4PC  J-A-J-O.... 
Pa  i d  I'p c  in  Fe bV  i 894 ! ! ! 


American  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co- . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atch.Top.  <fe  S.  F.  all  Jis.pd 

[Baltimore  &  Onio 

Canada  Southern 

Central  of  New  Jersey.. 

Chesapeake  &  Ohio 

Chicago.  Bur.  &  Quincy 
Chic  Gas  Cos  Cent  Tr  rects 
Chicago,  Mil.  &  St  Pan!. . . 
Chicago  MU.  &  St  Paui  Pfd 
Chicago,  R.  I.  &  Pacific. .. 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Norttiwesiern 
Chicago  &  Northw'n  Pfd 
Cleve..  CiD..  Chic.  &  St  L 
Col  Hock  ng  Valley  <fc  Tol 
Consolidated  Ga»  of  N.  1. 
Delaware,  Lack 'a  &  W'n. 
Del.,  &  Hudson  Canal  Co. 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  P  Tr  Co  ct  all  in  pd 

General  Electric  Co 

Great  Northern  Pfd 

Green  Bay  W  &  St  P  Tr  Rec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L. 

Lake  Erie  &  Western 

Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n.. 

Louisville  <fe  Nashville 

.Manhattan  R'yCoueoI... 

Michigan  Central.. 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

M)s.souri  Pacific 

National  Lead  Co 

National  Lead  Co  Pfd 

N.  Y.  Cent'l  <t  Hudson  Kiv 
RTLBAw  jp>icoct2d  inpd 
N  Y&N  E  tst  CO  cti  all  in  pd 
N.  Y  Ontario  &  Western.. 
N.  Y.  SusQ.  &  W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  IVlail  S.  S.  Co 

Peoria.  Dec.  &  EvansviUe 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  C'o. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iror  <K  K  U  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordife  Co  pfd  Tr  Co  ct 

Wabash ■ 

Wabash  Preferred 

Western  Union  Tel.  Co 
Wheeling  &  Lake  Erie. 
Wheeling  &  Lake  EriePM 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 1,248,372 


COTTON,  In  ba  es. 
I  World's  visible. 
1895  3  508  414 

1894|  8,704.K50 


Total  In  slghttl  Total  Exports. 
2.9.'i0.523  1.092.178 

8.995,464        I        1  704.993         I 


f  November. 
I  December. 


If.  r. 

Cotton  'J  January 
I  February 


WHEAT,  in  bushtls. 

US   Visible.      Primary  rec'ts*!  Total  Exports. 
60.32iJ.000         I     lOli.OOO  000        |      51.000  000 


1895 
189l| 


82  -.82,000 


99  000  000 


63.000  000 


Wheat 
Corn.. 


J  December. 
(May.  .  .  . 
I  December. 
lAiay 


CORN,  in  bushels. 

IV.  S   Visible.  IPrimarv  rec'ts* 
4.30ii  000  44  OiiO.OOO 

2  765  COO  29.000,000 


Total  Exports. 
26  051  6.S6 
3.396  588 


Chicago  t  December. 

Wheat.  1  May 

Corn      ^  December. 
'^°'^°-    )May 


OATS,  in  bushels. 
I    U.  .»*.  Visible. 
1895  5  972  OOO 

18941         9,110  000 


N.  T.  Stocks, 
2.037.761 
8,452,401 


Chgo.  Stocks,  i^*'*  • 
419000 


1.639  000 


Pork. 


1  December. 

^May 

<  January. . 
1May 


1895 
1894 


LARD  tcs. 

World's  vis. 
217.903 
105,289 


CHICAGO  CONTRACT  STOrRS. 
PORK-bbls,|  LARD-tcs.  l   RTBS-lbs. 
8.737  15,571        15.0'i6.596 

5,600     I  8,044     I     7,425,.')51 


Lard. 
Rib? 


'  January. 

"(  May , 

'  January.  , 

■Way    


Thursday. 
Nov.  14. 


21  21 

7l«  71 

102  lOOl^ 
99 


Friday. 
Nov.  15. 


21?i 

68 

Kl^ 


Saturday 
Nov.  16. 


919i    90 
I8H    1% 


5?!^    57M 

55J4  55(4 
108!^  107^ 

66U  85M 
66  64H 
76*6    7596 

77M    76' 
4m    41K 
106%  10656 

4'j«  *^y* 

l69Vt  167^ 
129%  129H 
4SHi  48% 
2156  20^4 
88       81>4 


-   90 
17H 


54« 
107% 
19% 
86M 
65)4 
75% 
127 
7696 
41 
106J4 


19       19% 

9fl9i,1009i 
09  98^ 
87       88(4 

K96    l''« 
....    57 
549il  54% 
107      108 
19%    19 


mi, 

64H 

7S% 
127 

75% 

41 
106 


41«    41% 
20        20 
143%  149 

169%  ma 

1299i  l299i 

47%  47% 

20%  1996 

82%  81% 


99%    99%   99       99 
24%    24%    24        24 


24%    24 
75       749i 


55%    64 
M3%  101% 
99%    ""•' 
8^% 


24  24 
74Ji  7iH 

150  150 
5496  63% 

102   100% 


86% 
64% 
7596 

76% 
41% 
1U6% 


19 

669. 

100  H, 
91% 
87?a 
17% 
57 
54% 

1C8 
19 

85?4 
6196 
75>i 

75% 
41% 
106 


41%  iiy. 


199i    19% 


74%    74>4 


5-»% 
101^ 
99%iI00      100     100 
81%    81%    31       81% 


32% 

32 

92 


81% 

82 

»2 


li%     10J6 


16% 
84^ 

16% 
82 

1^ 


31%  80% 
31%  31L4 
91%    919^ 

l69i    1^4 

io    I  15%  1594 

8396'  a-Wi  88 

5%1    6         6 

494,       .. 

16^6    16%  16 

80    I  81%  80% 

10% 
1*7% 


11%'  12% 
•  ■■    167% 


22% 
11% 
87% 
3o 

109* 
13% 
7l9i 
38 

796 
14% 

8 
2: 

91% 
14% 
42% 


81% 
11% 
36 
84 
9% 
10% 
13 

roH 

88 

7% 
14% 

794 
80% 

im 

42% 


285  238 


22% 
1196 
•36 
8496 

9% 
10% 
13% 
70% 
87% 

7% 
14 

20% 
909-4 
13% 


11% 
85% 
83 
9% 
10% 
U 


14 

26% 

90 

13% 


68% 
I '091 

mi 

81 


81^    81 
8^       8196 

106      100 

1096   i^ 


1696 
'5" 

16% 
31% 

II  ' 

67% 
22% 
11% 
3^% 
83^ 
9 


I59l. 


II 
81% 

8% 

67% 

22 

1196 

85^ 

3294 

8% 


Monday. 
Not.  18. 


20%    80% 

101%  89i6 

9S!4  98 

68Hi  85M 

1796  17J4 

57%  57 

54%  54% 

109  109 

19  1P% 
87%  80^ 
65%  64% 
76  7596 

76%    7596 
41        41 
106%  1059^ 

4196  41% 

20  19k 
149%  NS94 
16756  167% 

12996  um 

47Vi  47 
20   1996 
32%  3196 
120   120 

H      96 
98%    98% 

23%    23% 
74       74 
14995  H994 
54%    53 
[01%    969^ 

8i96    809i 


31% 


999i 
10% 

16 

33 

6 

16  ' 
■Jl% 

J96 
10% 


Tuesday. 
Nov.  19. 


20 

148% 

129' 
45 
19)i 
31> 


80 
US% 

12894 
444 
1894 
80% 


82 

74  ' 

52% 
99 


22 

74 

5i 
98% 


80%    80% 


8096   83% 
■  31 


9994 
9% 

1594 
82% 
6 

1594 
30^i 

496 

9% 


196.246 


8.14  8.14  8.11  8,09 

8.23  8.1.3  8.13  8  01 

8.30  8.1?  S  19  8.07 

8.83  8.23  8  28  8  !3 


70% 
87 
7% 


20% 
90% 
1394 


22% 
11% 

36^ 

83% 

9 

,     9% 

13 

69941  71% 

87 

7    i    7% 
•  •        U% 

1994  20% 
90%  9096 
13%    H% 


2196 
"H 
35% 
82^ 

9 

9% 


9094 
9994 

m 

15% 
SlH 

4<4 
15% 
31 


2994 
80M 
90H 
9994 
996 

15 
3194 

4^4 
I6^t 
80% 


1096     994 


£1% 
1196 

35 

82% 

8M 

.  --     ^^ 

1296    12^4 


70 

":% 

14% 
1996 

88  >^ 
1394 


71.058    j     203,270 

811  8.11  8.20  8  20 
8.14  8,10  8.25  8.11 
8,19    8.15    8. SO    8  15 


7096 
30% 

7% 
14 

7% 
19H 
88% 
14 


■ilH 
11% 
.'» 
31 

896 

894 
1194 
68!<, 
359i 

7 
14 

7% 
18% 
8694 
1394 


107%  107% 
1894     18 
86       85 
65       64^ 
75       74% 

127      127 
7594    75% 
41        40% 

10594  1J5>4 


19%    19% 
!48%  148 

129M  13896 
4496  4394 

io        19 
31%    80% 
11894  11894 


63%  82% 

?3W  7396 

5296  6196 

:oo  98% 

8096  2994 

80%  299t 

30%  804 

9:94  91 

100>4  9994 


50 


9^ 
60 


15%    1496 


496 

4^4 


496 

1% 


15^     14% 
81       3096 

16%   m 


21%  21 

10%  104 

35  31  y, 

33%  3^ 


8% 
12% 


8% 


262,995 

801  6  01 
8  08  8.00 
8  13    8  03 


8.22    8,20    8  33    8.i0    8,17    8  08 


659*  64%l  65.'.  6l,%   6i\l    6494   65 

689ft  67%'  68  6796  "' ' 

8594  85961  85%  3596 

35{I  35%  8594  8596 


58^4  6796  5796  57% 

62%  61%;  61%  61% 

2-9»i  28%  28  2794 

2994  29%  i9%  89% 


..  --„  -  64  •,  6494  8496 

6794  679i  63  67%  6796  67% 

85/,  3.596  3596  35)4  3514  35V4 

3594  3594  3594  35JS  8594  3596 


57%  57%  5794  57%  5796  ^6% 

61%  61%  62%  6196'  6m  61!^ 

28  2796  2794  ^796  27%  2796 

29%  29%  2996  29J4I  2996  29% 


69%  68% 

6%  6% 

7%  7 

19%  1896 

8896  874 

14%  13% 


1896  1896'  18M  1816    18%  18%  1S%  17%'  18  18 

2094  "2096  2094  20%  I  2096  204  2096  20%;  2096  204 

9,17  9.07  19  10  9.07     9.0?  9  05  9  02  8  97     9.00  897 

9  55  9,45  i  9,45  9. 42  I  9  45  9  42  9.40  9.85  19.37  9,32 

i  i                                           I 

5.85  5.62  I  ,5.62  5.60     5  60  5.60  5  60  5,55     5  55  6.52 

5.85  5.S5  1  6,82  5  82:582  582  580  5.77     5.77  5,75 

4.62  4.57     4.57  4.,57     4.57  4.57  4.55  4.52     4  55  4.52 

4,87  4.82  I  4  82  4  801482  482  4.80  4.771477  4.77 


829  571 


8  12  8.05 

8  18  8  05 

8  21  8.10 

64|:  64;i 

6794  67,', 

3596  35)4 

8594  3596 

574  57% 

6194  6196 

27%  -2796 

2996  29% 

18  18 

20^  204 

R97  8  90 

9,35  9.27 

5  55  5  52 

5.77  5  75 

4.52  4  50 

4.77  4,75 


Range  for 

Nov.  1895, 

to  date. 


2194    18^ 

70        6694 

102%     98% 
99%    97 
91%    84% 
1896    15% 
60%    54 
5596    53% 

109%  K'o 
19%     18 
87%    62H 
68%    63% 
7696    72% 

127)4  126 
77%  73 
41%    89% 

106%  104% 

4294    89% 
21%    19 
149)4  146 
169%  165 
131      128 
49^4    4394 
23%    1894 
33       28->4 
120      11894 
96       ^4 
99%    96% 
84%    ii 
814    22 
76%    7896 
150      147 
6796    61 
10694    98% 
100       97 
33%    2994 

82%  88% 

82%  2994 

92  90 

100%  99 
12%      - ' 


61 

17% 

34% 
64* 
4% 

17 


43 

1496 
29% 
4% 
4% 
14% 


5%  496 

1494  9)^4 

168  18* 

eSM  67% 

2396  20 

12  :0% 

374  84M 

384  81 

94 


8,87  8.01 

8  89  8.00 
8.!15  8  0.^ 
8.99  6  08 

66%  64 

69%  67% 

3.-i94  3r) 

36  3596 

5996  56% 

6J>4  614 

2896  2796 

2994  2i) 

1894  17% 

20-J4  209). 

9  32  8  90 
9.62  9  27 

570  5,52 


5.90 
470 
4  90 


5  75 
450 
475 


Range  foi 

Nov.  1894 


2996  2594 

77  72% 

96%  98 

96  91% 

102%  90 

70       67" 
5294    4994 
98%    89^ 
1994    1^ 
76%    68;J4 
7;%    6J9s 
64%    57% 
121       116% 
664    60 
8u96    82% 
10496    ^M 
145      1429^ 
3994    364 
19)4     17 
125      119 
1624  156 
129%  122% 
3796    82% 
1094      79i 
8794    3496 
10194  1*^% 
4%      3>2 
98       90 
2296     1»K 
18%    16 
74        70 
138      131% 
5696    53 
10894  1>«^ 
lOO       97 


81 
7 


3094  '^^ 

42%  3i 

89%  84 

l009i  974 

15%  1094 

33%  804 

1696  15% 

46  41% 
8  * 

494     * 

:6i  1*^ 

2096  i,^ 

41  35 

17  "« 
1096  94 
,J^  114 

T^ 

14  8 

24  14 

7%  614 

1.=.%  13>4 

90%  f6'4 

18  11% 
44%  40 


5.72  8  23 

5.87  5  23 

6.94  6  28 

6.00  5  33 

6056  65»l 

64%  60,'] 

5756  58% 

5596  52 

669i  52% 

6194  57% 

62%  46  4 

61%  48% 

2996  2156 

33  31% 
12  85  11  00 
13.20  11.95 

7.42  6.75 

7.57  6.90 

6.5.')  5.«7 

6.70  007 


1895 
1894 


OU)  PORE  Chgo.-bbls. 
...       bbte. 


WHEAT  on  passage. 
26.1G0.0(J0bush. 
27  406,000    '• 


CORN  on  passage. 
7.r.20.l.X)o  bush. 
2,480.000    " 


Russian  Shirmts.  for  wk. 
2.840.000  bush. 
2  400.000    " 


Indian  Sbipmts  for  vk. 
101.000  bush. 
160.000    " 


Argentine  Shpts.  for  wk. 
72.000      bush. 


t  Since  Aug.  31.   ♦  Since  June  80.      .    Compiled  and  Copyrighted  bj>  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


206 


/I    Mechlp  flDarhct  Xettcr. 


<i 


No.  457. 


Copyright,  1M08,  hy  Clmpp  Jt  Company. 

O.  W.  Clapp. 
OwiQHT  O.  Clapp. 


UJ 
H 

O 


O 
(0 

(O 

a. 

UJ 

o 
a. 
O 

o 

z 
< 

(A 

I- 
Z 

O 

o 
o 

< 


^ 


Q 
LJ 

> 

Z 


LU 

o 

z 

LU 
O 

z 
o 

Q. 
(/) 
UJ 

o: 
o 
o 


CLAPP    &    COMPANY, 

Bankers  anb  Brohcrs, 
miLLS    BUILDING,    N.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE.  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


BRANCH 

OrFiuts : 


277   BROADWAY,  Corner  Chambers  St. 

621   BROADWAY  iCABif  Builoh.g.  (  ooser  Houston). 

753  FIFTH  AVENUE,!.Co8neh  6«tm  St. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  November  28,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.     S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


WHAT  MANY  BUSINESS  MEN  SAY  OF  OUR  SOUVENIR  OF  1894. 


^ 


Tonr  Souvenir  book  is  certainly  a  beautiful  book  full  of  valuable 
and  interesting  infonuation.— Casliier,  the  Bank  of  Newport,  Ark, 

Your  Souvenir  book  of  "Leading  American  Exchanges"  we  con- 
sider  ft  valuable  compilation  of  comiwrisons.  and  shall  tlnd  use  for 
Its  ready  reference.— Cashier,  Bank  of  Conway,  Conway,  Ark. 

Your  Souvenir  book  is  veiy  valuable  to  any  ofllce  where  slock 
transactions  are  canied  on.— Caatuer,  the  briggs  National  liunK, 
Clyde,  N.  Y. 

Your  Souvenir  book  for  189J  is  a  gem.— Cashier,  the  Cltiiens  Bank, 
Arcade,  N.  Y. 

We  regard  your  Souvenir  book  for  V>9i  a  veiy  beautiful  an  well  as 
a  veiy  valuable  compilation. — (.'ashler,  McKechnie  &  Co.,  bankei^, 
Cauandaigua,  N.  Y. 

The  statistics  of  your  beautiful  and  artistic  Souvenir  book  cannot 
fail  to  be  of  value  to  iu>.— Cashier,  the  Citiseus  Bank  of  Dansville, 
DansviUe,  N.  Y. 

Your  Souvenir  booh  for  1894  contains  a  valuable  lot  of  Infermation. 
—Cashier,  Citizens'  National  Bank,  Saiuloga  Springs,  N.  Y. 

Your  Souvenir  l)ook  for  ISt)4,  I  assure  you,  I  ti-easure  among  my 
earthly  posse^iuiis.— Cashier,  i'ii'st  National  Bauk  of  York,  York, 
Pa. 

We  ore  much  pleased  with  your  Souvenir  book.  It  Is  certainly 
nicely  gotten  up.  and  it  is  equally  certain  that  it  Isan  interesiins; 
ai  d  valuable  book  for  reference.— Casliier,  Fiwt  National  Bank, 
Kichfleld  Springs,  N.  Y. 

Your  handsome  Sonvenir  book  we  find  qnite  interesting —Vice- 
Piesident  Firet  National  I'.anK,  Macon.  Ga. 

Your  Souvenir  is  a  handsome  book  containing  valuable  informa- 
tion.-Cashiei',  Cochran,  Fayue  &  McCormlck,  bankers,  WUllama- 
port.  Pa. 

Your  Souvenir  of  1891  Is  quit"  comprehensive  and  contains  much 
TalU'ble  infonnsition  which  will  be  of  gi-eat  benefit  lo  investoi><  and 
ot^iei-s  interested.— Cadhler,  The  Black  River  National  Bank,  Low- 
▼ille,  N.  Y. 


In  your  Sonvenir  boo't  for  1S<)4  the  record  for  the  past  year  Is  quite 
complete,  and  contains  intui  uiation  that  is  both  desirable  and  vaiu- 
able.— Cashier,  City  Bank,  Yon;,  Ta. 

Your  sonvenir  of  1894  ie  valuable  as  a  book  of  i-eference  and  gotti^n 
up  in  handsome  style.- Cashier  Firel  National  Bank,  Coming.  N.  Y. 

The  souvenir  book  Is  indeed  a  vei-y  handsome  and  useful  piece  of 
pi-operty.- L'ashier.Bank  of  R.  A.  Graves,  Sparta,  Ga. 

Your  souvenir  book  Is  a  nice  I'eference  book  and  our  gi-ain  men 
seem  to  be  greatly  impressed  with  it,  finding  couipai'ative  figures  of 
piust  markets. — Cashier  Davenport  Savings  Bank,  Davenport,  Iowa. 

Your  voluminous  and  beautifully  illustrated  souvenir  for  189)  is 
of  gieat  value  to  all  who  are  intere.sted  in  the  busine.ss  and  flnances 
of  tlie  couutry.— Treasurer  WatertowQ  Savings  Bank.  Watertown, 
N.  Y. 

The  IS9I  edition  of  your  sonvenir  of  leading  American  exchanges 
shows  tliat  vou  have  ma'ntained  the  high  degree  of  excellence  at- 
tained in  llie  fonner  edition  of  the  work,  and  withal  it  ''makes 
mighty  interestiu'  readiu'."— A.  O.  Slaughter  &  Co.,  Bankers,  Chi- 
cago, III. 

Your  tine  .souvenir  Is  a  vnlnable  book  for  reference.— Cashier,  The 
National  Shoe  and  Leather  Bank,  Auburn,  Me. 

Y  our  souvenir  book  surpasses  any  book  of  its  kind  that  I  have  ever 
seen,  and  is  full  of  useful  and  entertaining  statistics.— Casliier  Fiist 
National  Bank  of  Camden,  Camden,  N.  Y. 

Your  1894  souvenir,  or  more  pioperly  speaking;  1994  encyclopedia. 
Is  a  very  useful  l>0()k  for  reference  as  to  tne  market  reports,  etc.,  and 
It  is  al;*o  a  very  nice  thing  to  have  the  pictures  of  the  exchanges.- 
Cashier  Far  Rockaway  Bank,  Far  Rockaway,  N.  Y. 

Your  souvenir  bo  Ik  is  beautifully  gotten  np  and  contains  a  store 
of  valual)le  information  I  have  looked  it  over  with  pleasure  and 
piDfit.  and  will  undoubtedly  find  it  a  convenient  book  toi-efer  to.— 
Cashier  Tredegar  National  Bank,  Jacksonville,  Ala. 

Your  handsome  boo'c  Is  an  ornament  to  my  desk  and  I  am  sure  it 
will  prove  very  valuable  as  a  reference  book.— Cashier,  The  Berney 
National  Bank,  Blruiingham,  Ala. 


I         Clapp  &  Company's  annual  Souvenir  book  for  1894  wiU  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 

KEEP  OUK  LETTEKS.     PORTFOLIO  FOR  FIUf^G  FORWARDED  APPLICANTS  FREE. 

207 


H 
X 

> 
O 

m 

o 

o 

z 

H 
> 

z 

a 

> 

r 
< 

m 
o 
o 
:o 
a 
(/) 

o 


r 
m 
> 

o 

z 
o 

m 

X 

o 

X 

> 
z. 
o 
m 

C/3 


2         CLAPP  &  COMPANY,  BANKERS  AND  BROKEES.  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

Forecasting  markets  with  facts  alone  as  a  guide  is  the  idle  work  of  many  busy  men.  Conclu- 
pions  based  ou  what  is  known  may  seem  like  foreknowledge  but  be  misleading  as  a  desert  mirage. 
The  ocean's  upheavals  from  unknown  depths  easily  overwhelm  the  visible  waves  and  currents. 
Public  sentiment  is  such  an  unsounded  depth.  When  its  demonstrations  are  uplifting  optimistic 
and  speculative  it  carries  theories  and  facts  like  driftwood  on  its  rising  waves.  Many  Americans 
look  up  and  very  few  are  cast  down  on  Thanksgiving  day. 

Straws.— Seventy  Americans  have  an  estimated  aggregate  wealth  equaling  $37,500,000  each 
or  $2,fi25,0C0,000.  These  fortunes  will  form  a  tower  of  strength  in  the  development  of  the  gigantic 
enterprises  of  the  20th  century  now  near  at  hand.  Sales  of  mining  shares  in  Colorado  Exchanges 
indicate  the  fever  of  speculation  is  not  dead  or  dying.  Gold  output  of  Colorado  now  estimated  at 
one  million  daily.  A  South  African  mining  authority  estimates  total  product  all  mills  in  Wit- 
waterstrand  district  from  discovery  to  June  30th  was  7,651,9^^5  ounces  or  equal  to  $158,165,497. 
U.  S.  mints  stopped  all  coinage  of  silver  dollars  recently.  The  standard  silver  dollar  is  worth  now 
about  53  cents  gold.  U.  S.  mints  continue  coining  the  gold  reserve  bullion  long  held  sacred  and  in  trust. 
U.  S.  blast  furnaces  are  turning  out  pig  iron  at  rate  of  11,500,000  to  11,750,000  tons  per  annum  break- 
ing all  records  and  exceeding  consumptive  demand.  Eleven  southern  States  mined  28,321,608  tons 
of  coal  in  1894'  or  more  than  20  times  the  product  of  same  States  20  years  ago.  Exports  of  manu- 
factured goods  nine  months  of  1895  were  $145,793,586,  against  $133,378,609  a  year  ago.  It  is  to  be  hoped 
the  coming  Congress  will  arrange  to  meet  the  government's  ordinary  expenses  by  protection  to  Ameri- 
can industries  rather  than  aid  aliens  to  get  our  gold  and  displace  our  laborer  by  filling  our  markets 
M'ith  foreign-made  goods. 

Stocks  and  Bonds. 

Bonds.— Railroad  bonds  are  inactive.  Municipal  almost  unsalable.  Buyers  discriminate  closely. 
Many  good  bargains  appear. 

Railway  Stocks.— The- U.  S.  Interstate  Commerce  Commission  preliminary  report  says  650 
railways  representing  92  per  cent,  of  all  mileage  earned  $1,003,022,000  gross  in  year  ending  June  30, 
1895.  Expenses  were  increased  $44  per  mile.  Net  earnings  for  all  W3re  $325,355,2.8.  The  net  loss 
for  1894-5  over  all  charges  and  dividends  is  estimated  at  $31,075,530.  The  C/i/'ontc/e  gives  gross 
earnings  of  182  roads  in  nine  months  of  1895  as  increased  $33,250,972.  Expenses  increased  $17,780,- 
064,  leaving  net  earnings  of  $189,193,966,  or  $15,470,308  more  than  in  same  time  in  1894.  Bradstreet 
says  net  142  roads  for  9  months  increased  7.7;^,  against  3>^  ^  first  3  months  of  1895.  October 
gross  and  September  net  do  not  very  materially  change  these  generalizations  which  appear  not 
wholly  applicable  to  Granger  roads  where  crops  are  exceedingly  favorable.  Northwestern,  St.  Paul, 
Great  Northern,  Northern  Pacific,  Burlington,  Ro;?k  Island,  and  other  roads  report  a  large  business 
at  good  profits.  Reading  and  Northern  Pacific  appear  doing  business  enough  to  check  the  bond- 
liolders'  reorganization  movement  and  create  sentiment  in  favor  of  junior  securities  and  stock.  In 
a  general  way  railroad  stocks  are  firm  and  in  a  position  to  be  influenced  by  pressure  of  public  senti- 
ment and  legislation  supporting  or  condemning  the  recent  President's  agreement  apparently  vesting 
all  power  in  one  man.  The  election  of  a  leading  official  to  the  Atchison  Railway  will  tend  to  advance 
that  stock.  The  weakness  in  W.  U.  may  later  on  be  found  in  too  numerous  stockholders  and  in  public 
sentimetit  favoring  granting  equal  franchises  to  other  companies. 

Industrials. — When  sugar  legislation  is  near  at  hand  the  stock  often  declines.  While  Chicago 
Gas  people  appear  willing  sellers  on  all  firm  markets  we  see  no  reason  why  the  stock  will  not  again 
sell  in  the  fifties.  The  Tobacco  cliq^ue  appear  to  be  over  anxious  to  advance  the  price  and  market 
the  stock.  Cotton  Oil  and  Lead  ofiicials  appear  attending  to  business  rather  than  work  the  stock 
market.  Cordage  people  are  silent.  Over  a  hundred  million  of  Leather  stocks  and  bonds  appear  to 
bring  good  prices  and  should  satisfy  holders  of  the  good  will  of  the  Leather  Trust.  Congress  should 
legislate  to  protect  innocent  industrial  stockholders.  The  public  reaction  in  favor  of  protection  may 
reverse  last  winter's  legislation. 

Cotton. 

Great  Britain's  visible  supplies  are  reported  as  less  than  a  year  ago,  and  Continental  stocks 
larger  than  ever.  The  cotton  coming  in  sight  this  month  is  the  least  in  many  years  and  appears  to 
indicate  a  crop  of  only  about  5>^  million  bales.  162  members  of  the  New  York  Cotton  Exchange 
make  guesses  on  the  crop  which  average  7,022,000  bales.  A  correspondent  thinks  that  as  soon  as 
the  rivers  contain  water  enough  to  make  shipments  possible  the  cotton  movement  may  increase  50 

icr  cent.     Planters  are  reported  already  arranging  to  plant  much  more  cotton  and  less  corn  in  1896. 

n  many  instances  they  claim  their  supply  of  "' hog  and  hominy"  is  ample  to  feed  them  while  they 
grow  another  crop  on  every  acre  they  control,  which  may  turn  out  like  the  corn  crop  last  year, 
which  was  the  smallest  in  25  years,  while  this  year  it  is  about  double  and  prices  now  are  about  half 
those  year  ago.  Visible  supplies  of  cotton  equal  about  35  per  cent,  of  the  annual  consumption. 
The  crop  is  likely  about  70  per  cent,  as  large  as  1894.  Northern  spinners'  takings  this  season  have 
been  320.378  bales  against  438,461  bales  last  year,  and  293,982  in  1893,  and  315,495  in  1892.  Interior 
stocks  November  21  were  421,228  bales  against  336,140  last  year,  and  316,266  in  1893,  and  215,146  in 
1892.  Southern  mills  have  taken  251,389  bales  against  235,585  last  year,  and  211,24?  in  1893,  and 
202,210  in  1802.  Exports  show  a  larger  diminution  in  proportion  to  the  amount  coming  in  sight. 
There  will  be  no  session  of  the  four  leading  Exchanges  to-day,  Thanksgiving  Day.  Customers 
will  favor  us  by  using  the  words  buy  or  sell  instead  of  "  close  "  or  similar  pnrases  in  giving  or>ierfl. 


I 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Receipts  in  Bales  at  31  Interior  Towns  from  September  1  to  about  December  1,  Years  Named. 


*189a. 

8  Al.ib.ima  towns 137,178 

2  Aikansa.s  towns 92,344 

7  GeorKi<a  towns 832,320 

1  Kentucky  town  (Louisville) 1,427 

1  Louisiana  town 50,2.'J3 

0  Mississii^pi  towns 157,511 

1  Missouri  town  (St.  Louis) 242,775 


2  Norlii  Carolina  towns. 

1  Ohio  town  (Cincinnati). 

2  South  Carolina  towns. . , 

2  Tennessee  towns , 

8  Texas  towns 


24,504 

80,558 

18,134 

260,038 

639,880 


1804. 

167,055 

95,607 

456,814 

3,403 

71,271 
104,806 
407,635 

35,851 
131,105 

26,751 

837,142 

1,113,468 


189.1. 

157,521 

61,978 

407,003 

2.123 

45,524 

129,480 

231,998 

26,057 

73,585 

22,564 

272,492 

683,107 


1802. 

135,823 
34,538 

877,640 

3,327 

86,366 

93,496 

141.190 
28,413 
74,419 
26,760 

216,225 

802,421 


1801. 
222.713 

71,800 

442,283 

4,702 

52,008 
141,210 
849,052 

23,369 
112,159 

30,311 
428,303 
837,361 


11800. 

166,552 
61,036 

432  42a 

4,602 

44,599 

128,747 

225,600 
39,676 
92,624 
82,418 

840,886 

592,758 


31  towns 2,036,941 

Total  crop  

Percentage  of  crop  received  to  Dec.  1 . . . . 

Cotton  came  in  sight  in  November *1, 293, 868 

Cotton  exports  during  November *    650,000 


•  Estiiualed  since  November  ~1. 


8,011,927     2,113,442  1,970,615  2,715,3.37  2,161,924 

9,892,706     7,527,211  6,717,142  9.039,000  8,655,000 

30.4^        28^  29.1^        30%  25^ 

2,167,105     1,675,033  1,482,928  1,919,273  1,018,617 

1,154,511      931,672      904,763  1,084,053  893,459 
t  Census  year. 

November  interior  receipts  are  estimated  about  680,000  bales,  against  about  1,314,729  in  1894  and 
854,387  in  1893,  and  about  810,000  bales  in  1893,  when  crop  was  6,717,142  bales. 

Wheat. 

California  is  shipping  some  wheat  to  Australia,  where  many  sections  did  not  grow  enough  for 
home  use.  Drought  is  reported  in  India,  and  the  surplus  will  likely  be  under  an  average.  But  little 
wheat  is  likely  to  cross  the  Equator  the  coming  season.  Austria-Hungary  is  importing  from  Rou- 
mania.  Austria-Hungarian  laws  allow  millers  to  import  wheat  free  provided  they  export  a  corres- 
ponding amount  of  flour.  The  French  import  wheat  free  of  duty  provided  they  export  flour  for 
same,  the  duty  on  wheat  being  12s.  2d.  for  8  bushels  and  on  bran  only  lOd.  for  480  lbs.;  consequently 
they  export  large  quantities  of  flour  to  the  United  Kingdom  and  satisfy  Government  wants  by  stating 
that  only  60  ^  ot  flour  is  made  from  the  imported  wheat,  thus  practically  importing  the  difference  on 
a  basis  of  lOd.  for  280  lbs.  About  five-sixths  of  England's  population  eat  products  of  foreign  wheat. 
The  winter  wheat  crop  in  Europe  and  the  United  States  is  generally  reported  as  looking  well. 
Recent  rains  have  much  improved  prospects.  Our  primary  receipts  for  the  first  five  months  of  this 
crop  year  will  likely  equal  113  millions,  against  105  million  bushels  last  year.  Exports  to  date 
are  about  54  millions,  against  about  65  millions  in  1894.  Exports  now  range  above  an  average. 
Cash  wheat  in  all  speculative  markets  of  the  United  States  commands  from  1  to  3>2  cents  premium 
to  millers.  Primary  receipts  will  likely  decrease  for  thirty  days  to  come.  Liquidation  in  Chicago 
will  be  completed  this  week:.  Investors  and  exporters  appear  to  think  prices  are  about  low  enough. 
Many  orders  around  about  60  cents  for  May  wheat  in  Chicago  appear  to  prevent  a  further  decline. 
Large  ocean  freight  engagements  for  both  flour  and  wheat  for  shipment  the  coming  sixty  days  have 
been  made.  Scarcely  any  room  can  be  secured  this  side  of  January.  The  great  majority  of  evidence 
seems  to  justify  the  belief  that  better  prices  will  follow  the  liquidation  now  taking  place  in  Decem- 
ber wheat.   Our  facilities  for  filling  orders  in  various  markets  equal  the  best.   New  accounts  solicited. 

Peimabt  Receipts  op  Wheat  Monthly  During  Last  Part  of  each  of  10  Calendar  Years, 

ALSO  Final  Government  Report. 


1896. 

1894. 

1893. 

1892. 

1891. 

1890. 

1889. 

1888. 

188T. 

1880. 

July  receipt -5  

6,500.000 
10,500,000 
84,000,000 
80,000.000 
82,000,000 

15,000,000 
22.000,000 
29,000,000 
21,000,000 
18,000,000 
11,000,000 

14,000,000 
14,000,000 
25,000.000 
88,000,000 
2.3,000,000 
15,000,000 

20,000,000 
86.000,000 
38,000.000 
43,000,000 
29,000,000 
25,000,000 

18,000,000 
80,000,000 
84,000,000 
84,000,000 
84.000,000 
82,000,000 

8,000.000 
18,000,000 
11,000,000 
17,000.000 
17,000,000 
12,000,000 

8,000.000 
1.3,000,000 
15,000.000 
21,000,000 
21,000,000 
12,000,000 

8.000,000 
15,000,000 
14.000,000 
16.000,000 
10,000,000 

8,000,000 

12,000,000 
11,000,000 
18,000,000 
16,000.000 
18,000,000 
12,000,000 

13  000  000 

August  receipts 

14,000.000 

September  receipts., 

October  receipts 

November  receipts •■>.••. 

23,000,000 
16,000,000 
14,000,000 
11,000,000 

December  receipts 

Total  for  6  mos.,  ending: Dec. . 

Government  fiual  crop  report. 

Percentage  deliveren  6  mos., 

ending  Dec  81 

•  • 

•  • 

116,000,000 
460,267,000 

25.2  IJ 

77,712,152 
88,561,000 

119,000,000 
876,000,000 

SOX 

97,414,654 
80,230,000 

191,000.000 
516,000,000 

107,277,589 

172,000.000 
611.000,000 

28.1  K 

129.286.300 

78,000,000 
400,000,000 

ii.6% 

47.102,067 
25,478,000 

90,000,000 
490,000,000 

18.8  X 

68,823,402 
83,972,000 

70,004000 

4i6,ooJ;ooo 

16.8 )( 

48,247,400 
88,321.000 

82,000,000 
456,000,000 

18X 

72,467,081 
44,422,000 

84,000,000 
457,000,006 

18  8]( 

Exports  wheat  and  flour,  6  mo. 

76,565,79S 

Visible  about  Dec.  81 

81,2;58,000      45.908.000 

62,730,000 

Corn. 

We  think  the  corn  crop  overestimated.  That  rains  have  injured  some  fields  and  will  retard  an 
early  movement.  Short  sales  were  probably  never  more  fashionable  or  the  price  for  May  delivery 
lower  at  this  season.  The  price  is  but  half  that  of  a  year  ago,  when  the  crop  was  reported  but  half 
what  it  is  now.  Values  are  far  below  cost  of  production.  We  favor  buying  corn  believing  it  is  but 
a  question  of  time  when  the  price  will  again  double.  Exports  average  ten  times  larger  than  a  year 
ago.    Primary  receipts  have  been  but  46  million  against  32  milUon  bushels  last  season  same  time. 

Provisions. 

Exports  past  60  days  are  far  in  excess  of  same  time  in  1894  and  for  week  ending  November  21 
were  33,304,000  lbs.  against  19,876,000  lbs.  same  week  in  1894.  Prices  are  about  the  lowest  for  the 
season,  lard  selling  lower  than  since  August  1879.  Provisions  seem  low  and  likely  to  advance  before 
any  material  dechne.  Winter  packing  from  November  1  to  21  was  1,215,000  hogs  against  1,205,000 
bogs  last  November.  Yours  respectfullj,  CLAPP  &  COMPANY. 

— ^  209 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


QnotatioQS  for  Stocks,  Cotton,  Grain  and  ProYlsions  for  Week  ending  November  27,  1895,  and  tor  Kovember,  1894. 

Par  value  of  all  stooka  $100.  except  D.,  L.  &  W.:  P.  &  R.  and  Am.  Tobacco  Co., 
FE<iM    NHW    YORK    STOCK    BXCHANQB    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


W  SBKLT 

Sales. 

490 

365 

180.261 

1.045 

806.097 

13.614 

250 

1.463 

685 

24.677 

60  620 

4».360 

690 

17.617 

8  120 

7,891 

477 

1.860 

900 

1.519 

1.800 

1.318 

7.2O0 

17  855 
4M45 

150 
100 
400 

1.610 
600 
415 

8.884 

19.490 

«1.074 

230 

6.619 

600 

15.575 

1,539 
665 
882 
600 
285 

4.192 
800 

i.iee 

1,826 

t.742 

e.978 

830 

18  720 

fi'.OOO 

1.940 

10698 

7.028 

18.060 

998 

1554 

7.665 

76.06& 

1.805 

1.645 

407 

.320 

6.248 

48  939 

2,866 

4C0 


Capitai, 
Stocil. 


$20,237,100 
10.198,600 
36  9M,0O0 
86  968,000 
17,900,000 


25,000,000 
15,000,000 
22,488,000 
60.805,400 
82.002,700 
24,885,800 
46,027,261 
25.92-3,900 
46.1.i6,000 
18,659,360 
39,054,907 
22,335  170 
28  000,000 

4  890,000 
35,430,060 
26.200,000 
86  000.000 
38  000,000 
85  000  COO 
30,460,000 
26,000,000 

8,000.000 
50,000,000 
10,000.000 
11,840,000 
11,840,000 
49,466,500 
52,800,000 
30.000,000 
18,738.204 
13,000.000 
47.844,100 
47.4,S6,5?5 
14,905.400 
14  904,000 
89.428,:j00 
77,427.000 
20.000,000 
58  119.982 
18  000  000 
.39,767,200 
49,000.000 
39,869,546 
20,000,000 

8.600,000 
40.426.861 
36,000.000 

68.402,900 
125,000.000 
60,000,000 
19,8.'i0,000 
:«,710.900 
60.8(18,.%00 
6!  509  900 
6C.909  900 
'<«,  166.000 
6.PO0.OOO 
8.000,000 
28,000,000 
24,000,000 
94.8'vX),000 
lO.OOO.OOO 
4.500,000 


Dinonn)  Ricoks. 


Namss  or  Stocxb. 


Pays  3pc  J-D 

Pays  3pc  O-.I-A^.. 

Pays  3)^pc  J-J 

Pays  3po  F  UA-N. 


Paid  2dc  1695 

Pays  Ikpc  F-A 

Pays  IJipc  F-M-A-N. 


Pays  IPC  M-J-S-D 

Pays  ipc  M-J-S-D 

Paid  Ipc  

Pays  7  PC  Per  Annum. 
Paid  Hpc  Oct.  1(595.... 


PayslJ^pc  J-D.. 
I'ays2!^pc  J-D.. 
Paid  3pc  m  1893. 


I'ays  2pc  M-J-S-D 

Pays  7po  per  annum... 
Fays  7pc  [.er  annum... 


I'aid  2pc  August  I8113. 
Pays  5pc  per  annum. 


Pays  2J^pc  M-S. 


Pays  l^po  F-M-A-N. 

Pays  .3pc  F  A     

Paid2pc  Augn.<:tl893. 
Pays  JHpo  J-A-JO.. 
Paid  2pc  in  July  1895. 


Pa1d.3pc  1891 

Paid  Ipc  in  Oct.  1895. 
Pays  i?4rc  M-J-S-D.. 
Pays  ipo  J-A-J-O 


Paid  IMpo  Nor.  1898. 


I'aid  Ipc  April  1892.. 
I'aid  Ipc  in  1887..., 


Pays  2po  F-M-A-N.... 


Paid  Ipc  In  1887... 
Paid  3^pc  in'issi! 


Pays2po  Nov.  1895 

Paid  2^pc  March  15, 1895 


Pays  1J4PC  J-A-J-O.... 
Paid  IPC  In  Feb.'  1894 .'! ! 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd . 
Am.  Sugar  Refining  Co 
Am.  Sugar  Refining  Co  Pf. 
American  Tobacco  Co 
Atcb.Top.  &  S.  F.  allins.pd 

Baltimore  &  Oaio  

Canada  Soutbem 

Central  of  New  Jersey 

Chesapeake  &  Ohio 

Chicago.  Bur.  &  Quincy 
Chic  Gas  Cos  Cent  Tr  rects 
Chicago,  Mil,  <t  St  Paul.. 
Chicago  Mil.  A  St  Paui  Pfd 
Chicago,  14.  I.  &  Paclio. 
Chic.  St  Paul  M.  &  Omaha 
Chicago  <t  Nortd  western 
Chicago  <fc  Nonhw  n  Pfd. 
Cleye..  Cin.,  Chic,  4  St  L. 
Col  Hock  ng  ValKy  &  To) 
Consolidated  Ga>  of  N.  Y. 
Delaware.  Lack 'a  &  W'n. 
Del..  &  Hudson  Caual  Co 
Denrer  &  Kio  Grande  I'fu 
Dis  i  C  F  Tr  Co  ct  all  in  pU 
General  Electric  Co.. 
Great  Nortnern  Pfd.,, 
Green  Bay  W  4  St  P  Tr  Rec 

Illinois  Central 

Laolfde  Gas  Co.  of  St  L 
Lake  Erie  A,  Wctteru .    . 
Lake  Erie  <fc  Western  I'fd 
Lake  Shore  &  Mico.  So'u. 
Louisville  <b  Nashville... 
Manhattan  R'yCousul... 

.Michigan  Central 

Mo..  Kansas  ii,  lezas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co.   ... 
National  Lead  Co  Pfd 
N.  Y.  Cent'l  &  Hudson  Riv 
NTLIAW  jPMcoctaa  lupd 
NY&NEtstcocUallinpd 
N.  Y  Ontario  &  Western. 
N.  Y.  Susg.  <fe  W'n  PIU... 

North  .American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec.  A,  Eransvill* 
Philadelphia  A  Reading.. 
Pullman's  Palace  Car  C'o. 
Silver  Buliidn  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iror  4  R  R  Co 

Texas  A  Pacific 

Union  Pacific | 

U  8  Leather  Co ' 

U  S  Leather  Co  pref ' 

United  States  Rubber  Co.! 
U  S  Cordage  CoTr  Co  clfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash I 

Wabash  Preferred I 

Western  Union  TeL  Co...' 
Wheeling  4  Lak*  Erie..  .1 
Wheeling  4  Lak*  EriePM 


Thursday. 
Not.  21 


19K    13^ 
101^4  100)4 

65?i  84« 

I7H  16% 

6?V4  57M 

54H  64H 


18M 

6m 


18^ 

8« 

65 

7SH  74?* 
127      127 

75«    74« 

41^  41!^ 
103^  105k 


148«  imi 


28  88 

rm  7S9i 

161  150 

53Vi  52« 

100^  99 

sok  mi 

ioii  29^ 

80?<  30?i 


Friday. 
Nov.  22. 


1S^    18Vi 
iioii    99H 


84% 
1«% 
5«M 

54!^ 
107^ 

18!^ 
XS4^ 

63K 

7m 

*iH 

105^ 
14J% 
41 


83Vt 
16^ 
56^4 
64H 
107 
18H 
84M 
62k 
74M 

74^ 

10.-^% 
149% 
*0% 


146%  148 

128%  128% 
46        46 

19U  iva 

30%    30>. 


ss 


.Saturday, 
Nov.  23. 


19       18^ 


099i 
99 

as% 
55' 

I07W 
ISHi 

63H 
74« 

5 


99H 
99 
S25i 
16^ 

54?i 

lork 

18% 

62^ 
74% 

74% 


Monday,    Tuesday. 
Not.  25.     Not.  86. 


1U59^  106^ 


41 

20% 
148 

129 

44?i 
19% 
30% 


151       149% 
62%    61%  I  52% 
100       99^4  100 


■IfS^    29 

29%    29 
80%    30% 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. . 


963.620 


COTTON.  In  ba  es. 
I  World's  TLsible. 
1896  8  608.587 

1894|  8.852.337 


Total  In  sighttl  Total  ExporU. 
8.249.876  1.2.S«.023 

4.403,518        I        2.016,433 


«T  -jr    fNoTember. 
■"•  ■'•    I  December. 
Cotton  ]  January  . 
I  February 


WHEAT,  in  bushels. 

I    II,  S   Visible.     iPrimary  rec'ts* 
1895         82  221,000  11.3.000  000 

18941        83  944,000         I     104  OOO  UOO 


Total  Exports. 
64000.000 
65.000.000 


Wheat.  ]f  M^e'"*'"- 
Corn.,.]£e-'-_ber. 


CORN,  in  bushels. 
I     U.  S.  Visible. 
1895  4.64-3,000 

18941         8812,000 


Primary  rec'ts* 
46  000,000 
82.000,000 


Total  Exports 
27.794.803 
3.561.908 


Chicago  1  December. 

Wheat.  I  May , 

Pi.pn       '  December. 
^"'^°-    iMay 


OATS,  in  bushels. 
I    U,  S>'i?ible. 
1895         O.CcoOOO 
18941         9.191  00« 


N.  Y.  Stocks, 
2.0r4  775 
2,323,308 


Chgo.  Stocks. 

505.000 
1,634  000 


Pork..    Ji\"y"»^-; 


too      100      100       99^ 
12%    1^    12>«    J"!?* 


15%  15 

4«      4« 

15%  14^ 

mi  80% 

10%  9% 


IS  14% 

'494  4f4 

4>4  4^4 

14%  14% 

80%  80 

4%  4Vi 

10  »« 


8IH    21%    8'H    81M 

10%  iov4|  lOH  lo^ 

3494    3J%    33%     8:j% 


41 

80% 
14:1 

129 
449i 
19% 
80V. 


52 


29%    29% 
89%    29^4 


«^ 
52 
l6Vi 
81% 

4 
14% 
30% 


12% 
62 
15% 
81% 

4^4 

4 

80^ 


10       10 


32%    iiy^'  82«    81 


•%      8% 
9         8% 

69       68% 


Wi 
14 


8% 


11%  UH 

6«%  66H 

35%  8% 

7  6^ 

13%  18% 


-.9%    18%    18%  18% 

88^1    ivZ\  87%  86->4 

14        1.3%    13%  18% 

41%  41% 


mM4 


6.22  8.08 
8.26  6.17 
8.30    6.22 


21% 
10% 
34 
32% 

8% 
11% 
66% 

6% 


2m; 
10% 
a3% 

31% 


'0%i 


67% 

67% 

99% 

97?* 

9;(!^ 

98>4 

MWi 

60W 

16% 

16% 

55% 

55' 

18^ 

ll»% 

85% 

84% 

63 

61% 

T5% 

74% 

I27H  127!^ 

r6% 

74% 

42,m 

4m 

106%  105% 

150 

I.-iO 

41 

40% 

147%  147% 

45 

45 

19% 

18^ 

31 

30% 

23 

28% 

151 

151 

m 

52^4 

67%  67% 

98%  97^ 

97  96!^ 

81%  78% 

17^  16% 


55M 
107 

18% 

65) 

6< 

75« 
127 

75% 

42X 
106% 

4i' 
19« 


12S% 
45% 
18% 
30% 


55H 

107 
18i4 
85% 
61% 
75% 

127 
70W 
42 

106% 

40% 
19% 


45^4 
18% 
80% 


Wed.. 
Nov.  27. 


28 

22% 
73 

MM 
100%    99H  101% 

i»%!  30% 
11       11 


11 
29% 

30% 


29 

30% 


100%  100% 


15% 
31% 
4% 


15% 
30% 
4^ 


21% 
.9% 
33% 
32 
8% 
f% 
10% 
64% 


1S% 
87% 
14 


S% 
.,   10% 
65%!  66'4 

.      35%  86 

.6%    ?      : 

'.'■■'      7%      7% 

18«    19%  18% 

87%   84  87^4 

13%    14  13% 

..       42%  41% 


140,7fi« 


8.82  8.20 
S85  6.23 
637    888 


64U    64,>.i  64%    63% 


67%  66% 

35%  35% 

36/,  35% 

S7  66% 

61%  60% 

27%  27^ 

89%  29% 


I  LARD-tcs. 

I  World's  vis. 
1895        217.903 
1S94|        105,28« 


CHICAGO  CONTRACT  STOCKS. 
PORK-bbls.i  LARD-tcs.  |  RlBS-lbs. 
8.737  15,571        15.036.696 

6,600     I  8.0-)4     I     7,425,561 


Lard 
Ribs. 


I  January, 

■|  May 

I  January. 
I  May   .... 


6»%  6^ 

36%  34% 

86(1  36% 

56%  55% 

60%  bOHt 

27%  28% 

29%  29 


18  :7%  \T%  im 

20%  20%  20%  80n 

8,90  8.80  8.85  8.80 

9  23  9,17  9,25  9,17 


5.52  6.47 

,5.75  6.70 

4.47  4,45 

4.  ,5  4.70 


58,418 


804,787 


5  50  6.45 

5.70  6  67 

4.47  4.45 

4  72  4  70 


8.42  8  42 

8.84    8,86  6.50  8,36 

8,88    8.89  8  55  8  40 

6.42    8,85  160  8  46 

I 

64  ft    64  65%    64!^ 

67        6f.,',  d7U     66!J 

85        35  35%    85 

85%    85,'.  86%    36.% 

56%    66  67  66% 

60%    60%  61%  60^ 

•27%    26%  27%  26% 

29%    29%  29M  29 

iTii    17>A  18  17T< 

20%    20%  20%  20% 

8,90    8<S  9  05  8S7 

9  30    9  26  fi.40  9.25 

5  52    6.50  6  65  6.50 

5  76    5:2  5  76  5  72 

4.47     4  47  4.55  4.47 

4  75    4  72  4.60  4.75 


30% 
30% 
91% 


15« 
4% 


30% 

10% 

67% 
£2 

10% 
34% 
31% 

8% 

9 
10% 

a4% 


22% 
%^ 

52% 
100>i, 

29% 

11 

29% 

30 

91 


15% 
4% 

80% 

10 

87% 

21% 

lOH 

34 

32% 

62 


18%    18% 

99%  98% 

98  98 

82%  80% 

17%  17% 

55%    55% 
108!^  Iu8% 
18%    18% 
86^-4    85% 
63%    61% 
76        75% 
127      127 
76M     75H 
42%    42^ 
107%  1.6% 
151       151 
41%    41^4 
16H    18 
14?!4  148 
150%  166 
127!^  li'M 
iTH    4OV4 
19^     19 
31%    80% 

^    J"* 
99^    99 

W       22 

73%  73% 
15,'  151% 
54%    53% 

:ovH  iOi)a 

lOlK  lOl^i 
30%    30% 

30%  30% 

31  30^4 

91  90V» 

100%  lOOW 

13%  13% 

16'  15% 

32%  82% 

5  5 

4%  > 

15%  15% 

31  soyt 
10%   16% 

28%  22 

11  10% 

•34%  81% 

34%  33% 


Range  for 

Not.  1895. 
to  date. 


21%    18% 

70        <6% 
102%    97% 
99%    96% 
91%    78% 
18%     !5% 
60%    64 
55%    53^< 
109%  105 
19%     18 
87%    82% 
6!J%    61% 
76%    72% 
187%  126 
77%    73 
42%    39% 
107%  104!^ 
15:       143% 
42%    39% 
21%     18 
149^  146 
169%  166 
131       127!4 
49!4     43% 
23%     18!* 
33       28% 
180      118 

H       U 
99%    tl6% 

24%  a 

24^    22 
76% 
152 


73 

147 


Range  for 
Not.  1894 


29%  25% 

77  72% 

96%  98 

96  91% 

102%  90 


19%  1S% 
87%  8?% 
14        13% 


198,823 

8,49  8  45 

6.49  8.39 

863  843 

8,64  6  48 

65%  64JS 

68%  67% 

35%  36 

83%  36% 


8% 

9% 

11  10% 

64%  6.'% 

36%  85% 

6%  6% 


19%  "'^ 

88^  tf7% 

14%  13% 

42  42 


232  842 

8,34  8  34 

8  45  8.33 

8.50  8  36 

8  61  8.42 

65,',  64% 

rtr%  66;j 

35  84% 

83%  35% 

56%  55% 

61  69J 

26%  24. 

89%  28% 

17%  17% 

20%  20% 

8.90  8  80 

9.30  9.20 

5  60  6  45 

5,72  5  70 

4.47  4  45 

4,75  4,70 


57%  51 

106%  98% 

101%  97 

33%  29?i 

11  11 

82%  28% 

82%  29% 

92  90 

100%  99 

18%  12% 
43 

:4% 


62 

17% 

34% 
6% 
4% 

17 


4% 
4 
14% 

5^  4H 

14%  gia 

16*  164 

68M  67% 

23%  iO 

li  9% 

37%  a3!4 

38%  31 


11% 


8% 
8!^ 


:3%     10% 
72%    62 


8h4 
7% 
11% 


33% 
6% 

13 
6% 


70 
52^ 
98% 
19% 

7m 

7% 
64% 

121 
66^ 
3'.% 

104-% 

145 


67 

49^5^ 

891< 

i:^ii 

08% 
6A% 
57% 

116% 
60 
32% 
9i% 

142% 


39%     30% 
19!4     17 
;25       119 
162%  156 
129^  !22% 
37%    32% 
10%      7% 
37-K     34% 
!0l%  100% 
4%      3% 


08 
22% 

18% 
74 
138 


90 
19% 
16 
70 
131% 


56%    53 
106%  102)i 
100        97 


2;%  18^4 
SIrK 
13!^ 

42%    40 


91% 
14^ 


8,87  6.01 

6,89  8.00 

8,95  S03 

8  99  8  0J 

66%  63% 

69%  66% 

aj%  84H 

86  33!^ 

59%  55% 

63%  59% 

28%  26-% 

29%  28% 

18%  17% 

20H  20% 

9  32  6  80 
9,62  9  17 

5  70  5.45 

5,90  5  67 

4  70  4  45 

4  90  4  70 


24 

7 

30% 
42% 
89% 
100% 
15% 
33% 
10% 
46 

5 

4% 
l'J% 
24 

3% 
16% 
161 


21 
7 
27% 
88 
84 
971. 
10?i 
80^ 

4I?i 
4 

16% 
20 

13%! 
152 


80%  17% 

13)1  10% 

41  85 

17  14%  , 

10%  9% 

14%  11% 

9  9 

60%  ,^9M 

45  40!^ 

It  8 

24  14 

7%  6% 

!•=•%  13% 

90%  C6J4 

13  11% 

44%  40 


5  72  5  23 

5,87  5  28 

5  94  5  88 

6,00  5: 

60%  55J1 

04^  60,'; 

5:%  53% 

55%  62 

5f.5i  52% 

61%  57!4 

52%  46'4 

51%  48)i 

29%    2«% 
33        31% 

12  85  11  60 

13  W  1195^ 

7,42  6.75 

7  57  6.90 

6.55  6.87 

6  70  6.07 


I  OU)  PORF   Cbgo.-bbls. 
1896  . . .        bbU. 

18941 


WHEAT  on  passage. 
26.800.000  bush. 
26.908,000    " 


CORN  en  passage. 
8.O8O.00O  bush 
2.800.000    •• 


Russian  Shipmts.  for  wk. 
2.240.0OO  bush. 
8,900.000    " 


Indian  Shipmts.  for  wk. 
80.000  bush. 
200.000    " 


Argentine  Sbpts.  for  wk. 
64.000      bush. 


t  Since  Aug.  31.   •  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


210 


fl 


<] 


Wlcchl^  flDarhet  Xetter. 


No.  408. 


Q 
bJ 

O 


O 
CO 

0) 

UJ 

a 

QC 

o 


(0 

Z 
O 

o 
o 

< 


<1 


o 

m 

I- 


LU 

o 

z 

UJ 
Q 

z 
o 

Q. 

cn 

UJ 
01 
QL 
O 
O 


Copyright,  1898,  by  Olapp  M  0»wipanp, 

O.  W.  Clapp. 
DwidHT  O.  CLA^. 


CLAPP    &    COMPANY, 

Banhers  anb  Brohers, 
MILLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 

ANCM       J 
ICEI  :     "j 


Branch 
Off 


277    BROADWAY,  Corner  Chambers  St, 

621    BROADWAY  (Cable  Building,  Corner  Houiton). 

753  FIFTH  AVENUE.SCorner  58tm  St. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  December  5,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Cotton,  Grain  and  Provisions. 

Our  private  luire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Mai-gin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers'  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    S%  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers. 


WHAT  BUSINESS  MEN  AND  EXCHANGE  OFFICIALS  SAY  OF  OUR  SOUVENIR  OF  1894. 


Your  Souvenir  of  1894  I  regai-d  as  a  most  excellent  work  ftiul  of 
great  value  to  all  jmrta  of  the  counti-y.—Seci-etary  Chamber  of  Com- 
merce, Nashville,  Tenn. 

Your  Souvenir  Book  for  1894  Is  quite  the  handsomest  publication 
that  comes  to  our  office,  and  is  highly  valued  aa  a  refei'ence.— Geo. 
Taylor  c  ommiswion  Co.,  SI.  Louis,  Mo. 

Your  Annual  Souvenir  B(X)U  of  "  Leading  American  Excli.inges,"  Is 
Invaluable  to  all  pei-sons  interested  m  llnancial  nialters,iind  a.s  ii  worit 
of  art  is  an  oinunient  in  any  otBce  or  libi-ary.— J.  C.  Kuykendal,  Jr., 
Charlotte,  N.  C. 

Your  Souvenir  Book  of  1894  Is  pretty  enough  for  a  place  on  the 
centre  table,  but  if  coiiive  is  to  bo  prized  for  the  Taluaole  iiifonna- 
tion  it  contains.  The  index  leadily  rendei-s  this  available,  and  it 
contains  fiicts  and  st.itistics  imioriant  to  the  student,  the  agricul- 
turist, merchant  and  genernl  business  man,  aa  well  as  to  the 
brt.iker  — The  Governor  of  Indiana. 

To  my  mind  no  man  of  aflfairs,  who  attempts  to  be  posted  upon 
relative  values,  the  movement  of  oei-enU  and  the  salient  facts  which 
govern  the  commercial  world  should  be  without  this  liandsoma 
volume  —Secretary  the  Baltimore  Cora  and  I'lour  Exchange,  Balti- 
more, Md. 

Your  Souvenir  Book  for  1894  Is  handsomely  and  tastily  gotten  up, 
and  I  am  .<ure.  contains  valuable  and  useful  information.— Clerk,  N. 
Cai'olina  Raili-oad  Conmiission,  liiileigh,  N.  C. 

Your  Souvenir  Book  of  l!*<»4  is  handsomely  gotten  np,  contains 
much  Msi'ful  information,  and  is  an  excellent  lxx)k  of  reference  for 
those  having  occasion  to  u^e  suchu  wori<.— C.  C.  Waite,  Columbus,  (j. 

Yonr  Souvenir  Book  contains  much  statistical  information,  and 
you  have  evidently  taken  much  ixtins  to  compile  the  Ixxjk,  and  also 
gone  to  cousidei-able  exi>enso  in  issuing  it  in  such  fine  slvle  and  so 
elejirantly  illustrated —Cashier  Kxchunga  Bank,  Parkers  Land- 
ing, Pa. 

Your  Souvenir  Book  for  189»  is  a  vei-y  complete  and  valuable 
Ixxjk  of  reference.— President  General  Electric  Co.,  Schenectady, 
N.  Y. 


Your  Souvenir  Book  Is  very  useful  to  us  and  will  be  highly  appre- 
ciated.—Al.  B.  Newton  Jt  Co.,  Bankers  aud  Bi-ukers.  New  Uavea, 
Conn. 

Your  elegant  Souvenir  of  1894  will  be  useful  to  ns  for  many  monins. 
—Burr  A  ICnapp,  Bankers,  Bridgeport,  Conru 

Your  Souvenir  Book  impresses  me  as  containing  an  immense 
am  lunt  of  very  useful  infonnation  about  our  c^untiy  and  its  bnsi- 
ncss,  ari-angod  in  a  condensed,  intelligible  and  alinictive  lorui. — 
Cashier,  the  Brooksvllle  State  Bank,  Brooksville,  Fla. 

Vour  Book  is  by  far  the  most  complete  list  I  have  ever  seen.  It 
has  taken  work  to  keepii-ack  of  so  many  dilTerent  things  and  prices. 
— Morrison  *  Bix).,  Bankera,  Mt.  Pleasant,  Pa. 

We  have  carefully  examined  j-our  Book  with  much  Interest  and 
plea-sure  to  oui-selves,  and  are  sui-e  that  It  will  be  verv  u.seful  as 
a  book  of  reference.— James  Staples  A  Co.,  Bankers,  bridgepoii. 
Conn. 

We  are  much  pleased  with  yonr  beftutlfnl  Souvenir  for  1894  and 
esteem  it  highly  as  a  work  of  art  ai.d  a  useful  book  of  lefereuce-— 
Cashier,  t'ii-sl  National  Bank,  Wallingfoi-d,  Conn. 

Your  Souvenir  Boik  is  not  only  a  valuable  reference  book  but  a 
work  of  an.  and  will  be  placed  where  it  will  do  ilie  most  good  to 
the  gi-eatest  number  who  frequent  our  office.- Treasurer,  Savings 
Bank  of  StatTord  Springs,  Statfoid  Springs,  Conn. 

We  received  your  very  handsome  Book,  which  we  have  looked 
over  with  intei-est,  and  our  friends  will  enjoy  it  as  well.— Treasurer, 
Bridgewater  Savings  Bank.  Bridgewater,  Mass. 

Your  Souvenir  Book  Is  Indeed  a  neat  and  interesting  work.— 
Cashier,  Dubuque  County  Bank,  Dubuque,  la. 

Your  Souvenir  Book  is  certainly  very  interesting  and  attractive  to 
anyone,  and  must  be  very  u.seful  and  of  Urreat  value  to  those  who 
can  avail  themselves  of  it's  useful  knoniedge  and  statistics  in  their 
line  of  basiueas.- Casluer,  First  National  Bank,  Muscatine,  la. 

Yonr  Souvenir  Book  Is  fnll  of  valuable  Information  and  highly 
appreciated  by  ua.— Cashier,  First  National  Bank,  Uuaucock,  Va. 


Clapp  &  Compauy's  annual  Souvenir  book  for 
receipt  of  $3.     A  few  copies  of  1893  can  be  had  for  $ 


1894  will  bo  delivered  free  to  applicants  upon 
3  each. 


X 

> 
O 

m 

tj 

o 

z 

H 
> 

Z 
(/) 

D 
> 

r 
-< 

m 
o 
O 

•J3 
O 
(/) 

O 


r 
m 
> 

D 

Z 

o 
m 

X 

o 

X 

> 
z 
o 
m 
(/) 


KEEP  OUK  LETTEKS. 


FOKTFOLIO  FOK  FILING   FUKWAKDE1>  AP1*MCA>TS  FKEE. 

211 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Financial  Outlook. 

Choice  of  ways  is  open  to  nations  as  to  individuals.  Drifting  will  not  always  save  or  accidents 
always  serve.  Emergency  men  and  measures  are  needed  to  create  favorable  legal  conditions.  Ag- 
gressive constructive  intelligence  embodied  in  legislation  must  give  fresh  impulse  to  enterprise.  A 
limp  national  flag,  idly  flappmg  sails,  doubtful  dollars,  embarrassed  industries  and  corporation  piracy 
have  a  reverse  side  as  rich  as  the  American  gold  mines  if  the  peoples  servants  can  coin  wisdom  into 
legal  phrases  which  the  man  of  destiny  will  sign. 

Straws. — The  total  deficit  of  Government  receipts  since  free  trade  went  into  operation  is  over 
$71,000,000.  First  15  months  of  protection  the  decline  was  $77,502,553.  It  is  estimated  the  decline  in 
revenue  exceeds  $137,000,000.  The  only  states  voting  solidly  for  all  administration  delegates  to  Con- 
gress were  Arkansas,  Florida,  Georgia,  Louisiana,  Mississippi  and  South  Carolina.  31  members 
represent  these  six  states.  The  House  contains  about  350  members,  244  being  Republicans.  The 
Senate  numbers  88  members,  42  being  Democrats.  July  1,  1879,  a  $100,000,000  gold  reserve  was  con- 
sidered necessary  to  protect  1340,681,016  outstanding  legal  tender  notes.  Since  then  $155,930,000 
paper  money  has  been  issued  in  payment  of  silver  bullion  and  $333,456,236  in  silver  certificates  are 
outstanding.  The  practical  working  basis  now  appears  to  be  about  $80,000,000  of  gold  (the  gold 
bullion  recently  having  been  largely  coined)  to  protect  $821,229,532  of  paper  money.  The  Secre- 
tary of  the  Treasury  says  he  has  been  compelled  to  borrow  $162,000,000  to  redeem  United  States 
and  Free  Trade.  The  average  price  of  silver  in  1873  was  more  than  gold,  in  1879  silver  was  on  a 
par  with  gold,  the  past  year  it  averages  about  64  and  the  bullion  value  of  a  silver  dollar  a  trifle 
over  49  cents.  The  administration  apparently  desires  to  retire  the  $500,000,000  non-interest-bearing 
debt  and  issue  interest-bearing  bonds,  leaving  the  only  Government  paper  money  silver  certificates. 
The  Bond  Syndicate  have  apparently  postponed  the  natural  laws  of  gold  export  and  disturbed  the 
natural  location  of  securities.  Silver  men  have  got  par  for  their  product  since  1879.  The  necessities 
of  life  are  practically  at  the  lowest  prices  on  record.  It  is  to  be  noped  the  incoming  Congress  will 
reinstate  better  laws  to  promote  better  times  and  meet  expenses  in  the  kind  of  money  in  use  rather 
than  reinstate  state  banking  laws  and  return  to  ehin  plaster  customs,  or  longer  be  at  the  mercy  of 
an  emergency  Bond  Banking  Syndicate. 

Stocks  and  Bonds. 

Bonds.— The  market  lacks  snap  or  speculation.  Railway  bond  sales  for  November  were 
$33,341,000.     The  Stockholder  reports  Decemb?r  disbursements  for  interest  on  bonds  as  $14,725,539. 

Railway  Stocks. — The  sales  of  stocks  on  the  N.  Y.  Stock  Exchange  for  November  were  5,078,- 
273  shares.  St.  Paul's  earnings  continue  large,  also  Northwestern.  Both  properties  are  in  good 
physical  condition  and  have  good  financial  backing.  Burlington  and  Rock  Island  appear  contented 
to  equal  last  year's  earnings,  Atchison's  earnings  are  disappointing.  Louisville's  conservative 
management  prevents  foreigners  selling  freely.  Reading  tonnage  and  earnings  are  large.  The 
general  mortgage  bonds  and  coijimon  stock  appear  concentrated  to  prevent  higher  prices  for  the 
stock.  Manhattan's  competitors  continue  to  press  hard  for  public  favor,  Tennessee  Coal  and  Iron 
has  but  few  friends  in  the  iron  districts.  Texas  roads  complain  of  a  small  crop  of  cotton  and  report 
local  traffic  encouraging.  Southern  Railway  people  report  earnings  average  well.  Western  Union 
seems  to  be  a  target  for  bears.  Washington  legislation  will  likely  soon  effect  U,  P.  values.  The  gen- 
eral public  appear  waiting  for  Congressional  action  in  regard  to  pooling  and  the  recent  traffic  agree- 
ment.    The  street  aopears  hopeful  of  better  prices  and  times  ana  increased  trading. 

Industrials. — The  world's  visible  supply  of  sugar,  as  reported  November  15,  was  1.273,353  tons, 
against  744,582  a  year  ago.  720,113  tons  of  it  were  in  German  countries  and  160,000  in  the  United 
States.  Congressional  action  appears  the  keynote  to  fluctuations  in  Sugar  stock.  Chicago  Gas 
appears  getting  under  the  control  of  the  bulls  and  may  temporarily  do  better.  General  Electric  people 
are  talking  less,  while  the  stock  appears  neglected.  Leather  can  scarcely  advance  much  when  its 
products  are  all  going  down.  Tobacco  continues  manipulated  to  the  detriment  of  innocent  operators. 
Distillers  has  no  aggressive  friends  and  will  not  likely  change  much  until  Washington  Legislators 
are  heard  from.  Cordage,  Lead  and  Cotton  Oil  dull,  little  doing.  Industrial  stocks  may  receive 
consideration  at  Washington,  at  the  hands  of  the  House. 

Cotton. 

The  visible  November  29  was  3,677,000  bales,  or  about  40  per  cent,  of  the  probable  spinners' 
wants  for  the  crop  year  ending  August  31,  1896.  There  has  come  in  sight  about  the  same  amount. 
Estimates  are  now  made  spinners'  requirements  to  September  1,  1896,  will  be  about  five  million 
bales.  We  think  most  conservative  and  disinterested  people  generally  believe  the  crop  will  likely 
be  nearer  seven  million  than  6>4  million  bales.  Yet  nearly  all  our  Southern  speculative  friends  and 
factors  and  bankers  predict  there  will  not  be  over  6>^  million  bales  and  that  it  is  more  likely  to  be 
reduced  than  increased.  A  bear  predicts  there  will  be  more  than  2,000,000  bales  in  sight  September 
1,  182G,  and  that  the  1896  acreage  will  be  the  largest  ever  planted  and  that  the  outcome  to  speculators 
will  be  in  line  with  the  corn  comparison  in  our  last  week's  weekly  letter,  showing  last  year's  corn 
crop  was  the  smallest  and  this  year's  the  largest,  and  prices  are  but  half  those  of  a  year  ago.  The 
bulls  still  watch  receipts,  growers  and  cotton  and  speculators'  opinions  and  appear  to  ignore  old 
supplies,  the  Indian  movement  and  the  spinners'  apathy  and  the  aggressive  selling  of  long  futures 
by  Northern  and  European  speculators  and  spinners  who  hedge  against  spot  cotton,  who  appear  to 


CLAPP  &  COMPANY.  BATJXERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER.         % 

be  working  on  general  principles  that  an  advance  from  Sj/i  cents  to  9j4  cents  and  back  to  present 
values  means  a  large  planting  next  year  and  that  spinners  will  onlj  buy  from  hand  to  mouth 
pending  positive  knowledge  of  another  crop.  Exports  to  November  29  were  1,400,323  bales. 
American  spiimers'  takings,  925,548  bales.  Egyptian  and  Indian  shipments  have  been  337,000  bales, 
making  an  aggregate  of  2,6'i8,871  bales  passed  to  customers,  or  but  a  trifle  more  than  available 
supplies  September  1.  Spinners  and  speculative  friends  are  less  willing  to  meet  views  of  growers 
and  Southern  speculators  than  if  cotton  was  7  cents. 

Wheat. 

July  1,  1895,  wheat  for  September  delivery  was  73^  in  Chicago,  September  18  it  was  56}i' 
Primary  receipts  for  those  weeks  exceeded  31,000,000  bushels.  September  30  December  wheat  sold 
at  64  and  yesterday  at  55^.  Primary  receipts  for  those  eleven  weeks  ending  November  29  exceeded 
82.000,000  bushels.  Since  July  1  they  have  been  about  120,000,000  bushels,  and  were  only  ex- 
ceeded in  1891  and  1892.  Apparently  the  extreme  low  prices  were  reached  about  the  time  primary 
receipts  began  to  increase  aoout  the  middle  of  September,  and  also  about  the  time  they  will  likely 
show  a  moderate  falling  off  about  the  first  half  of  December.  The  sharp  depressions  in  the  markets 
appear  to  come  about  the  time  many  wheat  purchases  are  to  be  paid  for  or  transferred  to  a  more 
distant  month,  and  while  growers  are  marketing  their  crops  as  fast  as  possible.  The  plan  of  trading 
for  only  four  different  months  delivery  in  a  season  (May,  July,  September  and  December)  appa- 
rently is  more  injurious  to  the  grower  than  the  buyer,  and  especially  favors  consumers'  and  bears' 
interests  which  might  not  occur  if  speculative  purchases  and  sales  were  made  for  spot  delivery,  or 
for  a  succeeding  month  similar  to  stocks  on  stock  exchanges.  The  extreme  fluctuation 
in  Chicago  in  the  past  five  months  exceeds  17  cents  per  bushel ;  in  Liverpool  the  price  is  about  3 
cents  lower.  Our  visible  increased  since  June  30th  20,544,000  bushels,  in  1894  the  increase  same  time 
was  30,502.000  bushels,  in  1893  15,775,000  bushels,  in  1802  48,318,000  bushels,  in  1891  29,675,000 
bushels.  Exports  since  June  30  are  about  56,000,000  bushels  against  same  time  in  1894,  when  they 
were  67,000,000  bushels,  and  in  1893  they  were  88,000,000  bushels,  in  1892  91,000,000  bushels,  in  1891 
109,000.000  bushels.  Based  on  average  primary  receipts  the  first  five  months  of  a  season,  the  1895 
crop  will  likely  yield  about  472,000,000  bushels.  The  Cincinnati  Price  Current,  Mr.  Snow,  of  the 
Orange  Judd  Farmer,  and  Mr.  Thoman,  of  the  Prairie  Farmer,  each  estimate  the  crop  will  be  about 
475,000,000  bushels.  The  Government  report  indicates  the  crop  was  about  412,000,000  bushels.  If  we 
consider  aviSi-age  shortages  in  Government  estimates  the  past  few  years  the  crop  will  likely  exceed 
that  of  last  year.  The  March  report  finally  made  the  crop  460,000,000  bushels.  Thoman  estimates 
the  present  winter  wheat  averages  25,089,210  acres  against  23,310,201  harvested,  and  makes  condi- 
tion 86.7  against  94.8  a  year  ago.  Prices  the  past  week  are  practically  the  same  as  a  year  ago;  then 
winter  wheat  markets  were  sending  large  quantities  of  wheat  to  Chicago  and  spring  and  winter 
wheat  sold  at  about  the  same  price.  Now  winter  wheat  commands  May  prices,  and  is  being  shipped 
back  to  interior  mills,  indicating  home  invisible  supplies  are  at  a  minimum  point,  and  that  millers 
and  elevator  interests  are  about  ready  for  an  advance,  and  may  work  in  unison  to  again  advance 
prices  while  Northwest  receipts  decrfase.  Visible  supplies  afloat  in  Great  Britain  and  in  Europe 
are  decreasing  and  markets  hardening.  Little  or  no  ocean  freight  room  is  offered  to  move  grain  or 
flour  before  January,  and  large  contracts  are  out  for  clearances  this  month.  We  see  no  reason  why 
a  part  or  all  the  17  cent  decline  may  not  be  regained  by  a  change  of  sentiment. 

Corn. 

Exports  of  corn  continue  about  ten  times  those  of  last  year.  The  visible  supply  is  about  700,000 
bushels  more  than  a  year  a^o.  Primary  receipts  are  increasing  the  cash  demand  about  cares 'for 
daily  receipts  Chicago,  N.  1 .  and  St.  Louis  local  traders  are  very  bearish.  Cribbers  are  doing  but 
little.  Farmers  appear  unwilling  sellers  at  12  to  14  cents  in  the  corn  belt.  Speculators  probably 
never  contracted  to  dehver  so  much  low  priced  corn  in  November  for  May  delivery.  Apparently 
they  expect  to  force  farmers  to  effect  enough  sales  of  spot  corn  to  depress  prices  and  give  the  specu- 
lator a  profit. 

Oats. 

Similar  conditions  prevail  in  oats,  except  the  visible  supply  is  some  three  millions  less  than  a 
year  aga    Receipts  continue  small  and  shipments  light. 

Provisions. 

Receipts  of  hogs  past  60  days  exceed  those  in  1894.  World's  stock  of  lard  December  Ist  was 
230,000  tierces,  against  217,000  tierces  a  month  ago,  and  141,000  tierces  a  year  ago.  Exports  of  pro- 
visions are  larger.  Bacon  shipments  to  domestic  markets  are  larger.  Chicago  stocks  are  larger 
(and  can  always  be  found  on  4th  page  of  our  Weekly  Letter.)  Some  live  stock  men  predict  a  million 
of  hogs  will  reach  Chicago  this  month.  Packing  from  November  1  to  28  was  1,690  000  hogs  acainat 
1,S40,000  last  year,  and  y80,000  two  years  ago.  ' 

Yours  respectfully, 

213  OLAPP  &  COMPANV 


CtAPP  &  COMPANY,  BANKERS  AND  BROKEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


^notations  for  Slocks,  Cotton,  Grain  and  Provisions  for  Week  ending  Decemkr  4,  1895,  and  tor  December,  189i 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  VT.;  P.  &  R.  and  Am.  Tobacco  Co., 
raoll    NKW    YORK    STOCK    EXCHANGE    OFFICIAX,    RECORDS    OP    HIGHEST    AND    n:)WEST    PRICES    WITH    COMPARISONS. 


ft  EF-KLT 
SAT.IS. 

1.800 

470 

413.C93 

2.045 

144  999 

21.680 

1,900 

160 

868 

2.966 

68  904 

K219 

e8.9<>9 

3«3 

84.919 

1,300 

6,615 

1.50 

630 

700 

1.0(j8 

1.420 

3.093 

10.084 

8.135 

2540 


800 

1,000 

555 

655 

880 

13.855 

7.598 
229 

6.462 

t.m 

800 

202 

1.064 

2.110 

2-iO 

4210 

1.722 

8.950 

7.33 

323 

10:.78 

300 

16  812 

80.000 
2.000 
1  916 
8.298 
6,720 
800 
1.60 
2650 

44  826 
8.9M0 
1.200 


4  845 

46.5C5 

2.183 

365 


Capitai, 

Stock. 


120,237,100 
10,198,600 
36  9C8.000 
86  968,000 
17,900,000 


85,000,000 
15,000.000 
22.488.000 
60.805,400 
82  002,700 
24,885.800 
46,027,261 
25,923,900 
46,1.56.000 
18.559,360 
39,054.907 
22,335  170 
28  000.000 

4  890,000 
35,430.060 
26.200.000 
85.000.000 
38  000.000 
85  000  000 
30,460,600 
8.5,000,000 

8,000.000 
BO.000,000 
10,000,000 
11,840,000 
11,840,000 
49,466,500 
52,800.000 
30,000.000 
18.788,204 
18,000.000 
47,844.100 
47.436,575 
14  905,400 
14  904,000 
89.428,300 
77,427.000 
20.000,000 
58.119,982 
13  000,000 
89,767,200 
49,000.000 
89,269,546 
20.000,000 

8.500.000 
40.426,361 
86,000.000 


68.402,900 
125,(K)O,00O 
60.000,000 
19,850,000 
38,710,900 
60.868,500 
61  ,509  900 
60,909  900 
20.16';.  000 
6.000.000 
8,000,000 
28,000,000 
24.000,000 
94,820,000 
10000,000 
4,500,000 


DiTIDKNS  RiCOBS. 


Pays  3pc  J-D 

Pays  3pc  0-J-A^.. 

Pays  3Hpc  J-J 

Pays  3po  F  MA-N. 


Paid  2do  1895 

Pavs  l!4pc  F-A 

Pays  1J4PC  F-M-A-N. 


Pays  iDC  M-J-S-D 

Pays  Ipc  M-J-S-D 

Paid  Ipc 

Pays  7  PC  Per  Annuin. 
Paid  Hpc  Oct.  1895.... 


Paysmpc  J-D.. 
Pays2V.pc  J-D.. 
Paid  3dc  m  1898. 


Pays  2po  M-.T-S-D 

Pays7pc  per  annum... 
Pays  7pc  i^er  annum... 


Paid  2pcAnfro  St  1898. 
Pays  5pe  per  annum. 


Pays  2><ipc  M-S. 


Pays  l^pc  F-M-A-N, 

Pays  .3po  FA  

Paid  2pc  August  1893. 
Paps  l^pc  J-A-J-0.. 
Paid  2pc  in  July  1895. 


Paid  3pc  1891 

Paid  Ipc  in  Oct.  1895. 
Pays  l^pc  M-J-S-D.. 
Pays  Ipo  J-A-J-0 


Paid  ij^po  Not.  1898. 


Paid  Ipc  April  1892., 
Paid  Ipo  in  1887..., 


Pays  2po  F-M-A-N.... 


Paid  Ipo  In   1887. 


Paid  3}^pc  in  1884. 


Namxs  or  Stocks. 


Pays2pc  Nov.  1895 

Paid  2J^pc  March  15, 1895 


Pays  IHPo  J-A-J-0 

Paid  Ipo  ln'FebVi894!.", 


American  Cotton  OU.. 
American  Cotton  Oil  Pfd. 
Am.  Sujjar  Refining  Co. . 
Am.  Sugar  Refining  Co  Pf, 

American  Tobacco  Co 

At ch.Top.  4  S.  F.  all ais.pd 

Baltimore  &  Onlo 

Canada  Southern 

Central  of  New  Jersey... 

Chesapeake  &  Ohio 

Chicago.  Bur.  &  Qiiincy. 
Chic  Gas  Cos  Cent  Tr  rects 
Chicago,  Mil.  &  St  Pan! 
Chicago  Mil.  &  .St  Paul  Pfd 
Chicago,  R.  1.  &  Pacilio... 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Northwestern. 
Chicago  &  Northw  n  Pfd. 
CleTe..  Cin.,  Chic,  •&  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Ga«  of  N.  Y 
Delaware.  Lack 'a  &  Wn 
Del..  &  Hudson  Canal  Cu 
Denver  &  Kio  Grande  Pfo 
Dis  &  C  F  Tr  Co  ct  all  in  pd 
General  Electric  Co... 
Great  Northern  Pfd... 
GreenBayW&StPTrRec 

Illinois  Central 

Laclede  Gas  Co.  of  StL.. 
Lake  Krie  &  Western .  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  <fc  Mich.  So'n. . 
Louisville  &  Nashville.... 
Manhattan  R'y  C'ousol... 

Michigan  Cwntral 

Mo..  Kansas  A  'iex&s  Pfd 

Mexican  Central 

Mis.soari  Pacific 

National  Lead  Co    

National  Lead  Co  Pfd  . . 
N.  y.  Cent'l  &  Hudson  Rlv 
mix  AW  J  r  H  CO  ct  3d  in  pd 
NY&N  E  tst  CO  ct«all  in  pd 
N.  Y  Ontario  <fc  Western.. 
N.  Y.  SusQ.i  W'n  Ifd.... 

North  American  Co 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mall  S.  S.  Co 

Peoria.  Dec.  A  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Ceitificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iror  <t  R  R  Co 

Texas  &  Pacifio..... 

Union  Pacific 

O  S  Leather  Co 

U  S  Leather  Co  pref 

United  states  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  TeL  Co... 
Wheeling  &  Lak*  Brie..  . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1,111.990 


COTTON,  In  ba  es. 
I  World's  visible. 
1895  8  677.310 

1894  8993,283 


Total  in  sight 1 1  Total  Exports. 
3.,-)31.66.'J  1.4063a 

4.97r,428       I        2  2r8,^•95 


•T  V    fNov.&Deo. 

^-  ■'•    I  Dec.&J.in. 

CoUon  ^  Jan.  &  Feb. 

IFeb&M'ch 


WHEAT,  in  bushels. 
I    U.  S   Visible.     iPrimary  rec'ts* 
1895         83.903  000  120.000  000 

1894|        85  159,000         I     108  000  000 


Total  Exports. 

56.000.000 
67.000.000 


Wheat.  iDe7-^er. 

i  December. 
(May 


Com.. 


CORN,  inbu-shels. 
I    U  S  Visible. 
1895  5.517.000 

18941  4  866  000 


Primarv  rec'ts* 
48  000,000 
85.000,000 


Total  Exports. 
29  615  696 
3.683  342 


Chicago  (  December. 
Wheat.  I  May , 


OATS,  in  bushels. 
I    U.  S.  Vi-ible. 
1?95  G  397  000 

1894|         9,746  000 


N.  Y.  Stocks, 
2.345.198 
2,163,869 


ChgO.  Stocks. 

606  000 

1,660,000 


Oats. 
Pork. 


I  December. 

f  May , 

Janusry. . . 
1  May 


1895 
1894 


TJlRD-tcs. 

World's  vis. 
230.000 
Hl.COO 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,   LARD  tcs.  I   RTBS-lbs. 

80.406     I  29  002        12o23.230 

62,3S4     I  13,284     I   17.996,790 


Lard, 

Ribs, 


I  January.   . 

t  May 

'  January. . . 
'May  


Thursday, 
Noy.  88. 


4 

H 

g 
Q 

H 

<l 

H 


I 

H 

Q 
W 

(D 

Q 

0 
IB 


Friday.    Saturday. 
Nov.  29.     Not.  80. 


6S       68 

99       9-<9i 
80^    79J4 


107      107 

185*  I8H 
86  849i 
61^  60H 
76  75% 
127^  127H 

107H  10694 


17J4    17 
148     148 

127ii  12? 
479i    47M 
19%     19^ 
81^    30?i 


99U    99 
22^    mi 

78Hi    73H 


102H 
99 
82« 
17j2 
56 


100% 
99 
793i 
17 
66 


81^ 
63^ 
75Ji 

75ii 
4IH 
lo69i 


84M 
61 

r5>^ 

4!H 
106}i 


152 
53). 


152 
54 

101  999^ 

102H  I02i4 

80%  80 

z 

100J<  100% 

18%  13 

16  1594 

«H  "tii 

si'  81 

10%  io>a 

t7\i  «7M 

82U  22 

10'4  10% 

84H  84^ 

83Hi  83 


14894 

127 
48« 


151 
53% 
10094 


1694 
148 
167 

lar 

46J 

m. 

81>4 


53 
ICOH 


30%    80)4 


9^ 
11 


9 

1094 


63>i    61 '4. 
86       86 


74 
194 
68 


7U, 

19)6 
80*. 


U\i     14 

42)4   ay* 

213,884 


8.46  8  85 
3  48  8.37 
8  50    8  43 


80)4 
80>i 

10094 
18 

16% 
8^% 


294 
80)^ 

lOOVi 
82)4 


1594 
80% 

.*^ 
10)i 


22)4 
U 

84% 
83% 

9 

» 
II 
64 


19% 
14)4 


1.594 

80% 

4% 

I0)« 


82 

11 

84M 

82% 

8 

9 

1094 
6256 
36 


18%    16% 


105 
100 

mi 

17% 


8494 
65% 
76 


10194 
99)4 
81% 
17 


83 

6294 

75)4 


75%  74% 
10694  106)4 
41)4    41)4 


149 
167% 


1994 
SIM 


148% 
167)4 

47)4 

19 

81 


23  229<: 

73%  73% 

151  150% 

5394  53V4 

101)4  100% 

30)i  29% 

30)4  29% 

3094  8094 

106%  160% 

Id  18 

15%  i5)4 

3.'%  32% 

i%  4% 

30%  80% 

10%  9% 


19 
68% 

106% 

100 
83)4 
1796 
55% 
55)4 

106% 
18)4 
64)4 
65% 
76% 

:m 

4-.'% 
107)4 
151 

41% 

19 
146% 
1679< 
180 

49)4 

1994 

31 


18%    19 


Monday,    Tuesday.       Wed.,      Rang*  for  Range  for 
Deo.  2.        Deo.  3.       Dec.  4.      Not.  1895.   Deo.   1891 


102% 
99)^ 
80)4 
17J4 
655(, 
55)4 

106% 
18 

8314 
84)4 
7594 

7b 

42)4 
10694 
151 

4194 

18 
1469^ 
166 
127% 

4'?)<i 

19)4 

81 


83)4    i%y, 

23        22% 


54)4    5894 
101%  101% 


22)4 

1094 

84% 
82% 

8% 
11 

«5)< 
86)1 

7 


104  19% 
8694  88% 
14%    14)4 


81% 
1094 
349i, 
82% 

8)4 
11 

634 
8594 


19 

874 

14 


140.85ft 


234,686 


80% 
80% 


10094 
13)4 
844 
15% 
83 
5)4 
4)4 

8296 
4 
10% 


80)4 
80 


10094 
13% 
54 
154 
i!% 
6)4 
4)4 

81 
10)4 


105 
99% 
8O4 
17% 
S5 


18% 
83% 
65% 
76 

128 
75)4 
4294 

107 


10294 
994 
79% 
16% 
504 

1794 
827^ 
03% 
75% 

128 
74 
4294 

106)6 


23)^ 
234 
74)6 

1504 
534 

10194 


284 
2;J4 


744       ,D>«       •- 

150)4    152      \i\ 
^M    57%    61 


101% 


80%    So 


80 

3094 
69% 

IS* 

i5% 

5% 
44 

154 

88 

16  " 


£294 

10^ 
S4J, 
83, 


9 

1194 
65% 
854 

7% 

74 
1994 
884 
14% 


824 
10% 
8494 
83)4 

894 
114 
64%'  S 


224 
10% 
844 
83 
9 

1194 


34 
7 

74 
194 
8?% 
14)4 


290,818 


34 
7% 
14 

itf% 

8794 
14% 
42 


2994 

30 

69% 

i294 

16% 

6)6 

4% 

154 

3:94 

■fl% 


82 
10% 
84% 
324 

6% 

1194 

61 

8i4 

14 

66% 
1394 
414 


184    8194    18^ 
70       6694 
102%    97)4 
99%    964 
91%    76% 
18%    15% 
60%    64 
55%    534 
1094  ll'o 
19%     18 
8/4    82H 
68%    604 
76%    724 
1274  l^ 
774    73 
42%    894 
107%  [044 
151      l43% 
4294    ^»>6 
2m    1694 
1494  146 
1694  1^ 

494  f^ 

23%  18% 

33  8^ 

120  1I8 

%  !- 

994  *6)6 

344  ii 

244  a 

■6)4    « 


5«%  55% 

60%  0O4 

26%  26% 

i»  26% 


820  8.16  8  25  8  17 

8.40    8..'J1  8.2s  8.20  8  28  8.15 

3.42    8.28  8  32  8  26  8  34  8  20 

8.40    8.84  6  38  6,81  8,39  8  25 


6?%  65 

68)4  67,', 

34%  34^ 

85)4  35% 


65,',  HH  «5A  6494  66  65A 

67il  60%  37%  574t  68%  67,'. 

8194  84->4  34%  344  34%  844 

854  85%  15%  85%  35%  86)4 


569* 
609i 
>o% 
29 


66% 
604 


I79<     17%    17% 

80J^  20)4     '"" 

8.80  8.75 

9,20  9  16 


B4S  6.40 

6,67  6  62 

4.45  4.42 

4  70  4  65 


20% 

8.80 
920 


56    I  56% 
60%   614 
26)h    26%    25% 
26%   89%    28% 

17%   17%  174 

204    20%  204 

8  75    8.70  8  67 

916  ,  9.10  9.03 


6  42  6  43  6  87  6.85 

6  67  5  65  5  82  5.60 

4.42  4  42  4.87  4.35 

4  67  4  65  4.62  4.60 


56%  56 

61%  60% 

26  254 

29%  28% 

17)4  16% 

20%  20 

a7?  8  72 

9.15  9,12 

6  40  6.37 

5.65  5.62 

4  42  4  37 

4o5  4.65 


832  852 

6.08  8  04 

8  18  8,06 

8  21  812 

8,29  6.16 

65,',  6494 

67/,  67,', 

^4%  84% 

35)4  35% 


56 
604 
2594 
2S94 

16% 
20% 
870 
9,10 


6594 
60% 
254 
88% 

16% 

ia% 

865 
9,02 


106%  »8% 

102%  a* 

334  f. 

11  11 

82%  88)4 

ay*  89% 

92  90 

100%  99 

13%  li% 

52  48 

17%  14% 

844  89% 

54*  4% 

4%  4 

17  144 

32,  86% 

5)4  44 

1494  94 

166  164 

684  67% 

23%  20 

\i,  9% 

37%  334 

38%  81 

94  84 

11%  84 

13%  104 

72)4  61% 

3><M  83% 

7->4  694 

H94  13 

8%  6% 

21%  184 

314  86^ 

14)4  134 

42%  40 


5  37  6  85 

5,60  5  57 

4.87  4  35 

4.62  4,60 


59%  5594 

6394  59% 

28%  26% 

2994  86% 

1894  17% 

20^  20)4 

9  32  8  75 

9.62  9  15 

5  70  5.40 

5.90  6.62 

4  70  4  42 

4  90  4.65 


71 


21% 

Ii9i    66 

94%    8294 

»«        90 

99       90 


6794    68% 

61%    4S% 


674 
16% 


1^ 

78%  _._ 

744  63% 

60)4  56% 

•jm  11794 

64%    6*J4 
84%    32 
100)4    9»>4 
1424  141 

;3S%  1234 

163  158 

127%  128 

35%  33 
11%      7% 

86%  334 

1084  101% 

80%  829i 

27  22 

17%  16% 

78  71 

138  133% 

54%  524 

10;%  10.1% 

964  9^ 

234  '^ 

29%  26% 

41  3->4 

65)4  83% 

100^4  9<^ 

32%    304 
15%     15% 


4294 
44 


42 

y*     8% 
496     3% 

184  16 

23)4  8^ 

1694  13% 

1564  1^34 

i994  :8% 

12  104 

384  86 

174  15 
104     9)6 

184  10% 

994      8 

62%  59% 

454  414 

«94  5% 

17  6% 

14%  13% 

89%  ■'6 

12%  10 

42%  41% 


5.68  6  40 

5.73  5  41 

6.77  5  44 

5.79  5  49 

61  594 

6a  6I94 

564  51% 

544  51% 

57  5294 

614  57 

4794  44% 

50%  4794 

82%  319» 

12  25  II  15 

12.6J  11.59 

705  6.«« 

7.27  6.85 

6  15  5.62 

635  5.87 


I  OLD  PORIT  Chgo.-bbls. 
1895  ....      obU. 

18941 


WHEAT  on  passage. 
26,4(0,0C0  bush. 
28  88C.G00    '• 


CORN  on  passage. 

8640001  bush 
3.452.000     " 


Russian  Shirmts.  for  wk. 
2.912,000  bush. 
2,8o0,00C    " 


Indian  Shipmts.  for  wk. 
216.000  bush. 
100.000    " 


Argentine  Shpts.  for  wK. 
48,000      bush. 


t  Since  Aug.  31.   •  Since  June  30.  Compiled  and  Copjirighted  by  CLAP?  &  COMPANY,  BANKEES,  MILLS  BUILDING,  NEW  TO£S 


Mcchlp  ni>arhct  letter. 


Copyright,  IHOS,  bjf  Clmpp  A   V.ampany. 


T — TIT ,  O.  W.  CLAPP. 

NO.  409.  OWIQHT  O.  CUAPP. 

g  CLAPP    &    COMPANY, 

t  Banhers  anb  JSrohets,  -^ 


o 
o 

(0 


MILLS    BUILDING,    IM.   Y.  [o 

> 

(O  ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 

a    OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE,  IN  THE  HEART  OF  THE  BANKING  CENTRE. 
UJ 

S  BOANCM     (    277    BROADWAY,  Cornw  Chahma*  8t.  PRIVATE  TELEQRAPH  WIRE8.  O 


O 

z 


< 


Q 


o 


■\ 


O  (753  FIFTH  AVENUE,  cohhw  eaiM  8t.  Cable  Address:  "Ozro." 


o 
m 


^  Offiom-    "i    621    BROADWAY  (Cable   BuiLorNO.  Copnct  HOMTOtt).  LONQ  DISTANCE  TELEPHONE.  Q 

z 


New  York,  Thursday  Morning,  December  12,  1895.  H 

<              TFe  respectfully  solicit  Commission  orders  for  the   Purchase  or  Sale  of  Stocks,  Bonds,  ^« 

(/)       Cotton,  Grain  and  Provisions.  Z 

2  Our  private  wire  facilities   are  unsurpassed  to   all    New    York,    Chicago   and    Western  ^ 

3  Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable  r-i 
^  information.  ^ 
O              Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future  ~ 

delivery.  ,> 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 

Orders,  or  by  deposit  with  local  out-of-town  banks.     The  local  bank  should  always  wire  us  at  -^ 

once,  at  our  expense,   stating  amount   that  has   been  placed   to   our  credit,   and  for   whose  LJ 

account,  thus  allowing  customers'  orders  to  be  filled  promptly.  q 

A  General  Banking  Business  conducted.    &%  Interest  allowed  on  Average  Daily  Balances.  ^ 

credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customers,  c/3 


O 

Tl 


^  Financial  Outlook. 

[^  The  wings  of  an  international  commerce  are  hid  in  the  metallic  bosom  of  our  golden  American 

>       eagle.    The  majesty  of  his  mien  will  be  equally  the  pride  of  the  men  of  the  mountams  or  plains,  the  t-» 

2       cities  or  seas.     His   associate  brood  of  dollars  will  not  lack  supporting  stores  of  food  or  raiment  _, 

—       while  he  skims  the  wave  of  inland  seas  or  perches  on  the  high  places  in  foreign  ports.    The  loom  r* 

arid  hammer,  the  furnace  and  forge  will  go  on  turning  humanitarian  thoughts  into  commercial  I'l 

^j       things.     He  will  be  to  the  banker  and  mercnant  the  inspiration  that  always  accompanies  the  best  of  ^ 

Q       its  kmd.    The  industrial  courage  which  breeds  men  and  enterprise  will  enter  every  humble  home  O 

where  the  golden  eagle  or  the  American  flag  are  seen  or  known.     Listening  at  every  factory  door,  — 

I       you  can  hear  the  rustle  of  his  wings.    {Standing  by  every  ballot  box,  you  can  see  the  flash  of  his  Z 

^       imperative  eye.  O 
Q              Straws. — Gold  exports  January  1  to  December  11  were  about  $89,000,000,  or  about  same  as  last 

Z       year.    Over  4,000,000  gold  pieces  were  coined  in  11  months,  valued  at  $51,519,212.     Government  [T\ 

O       interest  bearing  debt,  excluding  Pacific  Road  bonds,  was  December  1  $747,361,900.    The  total  value  X 

Q_       of  Bonds,  Stocks,  Grain  and  Cotton  sold  in  New  York  Exchanges  for  11  months  is  reported  $6,705,-  (^ 

{/)       832,000  against  $4,905,017,266  in  same  months  of  1894.     Silver  is  quoted  in  London  Nov,  20  at  30s4d,,  -j- 

LU       against  28>td.   in   1894,   and  32>td  in  1893,   ana  39d,   in   1892.     Cotton,   Iron  and  Leather,  which  .^ 

(^       had  a  phenomenal  rise  this  year,  have  declined  from  10  to  15  per  cent,  out  of  gains  of  from  50  to  60  ^ 

per  cent.    Traction  Railways  in  New  York,  Boston,  New  Jersey,  Buffalo,  Cleveland,  Philadelphia,  Z 

New  Orleans,  Rochester  and  Chicago,  and  many  other  cities  show  good  averages  or  great  gains  in  O 

earnings  indicating  increased  activity  and  business.     The  bank  clearings  of  11  months  of  1805  are  |T| 

^       $48,274,042,297,  against  $41,365,861,439  in  1894,  and  every  month  shows  gain  over  corresponding  (f^ 

month.    Manufacturers  of  the  United  States  gained  in  capital  employed  during  the  decade  ending  " 
1890  about  121  per  cent.,  or  an  average  of  10  per  cent,  annually.     An  English  authority  claims 
England  is  living  oft"  her  capital  and  no  longer  creating  it.     Over  80  %  of  their  people  are  fed  and 
-^^t  clothed  from  foreign  products. 

^sj^         Clapp  &  Company's  annual  Souvenir  book  for  1894  will  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 

KEEP  OUK  LETTEKS.     PORTFOLIO  FOB.FIULNG  FOKWAKDEO  APPLICANTS  FBEE. 


t         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Stocks  and  Bonds. 

Bonds.— Railway  bond  sales  for  eleven  months  aggregated  a  value  of  $324,103,567.    Average 

Erice  70.6  against  sales  same  time  in  1894  of  $226,622,691  average  price  72.8.  The  national  banks 
eld  Government  bonds,  November  30th,  to  secure  a  circulation  of  $212,048,950,  of  which  $149,457,500 
were  4s  due  in  1907,  the  balance  2s,  4s,  5s  and  6s  of  issues  matured  or  maturing  soon.  They  held  for 
the  public  $15,400,000  more,  making  $227,456,950  or  two-sevenths  of  the  Governmeut's  interest  bear- 
ing debt.    Municipal  bond  sales  in  November  were  $6,524,001.    Market  quiet  and  firm. 

Railway  Stocks.— Sales  on  the  New  York  Stock  Exchange  for  eleven  months  in  1895  are 
31  per  cent,  more  than  same  time  in  1894,  and  20.6  per  cent,  more  in  value.  The  average  price  was 
$59.80  per  share  against  $63.70.  The  earnings  of  the  seven  trunk  lines  for  year  ending  September 
30th,  were  about  $8,000,000  or  4.73  per  cent,  more  gross,  and  $1,800,000  or  3.46  per  cent,  more  net,  than 
preceding  year  ending  same  time.  The  banner  year  for  gross  receipts  was  1892-3  when  totals  were 
$201,836,676  against  $181,484,863  last  year.  The  earnings  of  42  roads  reporting  for  fourth  week  of 
November  show  3.25  per  cent,  gain,  against  gain  of  5.63  per  cent,  for  third  week  on  79  roads.  The 
Granger  roads  show  November  earnings  gained  23.1  per  cent,  over  1894,  and  only  2.8  per  cent,  less 
gross  receipts  than  in  1892  before  the  panic.  Tho  October  reports,  covering  larger  numbers  of  roads, 
show  9.1  per  cent,  increase  over  last  year.  The  Chicago  east  bound  tonnage  for  five  weeks  ending 
November  30th,  aggregates  372,350  tons  against  223,033  in  1894,  and  341,307  tons  in  1892.  November 
west  bound  shipments  were  reported  heavy.  St.  Paul,  Burlington,  Northwestern,  Rock  Island  and 
other  Grangers  will  likely  hold  their  own  or  score  small  advances  the  rest  of  the  year.  Reading  and 
other  assessable  properties  may  score  small  declines,  but  appear  to  be  near  bottom  quotations  for  the 
month.  Western  Union  has  many  friends  and  the  largest  number  of  stockholders  in  its  existence. 
We  think  these  features  may  yet  prove  to  be  bear  factors.  Courage  and  patience  have  been  re- 
warded the  past  three  years  and  are  still  cardinal  virtues. 

Industrials. — The  Sugar  clique  methods  appear  different  but  of  the  same  order  as  Tobacco. 
Pointers  are  out.  Sugar  is  going  higher.  We  prefer  selling  it  short  on  rallies.  Chicago  Gas  people 
may  find  it  hard  to  wait  a  year  for  the  Illinois  Legislature  to  meet  or  to  thwart  various  judges'  de- 
cisions. Leather  stock  joobers  may  have  hard  lines  finding  lambs  to  be  buncoed.  The  injured 
Tobacco  traders  appear  to  want  redress  when  gored,  and  yet  retain  the  privilege  to  thwart  distillers 
and  other  stocks  when  they  are  beating  the  public  with  the  sanction  of  the  New  York  Stock  Ex- 
change. Cotton  Oil,  Lead,  General  Electric  and  Cordage  friends  appear  waiting  a  favorable  oppor- 
tunity to  market  their  millions  of  stock  on  the  street. 

Cotton. 

Its  expected  the  movement  of  cotton  into  sight  this  month  will  exceed  that  in  November.  Only 
in  1882,  1885,  1888  and  1890  has  such  a  change  in  the  movement  from  November  to  December  oc- 
curred in  the  past  fourteen  years.  The  largest  excess  of  December  over  November  receipts  was 
45,149  bales  in  1885.  The  excess  this  month  may  equal  100,000  bales.  The  largest  decrease  of  De- 
cember from  November  was  305,405  bales  in  1891,  which  is  accounted  for  by  the  absence  of  sufficient 
water  in  November  to  allow  shipment  of  cotton  down  the  rivers.  The  bears  claim  planting  is  being 
arranged  for  on  a  large  scale  and  that  it  will  begin  late  in  January  in  Texas,  and  about  March  in 
Florida  ;  in  Alabama,  Mississippi,  Georgia  and  Louisiana  about  February  and  March,  and  in  the 
more  Northern  belt  in  March  and  April  and  end  before  May  1,  1896,  and  be  on  a  much  larger  acre- 
age. That  many  planters  have  corn  and  nogs  enough  on  hand  unmortgaged  to  carry  them  along 
while  they  plant  every  acre  they  can  possibly  otherwise  care  for.  That  the  use  of  fertilizer  will  ex- 
ceed all  past  years,  as  great  arrangements  are  being  made  on  all  sides.  The  bulls  claim  Texas  is 
marketing  "  Low  Dogtail,"  which  only  brings  a  cent  a  pound.  That  it's  poor  and  from  the  so-called 
top  crop.  That  the  top  crop  promises  to  be  the  least  in  many  years  owing  to  frost  in  early  autumn 
and  drought.  That  growers  nave  marketed  more  closely  than  usual  and  the  quality  is  fully  10  per 
cent,  better  than  usual  and  never  cleaner,  and  of  a  higher  standard.  That  only  cotton  in  second 
hands  will  appear  at  ports  and  other  central  points  this  month.  The  world's  visible  supply  is  now 
3,754,000  bales  against  4,235,884  bales  a  year  ago,  and  appears  to  be  increasing  very  slowly  against 
a  much  faster  increase  in  1894.  The  world's  visible  contains  fully  90  per  cent.  American.  The 
amount  in  sight  to  December  7  was  3,860,600  bales.  American  and  European  spinners  are  reported 
more  liberal  buyers.   November  1,  1894,  fully  half  the  crop  had  come  to  sight.   This  season's  receipts 

Erior  to  December  1  were  3,585,613  bales.  Stock  of  registered  cotton  in  New  York  is  170,325 
ales,  about  125.000  bales  being  nearly  three  years  old.  Old  cotton  like  old  wine  grows  better 
with  age,  though  it  loses  in  weight.  Exports  to  December  1  were  845,000  bales  less  than  last 
season  same  time,  and  705,000  less  than  in  1891.  It  is  reported  the  South  have  500  spinning  mills 
built  and  projected  that  will  keep  four  million  spindles  busy  before  December  31,  1896,  against  303,- 
551  in  1860  and  561,360  in  1880.  The  Chronicle  reports  each  spindle's  consumption  twenty-five  years 
ago  as  about  110  pounds  and  at  the  present  time  about  WSJi  pounds.  Consumption  for  the  season 
of  1894-5  was  401,706,255  pounds,  against  87,610.889  pounds  in  1879-80.  On  that  basis  of  increase  it 
is  possible  the  South  can  care  for  one-fifth  the  cotton  grown  some  year  within  the  present  century, 
while  the  North  may  care  for  most  of  the  balance,  and  Europe  get  but  little  of  American  cotton  pro- 
rided  protection  could  be  given  the  planter.  The  December  10th  Government  report  points  to  a  trop 
of  67.3  per  cent,  of  that  given  out  last  May,  or  6,375,000  bales  of  500  pounds  each,  and  that  a  furthei 

21U 


ClAPP  *  COMPANY.  BATTKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER. 


report  -will  be  issued  in  February,  1896.  Reports  arc  almost  uniformly  unfavorable  as  to  quantity, 
lint  clean  and  quality  high.  Many  reports  show  crop  completely  gathered  and  marketed.  Appar- 
ently spinners  are  getting  bare  of  supplies  and  buying  more  freely.  Their  speculative  friends  snow 
more  confidence  in  values.  The  bear  interest  is  doubtless  larger  than  since  Octooer  last.  The  ag- 
gressive bull  speculative  interest  eminating  from  the  cotton  bolt  has  liquidated  quite  freely.  Present 
buyers  seems  to  be  more  conservative,  but  equally  positive  ten  cent  cotton  will  be  the  ruling  price 
before  much  cotton  has  been  planted  for  the  coming  crop. 

Wheat. 

The  visible  supply  of  wheat  decreased  the  past  week  117.000  bushels.  During  the  past  12  years 
the  majority  of  the  time  the  visible  did  not  begin  to  decrease  until  about  January  8.  In  1892  it 
reached  its  maximum  January  1.  Last  year  the  highest  point  was  recorded  December  22,  when  the 
visible  exceeded  all  records  and  reached  89,071.000  bushels.  The  North  American  supply  and  the 
amount  afloat  is  89,456,000  bushels,  against  115,474,000  bushels  a  year  ago.  Primary  receipts  since 
November  1  are  about  40,000,000,  against  about  21,000,000  same  time  in  1894,  and  since  June  30  about 
126,000,000,  against  112,000,000  in  1894.  Exports  about  59,000,000,  against  70,000,000.  The  Daily 
Trade  Bulletin  reports  the  world's  visible  about  6,000,000  larger  than  last  year,  and  our  increase  as 
13,000,000  in  November  with  the  visible  19,000,000  less  than  a  year  ago.  Amount  afloat  and  in  Europe 
as  25,000,000  more  than  December  1,  1894.  Apparently  a  less  number  of  producing  sections  are  being 
drawn  upon  by  an  increasing  number  of  consuming  districts.  Our  winter  wheat  states  are  drawing 
supplies  from  the  spring  wheat  belt.  A  year  ago  reverse  conditions  prevailed.  Australia  is  buying 
from  the  Pacific  coast.  Roumania  is  exporting  more  than  usual.  India  is  no  longer  a  prime  factor 
indicating  values.  England  has  never  been  at  the  mercy  of  producing  countries  as  much  as  the 
present  time.  Argentine  for  five  years  has  been  an  exporter,  previously  they  imported  more  or  less 
flour.  Apparently  U.  K.  merchants  are  watching  crop  reports  more  anxiously  than  ever,  and  if 
Argentine  has  but  little  for  sale  and  a  poor  crop  in  consequence  of  rain  and  snow  storms,  England's 
merchants  might  get  frightened  and  become  anxious  buyers  in  the  near  future,  while  Argentine 
wheat  is  being  harvested.  Prices  and  freights  the  world  over  are  low.  U.  K.  fall  seeding  is  reported 
larger  than  last  year,  but  on  poorer  prepared  soil.  France,  Austria,  Hungary,  Roumania  ana  Italy 
report  unfavorable  crop  wheat  prospects  in  consequence  of  absence  of  usual  moisture.  Russian 
and  German  reports  appear  mixed  with  about  average  prospects.  Australian  reports  indicate  a  yield 
of  about  four  bushels  per  acre,  or  about  half  their  average  yield.  Ordinarily  they  grow  about 
40,000,000  bushels  and  export  about  10,000,000  bushels.  Its  now  but  30  days  before  they  usually  begin 
exporting,  now  they  are  importing.  The  Government  report,  out  the  10th,  gave  condition  as  81.4, 
against  89  in  December  1894,  and  91.5  for  December  1898,  and  87  for  December  10,  1892,  with  farm 
prices  as  53.2,  against  49.8  December  1,  1894.  The  percentage  of  condition  in  Ohio  is  74,  Michigan 
79,  Indiana  80.  Illinois  79,  Missouri  76,  Kansas  80,  Nebraska  90,  California  102.  The  average  acreage 
is  given  as  104.6  per  cent,  that  harvested  last  summer,  indicating  the  acreage  of  winter  wheat  for 
1896,  will  be  23,647,000  acres,  against  22,607,000  acres  harvested  m  1^95,  and  24,224,000  sown  in  fall 
of  1894.  Many  grain  men  now  believe  the  wheat  situation  abnormally  strong  and  predict  much 
higher  prices,  based  on  demand  exceeding  supply  and  a  decreasing  visible  with  increase  speculation 
and  poor  prospects  for  the  1896  crop. 

Corn. 

Stocks  of  corn  at  all  storage  centres  are  light,  the  visible  decreased  the  past  week.  Sbinments 
from  primary  markets  exceeding  receipts.  Farmers  seem  to  hold  rather  than  sell  to  cribbers  or 
shippers  at  10  to  15c.  per  bushel.  Short  sellers  and  a  few  country  shippers  continue  selling  for  May 
delivery  at  prevailing  unusually  low  prices,  and  predicting  May  corn  will  sell  at  25c.  The  Govern- 
ment report,  December  10th,  reported  the  average  farm  prices  as  26.7  against  45.6c.  per  bushel  a 
year  ago. 

Oats. 

With  an  enormous  crop  and  little  use  for  horses  in  cities,  and  a  large  sup}.) y  of  wheels  and  lio-ht 
consumption  of  oats,  the  visible  has  decreased  and  demand  apparently  ceased.  Short  sellers  and 
country  cribbers  continue  selling  futures.  The  Government  report  indicates  the  average  farm  price 
is  20.5c.  against  32.9;  of  Rye,  43.7  against  50.5;  of  Barley,  35.4  against  44.3;  of  Buckwheat  49  2 
against  56.2;  of  Hay,  9.38  aginst  8.35;  of  Tobacco,  6.6  against  6.7;  of  Potatoes,  28.8  against  55.5 
last  year. 

Provisions. 

The  average  weight  of  hogs  received  in  Chicago  last  November  was  241  pounds  against  230  for 
October,  anJ  235  for  October,  18i<4.    Prices  ranged  from  3.30  to  3.7a  m  November.     Provisions  are 
very  low.    Around  present  prices  there  is  some  mvestment  buying.      Packers  continue  free  sellers 
on  all  rallies.    Chicago  packing  since  October  28th,  exceeds  that  of  any  year,  same  time,  since  1891 
A.t  all  points  from  November  1st  to  December  5th,  it  was  2,205,000  against  2,290,000  in  1894, 

Yours  respectfully, 

217  CLAPP  &  COMPANY. 


CLAP?  ft  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 


Quotations  foi  Stocks,  Cotton,  Grain  and  Provisions  tor  Week  ending  December  11,  1895,  and  tor  December,  1894. 

Par  value  of  all  stocks  $100.  except  D.,  L.  &  W.;  P.  A  R.  and  Am.  Tobacco  Co., 
FnoM    NEW    YORK    STOCK    EXCHANGE    OFFICIAL    RECORDS    OP    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


SAT.Et. 


2.200 
760 

2110 

877  897 

18.097 

8139 

l.Oil 

575 

4  351 

8S078 

liT.Oo? 

&2  188 

1.154 

16.950 

300 

6899 

115 
1.S10 

w.io 

720 
1.U97 
8.520 
9  555 
8.292 

i68 

"228 

e020 

000 

V70 

n  Oi7 
u.sio 

100 
<0«i 

siiro 

1.624 

1.B04 

1.658 

•135 

2!  070 

910 
6.067 

206 
8.415 
7.207 

300 
i0  870 

506 
S.OOO 
2,150 
-.957 
3.021 
10.975 

771 
2,988 
3.800 
140  802 
1  ..'i6(i 
2,415 

226 

177 

10.170 

84.7B3 

1.845 

aoo 


Oapitai, 
Stock. 


|S0,987.10« 
10.198,600 
36.968.e00 
86,968.000 
17.900,000 


ss.ooo.eot 

16.000.000 
22.488.000 
60.805.400 
88.002.700 
24,885,800 
46.087.261 
25.92.3,900 
48,156.000 
18,559,380 
89,054,907 

J2.385  iro 

88.000.000 
4.890,000 
86,430,060 
26,200,000 
36.000.000 
38  000.000 
36  000  000 
30,460,C00 

e5,ooo,ooo 

8,000.000 

lo.eoo.ooo 
10,000,000 

11,840.000 
11,640,000 
49.466,500 
52,800.600 
SO.OM.OOO 
18.788.204 
18,000.000 
47,844.100 
47  488,676 
14,906,400 
14,904,000 
89,428,800 
77.4Z:,00« 
20.000,000 
68,119.982 
18000.000 
89.767,800 
49.000.000 
89.289,548 
80.000.000 
8.600,000 
40,426,861 
86,000,000 


88  408,900 

126,000,000 
60.000,000 
19,850,000 
86,710,900 
60,868,600 
6!  609.900 
(JC.ftOO.OOO 
20,166.000 
6.000.000 
8,000.000 
28,000,000 
24.000.000 
94.820,000 
10,000,000 
4.600,000 


DirnJEKB  Recobo. 


Pays  3pc  J-D 

Pays  .3pc  O-J-A-J 

Pays  3><;pc  J-J 

Pays  3po  FM-A-N,... 


Paid  2pc  1895 

Pays  lUpc  F-A 

Pays  IJIpc  F-M-A-N. 


Pays  iDo  M-J-S-D 

Pays  Ipc  M-.I-S-D 

Paid  IDC  Oct,  1895.,  .. 
Pays  7  PC  Per  Annum. 
Paid  ^po  Oct.  1895.... 


Paid  2!^pc  Dec.  1895... 
Pays  l?,pc  M-J-S  D.... 
PaidSpc  in  1893 


Pays  2pc  M-J-S-D 

Pays  7pc  per  annum. 
Pays  7pc  per  annum. 


Paid  2pc  AuKu 8t  1S93. . . 
Pays  5pc  per  annum... 


Pays  -iMxio  M-S. 


Pavx  l^po  F-M-A-N. 

Pays  3pc  FA 

Paid  2pc  August  1893. 
Pays  iHpo  J-A-J-O.. 
Paid  2pc  in  July  1895. 


Paid  3pc  1891 

Paid  Ipc  in  Oct.  1895. 
Pays  iJipc  M-J.s-D.. 
Pays  Ipc  J-A-J-O... 


KaJd  i^po  Not!  '1898.' 


i'ald  Ipo  Aprilisoij!! 
Paid  IPC  In  1887..., 


Pays  2po  F-M-A-N. 


Paid  ipc  In  1887. 


Paid  3i^po  in  1884. 


Pays2po  Nov.  1895 

Paid  2^pc  March  15, 1895 


Names  or  Stocks. 


Pays  IHpo  J-AtI-O 


Paid  Ipo  In  Feb.  1894. 


Amencan  Cotton  Oil.. 
American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co 
Am.  Sugar  Refining  Co  Pf. 
American  Tobacco  Co 
Atoli.Top.  &  S.  F.  alUns.pd 

Baltimore  <fe  Onlo  

Canada  Southern 

Ceuiial  of  New  Jersey.. 

Ctiesapeake  &,  Obio 

(  bicago.  Bur.  &  Quincy 
Cliic  Gas  Cos  Cent  Tr  rects 
Chicago,  Mil.  &,  StPanl.. 
Cljjcago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I,  &  Pacifio,.. 
Chic.  St  Paul  M.  &  Omaha 
Chicago  <t  NortJiwesiern. 
Chicago  <t  Nortbw'n  Pfd. 
CleTe..  Cin.,  Chic,  &  St  L. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Gak  of  N.  Y. 
Delaware.  Lack  a  &  W'n. 
Del.,  tc  Hudson  Canal  Co. 
Denver  &  Rio  Grande  Pfd 
Dis  la  C  F  Tr  Co  ot  all  in  pd 
Geneial  Electric  Co.. 
Great  Northern  Pfd... 
Green  Bay  W  &StPTrRec 

Illinois  Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  A  Western.   . 
Lake  Erie  A  W  extern  Pfd 
Lake  Shore  <fe  Mich.  So'n. 
Louisville  4  Nashville... 
.Manhattan  R'y Consul... 

Michigan  Cvntral 

Mo..  Kansas  &  Texas  Pfd 

.Mexican  Central 

Missouri  Paolho 

National  Lead  Co 

National  Lead  Co  Pfd ... 
N.  Y.  Cent'l  &  Hudson  Riv 
TI.E4W  jmcoctadinpd 
N  Y&N  E  Ut  CO  cU  all  in  pd 
N.  Y  Ontario  &,  Western.. 
N.  Y.  Suso,  i  W'n  Pfd.... 

Noith  American  Co 

Northern  Pacific 

Not  them  Pacific  Pfd 

Pacific  Mall  S.  S.  Co 

Peoria.  Dec.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Iror  <fc  R  R  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  S  Leather  Co  pref 

United  States  Rubber  Co 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  TeL  Co... 
Wheeling  &  Laka  Erie..  . 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  s.x  days. . 


l.;28.16i 


COTTON,  in  ba  es. 
I   World's  visible. 
lOSel  8  754  109 

:i<94|         4  235.884 


Total  in  sightti  Total  Exporta. 
8.f6o.600  1.626.-i52 

S.4<i9,251        I        2  587,684 


jr  Y    f  December. 

■         I  January  . 

Cotton  ]  February. 

I  March.  ... 


WHEAT,  in  bushtls. 
I    U.  S.  Visible.     iPrimary  rec'ts'l  Total  Exports. 
1895         83.760.000  126.000.000  59  000.000 

1S9J|        85  978,000         I     112  OOO  000  70.000.000 


Wheat.]  December. 


CORN,  in  bushels. 
I     U  S.  Visible. 
1896  6.207  000 

1894|         6.600  COO 


Priniarv  ret-'ts* 

60  000,000 
88.000,000 


Total  Exports. 
81.482  790 
4,125.619 


Chicago  \  December. 

Wheat. )  May 

Pn_       I  December. 
^<'"'-     -(May 


OATS,  in  bushels. 
I    U  S.  Visible. 
1!W  CO  II  000 

I&94I         9,146  000 


N.  T.  Stocks, 
2.221  761 
1,857,300 


Cbgo.  Stocks 

481000 

1,720,000 


Oats  .  .  ■!  g|<'«™^«''- 

i  January. . 

)  May  


Pork. 


I  LARD-tcs. 

World's  vie. 
1896        230.000 
l!)94|        141. COO 


CHICAGO  CONTRACT  STOCKS.     ■,  ^^ 
POUK-bbls,i  LARD-tcs.  1   RlBS-lbs    ^""^ 
80.406  29  028        12.623.230 

62,3J4    I  18,284    I   17,896,790 


I  January. 

"iMay 

Rtb.....;Jamiary. 


Range  for 
Deo.   1894. 


Oa,D  FORF 


Chgo.  bbla 
bbb. 


WHEAT  on  passage. 
25.760.000  bush. 
29  496,000    " 


CORN  on  passage. 
6.880.000  bush. 
8.608,000    " 


Russian  Sbipmts.  for  wk. 
2.592.000  bush. 
2  300,000    " 


t  wro.  Au,.  31.  •  Since  juue  30.         CompiUd  and  Co^-righud  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


I 


x 


^cchlv  flJ>arhct  letter. 


No.  460. 


Copyright,  tS9S,  bff  Ctmpp  A  Company. 

O.  W.  CLAPP. 
OWIOHT  O.  Clapp. 


O 

_) 

o 

C/3 
(0 

a. 

ux 
a 
a 
o 

o 

z 
< 

(O 

z> 
o 
o 
o 

< 


XI 


Q 
UJ 
H- 

> 
z 


UJ 

o 

z 

UJ 
Q 

z 
o 

Q. 
UJ 

q: 

O 
O 


CLAPP    &    COMPANY, 

JSanherg  anb  Brohers, 
miLLS    BUILDING,    IM.   Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE.  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


BiANCM      )    277    BROADWAY,  Corner  Chambers  St. 
Offict»-     1    62^    BROADWAY  (Cable  Builoinq,  Corner  Houston). 
753  FIFTH  AVENUE,  Cornsr  68tm  St. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  December  19,  1895. 

We  respectfully  solicit  Commission  orders  for  the  Purchase  or  Sale  of  Stocks,  Bonds, 
Co'Jon,  Grain  and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western 
Exchanges.  Close  relations  to  important  interests  enable  us  to  give  early  and  valuable 
information. 

Usual  margins  required;  customary  commissions  charged  on  cash  property  or  for  future 
delivery. 

Margin  deposits  may  be  made  in  Drafts  on  New  York,  Currency  by  Express,  Post  Office 
Orders,  or  by  deposit  with  local  out-of-town  banks.  The  local  bank  should  always  wire  us  at 
once,  at  our  expense,  stating  amount  that  has  been  placed  to  our  credit,  and  for  whose 
account,  thus  allowing  customers^  orders  to  be  filled  promptly. 

A  General  Banking  Business  conducted.    3^  Interest  allowed  on  Average  Daily  Balances, 
credited  Monthly.   City  and  Country  Accounts  solicited.   Collections  Free  to  Customerb. 


WHAT  BUSINESS  MEN  AND  EXCHANGE  OFFICIALS  SAY  OF  OUR  SOUVENIR  OF  1894. 


Tour  souvenir  book  of  1894  Is  a  i-emarkably  bandsome  book,  and 
coiiaiiily  vei-y  thorough  and  accunile  in  all  Its  rletails  and  very  val- 
nalile  for  reference,  and  it  will  atloi-U  us  much  pleasure  to  place  it 
In  our  library.— Secretaiy  Commercial  ExcUauge  of  Philadelphia, 
Fliila.,  Pa. 

Your  souvenir  book  Is  a  beauty  and  I  shall  take  pleasure  In  penis- 
Ing  it,— Secretary  Atlanta  Clearing  House  Association,  ^Ntlanta,  Ga. 

We  received  your  beanllfnl  souvenir  volume  for  1894.  As  a  cotn- 
peiKliuni  of  the  weekly  records  of  the  conditions  of  the  tinancial, 
S)Hin.  pixxluce  and  stock  niar.ets  it  is  valuable  while  its  illustiu. 
tionsand  nieolianical  stnu-ture  give  an  added  value  to  it. — Secretary 
Board  of  'liude,  Detroit,  Mich. 

Your  -souvenir  book  Is  methodically  complied,  handsomely  lUus- 
tt-.itod  and  shows  evidences  of  consideitible  care  and  attention  to 
detail.  It  will  certainly  furnish  veiy  in'eresting  and  instructive 
reading  to  our  members.— Supt.  The  Charleston  Cotton  Exchange, 
Charleston,  S.  C. 

Tour  souvenir  book  for  1894  received.  It  presents  Its  nsual  hand- 
■ome  api>eanince.-Supt.  Savannah  Cotton  E.xchange,  Savannah.  Ga. 

Your  S(invenir  book  is  a  valuable  one,  brimful  of  interesting  in. 
formal  ion  adapted  to  wantsof  merchants,  nianufaclurei-s  and  otliers, 
and  must  have  taken  many  days  compiling,  which  work  is  well 
done  — Secrelai-y  Buffalo  Merchaiits'  Exchange,  Bnll'alo,  N.  T 

Your  souvenir  volvime  for  1894  Is  a  very  interesting  volume,  and 
contains  much  valuable  Information.— President  N.  i.  Cottou  Ex- 
change, New  York,  N.  Y. 

The  h.-ind.somo  copy  of  your  souvenir  book  for  1894  will  be  placed 
In  our  excliange  room  foi  reference.— Secretai?  New  Orleans  Cotton 
Exchange,  New  Orleans,  La. 

We  are  very  much  pleased  with  your  souvenir  book  for  1891  and 
consider  it  a  very  valuable  work  and  will  place  it  in  our  reading 
i-oum.— Secretory,  The  Indianapolis  Board  of  Trade,  Iudiauapolii«, 
Indiana, 


Your  valued  publication  will  be  placed  on  tile  where  It  will  be  an 
article  of  ornament  and  utility.— Secretary  Pixxluce  Excliange  of 
the  City  of  Chicago,  Chicago,  IlL 

We  received  your  beautiful  souvenir  of  1894.  It  will  occupy  a 
prominent  place  among  the  files  of  our  office. — Secretary  Indiana 
State  Board  of  Commerce,  Evausville,  Ind. 

Your  souvenir  volume  for  189.118  certainly  a  very  handsome  and 
nseful  book.  The  pjijce  devoted  to  Montreal  is  vei-y  Nili.sfHctory 
to  us,  the  new  view  of  our  building  well  executed,  and  the  table 
givins'  an  ide.i  of  our  exfiort  and  import  trade.— Secretary  the  Mon- 
treal Boaid  of  Trade,  Montreal,  Canada. 

Your  souvenir  book  for  1894  is  most  complete  and  comprehensive, 
and  should  not  only  be  of  Interest  but  of  value  to  all  those  who  have 
received  it— New  Vork  Wool  Warehouse  Co.,  New  Y'ork,  N.  Y. 

We  received  your  souvenir  of  1894,  which  will  no  doubt  afToi-d  ut 
nmch  iutcrtsting  reading.— The  Snow-Church  Surety  Co.,  New  York, 
N.  Y. 

Tour  souvenir  of  Ameiiean  Exchanges  Is  an  elegant  work,  and  we 
shall  gladly  make  a  place  for  it  Lu  our  library.— Secretary  Chamber 
of  Commerce,  Milwaukee,  Wis. 

Your  souvenir  book  for  1694  ha.s»everal  new  and  valuable  feature"*, 
and  besides  1  am  inilined  to  compliment  you  on  the  groaily  im. 
pioved  apiiearaiice  of  the  illti>li«f.on3  of  tlie  var.ous  CNClianges 
over  former  reports.- Secretary  Boston  Chamber  of  commeixe.  Bos- 
ton,  Mass. 

Even  a  most  cursory  glance  through  your  souvenir  for  18!Vl  is  suffl. 
clent  to  stamp  it  as  a  volume  useful,  thorough,  reliable,  ornHmentnl 
and  historical,  a  credit  to  tl.e  enterprising  and  able  coiiccin  of 
Bankers  and  Commission  Hercbants  whose  name  Is  on  the  title 
pace  of  the  volume,  Clapp  A  Comjiany. — Secretary  Boaixl  of  Trade 
of  the  City  of  Chicago,  Chicago,  I'l. 

Y'our  souvenir  liook  seems  to  be  perfect  In  every  respect,  and  i-e- 
llects  great  credit  upon  your  house.— The  Chicago  Stock  Exchange, 
Chicago,  111. 


Z 

> 

O 

m 

Kj 

o 

z 

H 
> 

Z 

C/3 

O 

> 

r 
-< 

m 
o 
O 
:o 
a 

C/D 

O 


r 
m 
> 
o 

z 
o 

m 

X 

o 

X 

> 

z 
o 
m 
c/3 


Clapp  &  Company's  annual  Souvenir  book  for  1S94  wiU  be  delivered  free  to  applicants  upon 
receipt  of  $3.    A  few  copies  of  1893  can  be  had  for  $2  each. 


KEEP  OUK  LETTERS.      PORTFOLIO  FOR  FILIJSG  FORWARDED  APPLICANTS   FREE. 


2         CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Financial  Outlook. 

As  monarchies  fade  and  crumble  in  the  East,  the  Western  republics  are  proclaiming  the  dignity 
of  labor  and  the  civilizing  power  of  an  energetic  and  ethical  commerce.  Beneath  Oriental  and  Oc- 
cidental stars  a  new  impulse  calls  men  of  all  nations  to  bring  fresh  honor  to  the  cradles  of  liberty, 
truth  and  justice.  The  commercial  victories  of  brain  and  brawn  may  yet  give  to  all  the  sons  of  men 
the  gifts  of  comfort  that  were  denied  to  the  messenger  of  peace  who  took  the  sceptre  of  Christendom 
on  an  ancient  Christmas  day. 

Straws. — Sixty-seven  Krupp  guns  on  one  side  and  forty-eight  on  the  other  side  of  the  Darda- 
nelles were  silent  during  the  passage  of  one  British  and  one  Italian  war  vessel  without  permits. 
There  are  six  Austrian  ships,  five  French,  one  German,  ten  Italian,  three  American,  nineteen  Brit- 
ish and  six  Russian,  or  about  fifty  war  vessels  in  or  on  their  way  to  Levantine  waters  to  keep  the 
peace  of  European  Turkey.  The  trading  stocks  of  Colorado  mining  exchanges  have  many  of  them 
advanced  300  per  cent,  to  500  per  cent,  during  the  past  year.  Lake  iron  ore  shipments  for  1895  are 
estimated  over  10,270,000  tons,  breaking  records.  Eight  Southern  States  have  92,059,906  unemployed 
or  unimproved  acres  of  land  waiting  for  occupation.  Argentine  has  an  area  of  1,180,000  square 
miles  and  population  of  only  5,000,000  people,  250,000,00o  acres  being  adapted  to  cereals,  10,000,000 
acres  to  vineyards,  4,000,000  acres  to  sugar  cane  and  other  sub-tropical  products.  They  have  25,000,- 
000  cattle,  6,000,000  horses,  100,000,030  sheep  and  3,500,000  goats.  European  and  North  American 
agricultural  and  manufacturing  people  can  find  as  much  room  south  of  the  Equator  as  there  was 
west  of  the  Mississippi  in  1840.  Anj^  great  disturbance  in  foreign  countries  might  transfer  many 
men  and  much  wealth  to  North  American  soil.  The  American  laborer  and  true  patriot  may  be  par- 
doned for  wondering  if  his  blood  is  to  be  shed  in  political  controversy  with  the  country  to  whom  the 
Presideof,  wants  him  to  hand  his  pocketbook  and  wages. 

Stocks  and  Bonds. 

Bonds. — The  market  appears  firm  and  demand  likely  to  exceed  supply  at  present  prices  after 
January  1,  1896.  We  solicit  orders  for  the  purchase  of  quick  convertible  securities  during  the  cou- 
pon clipping  season,  when  $100,000,000  of  money  will  Ukely  pass  from  borrower  to  lender  the  coming 
thirty  days. 

Railway  Stocks.— The  Chronicle  estimates  there  is  a  loss  this  season  of  220,000  tons  of  cotton 
freight,  owing  to  the  short  crop.  The  Missouri,  Kansas  «"fc  Texas  decrease  reported  in  gross  receipts 
in  November  was  $271,598,  and  Texas  Pacific  $150,247,  Atchison  $120,707,  each  largely  because  of 
short  cotton  tonnage.  St.  Paul  increased  in  November  $897,674,  New  York  Central  $364,743,  Great 
Northern  $352,502,  Northern  Pacific  $335,028  resulting  from  excess  of  crops  in  northwest.  As  yet 
receipts  and  low  prices  have  not  assisted  Burlington.  Rock  Island  and  other  corn  roads  in  making 
good  their  deficit  in  the  winter  wheat  belt.  124  roads  increased  earnings  for  November  $2,959,563, 
and  121  roads  from  January  1  to  November  30  increased  $21,573,350,  against  a  decrease  last  year  of 
$52,826,279  on  130  roads  in  same  time.  Missouri  Pacific  for  November  shows  earnings  of  $2,256,000 
against  $3,177,614  last  year;  Southern  Railway  $1,851,922  against  $1,783,728  last  year.  The  moral 
support  of  insiders  does  not  prevent  foreigners  selling  or  the  stock  declining.  The  final  report  for 
the  year  on  all  roads  will  likely  show  excellent  general  results.  The  average  price  of  the  active 
stocks  is  about  $4  per  share  more  than  a  year  ago.  Many  conservative  business  men  predict 
Grangers  are  around  low  levels  for  the  coming  season.  That  there  is  much  more  to  encourage  than 
to  discourage.  That  present  low  levels  absorb  less  coupon  or  other  money  than  higher  prices. 
Investors  have  more  to  reinvest  than  aggregate  in  values  of  good  stocks  at  present  prices. 

Industrials. — Sugar  tips  are  out  to  buy  it  as  usual  after  a  good  advance.  It  often  pays 
to  copper  such  news  about  the  time  Congress  meets.  Chicago  Gas  people  claim  the  stock  will 
go  to  90.  They  have  always  been  known  as  willing  to  sell  to  investors  at  handsome  gains  when 
predicting  a  good  advance.  Leather  people  appear  to  have  more  confidence  and  more  stock  since 
the  dividend  was  passed.  We  see  no  reason  to  advise  its  purchase  except  to  help  the  stock  manufac- 
turer. Tobacco  continues  the  favorite  gamble  :  it  is  ever  thus  in  a  blind  pool.  General  Electric  is 
firmer  and  might  advance  if  the  public  interest  increases.  Cotton  Oil  and  Lead  appear  to  hold  their 
own  on  merit.    Cordage  appears  to  have  lost  all  friends. 

Cotton. 

In  1882  5,224,620  bales  came  in  sight  the  first  four  months  of  the  crop  year,  or  prior  to  January 
1,  or  74.72  per  cent,  of  the  crop,  which  equaled  6,992,234  bales.  In  1885,  5,320,230  bales  came  in  sight 
the  first  four  months,  or  81.23  per  cent,  of  a  crop  of  6,520,215  bales.  In  1886,  5,450,419  bales  came  in 
sight  the  first  four  months,  or  83.68  per  cent,  of  the  crop  of  6,513,263  bales.  In  1892,  5,356,20?  bales 
came  in  sight,  or  79.74  per  cent,  of  a  crop  of  6,700,365  bales.  For  those  four  years  the  movement 
into  sight  the  first  four  months  of  each  crop  year  averaged  5,337,944  bales,  or  79.89  per  cent,  from 
the  average  crop,  which  was  6,689,044  bales.  This  season  there  has  come  in  sight  to  December  14 
4,183,427  bales ;  based  on  averages,  there  appears  held  back  and  to  come  forward  about  2,400,000 
bales,  indicating  a  crop  of  about  6,600,000  bales.  The  world's  visible,  December  14,  was  492,342  less 
than  last  year,  of  which  3,540,490  bales  were  American,  against  4,070,833  bales  last  year.  Northern 
spinners  have  taken  814,801  bales  against  1,223,704  a  year  ago.  Southern  spinners  have  taken 
300,000  bales  against  271,000  a  year  ago.    Exporters  1,811,202  bales.    Spot  cotton  in  Liverpool 

220 


CIAPP  ft  COMPANY.  BAITCERS  AITD  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER.         3 

'         I-    -  .    ■     .  ■  -  I  ■  I-      -■       -  1  .  i     •  X 

ranges  higher  than  futures.  Here  all  old  crop  futures  are  higher.  It  is  conceded  bj  many 
disinterested  writers  that  planters  in  many  sections  have  organized  to  withhold  the  usual  cotton 
movement,  in  hopes  of  causing  higher  prices.  Some  of  our  correspondents  claim  there  is  a  larger 
demand  for  fertilizers  for  1896  than  for  many  years  in  December,  that  the  acreage  will  be  larger 
than  ever,  and  that  a  cent  a  pound  can  be  secured  on  cotton  purchases  from  planters  by  effectmg 
sales  for  October  and  Novemoer,  1890,  delivery  at  eurrent  prices,  which  are  aoout  30  to  35  pointa 
below  May  delivery.  This  feature  is  pointed  out  as  encouraging  for  spinners  to  only  buy  from 
hand  to  mouth,  and  that  they  must  certainly  have  larger  stocks  on  hand  than  has  been  estimated. 
French  and  English  buyers  in  the  cotton  belt  have  generally  returned.  Receipts  of  cotton  at  thir- 
teen Southern  ports  for  eleven  months  ending  November  30  were  4,094,709  bales  against  6,231,709 
bales  same  time  in  1894  and  4,220,800  bales  in  1893.  The  bears  say  the  visible  can  be  easily  reduced 
one  halJf  by  September  1,  1896,  provided  the  acreage  exceeds  that  of  1894,  as  now  seems  probable, 
and  yet  cause  the  price  to  decline  2  cents  per  pound.  Contending  forces  seem  to  look  forward  for 
6>4  or  10  cent  cotton  on  or  before  the  1^96  crop  is  fully  planted.  Apparently  there  are  many  oppor- 
tunities for  investors  on  the  bull  side  as  well  as  tempting  chances  to  secure  monthly  premiums 
equaling  about  ^  of  a  cent  a  pound  per  year  for  being  short  until  a  new  crop  begins  to  move,  aside 
from  any  possible  decline  of  spot  cotton. 

Wheat. 

Primary  receipts  to  date  equal  about  130,000,000  bushels,  against  114,000,000  bushels  last  season. 
Exports  to  date,  aoout  61,000,000  bushels,  against  74,000  000  bushels  last  year.  The  Daily  Bulletin 
estimates  the  world's  visible  supply  at  218,787,100  bushels  December  1,  against  209,857,700  bushels 
November  1,  1895,  and  21S,857,000  bushels  December  1,  1894.  C.  Wood  Davis  estimates  the  world's 
crop  in  1895  as  250,000,000  bushels  less  than  1894  and  98  000,000  bushels  less  than  the  present  require- 
ments;  that  Europe's  total  crop  was  1,400,500,000  bushels,  and  requirements  are  1,603,500.000  bushels; 
that  the  1895  world's  crop  was  2.397,500,000  bushels,  against  2,495,500,000  bushels  in  1894;  that  the 
world's  commercial  countries  produced  310,000,000  bushels  for  export,  and  importing  countries  will 
require  408,000,000  bushels.  A  bear  friend  estimates  the  crops  of  wheat,  maslin  and  rye  for  1893-4-5 
as  far  exceeding  annual  consumption,  and  says  the  corn  crop  is  taking  the  place  of  small  grain 
bread  in  many  parts  of  the  world.  Spring  wheat  centres  in  the  Northwest  are  sending  millions  o«E 
bushels  to  winter  wheat  storage  centres.  A  year  ago  Chicago  drew  wheat  from  many  winter  wheat 
States  for  storage  purposes.  Now  points  west  of  the  Missouri  River  are  sending  wheat  to  Texas. 
Minneapolis  is  sending  wheat  to  St.  Louis  for  storage  uses.  Beerbohm's  Evening  Corn  Trade  List 
reports  the  world's  visible  increase  about  10,000,000  bushels  in  November,  against  about  7,000,000 
bushels  the  previous  November;  that  the  Russian  rye  crop  is  712,000,000  bushels,  against  796,000,000 
bushels  in  1894,  and  wheat  40,000,000  bushels  less  than  1894;  that  Russian  and  Black  Sea  shipments 
from  August  1  to  December  2  were  69,880,000  bushels,  against  53,23--i,000  bushels  a  year  previous. 
Argentine  crop  estimates  vary  from  about  45,000,000  to  80,000,000  bushels.  It  is  expected  that 
the  e:yport  surplus  will  be  about  50,000,000  to  60,000,000  bushels,  or  equal  to  that  from  the  1893 
crop.  Pacific  Cocist  exports  to  Australia  were  never  larger,  and  equal  about  1,500,000  bushels 
to  date.  The  bears  seem  to  believe  the  visible  supply  is  larger  than  immediate  wants  for  con- 
sumption or  to  supply  the  speculative  demand.  The  bulls  predict  a  short  crop  in  1896  in  conse- 
quence of  severe  drought,  less  acreage  and  increased  consumption.  They  say  elimination  of  bucket- 
shop  influence  and  growing  belief  in  higher  prices  may  help  the  market,  and  that  there  are  nine 
oJw»ao«9s  out  of  ten  in  favor  of  buying  wheat. 

Corn. 

It  is  now  reported  that  the  Nebraska  crop  is  turning  out  only  about  half  early  expectations. 
That  Kansas  will  only  secure  two-thirds  as  much,  and  that  practically  there  will  be  but  little  com- 
mercial corn  from  this  crop  to  go  east  of  the  Missouri  River.  That  some  of  the  cotton  States  will  be 
buyers  rather  than  shippers.  That  it  is  but  a  question  of  time  before  New  England  and  the  export 
demand  will  draw  heavily  upon  the  commercial  States,  where  they  have  secured  the  largest  crop 
ever  grown.  The  seven  States  are  furnishing  a  basis  for  effecting  large  sales  for  May  delivery  in 
Chicago.  The  bears  are  also  selling  freely,  doubling  the  pressure  and  depressing  values,  and  pre- 
iJicling  25  cents  for  May  corn  in  Chicago. 

Provisions. 

Receipts  of  hogs  now  average  about  15  per  cent,  more  than  last  season,  and  about  10  per  cent. 
m:^.e  than  two  years  ago.  Following  the  cholera  scare,  this  makes  packers  timid.  Real  hog  lard 
seems  to  be  cheaper  than  cotton  seed  and  lard  mixed.  Values  are  encroaching  upon  corn  values. 
The  drmestic  ana  export  demand  is  25  per  cent,  larger  than  a  year  ago.  There  are  many  more  in- 
quirie/i  from  would-be  investors  than  for  a  long  time.  Lard  is  exceptionally  cheap,  all  hog  products 
are  vory  low.  The  corrected  amount  of  lard  in  the  world  is  now  reported  as  2 JO.OOO  tierc"i>.  Pack- 
ing from  November  1  to  December  12  equals  2.795,000  hogs,  against  2,840,000  last  season. 

Yours  respectfully, 

CLAPP  &  COMPANY. 

P.  S.— The  Chicago  Board  .1  Trade  will  adjourn  from  Monday,  the  23d,  1.15  p.  m.,  to  Tiiursday, 

3.30  A.  U.  Ui 


CLAPP  &  COMPANY,  BANKERS  AND  BEOKEES,  NEW  YOEK,  WEEKLY  MAEKET  LETTER. 


QQOtatiODS  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  December  18,  1895,  and  tor  December,  1894. 

Par  Talae  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &  R.  acd  Am.  Tobacoo  Co., 
WIOM    NBW    TORK    STOCK    EXCHANGE    OPFTCIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wekkit 
Sales, 


1,990 

666 

219.866 

836 

173  884 

81.534 

U.640 

4,790 
11.722 

0.765 
m.ljbi 
92.765 
71.466 

1,676 
S5.308 

1.615 

i.iiO 

s'.OSo 
1.100 
13.3'.io 
3.!i72 
8.414 
14.062 
31.035 
15,219 


718 

4.U00 
200 
615 
2,098 
85  1U0 
4.!.914 
2.705 
U.28e 

n',7iib 

160 

800 

8,696 

260 

&787 
2.244 
2.410 
2.15;i 
4,480 
SC.b95 

55.998 

664 

42.000 

8  140 

6  991 

7.619 

42,54-1 

1.180 

9.98 

8  045 

100.243 

1.6«J 

4.075 

510 

815 

10,895 

8l.7*a 

2  055 

840 


Stock. 


120,237.100 

10.198,600 
36.008,000 
86,968.000 
17,900,000 


25,000,000 
15,000,000 
22.488,000 
60.805.400 
82  002,700 
34,886,800 
46,027,261 
25,923,900 
46,156.000 
18,559,860 
89,064.007 
22,836  170 
28  000,000 

4  890,000 
86,430,060 
26,200,000 
85  000.000 
38  000.000 
85  000.f00 
30,460,000 
86,000,000 

8,000.000 
SO.000,000 
10,000,000 
11,840.000 
11,840,000 
49.466,500 
62,800,000 
30,000,000 
18,788,204 
18,000,000 
47,844.100 
47,436,576 
14.905,400 
U.904,000 
89,428.300 
77,427.000 
20,000,000 
58,119,982 
13  000.000 
89,767,200 
49,000.000 
89,269,516 
20.000,000 

8,500,000 
40.426,861 
86,000,000 


DiTIDBNS  ReCOBS. 


Pays  .3pc  J-D 

Pays  Spc  0-J-A-J.. 

Pays  SJ^pc  J-J 

Pays  8po  F  MA-N. 


Paid  2dc  1895. 
Pays  iWpo  FA. 
Pays  1^      - 


4po  F-M-A-N. 


Pays  Ipo  M-J-S-D 

PavB  Ipo  M-.;-S-D 

Paid  Ipc  Oct.  1895..  .. 
Pays  7  PC  Per  Annum. 
Paid  Hpo  Oct.  1895.... 


Paid  2K.pc  Dec.  1895... 
Pays  l^^pc  M-J-SD.... 
PaidSpo  In  1898 


Pays  2po  M-J-S-D 

Pays  7po  perannnm... 
Pays  7po  per  annum... 


Paid  2pc  Aoirust  1893. 
Pays  Spc  per  annum. 


Pay*  2^pe  M-S. 


Pays  l^po  F-M-A-N. 

Pays  Spo  FA     

Paid  2pc  August  1893. 
Pays  l^pc  J-A-J-O.. 
Paid  2po  in  July  1805. 


Paid  8po  1891 

Paid  Ipo  In  Oct  1895. 
Pays  iHx>o  M-J-S-D,. 
Pays  Ipe  J-A-J-O 


Paid  l>4po  Not.  1898. 


Paid  Ipo  April  1892.. 
Paid  ipo  In  1887.... 


Pays  2po  F-M-A-N. 


«8. 402,900 
125,000,000 
60  000  000 
19,'85o;ooo   Paid  Ipo  In  1887 

38,710,900  I 

60,868,.'S00  I  Paid  8^po  In  1884 

ei  509,900  I 

00,909,900    Pays  2po  Nov.  1895 

Paid  2J^o  March  15, 1895 


Names  or  Stocks. 


Saturday, 
Deo.  14, 


909,900 
166.000 
000.000 
,000,000 
000,000 
000,000 
820,000 
000,000 
500,000 


Pays  1J4P0  J-A-J-O. 


Paid  Ipo  In  Feb.  1894., 


Americao  Cotton  Oil 

American  Cotton  Oil  Pfd. 
Am.  Sugar  RefiuiDg  Co. . 
Am.  Sugar  Refining  Co  Pf. 

American  Tobacco  Co 

Atch.Top.  &  S.  F.  all  ins.pd 

Baltimore  &  OdIo 

(.  anada  Southern 

Central  of  New  Jersey. . 

Chesapeake  &  Ohio 

Chicago.  Bur.  &.  Quincy 
Chic  Gas  Cos  Cent  Tr  rects 
Chicago,  Mil.  &  St  Pan! 
Chicago  MU.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Paciho 
Chic.  St  Paul  M.  &  Omaha 
Chicago  &  Nortnwesiern 
Chicago  &  Northw'n  Pfd. 
Cleye.,  CId..  Chlc.&StL. 
Col  Hock  ng  Valley  &  Tol 
Consolidated  Ga»  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del..  &  Hudson  Caual  Co 
Denver  &  Rio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ot  all  in  pd 
General  Electric  Co.. 
Great  Northern  Pfd... 
Green  Bay  W  <fe  StPTrReo 

Illinois  Central 

Laclede  Gas  Co.  of  St  L.. 
Lake  Erie  &  Western. 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n. 
Loalsrilie  <&  Nashville... 
Manhattan  R'yConiol... 

Uiohlgan  Central..  

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Missouri  Paoltio 

National  Lead  Co.  ... 
National  Lead  Co  Pfd 
N.  Y.  Cent'l  &  Hudson  Rlv 
NTLB  *w  /  p  M  CO  ct  8d  in  pd 
NT&N  £  tst  CO  ou  all  in  pd 
N.  y  Ontario  &  Western.. 
N.  T.  SusQ.A  W'n  Pfd.... 

North  American  Co 

Northern  Pacific 

Northern  Paoiflo  Pfd 

Paolflo  Mail  S.  S.  Co 

Peoria.  Deo.  &  Evansville 
Philadelphia  &  Reading. 
Pullman's  Palace  Car  Co 
Silver  Bullion  Certificates 

Southern  Paoltio  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  CoaL  Iror  &  R  R  Co 

Texas  &  Paolfio 

Union  Paolfio 

D  8  Leather  Co 

C  8  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Union  TeL  Co. 
Wheeling  &  Lake  Erie.. 
Wheeling  &  Lake  Erie  Pfd 


Monday,    Tuesday. 
Dea  IS.     Deo.   17. 


159H  159>A  159^ 
165H  166      166 

liiM   129W 

19H    1»M 
81       81 


78^    ?8« 
150^  150H  151^  161 

62  51  I  62H  6!% 
lU-."^  10.'%'X02K  look 
lOlU  lOCH  102      102 

80ii     -itiHl  80)6    80^ 


SS  28 
22       22 

7M  74 
151«  15194 

52^  52 
102^  102 

30J6    80k 


S3H:  89       £8H   29       29 
isii    12« 


S^    C<>^  100^  100 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days. 


1,410.448 


COTTON,  In  ba'es. 

I  World's  visible. 
1895  8  906  690 

!f<94{  4  399.082 


Total  in  Blghttl  Total  Exports. 
4.183.427  1.811.252 

5.928,981        I        8  888,494 


ff  Y    f  December. 

J  January  . 
OoUon  1  February. 

I  March.  . . . 


WHEAT,  in  bushels. 
I    U.  S.  Visible.     iPrimary  rec'ts'l  Total  Exports. 
1895         66835.000  130.000.000  61.000.000 

189l{        62  282.000         I     114  000  000  74.000.000 


December. 


Wheat.  ]g|« 
Com...J£|««'"_'^^; 


CORN,  in  bushels. 
I     U.  S  Visible. 
1895  5.227.000 

18941  2.765  000 


Primary  rec'ts* 

62  000.000 

89.000,000 


Total  Exports. 
84.448  304 
4.747  417 


Chicago 
Wheat. 

Com... 


December. 

May 

December, 
May 


OATS,  in  bushels. 
I    U.  S.  Vt'ilble. 
1895  0.134  000 

18941         9,110  000 


N.  T.  Stocks, 
1.886  981 
8,452,401 


Chgo.  Stocks. 

514  000 

1.589.000 


Oats. 


1  December. 
IMay 


15J4  15k 

81  Sl'H 

t)\i  6Vv 

4  8J6 

149j  14^ 

82H  81M 

9  m  s>yi   m, 

162  l62    |162      161^ 


1895 
1894 


LARD-tcs. 

World's  vie. 
280.000 
141,000 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,|  LARD-tcs.  i  RlBS-lbs. 

80.406  29  028        12.623.230 

62,384     I  13,284     I   17,996,790 


Lard 


Ribs  . 


I  January. . 

IMay 

I  January.  . . 
TMay   


m.890 

825  8.25 

8.29  8.28 

&S4  8.30 

8.40  &J)8 

66A  KK 

68A  8794 

mi  MS 

85r>.  35 

57H  57H 

61 H  61 

25%  2596 

28'/i  2896 

17^  17^ 

19^  1994 

8,42  8.82 

8.80  8,70 

6.22  6.20 

5.47  6.42 

4.22  4.20 

\.  4.47  4.42 


1696  i59i; 

8194  Bl?^ 

uu  'h% 

m  8^ 


88k 

10 

83 

82k 
894 
096 

I2H 


10 

33 

83 
S94 
69i 

12^ 

70 


696     696 


104 
98 
7696 
1094 
49 
55 

110 
17k 
84^ 
7196 
7.^ 

120 
T5k 
42^ 

104k 


18        18       18        Xiy^    iTH    17 


103k  103k  101M 


Wed., 
Deo.  1& 


?8k 
Itik 
47 
54 

108M 
17k 
8294 
70^4 
7494 

129 
74k 
42^4 

104 


4194  41 

17k  IB% 

160M  159k 

167k  166% 

129H  129 

49<^  48k 

19H  1396 

8lH  8094 


«8%    88J6 


152k  152 

5296  52 

107  102V4 

102k  101 

82k  80k 

80«    29" 

81k  81k 

89k  89k 

100k  100 


74k 
17^ 
48k 
55k 

8494 
7196 
76 

129% 
7596 
42k 

10494 


73k 

1696 

47 

54k 
109k 

17k 

88 

68% 

7494 
129 

74 

42 
103k 


1594 

6k 

16k 
32^ 


2Sk 
10k 
8  94 

894 
7k 

12k 

8996 


794 
18k 
89k 
1394 


13 

18^  18% 
89  69% 
1394    14 


15k 
81% 
bH 

16 
8^ 

8% 


8294 

9% 

88k 

83k 

•'94 

6k 

12k 

6?96 

6% 
18 

isk 


187,460 

8  38  8,25 

8.35  8.26 

8  39  8.84 

8  46  8  87 

66 


DO,, 

6Tk 


65% 
_     67k 
81 A    84% 
85,V    8494 


66% 


17%  17% 

1994  1996 

8  50  8.40 

8,87  8.77 

6  27  5.22 

5,52  6  47 

4.27  4.22 

4  52  4  47 


135.620 


284.688 


8,26  8.26 

8.83  8.28  8.30  8.28 

8.38  8..34  8  37  8  29 

8.44  8,88  8  48  8.83 

6596  6596  «Rk  <WIJ 

6rk  66%  ^  ?6A 

8494  84^ 


42%    41% 

160%  156 
167%  165% 
125lt  127 
4994    48 


83%  22k 
21%    81k 

152J6  152k 
63%  61% 
100%  104k 
10-294  '0'^ 
829«    81% 

80%  »% 
100%  100k 


1594  16 

8196  81k 
596  696 
4k   4% 

1494  1496 

82%  80 

8k   7k 

66%  66k 

£Jk  8-296 
1096      994 

3496  «8 

85?t  83k 
9%      9 
fk      6% 

12k  12k 

69»4  679* 

8394  83 

18%  18' 

Ifl"  1794 

8996  88k 

14  1.3% 


101%  9996 

911  98 

?496  72% 

18%  1594 

47  45 


70%    66: 
74k    731 

12894  129k 
74  72?* 
41k    41% 

103k  lJ2k 

41  "     40 

158'  151 ' 

I6t^  164k 

127%  12694 

47!^  43% 

1996  1894 

81  iOh, 


83%  88 

7»6  739v 
I60k  11996 

51%  50k 
104%  l03 

102     io:k 

81        8994 


80 


[Range  for 

Dec.    1895, 

to  date. 


15       1194 
8094    80k 


6 
»% 

1394 


30%    2994 

'794  ■?% 
16194  1*9 

67  67 

22k  2:% 

9%   9k 

8294  80% 

34  81k 

894   896 

694   6k 

12  1194 

6796  66 

82%  8294 


84> 


879,054 

8.83  8  24 

8.29  8.23 

834  829 

8,40  8  83 

6596  65  A 

67  66k 

3396  839i 

34A  349t. 


4194    40%    40% 


56'-»  56%  5696  66  56%  M% 

mi  60  69%  69k  60%  59k 

2596  23k  25%  25%  25^  259s 

28%  28%  88%  28k  28%  - 

1694  1694  1694  1694  1696    1696 

1996  19  13k  19  19>,4  lU 

8,58  8.47  862  8  50  &62  8  45 

8  90  a82  9.00  8.87  9.00  8,82 

I 

5  80  6.27  6.85  5,32  6  85  6.27 

5  55  5.50  5  57  5.56  5.67  6.50 

4.27  4  27  4.35  4.32  4.35  4.27 

4  52  4  50  4.57  4.55  I  4  57  4.50 


846  041 

8.21  8  13 

6  24  8.18 

8  28  8  2.3 

831  8.29 

6594  65k 

67%  66,", 

3;196  8396 

8496  3496 

5694  66% 

60k  59!^ 

25%  2596 

2jk  28 

16%  16% 

19%  18% 

8  50  8  47 

8,90  882 

5  27  5  87 

5,50  5  50 

4.30  4  27 

4.52  4.50 


19  17 

68%  67 

108k  9996 

100  98 

83%  63 

1796  5694 

55%  45 

65k  63k 

11096  1'*% 

18k  16*i 

8494  82 

7196   6294 

76        78% 
129%  127% 
75%    72?i 
4294    41.'' 
107%  10-2: 
151       161 
42%    40 
19        16% 
161%  14696 
167%  I64k 
130      12^ 
4994    48 
2096    18k 
31^    2996 
117      UJ 

98'  «7 
23%  2296 
23Vt  2"H 
7494  78% 
152^  14396 
51%  60k 
107  9994 
10294  190 
3296    =^>4 


80k  289* 

81k  ?9k 

8996  8794 

100^  99% 

1^  1296 

^  h 

4  8 

1094  7% 

164  159 

67  66k 

28%  21% 

1094  9k 

34%  80k 

85%  3096 

12%  lOJ 

70  59^, 

88k  82) 

7%  6) 

14  13 

7?4  7% 

19^  17 

8996  86<,„ 

1496  18k 

4296  40% 


8.35  8.03 

8,38  8.04 

8.43  3.10 

8  49  8  15 

6796  6494 

6^  66,'. 

35%  83k 

85%  3196. 

5996  5.594 

63%  59(4 

2694  25% 

29k  '28 

17%  1696 

2096  ll*% 

877  830 

9.15  866 

540  5.20 

5.65  642 

4  42  4  20 

465  442 


Range  for 

Deo. 

1894. 

8796 

81% 

7194 
94% 

68 

8294 

94 

90 

99 

90 

6794 

68% 

61k 

4*14 

94% 

87% 

16% 

ra% 

68^ 

V4k 

6896 

60k 

56% 

120% 

11794 
60% 

64% 

84% 

82 

100% 

93% 

142% 

14: 

8996 

«'H 

18 

1094 

135%  123% 

163 

158 

12796 

128 

3696 

88 

1196 

7% 

86>i 

83k 

102H  101% 

8§^ 

8294 

87 

8-2 

17% 

16k 

78 

71 

138 

188% 

5496 

52% 
10.1% 

io:96 

98% 

98 

23k 

88 

2996    809^ 
41        8-ik 

100^    9896 


80k 
15% 
42 

to 


32% 

S 

4k 

18% 

1694  18% 

150k  153k 

i994  18% 

12  10% 

88%  86 

17%  15 

10%  9% 

12k  ic^ 

S%  8 

62i6  59% 

4.-.%  41k 

994  6% 


6% 

6 

13% 
86 
•10 
41% 


5.68    5  40 

5.73  641 

5.77  5.44 

5.70  649 

61        69% 

66  8194 
50%  6196 
54%    51% 

57        5294 

61%    57 

I  4794  44% 

50%  4794 

29%  8S"^ 

82%  8!% 

1225  11  15 

12.64  11.55 

7.05  6.62 

7.27  6.85 

6  15  6.62 

8.35  6.87 


I  OLD  PORK,  Chgo.-bbls. 
1895  ....     bbU. 

18941 


WHEAT  on  passage. 
27.'280.000  bush. 
27.496,000    " 


CORN  on  passage. 
9.6OO.0O0  bush. 
2.430,000    " 


Russian  Sblrmts.  for  wk. 
2.328.000  bush. 
2  2o0,00C    " 


Indian  Shipmts.  for  wk. 
64.000  bush. 
880.000    " 


Argentine  Shpts.  for  wk. 
72.000      bush. 


f  Since  Aug.  31.    •  Since  June  80.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


223 


J 


<i 


mflecWip  ni>arl?ct  Xetter. 


No.  461, 


Copyright,  18BB,  by  Ctapp  M  Comtpmnff, 

O.  W.  CLAPP. 
OWIQHT  O.  CUkPP. 


Q 

111 

H 

O 


O 
(0 

(0 

QC 
UJ 

cc 
o 

a 

z 
< 

(0 

H 

2 

O 
O 

o 
< 


./I 


Q 
UJ 


LU 

o 

Z 
UJ 
Q 

z 
O 

Q. 
(0 

UJ 

a: 

o 
o 


CLAPP    &    COMPANY, 

Banhers  anb  Brokers, 
MILLS    BUILDING,    N.  Y. 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE. 
OPPOSITE  THE  NEW  YORK  STOCK  EXCHANGE.  IN  THE  HEART  OF  THE  BANKING  CENTRE. 


Branci 
Offices 


'A 


277   BROADWAY,  CoRNgR  Cmakbeb.  St. 

621   BROADWAY  (Cable  Builoinq,  Corner  Houston). 

753  FIFTH  AVENUE,  Corner  68tm  8t. 


Private  Telegraph  Wires. 
Long  Distance  Telephone. 
Cable  Address:  "Ozro." 


New  York,  Thursday  Morning,  December  26,  1895. 

Financial  Outlook. 


The  year  1895  opened  with  gloomy  forebodings.  Government  syndicate  agents  controlling  inter" 
national  exchanges  vitalized  a  speculation  that  became  beneficent  to  all  branches  of  industry.  The 
confidence  denied  to  reform  tariff  theories  was  accorded  to  financial  giants  that  protected  a  depleted 
national  treasury.  The  concentration  of  power  which  had  been  feared  was  a  strong  bridge  over  a 
possible  gulf  of  bankruptcy.  The  aroused  courage  and  renewed  confidence  of  a  great  people  be- 
came a  brilliant  hope,  based  on  rising  prices,  bursting  bins,  prolific  mines  and  trusted  leadership. 
As  the  year  dies  hope  is  partially  crippled  by  a  blow  at  peace.  The  buds  of  an  international  com- 
merce are  apparently  blasted  by  fear  of  international  conflict.  A  minor  deficit,  which  is  the  nightmare 
of  prosperity,  some  fear  may  enlarge  to  a  mountain  of  debt.  The  pessimists  think  best  dollars  are 
to  be  hidden  and  the  worst  brought  to  the  front  in  a  panorama  of  blunders.  That  the  brightest  of 
nations  is  to  be  sacrificed  for  insignificant  land  interests  of  a  South  American  people  who  are  wards 
of  civilization.  With  such  poor  comfort  does  official  unwisdom  close  the  eyes  of  a  fruitful  year  that 
was  full  of  hope  and  courage.  Neither  power  or  hope  is  dead  or  dying  with  the  expiring  year.  The 
crystaline  brain  of  American  manhood  can  easily  focus  the  many  rays  of  light  and  common  sense 
that  still  remain.  The  dying  year  has  more  of  substance  than  shadow,  more  of  courage  and  growth 
than  decadence  or  despair.  Seventy  millions  strong  the  patriot's  voice  echoes  and  re-echoes  a  New 
Year's  greeting  to  the  nations  old  and  new.  The  afterglow  of  a  setting  sun  is  often  a  fiery  sky,  but 
in  the  morning  there  is  the  light  of  a  new  day. 

Straws.— U.  K.  imports  in  eleven  months,  1895,  were  $l,998,600,f525,  an  increase  of  11.50  per 
cent.  Exports  same  time  were  $1,034,948,180,  an  increase  of  4.17  per  cent.  U.  S.  imports  merchand- 
ise same  time  $614,177,510,  Exports  $740,225,402.  Columbus'  first  landing  on  South  American 
shores  gave  Spain  command  of  the  land  that  -.he  Venezuelans  secured  independent  control  of  by 
hard  fighting  in  1814,  and  that  was  confirmed  to  the  Republic  by  Spain  in  the  treaty  of  1845. 
They  claim  the  Essequibo  River  as  boundary  line,  and  the  British  Empire  claims  in  name  of  British 
Guiana,  a  strip  west  of  the  river  equal  to  25,000  square  miles,  or  about  equal  to  West  Virginia. 
Venezuela  has  566,159  square  miles,  or  about  same  as  Alaska,  and  claims  2,121,988  population.  Brit- 
ish Guiana  has  76,000  square  miles,  not  including  disputed  territory,  and  reports  282,000  people.  The 
British  subjects  of  West  Indies  and  South  America  all  told  number  about  1,600,000.  The  U.  S. 
Commisioners  are  to  determine  the  true  boundary  and  report  to  Congress. 

Stocks  and  Bonds. 

Bonds. — The  market  followed  the  course  of  stocks  and  sales  were  correspondingly  large.  We 
think  bond  purchases  are  likely  to  show  profits.  Government's  bonded  debt  increased  past  year 
$112,315,400,  and  another  issue  is  now  likely. 

Railway  Stocks. — Ordinary  rules  are  no  guide  when  extraordinary  conditions  intervene.  A 
good  and  firm  market  was  turned  into  almost  a  panic  by  a  single  paragraph  in  the  President's  mes- 
sage. About  744,000  shares  were  sold  in  one  day,  and  two  days'  sales  were  over  $100,000,000.  The 
shj-inkage  in  51  active  stocks  equalled  $117, 000,u00.  The  net  earnings  of  132  roads  for  JO  months 
were  11.19  per  cent,  better  than  those  of  same  time  in  1894,  and  for  October  140  roads  showed  a 
gain  of  14.76  per  cent.  The  corn  crop  is  just  commencing  to  move.  The  railway  presidents'  agiee- 
ment  to  take  effect  January  1,  is  already  beginning  to  be  felt  in  prevention  of  rate  cutting.  The 
leading  firm  of  reorganization  bankers  and  the  various  pools  controlling  other  movements  and 
stocks  have  very  good  control  of  any  ordinary  conditions,  and  much  at  stake  in  promotion  of  better 
prices.  All  the  largest  systems  of  railways  are  either  now  on  their  feet  again  or  about  to  be  so 
placed,  and  the  most  of  the  stocks  of  each  are  held  in  pools  under  control  of  a  few  men  who  neces- 
^  sarily  desire  best  conditions  to  prevail.  All  the  arguments  that  were  good  for  the  purchase  of  stocks 
'  like  Northwestern,  St.  Paul,  New  York  Central,  Burlington,  Rock  Island,  Louisville  &  Nashville, 
Missouri  Pacific.  Western  Union,  Manhattan,  Tennessee  Coal  and  iron,  Atchison  and  other  stocks 
at  prices  of  past  months,  are  as  good  now. 

Industrials. — Sugar  in  the  nineties  is  not  as  dangerous  as  above  par.  Chicago  Gas  shares 
seem  well  under  control  of  the  bull  party.     Insiders  make  claim  it  will  sell  hiuher.     Tobacco  men 

2i3 


4^ 

H 
Z 

> 

O 

m 

o 
o 

z 

H 

> 

Z 

a 
> 

r 
-< 

73 
m 
o 
O 
:o 
D 

C/) 

O 
■n 


r 
m 
> 

a 

z 
o 

m 

X 

o 

> 
z 

o 
m 
w 


t    CLAPP  &  COMPAFT.  BACKERS  AND  BROKERS.  NEW  YORK,  WEEKLY  MARKET  lETTEE. 

are  again  handling  and  supporting  the  shares  of  the  Tobacco  Company,  and  it  may  advance. 
Leather  is  in  better  position  to  regain  old  figures  than  before  the  recent  break  tested  its  support. 
Small  and  narrow  margined  holders  of  Distillers,  Electric,  Lead,  Cotton  Oil  and  Cordage  were  prob- 
ably dislodged  in  last  week's  panic.    We  look  for  continued  activity. 

Cotton. 

The  United  States  crop  of  1895  is  likely  about  6,500,000  bales.  Add  it  to  whatwas  left  over  in  the 
visible  and  invisible  supply,  and  the  consumptive  supply  is  fully  10,000,000  bales.  Neill  estimates 
consumption  at  8,300,000  bales.  This  indicates  1,700,000  bales  may  be  carried  over  August  31,  1896. 
Should  the  1896  acreage  exceed  all  previous  years  or  equal  2,500,000  acres,  as  the  bears  predict,  it 
is  quite  possible  it  would  encourage  spinners  to  continue  buying  only  on  the  hand-to-mouth  plan, 
and  might  ultimately  cause  lower  prices.  In  American  markets  crop  futures  still  command  a  pre- 
mium of  about  6  points  per  month.  This  advantage  of  the  bears  seems  to  be  encouraging  short 
selling,  and  may  undermine  a  bull  market.  Coiton  cannot  be  brought  from  any  other  markets 
and  laid  down  here  at  prevailing  prices.  Numerous  small  holders  in  the  cotton  States  are  not 
as  aggressive  bulls  as  a  month  ago.  The  Bombay  movement  shows  receipts  64,000  bales,  against 
23,000  last  year,  and  since  January  1,  1,832,000  bales,  against  1,64:5,000  a  year  ago.  Afloat,  18,000 
bales,  against  2,000.  Shipments  since  January  1,  1,638,000  bales,  against  8i .5,000  bales.  The  Indian 
crop  is  not  only  large  but  is  being  marketed  early.  A  year  ago  it  was  the  smallest  crop  in  five 
years,  and  low  prices  caused  much  of  that  to  be  held  back.  Their  exports  usually  equal  home  con- 
sumption. Some  of  our  correspondents  predict  early  planting  and  report  more  cotton  held  back 
than  they  had  supposed,  that  the  picking  nas  never  been  more  closely  done  or  the  quality  of  cotton 
better,  the  weather  having  been  perfect.  Fertilizer  people  are  beginning  to  sell  futures  against 
their  purchases.  Growers  begin  to  write  about  doing  so.  Sentiment  seems  to  have  changed,  and  it 
is  quite  possible  aggressive  selling  may  ere  long  prove  to  be  as  noticeable,  for  a  time  at  least,  as  has 
been  the  bull  movement  inaugurated  last  March.  The  debt  and  expense  paying  power  of  cotton 
still  equals  50  per  cent,  advance,  as  grain  and  most  products  have  declined.  Values  just  now  seem 
to  hinge  more  on  the  coming  crop  than  on  the  one  about  marketed. 

Wheat. 

The  aggressive  buyers  of  cash  wheat  recently  appear  to  be  elevator  men  rather  than  consumers, 
except  on  tlie  sharp  bieaks  when  many  waiting  European  orders  were  filled.  Some  crop  statisticians 
contmue  to  raisf  their  estimate,  and  now  freely  predict  we  grew  nearly  500,000,000  bushels  in  1895. 
If  we  take  primary  receipts  as  a  guide  and  look  back  ten  years  for  a  record,  it  appears  to  indicate 
the  crop  movement  this  season  will  be  nearly  550,000,000  bushels,  or  about  100,000,000  bushels  nvjre 
than  was  reported  by  the  Government  last  season.  Primary  receipts  to  January  1st  will  likely  be 
140,000,000  bushels,  and  only  exceeded  in  18'Jl  and  1892,  when  the  crop  was  reported  by  the  Govern- 
ment 612.000,000  and  517,000,000  bushels  respectively,  and  was  thought  by  commercial  men  to  have 
been  underestimated  at  least  100,000,000  busnels.  Ordinarily  primary  receipts  equal  one-third  of  our 
crop,  and  the  export  demand  equals  about  the  same  amount  whether  we  grow  400,000,000  bushels  or 
600,000,000  bushels.  Primary  receipts  to  January  1,  1896,  will  likely  exceed  those  of  1894  over  20,- 
000,000  bushels,  and  exports  same  time  will  likely  be  from  14,000,0u0  to  16,000,000  bushels  less.  Har- 
vesting in  Argentine  is  in  full  progress.  Late  reports  say  the  prospoct  is  good  for  a  large  crop,  with 
world's  visible  stock  equal  to  those  a  year  ago.  The  bears  claim  there  is  no  reason  to  bull  wheat 
until  the  coming  crop  indications  warrant  it.  Pacific  Coast  stocks  seem  ample  to  make  up  the  Aus- 
tralian deficiency.  Their  shipments  to  United  Kingdom  for  eleven  months  1895  were  one -third  of  all 
sent  by  United  States  to  that  market,  and  equal  to  those  of  Atlantic  Coast  in  the  shape  of  wheat. 
The  London  Corn  Trade  List  says:  "'Bucket  shops  are  certain  classes  of  brokers' offices  where 
tape  quotations  from  stock  or  produce  exchanges  are  received  into  a  bucket  or  basket  from  an  elec- 
trical ticker."  Suspended  or  expelled  Board  of  Trade  members  are  not  allowed  a  representation  on 
that  exchange. 

Corn. 

In  Chicago  the  bears  on  corn  are  now  called  "  Pile  Drivers."  Primary  receipts  to  date  equal 
about  55,000,000  bushels,  against  about  41,0J0,000last  year.  Exports  about  37,000,000  bushels,  against 
about  5,000,000.  Heavy  rains  in  the  West  will  likely  prevent  the  free  marketing  of  corn.  Cribbers 
appear  to  be  making  unusual  preparations  for  storing  in  the  crib  more  than  ever  before,  build- 
ing their  cribs  better  and  arranging  to  carry  over  stocks  until  much  higher  prices  prevail.  There 
seems  to  be  a  growing  feeling  the  crop  has  been  overestimated,  especially  so  in  the  border  corn 
states  or  west  of  the  Missouri  River,  The  bears  continue  predicting  25  cent  corn  for  May  delivery. 
It  looks  very  low  to  us,  and  we  believe  an  investment  held  on  to  patiently  will  hkely  make  a  hand- 
some gain. 

Provisions. 

The  export  demand  continues  In  excess  of  last  year.  Packers  continue  to  monopolize  prices  and 
the  market,  speculation  being  at  a  low  ebb.  Short  ribs  and  pork  seein  very  low  and  receding  to  a 
point  where  buying  may  prove  profitable.  Packing  to  December  19  was  3,290,000  hogs,  against 
3,245,000  hogs  last  season.    With  compliments  of  the  season,  we  are. 

Yours  respectfully, 

2a  CLAPP  &  COMPANY. 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER. 

Primabt  Receipts  Each  Month  and  Each  Season  to  end  op  Each  Month  with  Percentage  of   each   to 
Total  Receipts,  and  Total  Crop,  with  Semi-annual  Exports  and  Visible,  Years  naubd. 


Crop  Government  report 

Primary  recpts.  }'r.  end.  Je.  80. 
Perc.  ot  recpts.  to  crop  roptd. 
Exports  year  ending  Juna  30. 


Receipts  July 

Percentage  of  all  primary  re- 
ceipts year  ending  June  30. 
Percentage  crop 


Receipts  August 

Percentage  of    receipts  year 

ending  June  30 

Percentage  crop 

Receipts  July  1  to  Aug.  30. . . 

Percentage  primary  receipts. 

do.       crop 


Receipts  September 

Percentage  primary  receipts.. 

do.       crop 

Receipts  July  1  to  Sept.  80. . . . 
Percentage  primary  receipts. . 

do.       crop , 


Receipts  October 

Percentage  primary  receipts.. 

do.       crop 

Receipts  July  1  to  Oct.  31 

Percentage  primary  receipts 

do.       crop 


Receipts  November 

Percentage  primary  receipts. 

do.       crop , 

Receipts  July  I  to  Nov.  30  ... , 
Percentage  primary  receipts. 

do.       crop 


Receipts  December 

Percentage  primary  receipts. 

do.       crop 

Receipts  July  1  to  Dee.  31....' 
Percentage  primary  receipts. 

do.       crop 

Exports  8  mos.  ending  Dec. . .' 


Receipts  January 

Percentage  primary  receipts., 

do.       crop 

Receipts  July  1  to  Jan.  31 

Percentage  primary  receipts., 

do.       crop 


Receipts  February 

Percentage  primary  receipts., 

do.       crop 

Receipts  July  1  to  Feb.  28.... 
Percentage  primary  receipts., 

do.       crop 


Receipts  March , 

Percentage  primary  receipts. 

do.       crop , 

Receipts  July  1  to  March  31.., 
Percentage  primary  receipts. 

do.       crop , 


Receipts  April 

Percentage  primary  receipts., 

do.       crop 

Receipts  July  1  to  April  30. . . , 
Percentage  primary  receipts. 

do.       crop 


Receipts  May , 

Percentage  primary  receipts. 

do.       crop 

Receipts  July  1  to  May  31 

Percentage  primary  receipts. 

do.       crop 


Receipts  June 

Percentage  primary  receipts., 

do.        crop 

Receipts  July  1  to  June  SO..., 
Percentage  primary  receipts. 

do.       crop 


Amount  crop  never  reached 
primary  points 

Exports  6  mos.  ending  June 

Percentage  crop  never  reached 
primary  points 

Visible  supply  year  ending 
June  80 


iseS'O. 


6,500,000 


15,M)0,000 


23,000,000 


86,000,000 
47,000,000 


89,000,000 
86,000,000 


87,000,000 
113,000,000 


27,000,000 
140,000,000 
66,000,000 


1894.6. 


460,867,416 
163,000,000 

83.86 
152,579,000 


14,000,000 

9.15 

8.03 


25,000.000 

16.33 

6.4.1 

89,000,000 

25.49 

8.47 


25,000,000 

16..33 

5.43 

64,000,000 

41.83 

13.91 


80,000,000 
13.07 
4.34 

84,000.000 
64.90 
18.26 


14,000,000 

9.15 

8.05 

117.000.000 

76.47 

25.40 

78,000,000 


6,000,000 

8.25 

1.08 

128.000,000 

79.73 

26  52 


6,500,000 

8.60 

1.19 

127,500,000 

83.33 

87.71 


7,000,000 

4.57 

1.52 

184,000,000 

87.68 

29.13 


6,000,000 

8.90 

1.30 

140.000.000 

91.70 

80.4;3 


8,000,000 

6.20 

1.73 

148.000,000 

96  73 

32.17 


5,000.000 
3.25 

i.oe 

153.000,000 
100 
83.86 


307.867,416 
75,000,000 

66.74 

44,561,000 


1898.4. 


396,131,785 
165,000.000 

41.66 
161,848,000 


14,000,000 

8.48 
8.68 


14,000,000 

8.48 
8.53 
88,000,000 
17.09 
7.07 


25,000,000 
16.15 
6..$4 

63,000,000 
32.12 
13.36 


28,000,000 
17.09 

7.or 

81,000.000 
49.09 
20.45 


23,000.000 

13.94 

5.80 

104,000,000 

63.03 

26  26 


15,000,000 
9.09 

Q   -Q 

119,000,000 

78.12 

30 
97,000,000 


9,000,000 
5.45 
2.87 
128,000,000 
77.57 
32.33 


7,000,000 

4.84 

1.68 

135,000,000 

81.81 

84.09 


10,000,000 

6.06 

2..53 

145,000.000 

87.8r 

86.61 


8,000.000 

4.84 

2.02 

158,000,000 

92.72 

88.63 


7,000,000 

4.34 

1.52 

160.000,000 

97 

40.40 


6,000,000 

8.08 

1.26 

165,000,000 

100 

41.66 


831,1.31,785 
W,000,000 

58.34 

64,657,000 


1892-8. 


515,949,000 
265,000,000 

51.85 
101,916,635 


20,000,000 


36,000,000 


43,000,000 

16.23 

8.33 

137,000.000 

51.69 

86.55 


89,000,000 
10.94 
6.63 
166,0OJ,0O0 
63.62 
32.17 


25,000,000 

9.43 

4.84 

191.000.000 

71.69 

37 

107,000,000 


17,000.000 

6.39 

8.39 

808,000,000 

78.49 

40.31 


11,000,000 

4.14 

8.13 

819,000,000 

82.64 

43.44 


18,000,000 

4.53 

8.38 

331,000,000 

87.16 

44.76 


13,000,000 

4.90 

2.51 

341,000,000 

93.07 

47.38 


11,000.000 

4.14 

2.13 

855,000.000 

06.22 

49.41 


10,000,000 

8.69 

1.94 

365,000,000 

TOO 

61.35 


850,949,000 
85,000,000 

48.65 

62,816,000 


1891.8. 


611,780,000 
848,000,000 

40..52 
825,666,311 


18,000,000 

785 
8.94 


80.000,000 

12.09 

490 

48.000,000 

15.:12 
7.82 


84,000,000 
13.70 
5.55 

82,000.000 
83.06 
13.40 


84,000,000 

13.70 

6.55 

116,000.000 

40  67 

18.95 


24,000,000 
13.70 
5  55 

150,000.000 
60.48 
24.50 


22,000,000 

8.87 

8.59 

172.000,000 

69.31 

28 

139,000,000 


13,000,000 
6.34 
2.10 
185,000,000 
76.30 
80.83 


18,000,000 

4.a3 

1.96 

197,000,000 

79.43 

33.18 


16,000,000 

6.45 

3.61 

313.000.000 

KJ.S8 

84.75 


11,000,000 

4.43 

1.79 

324.000,000 

90.32 

36.60 


9,000,000 

3.82 

1.47 

•133,000,000 

93.95 

88.07 


15,000,000 

6.M 

8.45 

348,000,000 

100 

40.53 


163,780,000 
97,000,000. 

69.48 

24,882,000 


1890>91. 


399,863,000 
124,000,000 

81.07 
106,181,316 


8,000,000 


13,000,000 

10.48 

8.35 

21,000,000 

16.93 

6.36 


11,000,000 

8.87 

8.75 

82,000.000 

25.80 

8.02 


17,000,000 
13.71 
4.36 

49,000.000 
39.51 
12.28- 


17,000,000 

13.71 

4.26 

06,000.000 

53.22 

16.54 


18,000.000 

9.83 

3 

78,000,000 

62  91 

19.53 

47.000,000 


7,000.000 

6.65 

1.75 

86,000,000 

68.54 

21.30 


6,000,000 

4.83 

1.50 

91.000,000 

73.38 

22.80 


9,000.000 

7.35 

2.85 

100.000,000 

80.64 

25.06 


8,000,000 

6.45 

3 

108.000,000 

86.89 

27.06 


7,000.000 

6.65 

1.75 

115,000,000 

92.74 

88.82 


9,000,000 

7.25 

2.85 

184,000,000 

100 

81.07 


875,863,000 
59,000,000 

68.93 

13,590,000 


1889.90. 


490.560.000 
184.000,000 

2"i.88 
109.430.466 


8.000,000 

8  45 

1.63 


13,000,000 


15.000.000 
13.08 
3.06 
86,000,000 
29.08 
7.34 


81,000,000 

16.93 

4  28 

67,000,000 

45.97 

11.0  J 


6,000,000 

4.03 

1.02 

95,000,000 

70.61 

19.36 


6,000,000 

4.03 

1.02 

100,000,000 

80.64 

20.34 


6,000,000 

4.83 

1.23 

106,000,000 

85.48 

81.60 


6,000.000 

4.a3 

1.22 

118,000,000 

90.32 

23.81 


8,000,000 

6.45 

1.63 

180.000.000 

96.77 

24.40 


4,000,000 

8.33 

.82 

124,000.000 

100 

25.28 


366,.560,000 
53,000,000 

74.72 

80,174,000 


1888-9. 


92,000.000 

89.80 
83,001,000 


1887.8. 


415.868,000  456..339,000  4.57,818,000 


(,000,000 


8.69 
1.98 


15,000,000 


10.000,000 
10.86 
2.40 

63,000.000 
67.39 
14.90 


8,000,000 

8.69 

1.92 

70,000.000 

76.08 

16.80 

48,000,000 


8.000,000 

8.36 

.73 

78,000,000 

58.33 

17.54 


4,000.000 

8.2:1 

.96 

77,000,000 

62.09 

18.51 


4,000,000 

3.23 

.96 

81,000,000 

65.33 

19.47 


4,000,000 

8.33 

.96 

85.000,000 

68..VJ 

20.43 


4,000,000 

8.23 

.96 

89.000,000 

71.78 

21.39 


8,000,000 

8.26 

.72 

92,000.000 

100 

89.80 


383,888,000 
36,000,000 

70.20 

16,301.000 


116,000,000 

25.30 
119,625,344 


1886-7. 


1886.«. 


12,000,000 

10.48 
2.62 

11,000,000 

9..'i« 
2.41 

23,000,000 
20 
5.0< 


13.000.000 

11.30 

3*5 

86,000,000 

31.30 

7.88 


16.000.000 

13.91 

3.,50 

52,000,000 

45.73 

11.39 


18,000.000 

15.05 

8.94 

70,000,000 

60.87 

15.34 


12.000.000 

10.43 

2.62 

83,000.000 

71.30 

18 
73,000,000 


4,000,000 

3.47 

.87 

86.000.000 

74.78 

18.84 


6,000.000 

4.34 

1.09 

91,000,000 

79.82 

19.94 


6,000.000 

6.33 

1.31 

97,000.000 

84.34 

21.85 


7,000.000 

6.08 

1.09 

104.000,000 

91. .30 

23.78 


6,000,000 

4.34 

1.09 

109.000.000 

95.65 

23.89 


6,000,000 

5.32 

1.31 

115,000.000 

100 

25.30 


341, .329,000 
46,000,000 

74.80 


188,000,000 

28 
158,804,870 


18,000,000 

10.16 
2.84 


3.57.118.000 
88,000.000 

84.61 
88,666,978 

6,000,000 

6.81 
1.68 


14,000,000      8,000,000 


10.93 

8.06 

27,000.000 

21.09 

6.90 


17.000,000 

18.29 

8.71 

44,000,000 

84.,37 

9.63 

15,000,000 

II  73 

.3.28 

59,000,000 
46.09 
13.90 


14,000.000 

10.93 

306 

73.000.000 

57.03 

15.96 


11,000,000 

8.59 

8.40 

84,000,000 

65.03 

18.30 

76,000,000 


8,000,000 

6.35 

1.75 

98,000.000 

71.09 

30.10 


6,000,000 

3.18 

1.09 

97,000,000 

21.31 


7,000,000 

6.4B 

1.55 

104,000,000 

81.35 

aj.74 


6,000.000 

8.13 

1.09 

109,000,000 

85.16 

33.84 


9,000,000 

7.03 

1.96 

118,000.000 

93.18 

25.81 


lO.OOO.OOO 
7.81 
2  ig 

138,000.000 
100 
88 


.389.8l!«.000 
76,000,000 

n 

S4,413,00C 


9.09 
2.20 
14,000,000 
1.5.90 
892 


10,000,000 

II. 36 

2.80 

24,000,000 

27.27 

6.73 


16,000,000 

18.18 

4,48 

40,000.000 

45.46 

11.20 


12,000,000 
18.63 
8.36 

52,000,000 
69  09 
14.28 


9.000.000 
10.32 
2.53 
61.000.000 
69.33 
17 
84,000,000 


4,000.000 

4..54 

1.12 

66,000.000 

73.86 

18.30 


4,000.000 

4.64 

1.13 

89,000,000 

78.64 

19.33 


6,000.000 

5.68 

1.43 

74.000,000 

84.09 

20.72 


4.000,000 

4.54 

1.12 

78,000,000 

88.03 

21.84 


4,000.000 
4.54 
1.12 

82,000.000 
9.3.06 
£.96 

6,000,000 

6.81 

1.68 

88,000.000 

100 

24.61 


809.112.000 
48,000.000 

75.89 

e,219,00« 


*  One  week  e8ttinat«d. 


GLAFF  &  COMFAinr,  BANKEES  AND  BBOEEES,  NEW  TOBE,  WEEKLY  IffARKET  LETTEE. 


QnotatioDs  for  Stocks,  Cotton,  Grain  and  ProYlslons  for  Week  ending  Decemkr  25,  1895,  and  lor  December,  1894 

Par  Talne  of  all  stocks  $100.  except  D.,  L.  &  W.:  P.  &R.  and  Am.  Tobacco  Co., 
FRiiM    NEW    YORK    STOCK    EXCHANQB    OFFICIAL    RECORDS    OF    HIGHEST    AND    LOWEST    PHICB3    WITH    COMPARISONS. 


W  EIKLT 

£auis. 

8,410 

1.748 

E8.(.0?3 

5.211 

J00  038 

84.260 

6306 

«6,152 

15.335 

20  098 

129.806 

107.858 

867.963 

3304 

67  822 

8.810 

88  04S 

781 

10.818 

4290 

18.874 

4.1S4 

11.686 

14.882 

85.709 

21.997 

200 

'620 

8  48S 

2,8C0 

8.630 

11.819 

67.800 

82.172 

466 

84,627 

40O 

68.978 

17.406 

6.166 

14.6c0 

8.616 

18.177 

8.325 

8.120 

4.619 

1&485 

1.105 

86  161 

8333 

7i.d00 

l.COO 

22.882 

80.097 

SU.24a> 

16.620 

6.471 

15.880 

68.030 

7.140 

l9.7-.;6 

6  541 

S.I.-0 

43.3."i0 

5l.ni8 

3fl.660 

5.1d0 


Cafitai. 
Stock. 


120,237,100 
10.198,600 
36  96d.0O0 
86  968,000 
17,900,000 


25,000.000 
15.000.000 
22.488.000 
60.805,400 
82  002,700 
24,885.800 
46,027,261 
25.923,900 
46,156.000 
18.559.360 
89.054.907 
J2,336  170 
28  000.000 

4  890,000 
85,430.060 
86.200,000 
86  000.000 
38  000.000 
86  000  000 
30,460,000 
85,000,000 

8.0O0.0O0 
50,000,000 
lO.OOO.OOO 
11,840.000 
11,840,000 
49,466.500 
52,800,000 
80,000.000 
18.738,204 
13,000.000 
47,844  100 
47.4365';6 
14  905.400 
14  904,000 
89,428,300 
77,427,000 
80,000,000 
58  1 19  982 
18  000  000 
89,767,200 
49.n00.000 
89,269,546 
20.000.000 

8.500.000 
40,42r,.361 
86,000,000 


68.402,900 
125.000.000 
60.000,000 
19,850,000 
38.710,900 
BO,8(i8,.500 
81  509  9(10 
6C,909  900 
80.166.000 
6.P00.000 
8.000,000 
28,000,000 
24.000,000 
94,820,000 
10.000,000 
4,500,000 


DiTLDENO  RkCOBS. 


Namxs  of  Stocks. 


Pays  Spc  J-D 

Pays  3po  0-.I-A-J.. 

Pays  8>^pc  J-J 

Pays  8po  F  MA-N. 


Paid  2do  1895 

Pavs  IHpc  K-A 

Pays  1J4PC  F-M-A-N... 


Pays  IDO  M-J-S-D 

Pays  Ipo  M-J-S-D 

Paid  iDO  Oct.  1895..  .. 
Pays  7  PC  Per  Ann  am. 
Paid  >4po  Oct.  1895.... 


Paid  2i^pc  Dec.  1895.. 
Pays  If^pc  M-J-S-D... 
PaidSpc  in  1893 


Pays  2pc  M-J-S-D 

Pays7po  per  annum.. 
Pays  7po  per  annum.. 


Paid  2pc  Auerust  1898. 
Pays  5pc  per  annum. 


Pays  2^pc  M-S. 


Pays  1J4PC  P-M-A-N. 

Pays  Spc  FA     

Paid  2pcAn{rnst  1893. 
Pays  l^pc  J-A-J-O.. 
Paid  2pc  in  July  1S96. 


Paid  .3pc  1891 

Paid  Ipo  in  Oct.  1895. 
Pays  iJirc  M-J-S-D.. 
Pays  Ipo  J-A-J-O... 


Paid  IJipo  Not.  1898. 


Pal'({  YpcApriY  \m. '. 
Paid  IPC  in  1887..., 


Pays  2pc  F-M-A-N.. 


Paid  Ipc  In   1887... 
Paid  S^p'c  "in '1884.* 


Pays2pc  Nov.  1895 

Paid  2J^pc  March  15, 1895 


Pays  IHpo  J-A-J-O 

Paid  Ipoln'Feb".  ieii!!!. 


Amencan  Cotton  OU.. . . 
American  Cotton  Oil  Pfd. 
Am.  Sugar  Refining  Co. 
Am.  Sug^r  Refining  Co  Pf , 
AmerioaQ  Tobacco  Co. . . 
Atch.Top.  &  S.  F.  allins-pd 

Baltimore  &  Ouio  

Canada  Southern 

Central  of  New  Jersey.. 

Chesapealje  &  Ohio 

Chicago,  Bur.  &  Quincy 
Chic  Gas  Cos  Cent  Tr  reots 
.Lhlcago,  Mil.&  St  Paul... 
Cnicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  PaciUo 
Chic,  St  Paul  M.  &  Omaha 
Chicago  &  Nortnwesiern 
Chicago  &  Northw'n  Pfd. 
Cleye.,  Cin.,  Chic,  &  St  L 
Col  Hock  ng  Valley  &  Tol 
Consohdated  Ga»  of  N.  Y. 
Delaware,  Lack 'a  &  W'n. 
Del.,  &  Hudson  Canal  Co 
Denver  <fe  Rio  Grande  Pfd 
DIs  &  C  F  Tr  Co  ct  all  in  pd 
General  Electric  Co.. 
Great  Northern  Pfd... 
Green  Bay  \V  &  St  P  Tr  Iteo 

Illinois   Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  &  Wcsteru.  . 
Lake  Erie  <fc  Western  Pfd 
Lake  Shore  &  MIcb.  So'n 
Louisville  &  Nashville.. 
Manhattan  R'yCousol.. 

.Michigan  Central 

,Mo..  Kansas  &.  Texas  Pfd 

Mexican  Central 

Missouri  Pacific 

National  Lead  Co 

Natioual  Lead  Co  Pfd . . . 
N.  Y.  Cent'l  &  Hudson  Riv 

NTLB  AW  JFMCOCtSd  in  pd 

NY&N  E  tstcoct4alliupd 
N.  Y  Ontario  &  Western. 
N.  Y.  Susa.&Wn  J»fa... 

North  American  Co, 

Northern  Pacific 

Northern  Pacific  Pfd 

Pacific  Mall  S.  S.  Co 

Peoria.  Deo.  &  Evansville 
Philadelphia  &  Reading.. 
Pullman's  Palace  Car  Co. 
Silver  Ballton  Certificates 

Southern  Paoifio  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Irop  &  R  H  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  8  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct, 

Wabash 

Wabash  Preferred 

Western  Union  Tel.  Co. 
Wheeling  &  Lake  Erie.. 
Wheeling  &  Lake  Erie  Pfd 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days.  - 


2.198.586 


COTTON,  In  ba  es. 
I  World's  visible.  I  Total  In  slghttl  Total  Export*. 
1896  8  961  379  4..501.315  1.952.489 

IMMl  4  564.566         |        6.413,790        I        8  148,212 


N.  T. 


f  December. 

1  January  . 
February. 
March.  . . 


WHEAT,  In  bushels. 
I    U.  S,  Visible.     .Primary  rec'ts*!  Total  Exports. 
1895         89.398.000  135.000  000  68  000.000 

t89l|        89  071,000         I     117  000  000  76.000.000 


Wheat.  ]  ?,*"y"°'>"- 


Com,. 


I  December. 
1  May. 


CORN,  in  bushels. 
I     U.S.  Visible. 
1*)5  6.789  000 

18941         6  838  000 


Primarv  rec'ts* 
55  000.000 
41.000,000 


Total  Exports. 
86  506  164 
6.897  294 


Chicago  \  December. 
Wheat.  I  May. 


Con>-]Stv!"'^" 


OATS,  in  bushels. 
I    U.  S.  Visible. 
1895  6.408  000 

18941         9,000  000 


N.  Y.  Stocks, 
1.811  116 
l,68!i.939 


Cbgo.  Stock*. 

630  000 

1,604,000 


OaU. 


1  December. 
(May 

Pork...]J^y««^-; 


1895 
1894 


LARD-tcs.  I    CHICAGO  CONTRACT  STOCKS. 
World's  vis.  rORK-bbls,   LARU  tcs.  i  RIBS-lbs. 
£30.000     I  80.406     |  29  022        12,623.230 


62,384 


13,284    I   17.996,790 


Lard 

Ribs, 


I  January. 

(May 

t  January. 
jMay...., 


Range  for 

Deo.    1895. 

to  date. 


19  14 

68H  69 

J08M  08 

lOOU  91 

83H  63 

179|  :<fii 

65H  42 

65^  42 

110^  98 

18M  P^>i 

849i  70 

7152  "« 

76  60M, 

i2%  31 
107H  93H 
161  147 
42)4  ^ 
19  UH 
161^  136 
167%  154 
130      119 


98  89 

33Ji  14H 

83Vi  15H 

749^  dl 

152^2  l83 

64^  ii 

107  95 

102^  S8 

32^  18^ 
9         7 

80^  ism; 

81ii  »7H 

69H  W 

lOOJi  W 
13M      li^ 

169i  I'H 

88  1"" 
6« 


Range  for 
Deo.  1894. 


879^  sm 

71^  68 

84^  829i 

94  90 

99  BO 

67K    6Ski 
51H    4854 
a^i    87H 
im    16j< 
73li    685i 
74>4    6mi 
60>4    56^ 
:20j5  117^ 
64U    60H 
84^    82 
100^4    d6^ 
142!^  141 
39^    87« 
18       IG^ 
■.i^H  128!^ 
163      168 
127^  12S 
mi    88 
11«      1% 
8C>|    83V| 
102!^  lOlH 

SM  829i 

27  82 

ITH  16H 

73  71 

138  I83H 


545^ 

ior% 

98V| 
23^4 


10.1% 
9J 
23 


^ 


15H    10% 
38       81 
4         8 

164      l*'' 

28^    19 

85%    ^3 
12%      6 

70     ml4 

86M     21 
14  69i 

7«  ^. 

19?i     12« 
89«    8i^ 

im    6% 

42^    89 


59%  54 

63!^  56% 

26?i  25 

29^4  27?4 

I7M  16% 

20%  18% 

877  830 

9.15  8  65 

5  40  5.17 

5.63  5.87 

4  42  4  15 

4  65  4  37 


299i    iifH> 

^'  ^ 

32U  80U 

15%  15% 

4291  48 

452      8% 

18H  16 
23^20^ 

169i  18% 

166M  li3M 

mi  J8% 

12  lOVi 

38V<  36 

17^  15 

12^  10?^ 

m    8 

62-%  59<« 

4.5!^  4  m 

9?i      5% 
17  8% 

0%      r, 

14%  1.3% 

83%  86 

12%  10 

iM  4IM 


5.66  5  40 

5.73  5  41 

5.77  5  44 

6.79  5  49 


61 
65 
56% 


59M 
6lf4 
51% 


54^  51% 

57  52« 

01%  .')7 

47?i  44% 

50%  im 


32%  31% 
12,25  11  15 
12.6^  11.55 


29% 

i2% 


7,05  8.62 

7,27  6.85 

6  15  6.62 

635  5.87 


I  OLD  PORE  Chgo.-bhls. 
1895  ...        bbls. 

18941 


WHEAT  on  passage. 
:7.360.000  bush. 
30.256.COO    '• 


CORN  on  passage. 
,9.440.000  hush. 
4.040.000    " 


Russian  Shipmts.  for  wk. 
2.464.000  bush. 
2  250,000    " 


Indian  Shipmts  for  wk. 
272.000  bush. 
180.000    " 


Argentine  Shpts.  for  wk. 
64,000       bush. 


t  Since  A.ig.  31.   •  Since  June  30.  Compiled  and  Copyrighted  by  CLAPP  &  COMPANY,  BANKERS,  MILLS  BUILDING,  NEW  YORK 


2-(i 


I 


0 


macchlp  noarhct  Xcttcr. 


copyright,  ISOg,  by  CImpp  /t  Compmny 


O 

o 

(0 


Q 


01 
01 


O.   W.  CLAPP. 

wo.  40^.  OWIQMT  O.  CLAPP. 

CLAPP    &    COMPANY. 

bankers  anb  Brokers,  ^ 

MILLS    BUILDING,    N.   Y.  ^ 

ENTRANCES:  35  WALL  STREET,  15  BROAD  STREET  AND  55  EXCHANGE  PLACE.  s> 

OPPOSITE   THE    NEW    YORK   STOCK    EXCHANGE.    IN    THE    HEART    OF   THE    BANKING    CENTRE.  ^ 

0)  *•■' 

QC                                                                '                     New  York,  Thursday  Morning,  January  2,  1890.  HI 

Q                                                    Financial  Outlook.  O 

^             The  youthful  year  always  scorns  the  folly  of  its  father  yesterday  and  flaunts  the  callow  wisdom  O 

°       of  the  motherly  to-morrow  from  which  its  hours  are  daily  born.    The  higher  destiny  is  always  more  2 

Q       certain  when  necessity  forges  the  weapons  of  the  conquests.     When  to  threaten  war  means  to  re-  1 

z       vive  patriotism,  and  to  fear  financial  disorders  means  that  better  method  is  to  be  the  new  master,  we  ^ 

<       can  welcome  slight  troubles  in  order  to  secure  the  more  fruitful  peace.  zZ 

yj              Straws. — The  average  of  National  Bank  earnings  last  three  years  appears  about  one-half  those  ^ 

l_       of  previous  three  years.     Fourteen  Southern  States  have  built  nearly  700  miles  of  railway  in  1895,  ^ 

2  Texas  and  Florida  leading.    Total  construction  U.  S.  about  1,428.4  miles,  against  1,700  last  year.  ^ 

3  Equipment  building  was  active.  Pig  iron  production  for  1895  (one  month  estimated)  is  9,387,039  m 
O  tons,  against  6,657,388  the  previous  year,  and  9,202,703  for  the  banner  year  of  1890.  The  Treasury  Ir 
O  and  hanks  hold  about  two  thirds  of  all  the  greenbacks  outstanding.  The  people  hold  the  silver  ^ 
^  certificates,  which  the  United  States  Treasurer  says  are  payable  only  in  silver.  Almost  one-fourth  p i 
*^       of  our  imports  in  1895  were  crude  wool,  sugar,  coffee,  silk,  rubber  and  hides.    Twenty -two  per  cent.  ^ 

imports  came  from  the  United  Kingdom,  nearly  $50,000,000  worth  being  woolen  goods.  Great  Britain 

bought  45  per  cent,  of  all  our  exports,  70  per  cent,  of  the  exports  being  agricultural  products.  ^ 

Production  of  American  wool  declined  10  per  cent,  and  price  40  per  cent,  since  1892.     Interstate  •-» 

Commerce  Commission  preliminary  report  for  the  year  ending  June  30,   1 895,   covers  650  roads,  >^ 


o 


operating  164,529.38  miles,  whose  gross  earnings  were  $1,003,022,853,  and  net  earnings  $325,355,218, 
including  other  income  total  was  $358,412,461.    Fixed  charges,  dividends,  etc.,  were  $389,487,491, 
leaving  a  deficit  of  $31,075,030.    The  commission  will  test  the  legality  of  the  new  Railway  Presi-     10 
dents'  agreement  in  the  United  States  Court.  O 

Stocks  and  Bonds.  ^ 

Bonds. — There  were  listed  on  New  York  Stock  Exchange  during  1895  (including  $62,315,000  Q 

LU       Governments):    New  bond  issues,  $166,526,300;   old  issues  relisted,  $15,587,000 ;   old  securities  re-  -« 
h-       placed,  $75,162,100;  making  total  $257,275,000,  or  lowest  amount  since  1886,  aud  $52,529,200  less  than 

^       in  1894.    Sales  of  municipal  bonds  for  1895  were  about  $110,475,829,  against  $117,167,225  in  1894.  4^ 
^       First-class  properties  continue  in  good  demand. 

_  Railway  Stocks. — Railway  stocks  listed  on  New  York  Stock  Exchange  in  1895  equaled  $85,-  p^ 

591,420  ;  all  kinds  listed,  $77,132,500,  $35,385,200  being  new  and  $30,856,270  to  replace  old  securities,  HI 

making  total  $143,373,970,  or  the  least  since  1885,  and  8107,819,033  less  than  in  1894.     Total  sales  for  > 

~       the  year  were  66,168,640  shares,  against  49,075,032  shares  in  1894  and  80,077,839  shares  in  1893.     The  rj 

^       New  York  Central,  Atchison,  Jersey  Central,  St.  Paul,  Great  Northern,  Lake  Erie  &  Western,  Mo.,  -^ 

Z       Kansas  &  Texas,   Mo.  Pacific,   Northern  Paciific,   C,  C,  C.  &  St.  Louis,   Louisville  &  Nashville,  2 

UJ      -Southern  Railway,  Reading  and  Wabash,  report  larger  earnings  since  January  1,  1895,  than  same  /-^ 
Q       time  in  1894.    The  following  roads  report  less  earnings  :    Burlington,  Rock  Island,  Ontario  &  West- 

Z       ern,  Norfolk  &  Western,  Texas  Pacific  and  Union  Pacific.     St.  Paul's  net  gain  to  November  30  was  rn 

O       $2,549,510;  Burlington's  loss  same  time  was  $398,207,  compared  with  1894.    Northern  Pacific  gained  v> 

Q_       $2,393,010.    Tennessee  Coal  &  Iron's  net  gain  was  $331,179,  or  nearly  60  per  cent.     Many  traction  ^ 

j^       stocks  show  good  increases  indicating  much  activity.    The  year's  earnings  of  all  transportation  L, 

^j       companies  furnish  proof  of  prosperity.    1896  investments  will  likely  prove  as  profitable  as  those  in  -J- 

f ormer  years.  !> 

Dividend  Rbcord  of  10  Activb  Stocks  for  Ybaks  Named.  2 

1895  1894  1893  1892  1891     '     1890  1889  1888  1887  1886       r\ 

O        New  York  Central 4)^  5  5  5^^  4>^  4W  4  4  4  4  Zl 

Q        Canada  Southern ^H  ^  6  3  2>|  8j|  2}4  2}^  2%  0  in 

Northwestern 4t3  66666666CO 

Burlington 4  454  5  6  4W5  4  5  8  8" 

Rock  Island. 2  31^  4  4  3  4  4  &%  7  7 

St.  Paul 3442000  2U  55 

Jersey  Central 5>^  777  6>^  62000 

Missouri  Pacific 0000344  oj^  77 

Louisville 00445  t6  5500 

Western  Union 5  5  5  •IS  5  6^  5  IM  2  .. 

Sugar 12  12  2\%         lOU  4  0  0  0  0  .. 

Chicago  Gas 2%  %  4>^  5J^  8  3  4 

1 1.8  of  IIWO  and  all  of  1889-^  in  stock.  •  10  per  cent  stock  in  1882,  ^extra  in  1890.  t  Change  of  dividend  dat«. 


^         CLAPP  ft  COMPANY.  BANKERS  AND  BROZEES,  NEW  YORK,  WEEKLY  MARKET  LETTER. 

Cotton. 

In  1862-3  the  crop  was  6,992,340  bales,  37  ^  of  it  came  in  sight  after  January  1.  In  1890-1  the 
crop  was  8,652,697  bales,  and  32  ^  came  in  sight  after  this  date  ;  in  1894,  from  a  crop  of  9,951,000 
only  about  31  ^  came  in  sight  after  this  date,  and  for  an  average  of  10  years  past  only  about  27.65  ^ 
has  come  in  sight  the  last  eight  months  of  each  crop  year.  These  averages  inaicate  possible  receipts 
the  balance  of  this  crop  year  may  be  1,700,000  bales,  to  2,500,000  bales.  The  amount  in  sight  to  date 
equals  about  4,975,000  bales  ;  add  the  minimum  percentage  yet  to  come  in  sight,  and  this  crop  will 
li&ely  be  6,675,000  bales  ;  if  the  maximum  it  will  likely  be  about  7,475,000  bales.  During  the  past 
decade,  the  smallest  movement  in  January  was  453.985  bales  in  1884,  and  the  largest  1,001,440  bales 
in  1895.  In  January,  1887,  the  cotton  coming  in  sight  was  662,554  bales,  from  a  crop  of  6,513,263 
bales,  or  10.17^  of  the  crop.  In  January,  1893,  only  565,752  bales  came  in  sight,  or  only  8.44ji. 
Should  this  January  show  700,000  came  in  sight,  we  think  lower  prices  are  likely  to  follow.  The 
visible,  December  27,  was  4,092,314  bales,  and  734,437  bales  less  than  year  previous,  when  it  was 
near  the  maximum  amount.     It  is  335,024  less  than  December  27,  1892. 

Exports  September  1  to  December  27,  1895,  were  2,074,801  bales,  against  3,406,702  bales  same 
time  in  1894,  and  for  the  eight  months  ending  August  31, 1884,  they  were  1,642,268  bales,  and  for  the 
same  time  in  1890,  1,921,979  bales,  and  in  1893,  2,077,971  bales,  andfor  last  season  same  time,  3,220,- 
209  bales.  Exports  last  January  were  1,095,106  bales  ;  in  January,  1894,  they  were  767,784  bales  ;  in 
January,  1893,  444,539  bales.  If  over  600,000  bales  this  January,  we  think  it  may  be  considered  a 
bull  feature.  Ordinarily  January  exports  exceed  the  amount  coming  in  sight,  while  each  of  the 
previous  four  months  show  gains.  Spot  sales  in  New  York  Cotton  Exchange  the  past  year  were 
279,041  bales,  against  260,834  bales  in  1894  and  421,000  bales  in  1893  and  345,000  bales  in  1892.  Of 
futures,  52,801,400  bales,  against  30,308,600  bales  in  1894  and  56,632,000  bales  in  1893  and  44,414,000 
bales  in  1892. 

Wheat. 

Ordinarily  about  one-third  our  crop  reaches  primary  points  and  an  equal  amount  is  exported  in- 
dicating foreign  buying  equals  our  surplus  be  the  crop  large  or  small.  Ordinarily  34)4  per  cent,  of 
our  crop  reaches  primary  points  before  January  1,  and  70  per  cent,  of  primary  receipts  reach  the 
markets  before  January  1.  The  milling  in  northwest  has  increased  largely.  Flour  stocks  are  re- 
ported small.  Exports  of  flour  have  not  increased  in  proportion  to  the  milling  output.  Spring  wheat 
flour  is  finding  a  market  in  winter  wheat  centers.  Chicago  is  shipping  wheat  to  Texas  mills  and 
7  adjoining  states. 

Minneapolis  and  this  city  pay  higher  prices  for  March  wheat  than  for  May  delivery.  Cash  wheat 
in  all  markets  commands  a  large  premium  over  futures.  Ordinarily  we  export  more  winter  wheat 
flour  than  spring  flour.  This  season  the  custom  is  likely  to  be  reversed.  The  apparent  consensus 
of  opinion  appears  to  indicate  the  1895  crop  equals  that  grown  in  1894,  and  visiole  and  invisible 
stocks  about  equals  those  a  year  ago.  Mr.  Thoman  estimates  the  amount  of  wheat  in  first  hands 
equals  235,000,000  bushels,  against  207,000,000  a  year  ago.  Export  clearances  last  week  were  the 
largest  on  the  crop.  The  foreign  demand  the  coming  60  days  will  likely  control  values,  and  crop 
prospects  later  on,  govern  the  world's  markets. 

Corn. 

The  world's  crop  was  never  larger.  Quality  seldom  better,  or  the  American  export  demand 
greater.  Prices  are  lower  in  Chicago  than  since  the  civil  war,  and  at  consuming  centres  lower  than 
records  indicate.  Cribbers  are  competing  more  strongly  for  the  growers'  corn  than  ever  before. 
Prices  in  commercial  corn  States  often  rule  higher  at  country  stations  than  at  central  points, 
indicating  great  faith  in  future  values  if  carrying  charges  can  be  reduced  to  a  minimum  point, 
speculative  sentiment  is  the  reverse  of  a  year  ago,  and  prices  about  half. 

Provisions. 

The  marketing  of  hogs  continues  in  excess  of  consumption  and  speculative  wants.  Low  priced 
com  through  the  United  States  indicates  plenty  of  fat  hogs  in  due  time.  Chicago  stocks  are  liberal, 
speculation  light.  Export  and  domestic  demand  good,  but  not  aggressive.  Total  packing  to  Decem- 
ber 25th,  3,705,000  hogs,  against  3,650,000  hogs  same  time  last  year. 

Wishing  all  a  happy  and  prosperous  New  Year,  we  remain  yours  very  truly, 

CLAPP  &  COMPANY. 

P.  S.— This  letter,  and  52  preceding  it,  will  be  bound  with  other  valuable  statistics,  in  our  usual 
form,  as  " Clapp  «&  Company's  Souvenir  of  1895."  It  is  a  detailed  statistical  record  of  "Leading 
American  Exchanges"  and  United  States  finances,  commerce,  banking  and  production.  Sent  ai>plj- 
cants  free  on  receipt  of  $3.00. 

Please  allow  a  neighbor  to  keep  this  and  send  for  another. 

-   228 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  WEEKLY  MARKET  LETTER. 


Total  Sales  during  1895  of  each  of  214  Stocks  listed  on  N.  Y.  Stock  Exchange,  with  comparisons. 


Sales,     ing. 

Adams  Kxprcss 6,046    141 

Albanr  Jl  Susquehanna..  2    KO 

Alton  &  Tene  Haute. . . .  18,99.1      37 

American  Coal 44 j      95 

Auiericau  Coitou  Oil....  158,118      23 

do.                       prof.  89,986      68 

American  Express 9,.')07    111 

•Am.  Sptg.  Mr(;.,whenlA».  2,*W      15! 

•  do.  pref.,  when  is!«.  1,1'At      49 
•Am.  Si'|{arRenueries..lO,88-),14I      8;) 

•  do.                     pret.  1I1,:W9      90: 

Am.  1VI.  *  Cable  Co 8,4.%     W, 

A  mericiin  Tobacco 3,578,4  10      99 

do.                       pref.  27,991     iaS5 

•Ann  Arbor  pf, when  iss.  ],4(i4      85 
tA'.ch..  Top.  i  Santa  Fe.2,14C,KU.'J        4! 

•  do.    pref.  wlieu  US.  84.2.S4      81 

Atlantic*  PaciHc 29,2.52          1, 

Ualtiuiore  A  Ohio  13.S.882      KV, 

U.  .1  O.  Southw.  pref 8,012       4- 

•  Bay  Stats  Gas 109,4(iS      2J 

Boston  Air  Line  prof....  151     10:1 

•Brooklyn  Elevated lOJ      21) 

•Brooklyn  Traction 200      17! 

Brunswick  Company....  S^SOI         1! 

buff.,  RocU.  &  I'lttsbure.  3.997      22 

do.                       pref.  374      58 

Bur.,  Ced.  Rap  &  Nor. . .  29      45 

Canada  Soulliern 218,129      49 

Canadian  Pacific 89,747      59 

Cedar  Falls*  Minn 1,965       6 

Central   Pacific 20,3.58      14 j 

Cen.  &  So.  Am.  Tel 28    122 

Chesapeake*  Ohio \K,W)6      17) 

Chicago  &  Alton I,2:i5    147 

do.                     pref.  163    168 

Chicaeo  4  Eastern  111...  87,811      50 

do.  pref.  26,456  90 
Chi.  Gas  Fid.&C.  Tr.  Rts.4,70G.10O  74? 
Chicago.  Bur.  &  Quincy. 3,112,140  71 
Chicago  Jt  Northwest.. ..1,:W5,6.50      96? 

do.                      pref.  12,912    144} 
Chic,  Mil.  A  St.  Paul. . . .4,8iG,9:«      SG), 

do.                       pref.  47,156     118 
Chic,  Rock  I.  4  Pacific.  .1.715,553      61) 

Clev.,  Cin.,  Clii.  &  St.  L..  273.-538 

do.  pref. 

Clev.,  L.  &  Wheel,  pref.. 
Cleveland  &  Pittsbure... 
Col.  Coal  &  Iron  De»el.. . 
Colorado  Fuel  Si  Iron.... 

do.  P""^'- 

Columbus  &  Hock.  Coal. 
Col., Hock.  Val.  &Tol... 

do.  pref. 

Commercial  Cable 

Consolidation  Coal 

Consolidaied  Gas  Co 180.030 

Delaware*  Hudson 248,232 

Del.,  Lack.  A  Western...  157,2)4 

Denver  &  Rio  Grande. . . .  15,465 

Do.                       pref.  105.356 

Des  Moines  &  Ft.  Dodge..  81,655 

Do.                     pref.  683 

Detroit  v*as 6,390 

tDKstiirg  <S  Cattle  Feed'e3,558,496 

•Duluth  S.  S.  i  A 9,917 

•  Do.  pref.  5,:«0 
Edison  Elec.  HI.  of  N.  Y..  25,.5.34 
Edison  Elec.  III.  of  Bkn..  475 

Eri8  Tel.  &  Tel 28..'i84 

Evansv.  A  Terra  Haute..  8,250 

Do.                     pref.  118 

FUnt  &  Pdre  Marquette..  23,313 

Do.                       pref.  5,974 

General  Electric 1,422,043 

Do.               pref 10 

Great  Northern  pref 11,900 


Open-  Hif/U- 


9,213 

19,201 

253 

47.718 

16«,641 

2,413 

3.i,107 

15.5,:J89 

4,G2o 

1,251 

.3,120 


Green  Bay  &  Win.  t.  r. 

Do.  pref.  t.  r. 

Harlem 

Homes  take , 

Houston  &  Texas , 

Illinois  Central 89,628 

Illinois  Cent  leased  line..  46 

Illinois  Steel  Co 42,201 

Ind.,  lU.  A  Iowa 3,390 

Int.Conduit  A  Insulating.  1,171 

Iowa  Central 6.5,947 

do.                      pref.  20,153 
Kanawha  A  Michigan. ... 
Keokuk  A  Des  Momes... 

do.  pref. 

Kingston  A  Pembroke... 

Laclede  Gas 14.3,092 

do.                     pref.  15,052 

Lake  Erie  4  Western....  203,126 

do.                     pref.  79.030 

Lake  Shore 137,025 

Long  Island 110.035 

tLong  Island  Traction...  22.1,26« 
Louisville  A  Nashville. .  .1,:»8.057 

Louis.,  New  Alb'y  &  Chic.  138,717 

do.                       pref.  134,517 

Louis,  St  Louis  A  Texas.  400 

Manhattan  Beach 3.420 

Uauhattau  Cou 629,7li6 


14,922 
10,513 
401 
1,210 
2.510 


2,429 

2,417 

455 

600 


145 

127 
67^ 
8GI-2 


84  tI 
5^ 


^ 


265 
27 

3X 
93 
90 
63X 
19 
41)4 


23!^ 

38 

19" 

289i 

9H 

10 

IH 

t 

8 

6 

8 

8 

15^ 

17H 

15V4 

17H 

8 

3 

8 

3 

26;i 

&iH 

Uii 

19% 

84)4 

92 

79 

81 

16V, 

28 

15)i 

19« 

71 

85 

61 

63 

134!^ 
88V4 

153  !< 

vu% 

141 

»<y4 

83 

84  )i 

12V^ 

22 

6 

17W 

53^ 
6^ 

6rM 

lOK 

39 

6 

li 

2m 

29'^ 

15X 

IH 

IH 

1 

1 

2'^ 

2H 

51.4 

1U5^ 

un'4 

95 

l(t% 

•Unlistad. 

An.vf, 

1 

1WI4.  Adv.Dem.  \ 

Ui      .. 

2 

108        4 

,  , 

37%  24% 

.. 

go     10 

,, 

23       .. 

6)« 

08       .. 

8 

112          Vi 

•• 

89%  13^ 

•• 

90        7 

,, 

93      . . 

m 

109iJ2.. 

21 V^ 

8% 

il4  10!^ 

.. 

1     .. 

% 

61       .. 

6       .. 

"S 

21 '4     2% 

100)4     4% 

.. 

13        8H 

,, 

16«       % 
2^  .. 

., 

1« 

20         H 

65        6 

,, 

45        9 

,, 

49       .. 

9i 

60      .. 

9 

5>4    2 

.. 

H        1% 

,. 

119        8 

17^.. 

1% 

147      IS 

160      20 

,, 

50       .. 

OK 

97H    2% 

74       .. 

»H 

71        6)6 

97        2M! 

,, 

um    IV* 
5G%  12"^ 

,, 

,, 

118        9 

,, 

61%    6 

,, 

3«V<j  .. 

2 

82J6    7)i 

•• 

154^  14% 

.. 

26       .. 

1 

75      14 

.. 

5       .. 

2'^ 

17%.. 

m 

60       .. 

4 

150      25 

31)^   .. 

1« 

131       17^ 

126 '-i  .. 

2)4 

100%  .. 

IH 

11^4     1)4 
83'4    9% 

., 

5^      )i 

,, 

34        6 

•  • 

10       6% 

•* 

4^.. 

,, 

13       .. 

'•2% 

101        .. 

7 

111^   .. 

S^ 

51)4  11 

40       .. 

10 

16X  .. 

2l4 

44)^  .. 

34%  .. 

70       .. 

5)4 

102)^  115i 

.. 

i'':: 

^ 

259        6 

17      10 

mH    9)i 

•• 

90       .. 

•• 

63)f  '.'. 

12" 

i""'^ 

•• 

6%  .. 

K 

13        4« 

*■ 

2        1 

,  , 

26       .. 

6% 

84  ;i  .. 

8V4 

16)4     3H 

7l)-4  •■ 

8)4 

134^     (^ 

88       .. 

3H 

12%    4% 

&i%  . . 

»% 

7%      Vi 
21^4   • 
1%  .. 
2^4     2)4 
105 


1% 

H 


Maryland  Coal  pref. . 
•Metropolitan  Tracti 


2.909 

1,544 

880 

96,377 


32.5:« 

4.885 

21,485 

1,133 

296.837 

17,114 


355.293 

IMO 

69.2.59 

29,990 


Sales 

2.37 

poll  tan  Traction..  23,364 

Mexican  Central 11,770 

MfXican  National  ctfs...  89.933 

•Mi-xican  Nat  Constr...  750 

Michigan  Central 45,680 

Michigan  Peninsula  Car.  9.'>0 

do.                       pref.  673 

Minneapolis*  St.  Louis..  122,002 

do.                Ist  pref.  24.78;! 

do.                 2d  pref.  78,.551 

Minnesota  Iron 40..582 

Missouri,  Kansas  A  Tex.  150.305 

do.                      pref.  6:«,878 

Missouri  Pacific 1,256.460 

Mobile  &  Ohio 86,702 

Morris  A  Essex 5,301 

Na.sh'lle,Chat  &St.  Lou.  7C8 

•National  Lead  Co 453,160 

•  do.                      pref.  28.320 

National  Linseed  Oil 57,593 

National  Starch 11,872 

do.               1st  pref.  4.105 

do.  2d  pref. 

New  Cent  ral  Coal 

New  England 

New  Jersey  Central 

New  York  Central 288,-589 

N.Y.,  New  Haven  A  Hart.  4,145 
N.  Y.,  Chicago  A  St.  Lou. 

do.  1st  pref. 

do.  2d  pref. 

N.  Y.,  Lackaw'a  A  West. 
t.V.  Y.,  Lake  Erie  A  West. 
t         do.  pref. 

N.Y.ANewEng.allin.pd.  48:3,863 

N.  Y.,  Susque'ua  A  West.  170.638 

do.  pret. 

Norfolk  Southern 

Norfolk  A  Western 

do.  pref. 

North  American 246,784 

Northern  Pacific 201,219 

do.                      pref.  841,410 

Ohio  Southern 2,2;J0 

Ontario  Mining 1.968 

Ontario  &  Western 276,265 

Oregon  Improvement....  17,568 

Oregon  R'y  A  Navigat'n.  16,449 

Oregon  S.  L.  A  U.  N. 20,679 

Pacific  Mail 670,010 

Pennsylvania  Coal 632 

Peoria,  Decatur  A  Evans.  43,200 

Peoria  &  Eastern 7.712 

Philadelphia  &  Reading..4,123,938 

P.,  C,  C.  A  St.  L 68.698 

do.                    pref.  30,570 

Pitta.,  Ft.  Wayne  A  Chic  460 

do.                         sp.  15 

Pittsburg  &  West.  pref..  19,095 

Pullman  Palace  Car  Co.  55,816 

QuicksUver 7,800 

do.                    pref.  8,120 

Rensselaer  A  Saratoga..  278 

Rio  Grande  Western 9.905 

do.                    pref.  9,411 

Rome,  Watertown  A  Og.  4,381 

St.  Joe  A  Grand  Island. .  800 

St.  Louis  Southern 200 

St.  Louis  Southwestern . .  117,271 

do.                      pref.  285,015 

St.  Paul  A  Duluth 6,3:38 

do.                     pref.  8.147 

St.  Paul,  Minn.  A  Man...  7,463 

St.  Paul  A  Omaha 191,185 

do.                     pref.  8,202 

Silver  Bullion  certs 1,892,000 

Southern  Cotton  Oil 600 

Southern  Pacific 128,985 

Southern  KaUway 764.822 

do.                     pref.  777.808 
Tennessee  Coal  A  Iron. .  .1,440,527 

do.                    pref.  4,307 

Texas  Pacific 864.277 

Tol..  Ann  Ar.  A  N.  Mich.  35,800 

Toledo  A  Ohio  Central. . .  1.919 

do.                     pref.  1,777 

•Tol.,  St.  L.  ft  Kan.  City.  6,070 

•  do.                      pref.  530 

Union  Pacific 261.109 

Union  Pac.  Den.  A  Gulf.  59,163 

tU.S.  Cordage 877,290 

t         do.                      pref.  177.987 

t         do.                     Rtd..  105.1.55 

United  States  Express . . .  6.612 

•United  SUtes  Leather. .  646,162 

•  do.                    pref.l,060.4.>3 
United  States  Rubber....  82.S18 

do.                    pref.  61.852 

Wabash 134..VU 

do.                      pref.  730,71  S 

Wells-Fargo  Express 4.676 

•Western  Union  Beef 19,545 

Western  Union  Tele I,07fl.0:i6 

Wheeling  A  Lake  Erie. . .  8U5.:VM 

do.                       pref.  66,646 

Wisconsin  Central 20,625 


Open- 
ing. 
60 
101)^ 
8 

1% 
11 
95 
20 
.52)4 
14 
79 

■i'M 

40 

12^ 

26-M 
15)2 
102 
64 
87 
84)4 
18% 
6 
40 
20 
6 
50 
89)4 


mgh- 
ent. 

60 
114% 

14)1 
4 

14 
10:3 

Zi 

63 

2694 

88 

62 

72 

19 

41 

4')4 

27 
171)4 

81)4 

88 

94>/4 

81H 

12 

69 

32 
9 

61 
116^ 
10^% 


Low- 

eat. 

50 

7 

% 
10 
91 « 
20 
62)4 
14 
78 
».<}< 
89% 
9)4 
IK'4 
1H% 

(54 
17X 
73 
15 

5 
85 
15 

6 
45 

90 


Last, 

1895. 
60 
99% 

9 

1 

10 
95 
21 
Ki 
17% 
78 
45)4 
63 
II 

25% 
26 
Zi 
167 
78 
25)4 
85 
20% 

6 
45 
23 

7 

45)4 
9!l)| 
90% 


t  Ineludins  1st,  Sd.  3J,  and  all  instaUmaots  paid. 

2-."J 


198 

218 

174 

180' 

13 

18)4 

10 

11% 

70 

75 

65 

72 

27)4 

34)4 

20 

22 

116)4 

119 

"^^ 

119 

10 

15?6 

14% 

21 

29% 

16 

'■i^iH 

32)4 

29 

54 

U'A 

14  H 

6% 

9 

40)4 

43)4 

19% 

21% 

58 

70 

68 

70 

5% 

6% 

15i 

1V4 

18 

19% 

8 

8 

3% 

7 

2% 

4% 

4 

8% 

2-4 

3% 

10% 

27 

10% 

1'-^ 

14 

19)4 

4 

10 

kU. 

10% 

8% 

8 

15% 

I'M 

liv^ 

13% 

11 

14% 

3 

3)4 

19% 

32 

17 

26 

6 

11% 

3« 

8 

22 

:34!4 

20 

26% 

310 

340 

810 

840 

■^ 

io4 

2 
2 

8 

6% 

13)6 

22% 

4% 

5 

15;>* 

2x:'/4 

12 

14% 

45 

60% 

43M 

54 

100 

169 

157V4 

169 

150V6 

]5(J/, 

1.50 

150 

3:1  K 

-34  V4 

18 

18 

154 

178% 

146 

155 

2 

4% 

2 

2% 

12% 

20 

12)i 

18 

180 

189 

178 

189 

15 

22 

15 

22 

30 

46)4 

30 

42 

115% 

120 

112% 

120 

2 

2)4 

2 

96% 

96)4 

9GV4 

96)4 

4% 

9V4 
19% 

4Hl 

5« 

9 

8 

11 

23 

35% 

23 

28)4 

9o^ 

95 

86 

86 

'^ 

110% 
46 

104 
28% 

115 

a5% 

no 

123  )f 

104 

116 

60 

6'^% 

60 

68 

41 

42 

41 

42 

19!i 

26% 

16% 

^^ 

10% 

14% 

7 

f5^4 

44)1 

22 

28 

46% 

13% 

28% 

74 

102% 

74 

100 

9V, 

14% 

6% 

8 

2% 

4% 

% 

% 

41 

49 

84 

85 

78 

81 

70 

72 

6% 

11 

6 

7 

15)4 

20 

15% 

17 

11 

17% 

4 

4 

?^ 

f^ 

''^ 

^ 

12 

2«>% 

17 
»5% 

•^ 

21 

43 

50 

42 

42 

10V4 

24)i 

7 

10% 

6^ 

97% 

68 

6^J% 

45 

48 

21 

20% 

94)4 

98)4 

75 

84 

6 

lOVa 

5 

i^y* 

!■<% 

26)4 

12% 

16>i 

108 

111)4 

91)4 

95 

8 

13 

7 

8 

9-5% 
1(<% 

"^^ 

f^ 

41% 

"M 

29 

»-|Vi 

S 

•    2% 

8% 

Last, 

lH\)4.Adv.Dec 
.50       . . 

1W%  ..        4% 
7        2.. 


98%  .. 
55      '8 


3% 


40  23 

13  .. 

22  3% 

27)4  •■ 

18)4  4% 

161%  6'A 

60  12 
87% 


87% 
18 

6 
45 
86 

7 


2% 


1% 


11% 
2% 


12 


9% 


89% 
98% 

195 
13)4 
71        1 
28%     . 

116        3 
10)4    4% 
23  % 

32)4  21% 


1% 
15 
1% 

6% 


14)4 
42 
64 
5% 
17 


1 


10% ;; 

10    .. 

15!^  .. 

11%  .. 

20        6 

6-%  .- 
22)^    4% 
275      05 
3%  -- 
2%    2% 
13%  .. 
16       .. 
45%    8% 
158      11 
150      .. 
34       .. 
154        1 
1%      % 
14        4 
181        8 
16%    5% 


5)4 

4% 
9 

*4 

6% 
2 

2i4 
7% 

% 


m 


16 


117 


96  % 

4%  % 

9V4  IK 

li  *^ 

88  .. 

Ill  4 

32%  3% 

111)4  *H 

64%  39| 


19        1% 

10%  ..  1% 

86)1  ..  Sii 

15%  12%  .. 

«2L6  37)4  . . 

9!^  ..  1% 

2)4  ..  2 

46       ..  11 

75       ..  8 

2        5.. 

7       10 
11%  .. 

3Va    1 


7% 


?^ 


12 

20%       % 

41         1 


«il|l 


1% 


CLAPP  &  COMPAirr,  BAira[£RS  AND  BROKERS,  ISTEW  TORE.  WEEKLY  MARKET  LETTER. 


QnotatloDS  for  Stocks,  Cotton,  Grain  and  Provisions  for  Week  ending  January  1,  1896,  and  tor  DecemliGr,  1894 

Par  valae  of  all  stocks  $100.  except  D.,  li.  &  W.:  P.  A  E.  and  Am.  Tobacco  Co., 


FROM    NEW    YORK    STOCK    EXCHANGB    OFFICIAL    RECORDS    OP    HI6HBST    AND    LOWEST    PRICES    WITH    COMPARISONS. 


Wbbklt 
Sat^xb. 


7«5 

285 

180  347 

2.058 

^^.799 

S9.944 

4.946 

8  814 

7805 

5  422 

Bl  125 

89  242 

141.996 

6S3 

19  882 

4.845 

10.914 

136 

8.720 

800 

4.078 

1812 

2.962 

4.6n8 

2.S.403 

&284 


289 
8.600 
1.815 
1914 
8.585 
81.020 

6  148 
560 

14.635 

t2°.04S 
4. '^60 
1.458 
2.321 
8.600 

8.995 
4.639 
6.070 
1.170 
1.887 
8090 
1.110 

83.579 
610 

42.000 
1.400 

7  267 
15.194 
17.560 

4.524 

6.765 

4.160 

titH 

2.3.30 

6,897 

1.245 

1.644 

9.459 

45.187 

82.106 

960 


Capttai. 

Stock. 


120,287.100 
10,198,600 
36.968,000 
86.968.000 
17,900,000 


25,000,000 
15,000.000 
22,488.000 
60.805,400 
82.002,700 
24,885,800 
46,027,261 
25,923,900 
48.156.000 
18.659.360 
39.054,907 
22,336  170 
88  000.000 

4  890,000 
36,480.060 
26,200,000 
85.000.000 
38  000.000 
85  000  000 
30,460,000 
85,000,000 

8,000.000 
SO.000,000 
10,000,000 
11,840.000 
11,840,000 
49,466.500 
52,800,000 
30,000,000 
18.788,204 
18.000.000 
47,844.100 
47,436. 576 
14,906,400 
14.904,000 
89,428.300 
77,427.000 
20.000,000 
58.119,982 
18  000.000 
89,767,200 
49,000,000 
89,269,516 
80.000.000 

8,500,000 
40.426,861 
86,000,000 


DmsnrD  Rbcobd. 


Pays  8po  J-D 

Pays  3po  O-J-A-J 

Pays  3v^pc  J-J 

Pays  8pc  FMA-N 


Kaxxs  ov  Stock*. 


Paid  200  1895 

Pays  ikpt!  F-A 

Pays  1)4po  P-M-A-N... 


Pays  Ipc  M-J-S-D 

Pays  Ipc  M-J-S-D 

Paid  IDO  Oct.  1895..  .. 
Pays  7  PC  Per  Ann  am. 
Paid  >4pc  Deo.  1895.... 


Paid  8i^po  Dec.  1895. 
Pays  l?:,pc  M-J-SD.. 
Paid8po  m  1893 


Pays  2po  M-J-S-D.... 
Pays7po  perannam. 
Pays  7pc  per  annum. 


Paid  2pcAufri;  St  1898. 
Pays  5pc  per  annum. 


Pays  SQ^pc  M-S. 


68.402,900 
125.000,000 
60.000,000 
19,850,000 
38,710,900 
60,868,.500 
61609  900 
60,909.900 
80.166.000 
6.P00.000 
8,000,000 
88,000,000 
24.000,000 
94,820,000 
10,000,000 
4.500,000 


Pays  IJ^pc  F-M-A-N. 

Pays  8pc  PA    

Paid  2pc  August  1893. 
Pays  i^po  J-A-J-0.. 
Paid  2pc  in  Deo.  1895. 


Pa1d3pc  1891 

Paid  Ipo  in  Oct.  1895. 
Pays  J9ipc  M-J-S-D.. 
Pays  Ipo  J-A-J-O... 


Paid  l^pc  Nov.  1893. 


Paid  Ipo  April  1892., 
Paid  ipo  In  1887..., 


Pays  2po  F-M-A-N. 


Paid  Ipc  in  1887. 


Paid  8^pc  In  1884. 


Pays2pc  Nov.  1895... 
Paid  2^po  March  15, 1895 


Pays  IHpo  J-A^-0. 


Paid  Ipc  in  Feb.  1894. 


Amencan  Cotton  Oil 

American  Cotton  Oil  Pfd 
Am.  Sugar  Refining  Co- 
Am.  Sugar  Kefining  Co  Ft. 

.  American  Tobacco  Co 

.  Atch.Top.  <fe  S.  F.  all inapd 

Baltimore  &  Oato  

Canada  Soutbem 

Central  of  New  Jersey.... 

Chesapealie  &  Ohio.   

Chicago.  Bur.  &  Quincy.. 
Chic  Gas  Cos  Cent  Tr  reots 
Chicago,  Mil.  &  St  PanL . . 
Chicago  Mil.  &  St  Paul  Pfd 
Chicago,  R.  I.  &  Pacific... 
Chic.  St  Paul  M.  &  Omaha 
Chkcago  &  Nortfiwesiern. 
ChicaKO  &  Northw'n  Pfd 
Clere..  Cin..  Chic.  &  St  L. 
Col  Hockng  Valley  &  Tol 
Consolidated  Gaa  of  N.  Y 
Delaware.  Lack 'a  &  W'n 
Del..  &  Hudson  Canal  Co 
Denver  &  Kio  Grande  Pfd 
Dis  &  C  F  Tr  Co  ct  all  m  pd 
General  Electric  eo... 
Great  Norttiern  Pfd.... 
Green  Bay  W  &  St  P  Tr  Reo 

lllmois  Central 

Laclede  Gas  Co.  of  St  L 
Lake  Erie  <&  Western.  . 
Lake  Erie  &  Western  Pfd 
Lake  Shore  &  Mich.  So'n 
Louisville  &  Nashville.. 
Manhattan  R'yConioI.. 

Michigan  Central 

Mo..  Kansas  &  Texas  Pfd 

Mexican  Central 

Mi.«souri  PaoiUo 

Nauonal  Lead  Co 

National  Lead  Co  Pfd.. 
N.  Y.  Cent'l  &  Hudson  Riv 
NTLXAwjpucobtad  inpd 
N  V&N  E  tst  CO  cti  all  in  pd 
N.  Y  Ontario  &  Western.. 
N.  Y.  SUSQ.  &  W'n  Pfd.... 

North  Amencan  Co 

Northern  Pacific  

Northern  Pacific  Pfd 

Pacific  Mail  S.  S.  Co 

Peoria.  Dec  <fc  Evansville 
Philadeli)hia  &  Heading.. 
Pullman's  Palace  Car  Co. 
Silver  Bullion  Certificates 

Southern  Pacific  Co 

Southern  Railway 

Southern  Railway  pfd... 
Tenn.  Coal.  Xror  &  K  R  Co 

Texas  &  Pacific 

Union  Pacific 

U  S  Leather  Co 

U  8  Leather  Co  pref 

United  States  Rubber  Co. 
U  S  Cordage  Co  Tr  Co  ctfs 
U  S  Cordge  Co  pfd  Tr  Co  ct 

Wabash 

Wabash  Preferred 

Western  Dnion  TeL  Co.. 
Wheeling  &  Lake  Erie... 
Wheeling  &  Lake  Erie  PM 


Total  sales  of  all  Stocks  each  day  and  for  the  six  days 8,198.586 


1895 
1894 


COTTON.  In  ba  es. 
World's  visible. 
4  002.314 
4  826.751 


ToUl  Id  slghttl  Total  Export*. 
4.795.604  2.074.801 

6.820,962        I        8  406,708 


N.  r. 

OoUoa 


'  December. 
January  . 
February. 
March.  ... 


WHEAT,  in  bushels. 
I    U.  S  Visible.     IPrimary  rec'ts*!  Total  Exports. 
1895         89.958.000  119.000  000  66  000.000 

189l|        68  561,000         I     119CO0U00  78.000.000 


^«^t  ■{Mr,""''*""' 

Com...j;g|^y«°^)>^^r. 


CORN,  in  bushels. 
I     U.  S  Visible. 
1895  5.817000 

1S94|         9.0.'i0  OOU 


I^rlmary  rec'ts*!  Total  Exports. 

58  000.000  88  345  440 

43.000,000  6.038  171 


Chicago  I  December. 

Wheat.  (May 

Cinm      i  December, 
^"•••iMay 


OATS,  in  bushels. 
I    U.  S.  Visible. 

1895  C.468  000 

ld94|         9,062  000 


N.  Y.  Stocks, 
1.888  596 
l,6«4.5a6 


Chgo.  stocks. 

544  000 
1,678  000 


Oats...]  December. 

I'o^-liuy"^-:: 


1895 
1894 


LARD-tcs. 

World'sviB. 
230.000 
141,000 


CHICAGO  CONTRACT  STOCKS. 

PORK-bbls,|  LARD-tcs.  l  RIBS-lbs. 

80.406  89  022        12.ti2;l230 

62.3^4    I  13,284    I  17,996,790 


La^    ^January. 


I  May. 


Ribs 


I  January. 


(May 


1895 
1894 


OaO)  PORK,  Chgo.-bbls. 
...       bb&. 


WHEAT  on  passage. 
J6.640.000  bush. 
80.224,000    " 


CORN  on  passage. 
8.88O.00O  bush. 
4.672.000    " 


Russian  Shipmts.  for  wk. 
1.304.000  bush. 
1.090,000    " 


Indian  Shipmts.  for  wk. 
152.000  bush. 
180.000    " 


Argentine  Shpts.  for  wk. 
176,000      bush. 


t  Slnoa  Aug.  81.    •  Slue*  June  80.  CompiUd  and  CopyrighUd  by  CLAgP  &  COMFAlTr,  BANKERS,  MILLS  BUILDING.  NEW  YORK 


fIDontMig  Bon^  %\&u 


Copyright,   1999,  hy  Ctapp  S  €0mpanff, 


0.  W.  C'.ArP. 
Dwi^HT  0.  Q\^J^. 


CLAPP  &  COMPANY, 

Bankers  ajid  Brokers, 
MILLS  BUILDING,  N.  Y. 

■NTHANOHSt    35   WALL   STREET,    15   BROAD   STREET    AND    66    EXCHANGE   PLAOB. 
OPPOSITE   THE   NEW   YORK   STOCK   EXCHANCrE,   IN   THE   HEART    07   THE   BANKINO   OENTRB. 


C  277  BROADWAY,  Corner  Chambers  Street. 
-^   621  BROADWAY  (CABLE  BUILDING,  CoRNiR  Houston). 
Offices:  ^  ^^^  piFTH  AVENUE,  Corner  58th  Street. 

JANUARY    6,    1896. 


PRIVATE  TELEGRAPH  WIRES. 
LONG  DISTANCE  TELEPHONE. 
CABLE  ADDRESS:   "02R0.'!^ 


We  respectfully  solicit  Commission  orders  for  the  purchase  or  sale  of  Stocks,  Bonds,  Cotton,  Grain 
and  Provisions. 

Our  private  wire  facilities  are  unsurpassed  to  all  New  York,  Chicago  and  Western  Exchanges. 
Close  relations  to  important  interests  enable  us  to  give  early  and  valuable  information. 

A  General  Banking  Business  conducted.  3  %  interest  allowed  on  Average  Daily  Balances 
credited  Monthly.  City  and  Country  Accounts  solicited.  Collections  free  to  Customers.  We 
offer  herewith  our  January  list  of  approved  securities,  active  on  the  New  York  Stock  Exchange,  and 
solicit  orders  for  purchase  or  sale  for  cash  or  on  margin.  ^r  a  pp   <x.  roMPANY 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  MONTHLY  BOND  LIST. 


Date  Issued. 

NAMES. 

Amount  of 

each  Bond. 

Interest  Rate. 

Date  when  Due. 
Default,  if  any. 

REJIARKS. 

1893 

189S 

Amount 
Outstanding. 

High. 

Low. 

Last  Sale. 

1887 
$18,704,000 

Atlantic  &  Pao.  trust  certs. 

; 

$1,000 
4  gold 

January  1,  1937 

Last  coupon  paid 

July,  1803 

$16,000,000    Western    Division 
Ist  mortgage  bonds,  $2,794,- 
000    Central      Division     Ist 
mortgage   bonds.    $2,524,150 
coupons. 

One-half  each  bond  is  guaran- 
teed by  the  Atchison  Co.  and 
St.  Louis  &  San  Francisco  Co. 

Guarantors  hold  2d  mortgage 
on  602  miles  road.     Reorgani- 
zation in  progress  likely  suc- 
cessful. 

51K 

43 

Dec.  8,  1895,  48 

1893 
$80,000,000 

Atchison,  Top.  &  S.  Fe  2d» 

♦Trust  Co.    certs.,    install- 
ments paid 

$500 
3  &  4  gold 

July  1,  1989 

Last  coupon  paid 

October,  1893 

2d  mortgage  and  prior  lien  on 
income. 

Reorganization    provides    for 
foreclosure  and  payment  at 
113  in  preferred  stock  5%  n.  c. 

Assessment  is  only  4%  or  $30 
each  bond,  and   the  change 
should  pay  holders  well. 

^^H 

16 

Jan.  7,  20]4 

IS89 
$10,067,000 

Bait  &  Ohio  Southwestern 

$1,000 
4Ji  gold 

January  1,  1990 
AUpaid 

1st  mortgage  281  miles. 

Principal  and  interest  guaran- 
teed by  Baltimore  &  Ohio, 
and  so  indorsed. 

Baltimore  &  Ohio  gets  direct 
route    to    Cincinnati   &    St. 
Louis,  and  is  likely  to  absorb 
this  road. 

108 

106K 

Dee.  8. 1895, 
106  bid 

*  CpnitderBd  ipecuUtiTtk 
231 


t             OlAPf  &  COMPANY,  BANKEES  AND  BROKERS,  ITEW  YORK,  MONTHLY  BOND  UST 

—Continued. 

Date  Issued. 

NAMEa 

Amount  of 

each  Bond. 

iDterest  Rate. 

Date  when  Due. 
Default,  if  any. 

BEMASKa 

1893 

1896 

Amount 
Outstanding. 

High. 

Low. 

Last  Sale. 

1884 

$5,841,000 

Burlington,  C.  B.  &  N 

$1,000 
6  gold 

April  1,  1934 
Ah  paid 

Consolidated  1st  mortgage  1,134 
miles,    and    collateral    trust 
bonds  additional. 

All  its  lines  are  owned  in  fee 
or  else  by  ownership  of  all  the 
stock  of  companies  owning. 

The  Rock  Island  owns  consid 
erable  stock,  and  it  is  likely 
to  become  a  part  of  that  road 
in  time. 

103 

94;g 

Jan.  7,  99  bid 

1887 
$27,930,000 

Chic,  Burl.  &Q.  Neb.  ex... 

$1,000 
etc. 

4 

May  1,  1927 
All  paid 

Collateral  trust  on  1,471  miles 
extension,  $20,000  per  mile. 

Likely  to  become  part  of  the 
main    line    and    obligations 
whenever    debt    is    consoli 
dated. 

94  J^ 

87 

Jan.  7,  88 

1887 
$7,393,000 

Chicago  &  Eastern  Illinois. 

$1,000 

etc. 

5 

November  1,  1937 
All  paid 

General  consolidated   and   1st 
mortgage    on    124   miles  of 
road,  c.  and  r.,  covers  other 
mileage  subject  to  prior  lien. 

Owns  and  controls  important 
coal  property  near  Chicago, 
and  is  very  well  managed. 

104 

96 

Jan.  7,  100 

1880 

$5,680,000 

Chicago,  Milw.  &  St.  Paul 
Ry,  Hasting  &  Dak.  Ext.. 

$1,000 
5 

January  1.  1910 
All  paid 

Part  of  Chic.  M.  &  St.  P.  syst.    jqq 

106 

Jan.  4,  105  bid 

1886 

$3,083,000 

Chicago.  Milw.  &  St.  Paul 
Ry,  Chic.  &  Mo.  Riv.  Ext. 

$1,000 
5 

July  1,  1926 
All  paid 

Chic.  M.  &  St.  P.  system. 

110 

104 

Jan.  4,  103  bid 

1878 

Canada  Southern 

$1,000 
6 

January  1,  1908 
All  paid 

1st  mortgage  on  404  miles. 

Interest  guaranteed  by  the  New 
York  Central  Railroad  until 
1898. 

Close  contract  with  the  Michi- 
gan Central  makes  it  likely 
to  remain  part  of  Vanderbilt 
system. 

n2H 

109 

my. 

$13,923,707 

Jan.  7,  105^ 

188a 
$38,452,000 

Oheeapeake  &  Ohio 

$1,000 
6  icold 

May  1.  1939 
All  paid 

1st  consolidated  mortgage  655 
miles  c.  and  r.  bonds  reserved 
for    prior    lien,    $11,000,000 
bonds  and  two- thirds  stock, 
257  miles  other  roads  also  in 
trust. 

Road  is  operated  in  harmony 
with  the  C.  C.  C.  &  St.  Louis 

Connects  Newport  News  and 
Washington,  D.  C,  with  Cin- 
cinnati, O.,  and  has  a  good 
future  prospect. 

112M 

Jan.  7,  102  bid 

isoa 
$22,145,000 

Chesapeake  &  Ohio 

$1,000 
4^  gold 

March  1.  1993 
AUpaid 

General  mortgage  entire  pro- 
perty of  the  company,  reserv- 
ing bonds  to  pay  Ist  consoli- 
dated, due  1939. 

Road  is  operated  in  harmony 
with  the  C.  C.  C.  &  St.  Louis. 

Connects  Newport  News  and 
Washington,  D.  C,  with  Cin 
cinnati,  0.,  and  has  a  good 
future  prospect. 

83K 

66 

Jan.  7,  69 

1886 
$8,334,500 

Chicago,  Burlington  &  Nor. 

$500 

etc. 

6 

April  1.  1926 
All  paid 

1st  mortgage  sinking  fund,  re- 
deemable at  105  after  March 
31.  1896. 

Chicago,  Burlington  &  Quincy 
guarantees  certain  per  cent, 
of  its  earnings,  and  owns  con- 
siderable stock  of  company. 

107 

104 

Jan.  7,  103  bid 

1891 

$4,500,000 

Chic,  Rock  Island  &  Pac... 

$1,000 

etc. 

6 

September  1. 1921 
All  paid 

Debentures  to  pay  for  better- 
ments and  terminals  as  need- 
ed, redeemable  on  notice  at 
105. 

100 

88 

Jan.  7,  90  bid 

1890 

Chicago  &  Erie 

$1,000 
5  gold 

May  1,  1982        1st  raorteraffe  249  miles.     Con- 

niH 

77 

$12,000,000 

Erie  sTstem. 

All  paid 

tract  with  Chicago  &  West- 
ern Indiana    and  $1,000,000 
stock,  and  $246,000  Chicago 
Belt  Railway. 

Interest  guaranteed  by  the  Erie 
Railway. 

Chicago  Terminal  of  Erie  Rail- 
way. 

Jan.  7,  106 

232 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS.  NEW  YORK.  MONTHLY  BOND  LIST 

—Continued.               * 

Date  Issued. 

NAMES. 

Amount  of 

each  Bond. 

Interest  Kate. 

Date  nrheD  Due. 
Default,  If  any. 

REMARKa 

1805 

ISUO 

Amount 
OuUtaDdiiifc. 

High. 

Low. 

Last  Sale. 

1803 

fS.OOO.OOO 

C.  C.  C.  &  St.  Louis 

$1,000 
4  gold 

Junel,  1993 
All  paid 

General    mortgage    bonds    re- 
served to  retire  prior  liens. 

Part  of  tlieso  calleKl  Vanderbilt 
system. 

88 

84 

Jan.  7.  80 

1887 
$39,960,000 

Cent.  Iliiilroad  of  N.  Jersey 

$500 

etc. 

6  gold 

July  1,  1987 
All  paid 

General    mortgage    bonds    re- 
served to  retire  prior  liens. 

120 

111 

Jan.  7,  113 

1880 
$28,650,000 

Denver  &  Rio  Grande 

$500 

etc. 

4  gold 

Jauiiiiry    1.  1936 
Ail  paid 

1st  mortgage  on  1,300  miles  and 
bonds  reserved  to  retire  other 
liens,   after  which   H   is   1st 
mortgage  on  all  property. 

93 

79 

Jan.  7,  833^ 

18U6 

Dubuque  &  Sioux  City  (111. 
Cent.  West.) 

$1,000 
4  gold 

Augu.st  1,1951 
All  paid 

Ist  mortgage  on  142  miles. 
Stock  of  company   nearly  all 

owned  by  Illinois  Central  R. 

R.  Co. 

104K 

10234 

Jan.  4,  103 

$3,550,000 

1888 

Great   Nor.   Sys.  (St.    Paul, 
Minn.  &  Man.) 

$1,0()(» 
4>i  golu 

Jiitv  1    IW3 
Ail  paid 

Consolidated  mortgage  and  col- 
lateral bonds  reserved  to  re- 
tire prior  liens. 

Assumed  by  Great  Northern, 
wbich  leased  the  road  for  999 
years. 

my. 

lOOM 

$19,367,000 

Jan.  4,  105 

1890 

$4,300,000 

Houblou  Kk  Ittxuk  vjeuit&i. . 

$1  000 
4  gold 

April  1,  1921       General  mortgage. 

all  paid           Interest  is  guaranteed  by  South- 
ern Pacific  Railway  Company 

'im 

61>^ 

Jan.  4,  70 

i8;»  . 

$7,954,000 

International  &  Gt.  North'n 

$i,000 
6  gold 

November  :,  1919 
All  paid 

Ist  mortgage  776  miles. 

122 

neh 

Jan.  7,  116 

i8;s 

Lehigh  Valley 

$1,000 
4^  to  tt  gold 

December  1,  1923   ConsoliHatpn  .nortiyntrb.  iioiinon 

99^ 

$10,400,000 

Air  paid 

and  registered. 

105 

Nov.  1,  1895, 
108 

1890 

514,974,000 

Louisville  &  NathvUie 

$1,000 
i^old 

July  1.  1940 
Ail  paid 

Unified     mortgage    reserving 
bonds  to  retire   prior  liens, 
1,080  miles  and    equipment 
and  collateral  stock  of  other 
companies. 

85 

71K 

Jan.  7,  72 

1880 

$12,760,000 

Manhattan  Eievattid 

« 1.000 
4  gold 

April  1.  1H90 
All  paid 

Consolidated  mortgage,  limit- 
ed, provides  for  prior  liens. 

102 

96 

Jan.  7,  94 

lt»» 

$39,813,000 

Missouri,  Kansas  &  Texas. . 

$500 

etc. 

4  gold 

June  1.  1990 
All  paid 

1st  mortgage,  1,601  miles,  and 
right  to  land  grant  in  Indian 
Territory. 

91K 

79%     Jan.  7.  80>^ 

ISOO 

$20,000,000 

Missouri,  Kansas  &  Texas*. 

$500 
4  gold 

June  1,  1990 
Coupon  paid  Feb- 
ruary, 1894 

2d  mortgage,  1,601  miles,  and 
right  to  land  grant  in  Indian 
Territory. 

Payment  of  coupons  obligatory 
after  August  1,  1895. 

69K 

44 

Jan.  7,  54 

1893 

$4,000,000 

Missouri,  Kansas  &.  K.antern 

$1,000 
5 

AprU  1.  1942 
All  paid 

Principal  and  interest  guaran- 
teed by  Missouri,  Kansas  & 
Texas  Railway, 

97M 

81 

Jan.  6.  89 

1880 

Missouri  '.'acitic 

$1,000 
6  gold 

November  1    1920  nnnsnlidatod      TnnrfD'ae'n     1  076 

103 

83 

^ 

$14,904,000 

All  paid 

miles.      Bonds    recorded    to 
cover  prior  liens. 

Jan.  7,  90 

18S1-S7 

$21,849,000 

Missouri'  Pacific  (system)*. . 

$1,000 
5  gold 

April  1,  1931 
All  paid 

General  consolidated  and  land 
grant  mortgage.     Bonds  re- 
served to  cover  prior  liens. 

89>^ 

74 

Jan.  7.  79 

1887 
$19,435,000 

New  York.  Chic.  &  St.  Louis 

$1,000 
4  gold 

October  1,  1937 
All  paid 

1st  mortgage  (sinking    fund), 
505  miles. 

107 

101 V^ 

Jan.  3,  102 

1898 
$7,625,000 

New  York,  Ontario  &  W'n* 

$1,000 
4  gold 

June  1.  1993 
All  paid 

Refunding  mortgage  covers  all 
property  acquired,  or  to  be 
acquired,  and  reserves  bonds 
to  cover  prior  liens. 

95% 

83 

Jan.  7,  90 

1881 

Northern  Paclflo 

$1,000 

etc. 

6  gold 

Januarv  1    1921      npnpml  laf.  ninrfcncp  and   lanrl     . 

112 

\ 

$43,631,000 

All  paid 

grant,  drawn  at  110. 

119>^ 

Jan.  7,  113 

*  Oanslderad  iDemilatiT^ 


CIAPP  &  COMPAirr,  BANKERS  AND  BROKERS,  NEW  YORK,  MONTHLY  BOND  LIBT-Continwd, 


Date  Issued. 

NAMES. 

Amount  of 

each  Bond. 

Interest  Rate. 

Date  when  Due. 
Default,  if  any. 

EEMAKKS. 

1895 

189« 

Amount 
Outstauding. 

High. 

Low. 

LastSftle. 

1888 

Philadelphia     &     Reading 
Trust  Ck).  Certs 

$1,000 

4  gold 

) 

January  1,  1953 
In  default 

General  mortgage,  large  major- 
ity of  bonds  deposited  with 
committee  for  foreclosure  for 
reorganization. 

We  believe  the  plan  ultimately 
adopted  will  strongly  favor 
the  holders  of  these  bonds. 

88M 

67M 

$44,615,189 

Jan.  7,  8 

1894 

Southern  Railway 

$1,000 
6  geld 

July  1,  1994 
All  paid 

1st  consolidated  mortgage,  all 
property     including     lease- 
lolders.    Bonds  reserved  for 
prior  liens. 

99K 

85 

$21,911,628 

Jan.  7,  89j4 

1888 

Texas  Pacific 

$1,000 
5  gold 

June  1,  2000 
All  paid 

1st  mortgage.  1.347  miles. 
Missouri  Pacific  owned  recently 
considerable  stock. 

04M 

80 

$21,039,825 

Jan.  7,  81>^ 

1883 

Texas  Pacific* 

$1,000 
5  gold 

December  1,  2000 
None  paid 

2d  mortgage,  1,347  miles. 

82 

21>^ 

$23,172,117 

Jan.  7,  n}4 

1806-9 

Union  Pacific 

$1,000 

6  gold 

5 

1896  to  1899 

July.  1894.  was  pd. 

Nov.  27,  1894 

1st  mortgage. 

my. 

102 

$27,229,000 

Jan.  7,  103^ 

1889 

Wabash  Railway 

$1,000 
5  gold 

May  1.  1939 
All  paid 

1st  mortgage  all  except  Det. 
Ext. .reserving  bonds  to  cover 
prior  liens  on  West.  Div. 

looy^ 

100 

$23,795,000 

Jan.  7,  1 

1889 

Wabash* 

$1,000 
5 

February  1.  1939 
All  paid 

2d  mortgage.   1,012  miles  east 
of  the  Mississippi. 

80M 

68 

$14,000,000 

Jan.  7,  69 

1888 
$8,394,000 

tsto 

$8,326,000 

Western  Union  Col.  Trust, , 

MISCELLANEOUS 
BONDS. 

American  Cotton  Oil  Co. . . . 

$1,000 

5  gold 

$1,000 

6  gold 

January  1.  1933 
All  paid 

November  1,  1900 
All  paid 

Collateral  TrubU 

Debentures  subject  to  call  at 
110.     No  mortgage  lieu  with- 
out consent  of  80  per  cent. 

iiiK 

114 

106 

• 

106 

Jan.  4,  106 
Jan.  7,  109>^ 

1893 

Peoples'  Gas  Co 

$1,000 
6 

April  1.  1943 
All  paid 

Consolidated  mortgage   bonds 
reserved  to  cancel  prior  liens. 

Chicago  Gas  guarantees  princi- 
pal and  interest. 

104 

89K 

$3,400,000 

Jan.  6,  96 

1890 

Chicago  June.  Rys.  &  Union 
Stock  Yards 

$100 

etc. 

5  gold 

July  1.  1919 
All  paid 

Collateral    Trust    secured    by 
deposit  90  per  cent,  of  Union 
Stock  Yards  Company  stock. 

108 

105 

Nov.  1.  1895, 

$10,000,000 

105 

1880 
$10,000,000 

Laclede  Gas  Co..  St.  L.,  Mo. 

$1,000 
6  gold 

May  1,  1915 
All  paid 

98K 

90 

Jan.  6,  93>^ 

1893 

Illinois  Steel  Co 

$500 
etc 
5 

April  1.  1913 
All  paid 

Non  -  convertible     debentures. 
No  liens  allowed  while  out- 
standing. 

92>^ 

90 

$7,000,000 

Dec.  3,  1895, 
92  bid 

1887 
53,482,000 

Tenessee  Coal  &  Iron  Co. . . 

$1,000 
6  gold 

January  1.  1917 
All  paid 

Consolidated  mortgage,  Birm- 
ingham,  Ala.,   division.     2d 
lien  on  Tenn.  division. 

99 

78 

Jan.  6,  90 

1893 

U  S.  Leather  Co 

$1,000 
6  gold 

May  1.  1913 
All  paid 

Debentures  with  special  limita- 
tions protecting  holders. 

115 

110 

$5,760,000 

Jan.  7.  110;g 

*  Considered  speculative. 
NOTE. '-Quotations  are  latest  bids.    Purchases  on  an^  further  declines  will  likely  prove  profitable. 


THE    NEW    YORK    CLEARING    HOUSE. 

The  building  of  the  New  York  Clearing  House  Association  is  built  of  white  marble  and  brick,  fronting 
Cedar  Street  about  94  feet.  It  is  about  90  feet  deep.  The  first  story  is  about  20  feet  high  ;  second,  25  ;  and 
third,  20,  with  a  dome  30  feet  above.  It  has  elevators  and  electric  lights.  Windows  are  wide,  decoration 
artistic;  doorways  are  9  feet  wide  and  17  feet  high. 

The  second  story  contains  all  the  administration  offices;    the  arrangement  is  excellent. 

Stairways  6  feet  wide — admitting  100  bank  clerks  to  pass  up  and  down  almost  simultaneously — lead 
to  a  60  foot  square  Clearing  Hall,  having  extensions  that  make  it  80  feet  long.  A  dome-ceiling  rises  about  25 
feet  above  20-foot  walls,  making  it  a  very  imposing  chamber  for  the  transaction  of  business. 

The  steel  cells  of  the  money  vaults  are  surrounded  by  an  open  space  for  patrol  watchmen,  and  every 
modern  precaution  of  safety  is  in  use,  adding  to  this  most  unique  combination  of  financial  strength  in  the 
United  States. 

The  New  York  Clearing  House  Association  was  organized  in  October,  1853,  with  fifty-one  State  Banks 
as  the  original  members.  The  majority  have  since  changed  over  into  National  and  retain  the  old  titles  with 
the  word  "  National  "  added. 

There  were  sixty-seven  members  January  ist,  1896,  made  up  of  forty-eight  National  Banks  and  eighteen 
State  Banks  and  the  Assistant  Treasury  of  the  United  States. 

The  banks  have  a  combined  capital  and  surplus  of  about  $120,000,000.  They  settle  their  own 
accounts  and  balances  of  eighty-two  other  banks  and  trust  companies,  and  close  all  business  matters  daily. 
The  admission  fee  is  from  $5,000  for  banks  with  a  capital  of  less  than  $5,000,000,  to  $7,500  for  banks 
having  capital  in  excess  of  $5,000,000  ;  each  bank  pays  annual  dues  of  $200  and  is  charged  from  35  to  40 
cents  on  each  $1,000,000  cleared.  Three-fourths  of  those  present,  voting  by  ballot,  admits  a  new  member  at 
any  meeting,  after  the  membership  committee  have  passed  the  application.  Every  member  must  file  a  weekly 
statement  showing  its  deposits,  loans,  specie,  legal  tender  and  circulation.  Each  must  submit  to  an  ex- 
amination by  the  committee.  The  transactions  of  1895  were  $31  800,877,943.39.  The  daily  exchanges 
average  $97,841,957. 1 2. 

The  manager  is  under  control  of  the  Clearing  House  Committee.  The  hour  for  making  exchanges 
is  10  A.  M.  precisely;  for  paying  balances  from  12.30  to  1.30  P.  M. 

SEE    PAGE    241     FOR 

CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD, 

Clearing  House  statements  of  Associated  Banks,  New  York  weekly  for  1895,  and  comparisons  for 
previous  years. 

210 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS.  NEW  YORK,  ANNUAL  RECORD. 

Aijiiinjate  of  I  lie  jiriucijifd  if  ems  repurh'il  each  week  of  1805  by  flw.   Assoc'uth'il  lidiihs  nj'  .NV/r    )'firi-   Cilij,   «> 

shown  by  C'huriiiij  /fou.se  dalcments,  wUh  coiiipnri-so)i.s  of  the  hist  rcj/or/s  each   ijmr  >ia\md, 

and  loans  and  liabili/ic.s  each  week  wHh  preceding  year. 


October  3,  1S73,  the  associated  banks  had  outstanding  $22,4io.(XX)  Clearing;  Mouse  Certificates  ;  May  24,  1S84,  $2i.'53',,cx)f>  , 
Dctemticr  12,  iSyo,  $15,205,000  ;  August  29,  1S93,  §38,280,000.  First  Clearing  House  Certificates  in  1893,  issued  June  17  ;  lasi  one 
retired  November  i;  none  were  issued  in  1895. 

The  associated  banks  reserve,  according  to  report  February  29,  1S96,  w:us  $146,825,200,  or  29.81%  of  deposits,  against 
$1(0, 164, 7«),  or  30%  of  deposits  on  March  3,  1895.    August  12,  1893,  there  was  a  deficit  of  §16,545,375. 

Clearings  lor  the  week  ending  February  29,  1S96,  were  $627,360,575.93,  against  $524,826,765.43,  February  21,  1895. 


Uaie. 


Jan. 

Jan. 

Jan. 

Jan. 

Fi>l). 

F.-b. 

I'Vb. 

F.-b. 

Mar. 

.Mar. 

Mar. 

Mar. 

.Mai- 

A I  nil 

Apri' 


12 

19 

2G 

2 

9 
16 


April  :31 
.vpriU'S 
;\lav  ") 
MaV 
-Mav 
May 
June 
June 
Jiint 
Juiu 
June  30 
Julv  7 
Jiil'v  14 
July  21 
July  28 
Auij.  4 
Aui;  11 
Au-.  IS 
Aiiir.  25 
Sept.  1 
Sept.  8 
Sept.  1.5 
Sept.  22 
Sept.  29 
Oet.  « 
CVt. 
O.t. 
Oit. 
Nov. 
Nov. 
Nov. 
Nov. 
Dec. 
I  )ec. 
1  »eo. 
Dec. 
1  )ec. 


Loans. 


29 


418,807,600 
418,185,400 
419,68.5,900 
418,771,600 
419..5:5(l,500 
4:i2,.585,000 
4:59,328,300 
411.217,600 
439,303,400 
439.949,500 
443,0.58,100 
44.5,574,400 
443,798,700 
45),  426, 600 
4.56,939,400 
459,069,400 
46i),902,3()0 
465.162,100 
467,4-^5,200 
467,010,100 
466,776.900 
464.993,6)0 
4(i5,403,700 
4()5, 733,600 
468. -283. 400 
470.044,100 
4S3.753..500 
482.730,200 
482.642,6(H) 
481,633.600 
482.304,.50O 
484,622.700 
486.298.800 
488.763.700 
489.879.900 
491.701,400 
495.087. 1(K) 
497.919.400 
497.561.000 
500.277.200 
."X)*  1. 168.200 
50ll,772,5(Ht 
499.692.700 
.500.822.000 
499,714,700 
498,937. (MM) 
495.(M)3.4(M) 
499.460.100 
.507.733.500 
.506.87 1.3(M) 
498.266.2(H) 
492.(>47  000 


I.IAIIII.ITIES. 

(  l)c(H>sits  .IIUl 
Circulation.) 


531,569,000 
540,891,200 
.555,048,400 
560,371,600 
564,411,300 
546,599,000 
541,967.600 
544,406.000 
543,381,200 
.544,637,400 
551,575.300 
555,708,400 
.558,9.58,300 
565,641,800 
574,548,700 
580.212,400 
584,013,600 
5S8,809,700 
589,198,100 
588,214,500 
.584,189,800 
.582.072.000 
580,783.700 
.580,306,7(M) 
.5S3,376,1()0 
583,025,800 
598,933,()(H) 
599,643.300 
599,081,400 
593,890.100 
591,368,100 
590,82 1.5(M) 
594,650.400 
595..542,.500 
.595,758,7(M) 
.593.647. S(M) 
.596.705.'2(H) 
.598.368.600 
597.437.300 
6(M),683.4(M) 
6(>2.412.8(M) 
606,429.9(M) 
605.914. 9(M) 
6(H>.622.7(M) 
6()3,:i'^3.8(H) 
605.717.4(H) 
603. 5-25. 6(H) 
.590. 999. 6(  Ml 
577.235.3(H) 
575.959.  KM) 
.565,701,100 
560,586, 1(H) 


189s. 
Date. 


.5 

12 

19 

26 

2 

9 

16 

23 

2 

9 

16 


.Jan. 
Jan. 
Jan. 
Jan. 
Feb. 
Feb. 
Feb. 
Feb. 
Mar. 
Mar. 
Mar. 
Mar.  23 
^lar.  30 
April  6 
April  13 
A|)ril2() 
April  27 
May  4 
May  11 
May  18 
>tay  25 
June  1 
June  8 
June  15 
June  22 
June  29 
July  6 
July 
July 
July 
Aug. 
;Au-. 
I  Aug. 
Aug.  24 
!  Aug.  31 
Sept.  7 
Sept.  14 
Sept.  21 
'Sept.  28 
Oct.  ^ 
I  Oct. 
Oct. 
[Oct. 
Nov. 
iNov. 
Nov. 
I  Nov. 
Nov. 
Dec. 
Dec. 
Dec. 


13 
20 
27 
3 
10 
17 


14 
21 
Dec.  28 


D.-c.   2s.-95..Circulafn  13.926,700  I  "  29,"94 

1  ).-(■.  -^O.^.-Circulafn  11.294,700  I  "  30.-93 

D.-c.  31."93..Circulatn  13.111,!H)0  ,   '•31,"92 

l).-i-.  31,92.. Ciiculafn    5..564,600  '   "31.'91 

Dec.  31."91..Circulat'n    5,6<)4.7(H)  |i"30."90 


Loans. 


493,390,000 
489,682,600 
490,322,900 
490,1.58,600 
490,345,490 
484„586,600 
483,382,000 
482,6 15,.50O 
484,204,200 
489,329.200 
4-89,004,000 
484,6.52,400 
482,524,100 
4-80,438,300 
481,0-23,100 
480,721,400 
480,504,600 
484,912,400 
489,928,500 
495.303,100 
500,098,700 
502,.547,2;)0 
.503,437,600 
507,925,.5(M) 
512,906,000 
513,422,300 
513.604.700 
511.092.000 
.5()6.926..500 
506,176,000 
509,327,000 
510,976,100 
511,275,200 
513,.5;«,.5()0 
513,2.59.8(H) 
518,365,8(H) 
.522,698,9(H) 
517.242,9(H) 
511,376,2(H) 
510.202.2(H) 
.506.6(M).(HH) 
504,32(),3(H) 
.502,492,81  H) 
.500.691.800 
495.923,2(H) 
492.933..5(H) 
492.711.6(H) 
490,028.S(H) 
489,820.(WH) 
492.9!M).9(H) 
4.S9.646,6(H) 
478,466.500 

492,647,000 
417. (MM)  9(H) 
437,722  (HH) 
429,2.55  4(H) 
3a5.321.8<H) 


I.[A111I.1TIES. 

(Deposits  and 
Circulation.) 


Specie. 


$ 

564.252.000 
5(;(i.s-j',i.:i()0 
573,715,(M)0 
570,833,500 
.5,58,387,100 
546.260,000 
543,876,400 
540,489,500 
540,-524,300 
,540,083,400 
530,792,000 
.521,413,-500 
517,13.5,800 
513,906,300 
516,971,800 
523,402,300 
.529,800,300 
540.19(3,000 
,551,070,800 
5(i7,04.5,4(K) 
575,224,800 
579,4-85,600 
579,230,300 
582,062,500 
587.6.53.500 
583,595.300 
.583.007,200 
.-)8 1,1-48,300 
.581,.5.56,5(H) 
584.081,500 
.587,467.700 
.586,850,3(H) 
.590,478,1(H) 
.5S6.874,-5(M) 
.5.'^8.285,7(M) 
.590,361, 2(M) 
.585.419.7(H) 
572.2()4.9(M) 
5()3.23S..5(MI 
.5.54.3.53,  KM) 
.547.79,H..5(M) 
.546,235.2(MI 
.544.703..5(M) 
.544,31.5,(HM) 
.542.299, 1(H) 
.54(».392.9(M1 
.539,l->(J,9(Mt 
.5:U.749.9(H( 
.535.().S9..5(M) 
.537.04.5,(>(M) 
.531.263,9(H) 
515,016.000 

560,.586,UX) 
519..549,71H) 
4.50,144,000 
4(>0,911.(XH) 
383,639,3(H) 


$ 
75,867,000 
75,512,700 
77,955,300 
81,17.5,600 
81,.5.55,.500 
82,2(53,900 
81,422,700 
74,436,700 
69.592,500 
67,224,000 
67,573,600 
65,120,400 
65,578.900 
64,471,200 
(55.387,000 
66,637,800 
68,203.900 
(59.72S.2(M) 
69,440,000 
6H,796,1()0 
(59.584,400 
70.641,000 
70,783.800 
6(5, -269, 300 
65,875,300 
65, 231, 4(H) 
64,496..5(M) 
64,264.900 
64.3(59.300 
65,297.4(H) 
65.474. S(M) 
65.+S0..5()() 
(55.(5.^9. 2(M) 
(56.208. .5(M) 
(55,3(54.200 
(54.427.  KM) 
(52.515. .5(M) 
(51.97().6(H) 
6I.677..")(M) 
60.937. 9(M) 
(50.8(5 1.9(M) 
61,851,9(M) 
(53,151,7(MI 
(54,2()8,S(M) 
(U,419,3(H) 
(55,767. 9(HI 
6(5,2.^4. 6(H) 
(5(5.151,.5(M) 
(57.371.900 
(57.495.S(M) 
67,.8.56.5(H) 
67,114,200 

73,760.600 
106,316,400 
75.1H58,300 
96,192..5<H) 
77.112.3(X) 


Legal 
Tenders. 


98,207,000 

10.5,130,20:) 

108,085,500 

104,583,000 

91,937,300 

85.191,000 

85,149,400 

87.526,000 

90,572,200 

87,.5.57,100 

79,649,300 

76,287,900 

73,894,600 

74,664,300 

75,493,400 

80,573,-500 

8(5,216,900 

89,254.900 

96,O'^8,300 

107  236,4(M) 

110,866,600 

112,137,(500 

110,3-83,300 

113,893,6(H) 

114,2,>-t3.7(M) 

lll.(503.(5(K) 

110.145. .500 

111.132.900 

116.201. 4(H) 

119.434.900 

119.018, .5lH) 

116,879,(5(M) 

119..s.'<.i..500 

114.741..H(H) 

117.51.^.2(M) 

114,(533..5()0 

107.108.S(H) 

KM).(I89.(HM) 

97.902..s(M) 

90,.5.58..5(M) 

86,(587. S(MI 

8(5,.5()9,3(M) 

.'<6.2()1,3(M) 

8.5,.'^51,2(M) 

86,8-i4,7(H) 

86, 193.3(H) 

84,(503.(MM) 

82,(5.5S,S(Mt 

83,344.(MM) 

81,(5.59.4(M) 

78.5.55,(H«J 

74,097,800 

98,831,100 
101.1()8,2(H) 
42,01 8, 6(H) 
3(5.91 4. 1(H) 
25.425,200 


Deposits. 


$ 

.552,847,800 
555,402,800 
.562,302.900 
.5-59,512,(500 
546,965,200 
534,754,700 
532,234,700 
528,559.900 
528.440,800 
527.969,900 
518,496,-500 
509,047,200 
.504,240,200 
.500,822,300 
503,830,,500 
510,185,300 
516.(500..500 
526,998,100 
.537,832,800 
5.53,778,400 
561,903,400 
566.229,400 
.565,996,800 
568,HI6,000 
574,459,000 
5  70, 436, 3(H) 
5(59,873.200 
5(56.970.000 
.568,318,300 
57().942,9(HJ 
574,3()4..500 
573.677,300 
577.223.300 
573.5:U..5(H) 
574.929.900 
576.8.55,3(M) 
.571.7.56.2(H) 
.5.5.s.464.4(H) 
.549,136,.5(H) 
.540.0!I9..5(M) 
.533.491.2(MI 
.531.924,1(M) 
.530,653.200 
.529..'<()2,4(HJ 
527.935,.S(H) 
-526.22S.60() 
-52-5.1 70,  ()(K) 
-520.7S8,(HM) 
-521,(SS(),.5(M) 
-523.0-55..5(K) 
517.290,800 
.501,089,300 

.549,291,400 
.51H),437,8(H) 
444,.5.S9.4(H) 
4.55.3(H)-.3(H) 
380.047,300 


00./, 

V  C  — 

0.3:  .J 


30.84 
31.86 
32.41 
32.. 54 
31.06 
30.64 
30.43 
29.96 
29.62 
28.66 
27.73 
27.11 
26.96 
27.06 
27.26 
28.12 
29.14 
29.42 
30.03 
31.04 
31.36 
31. .54 
31.27 
30.94 
30.65 
30.29 
29.94 
30.17 
31.04 

;ii.46 

31.39 
31.06 
31.42 
30.  .83 
31.08 
30.32 
28.96 
28.30 
2-8.31 
27.32 
26.93 
27.16 
27.41 
27.-56 
27.88 
28.12 
27.79 
27.82 
28.12 
27.76 
27..55 
27.41 

30.95 
40.(H» 
26.22 
29.(H) 
2«.90 


U  If  V 

0.0^:: 


31. 4S 
32.  .52 
33.08 
33.'20 
31.71 
31.31 
31.29 
30.(54 
30.30 
29.31 
28.39 
27.77 
27.66 
27.78 
27.96 
28.85 
29.. 89 
30.16 
30.77 
31.77 
32.11 
32. 2S 
32.  (H) 
31.(56 
31.36 
30.99 
30.(55 
3()..S8 
31.77 
32.35 
32.13 
31.7.S 
32.14 
31.-54 
31. .'^o 
31.04 
29.(56 
29.01 
29.  (HS 
2.S.O-4 
27.(50 
27..HS 
28.14 
28.32 
28.  (>4 
2S..S7 
28.73 
2.S.61 
2X.  S8 
2.S.51 
28.30 
2.8.18 

31.42 
41. (M) 
26.  .57 
29.23 
27.10 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNTJAt  RECORD. 

Populaiion    and    Clearing    House  Returns  for    vinnths,   years,  and    cities   named,   as  comjnled  from  the 

Chronicle  and  latest  reports. 


Popnl't'n 


M,n0fi,43« 
•1,200,000 


•49fi,3no 
•180,000 
85,000 
•100,000 
♦51,.WI 
•St8,liH7 
•4(1,(100 
•90,0(KI 

♦84,:iS'.) 
•55,254 


•1,350, 
•.Mi), 

•2.S(i 
•111", 
•l(i."i, 

*H7, 
•112 

•■15, 


•2,II.VI.000 
•:t<M,(«Ki 

■•i'pll.lKKI 
•:i(HI,IKKI 

•;«.'..iM«i 

•lld.KKI 

•l.Vi.(i.!2 

•ii:t,(i(K) 

•<.)0,0(K) 
21  ..VJT 
4ll,:f22 

"IH.IMKI 
III 


Cities. 


New  York 

Brooklyu 

Boston 

Pro\n(leiice 

Haitforil 

New  Haveu 

SjirinntieUl 

VVorcesJer 

Poitland  . ..;.... 

Fall  Kiver , 

Lowell 

New  lleiUoril  ... 

Total  New  Eng 


Pliiladelpliia .. 

naltiiiiure 

PittslmiK 

I'tiirfalu 

Wa.HliiiiKldii 

Itdclltst.-l 

Syl:irii,-ic 

\\'illnill^loll 

Scruiitoii 

BiiiKliaiiitoii .  . 

Total  MitUlle 


riilcaRo 

(iiK  iiiiiati 

-Milwaukee 

Detroit 

Clevelaiid 

('(lllllllljIIH 

Indianapolis 

Peoria 

(irand  Uapids... 

Lexln^'toii 

Sauinaw 

Hay  City 

\kmii 


*i-..ii<i(i  iS prill iilield 


2I..IS',I 
35,000 
17,S.W 


•300, 
•«l, 
44, 


,000 
,(NII1 
Sl.l 

I. mid 
i.ddd 

'|,(IIKI 

t.MI 
I,!i22 
M77 
t.079 
>,0&l 


Hilton 
Itoikford  .., 
Kalania/.oo  . 


•1.50,000 
•lil5,IH)() 
•1(>(I,(K10 
•1,50.0IKI 
•l.iO.OOO 
•t«l,0(KI 
•(iO,(KI0 
37..M)« 
•7,"i.lKK) 
.V.,1.>l 

2;^.,^■■):^ 

•Id.lHIO 
I..717 

i:f,.Vvt 


•603,837 
•27."i.(KKI 
"Jld.dOd 

2:i.ni| 

•llHI.IHKI 
'7II.(HI(I 
105.000 
110,000 
•)>7,IKK) 
•Bd.lKIO 
3I,,^71 
14.115 

2;t,(iCi7 
•:r>.iM«i 

■Hd.lKKI 
45,000 


Total  Middle  W.. 


San  Francisco  . 

Portland 

Salt  I^ke  City. 

Seattle 

Tardiiia 

l,os  .Vngeies 

Helena 

.Spdkane 

Sionx  Falls 

Oreat  Kails 

Fargo 


Total  Pacific. 


Kansas  ("Ity. 
Minneapolis. 

Onialia .-. 

.St.  Paul 

Denver 

Dulutli  > 

St.  .loseph... 
Sionx  Ciiy... 
I)es  .Moines.. 

LliK-olii 

Wiiliitu 

Topeka 

I'reiiiont 

Hastings 


216,6.50 
IS  1, 220 
3S,.550 


Total  other  W, 


St.  I.onis 

.New  Orleans. 

I.diitsville 

(ialve.ston 

lldll^<toll 

Uielinidiid ... . 

Sava  mall 

Memphis 

At  Ian  I  a 

.\ashville 

Dallas 

.Norfolk 

Waco 

Kdit  Wdrth.. 
liiiiiiiiigham  . 
.lack.sdiiville  ., 
Chattaiiddga  . 
Little  Kock  .. 
.\ugiista 


Total  South . , 

Total  all 

Outside  N  Y. 


Montrejil 

Toronto 

Halifax 

Winnipeg 

llaiuiltou 

Total  Canada  . 


Jan.  1896. 


2,562,413,708 


391,018, 
25,996, 
12,473, 

7,.5.5S, 
6..5»7 
6,3.V), 
5,724 
3,660, 
2,«00, 
2,200, 


30.5,293,215 
6fi,!XH,7.5S 
(>s,  170,942 
19,444,429 
S,7ri6,161 
7,176,000 
4,71.'<,7:tn 

.3,:)<ii,no 

3,fi9«,.592 
1,646,200 


3,051,713,856 


.389,420,016 
52.806,900 
20,815,400 
2«,I79,0»5 
27,378,408 
15.316,900 
9,977,616 
8,000,000 
4,005,707 
1,500,3(M 

"  1,(149,755 

1,28.3,877 

8«2,8SM 

76»,0(M 

929,0«K) 

1,317,8.39 


563,606,715 

56,481, 9Kt 
5.8l6,6ta 
6,.S74,8.V 
2,2.'i0,976 
2,401,807 
5,274,.M0 
2,318,4(13 
1,96.3,840 
380,000 

820,000 


84,-582,989 


48.897,691 
:«,706.4I5 
20,001,711 
19,490,921 

'13,419,7*1 
6,.5!«,000 
2.696,061 
3,933,485 
1,74.3,782 
1,817.983 
2,105.268 
301,092 
288.974 


155,02.5.120 


I0,.502,181 
50,400,681 
28,889,884 
I2,,598,980 
13,091,32! 
10,811,638 
12,368,716 
10,784,415 
7,:ie2,265 
4,894,769 
.5,888,.5:B 
4,917,742 
3,979,824 
3,ti23,.3.50 
2.055.870 
1,. 302,  .587 
I,195,.527 
1,676.192 
3,050,.Vi5 


Jan.  1896. 


Per 
Cent. 


2,3»4,672,415 


406,466,5.57 
28,370,100 
11.60.5,462 
6,841..WS 
6,713.:tN2 
5.849.277 
.5,411, .348 
3,7:16,092 
2,471,093 
1,773,202 


+7- 


—3-8 

+2-5 


Jan.  1891. 


2,165,564,056 


Jan.  1893. 


3,561,441,412 


+10-5 

8 
— 2-0| 

4-13-3 
4-24-1 


it:! 


392.792.090 
22.329.200 
10,.572.9,32 
6,(>.|9,473 
6,ir7,H,l9S 
.5,1->7,913 
.5,741,486 
3,66<i,187 
2,779,9.3:1 
2,11.5.697 


476,238,081 


29.5.721, 
66,7.51, 
5s,o:is, 
17.tH7, 
8,209, 
7.068, 
4,281, 
3,18.3, 
3,574, 
1,476, 


-2-5 


+3-2 

-fO-4 
I  17-5 

f  10'2 
4-6-8 
4-1-5 
•flO-2 

43-5 
4-11-5 


457,853,109 


257, 
61, 


479,75.3,727 

28,218,900; 

15,01.5,051 
7.2fi6..i63 
6..5;18.498 
6,.501,810 
fi..5.^5,1.32 
3,994,.576 
:i.23t,179 
2,846,69:1 


180,8.52 
618.232 
,.597.51(1 
.122.9H5 
,11.5.082, 
,420,0401 
,016,514 
.210,8231 
,176,423! 
,.5.57.200 


559,968,129 


a55.577.339 
fifi,483,;t70 
as,!ili,.V,:i 
2ii.:i.59,:wi 

9,1.58,001 
7,628,696 
4,732,5.53 
4,a39,49l 

1  ,ffl5',900 


2,860,630,557    -h«-7    2,584,479,717    4,099,917,799 


38.5,4.52.016  +1-0 
6(l,012,Hai  —12-0 
2(i.0»:t.:t62  +3-6 
2H.oi7,:tN:i   +8-3 

24,31.5,4.5.3  +12-6 
14,.3:)6,600  46-8 
.5,.302.513  +88-2 
8,914,015  —10-3 
4,»ll,8-25'  —0-9 
1,490,1.58    -fO-7 


1,265,136  —17-0 

l,1i:»,415~H5-3 

8d6.:i23    -Ml- 8 

748,782  i  +1-9 

896,517    -f3-6' 

1,122,,549  +17-4 


555,978,857 


+l-< 


52.227.411  +81 
4,871,6381  +  19-4 
5,fkW,»:»  -1-21-8 
1.91'l.l96  -r17-3 
•2.2:12,489  476 
4,722,615+11-5 
2,!»44,16:i— 21-3 
1,4<HI,903  +  .39-3 

289,018  4:u-5 


3«6,.5.53,232 
.5(i,2:«l,60() 
20.689,289 
21,989,498 
20,986,2:11 
14,081,.in0 
6,206,611 
7,230,600 
:<,966,8.54 
1,660,;«63 

'l",i(15',761 
7:14,9.53 

887,897 

eo:t,t»<6 
748,:«io 

1,151,210 


527,809,511 


53,8n8..545 
3.871.613 
.5,672,170 
2,417.1:15 
2,6o:i.4l8 
.3.rvlO,(>49 
2.684.991 
1,.X'17,484 
5.16,451 


464,.544,.363 
68,700,600 
:i8,624,6.t8 
:M  ,68.5,462 
27,102,826 
14.668,100 
4,6.57,480 
8,»10,0U5 
4,684,741 
2,291. :H8 

"'Y,5b(V,()00 

1,261  ,.583 

975,861 

718,501, 


69,6.39,367 
8,781,793 
7,111,954 
4,798.:ro 
4,2I6,:140 
4,l(;7.827 
3.9411.219 
4,.T<r2,210 
5IO,.588 


12,im, 109 +11-7 
6,5211,928  +1-1 
2.«1ii.x:«l'  43-3 
4,s:fli,-JI7  — ls-7 
•J.Pil.i:!.'.  -211-4 
2.;i.«.!itw  -2:i-9 

2,l!M,.5tll!  — 
.30.5,822'  —1-6 
26.5,209!  +9-0 


134,862,639  +150 


116,.390,714 
50,.509,«02 
30,111,779 
14,147,0.50 
15,202,201 
12,514,910 
11,319,771 
8,l7i,:«>;i 

.5,(i.sl,i»lll 
4. 715. .555 
5,703,ll'j;i 
4, 42;!, 8.1(1 
5,4!15,9'I7 
4,!l.52.77(i 
l,.50».:f2."> 
2,071.. 11:1 
990,:tlil 
1,727,782 
2,:i70.293 


-5-1 

-0-2 

—1-1 

-10-9 

—13-9 

—13-6 

I  9-3 

1  .T2-(l 

•  •>«-6 

•  3-S 

t3-3 

til 

—27-6 
-26-8 
4  :Mi-2 
-:17-1 
4  20-7 
-3-0 
-t  28-7 


11.617,206 
8,:1.54,2!I9 
.3,149,(r24 
4,381.773 
2,.T<I3.7:« 
2,2-^4,149 
1,87(1.999 
.321,661 
296,951 


22,652.730 
9,962.195 
6,168,287 
4,919,988 
3,161,082 
2.:i55.725 
1,866.441 
400,476 
320,000 


•2.Sfl.3!15,046       298,009,573:  —29 


4,608,734,490,   4,402,668.919 


2.016.320,782    2,007,996,504 


46,663,.399| 
3:l,09.5,5<i3 
5,705,991 
4,977,200 
.3,227,510 


+-I-7 


+1-9 


48,.376,36:i  —3-5 
27,961..5:«'+18-4 
4.!l97.!i2ll  I  14-2 
4.(l(;7.4(i:i  -  22-4 
2,72S,1|2  ^18-3 


9:1,669,693         88,181,334    +6-3 


133,»I5,561 


105,274,739 
.5.3,208,744 
28,079,870 
12,296,742 

ii,i;io,ooo 

10,8,56,064 
9,891,364 
8,!H>*,i:l8 
5,72:1,616 
4,-274,2i6 
5,44r2.-iH:i 
4,626,889; 
3,:l.54,894l 
3,.527,123 
1,:)66,688 
1,975,,5:B 
90S,400 


190,907,939 


114,721,815 
61,891,292 
.36,517,909 
15,463,570 
13,363,222 
10,8.58,102 
7,(I:«,318 
ll,-2!IO,8«'iO 
7,.3.>5,:t24 
10,842,489 
5,085,7.57 
3.422,829' 
:l,661,269' 

:i,070,:i.>i 

2,.588, 1.5:1 
1,881,843 
2,112,710 


27(l,868,;<42 


4,051,66:),419,  5,9^12,468.889 


1,886,099,:J63    2,381,027,4771 


42,796,7051 
27,267,606 
4.931.374 
4,:t.HO,:t46 
3,»,87,.576 


50,498,973 
30,221,941 
.5,014,467 

;t,air,;is6 


29,841,796,924 


4,7.57,684,.594 

280,809,700 
118,689,991 
78.111,621 
75,4.53,660 
68,62.5,915 


Per 
Cent. 


+22-3 


+14-7 
-14-5 
16-0 
11-7 
16-0 
13-1 


65,00:1,624  +-1-8 

41.248,:l5l!  -M-O 

:«,.5S7..5.52l  4-8-8 

22,77(),205|  +11-3 


Year  1894. 


24,387,807,020 


4,148,ft56,132 
244,346,400 
102,:B3,467 
69,95.3,369 
65,0.-t:t,r28 
60,660,919 
62,017,808 
.39,672,320 
30,874,461 
20,451,113 


5,541,992,2-11    +14-4 


3,.5.56,1.51,127 
6i»5,7(r7,281 


+16-2 
+3-3 


74fi.I10.2(H  +14-3 

222,-.'79.(Wl'  -fl3-3 

h6,972.9(i5'  4-16-3 

80,:is7,28<i|  +8-2 

.52,(>.-v<,8-25  +15  0 

;i7,08.5,1.53|  +2-7 

39,682,214  4-5-2 

17,701,900  4p4 


4,81.3,393,117 


3,000,421,147 

673,743,512 

652,896,141 

196,199,904 

83,488,.S67 

74,:i00,722 

45,251,1? 

36,102,408 

37,i:*8,744 

17,460,800 


5,543,.536,6I3    +13-6 


4,614,979,20:1 
651,214,(V,0 
2l5,872.-273i 
:«2:t..i28,214 
2it8.7!t.5,l!l6 

18:1,18 1.:*  10 1 
10l,2x.3,:«l[ 
78,315,913 
43,295,214 
18,171,615 
19,.587,68ll 
16,161,1-12 
i:i,612,0O1  [ 
9,118,;«i5 
9,265,681 
IO,IM6,;in5 
1:1,629,1.39 


6,650,971, >W6 


+120 
4220 

tn 

4  20-5 

+8-7 
—5-3 
+33-3 

4-12-4 

4:19-6 

+  80 
+  17-0 

+7-1 
+  14-4 


+7-6 


692,079,210 
.59,7ir2,:i88' 
6:i,7:«,!l.'i6'i 
2.5,691,1.57 
28,61.3,4.58j 
62,123,601 1  +32-5 
29,.58.5,217  —6-5 
20069,626  4-42-8 
3,.554,143    —37  5 


—1-8 


7,057,890 


+1-5 


992,^0,076 


.520,870,447 

:172,89.5,:144 

190.611,288 

222,.^32,186, 

i;HI.-2lid.008 

9!1..5:t(l,IIIIO 

I>!l.86li.lll9 

28,089.142 

.5:1,69.5,2081 

18,:176.488 

22,268,.5.52 

22,714,426 

3,-241,319 

3.414.:<74 


+5-9 


+8-4 
+20-7 
-21  1 
4  20-9 
+1-4 
—9-5 
—7  3 
—14-9 
+1-1 
—20-9 
+1-1 
—7-6 
-19-9 
—170 


4,877.003,916 


4,31.5.440.476 

643.441.600 

224.048,308 

288,824,01 

244,978,,503 

170,102,900 

96,130,821 

65,016,11 

89,813,837 

18.228,.575 

14,703,406 

1 1.:i73,9l' 

9,7.58.(197 

8,479.7:17 

7,919,62; 

10,122,815 

ll,916,(r28 


Year  1893. 


31,261,037,730 


4,.577,920,551 
l287,647,(X)0 
11.3,936,211 
7.5,1(i5,687 
69,:«)9,7 
frl,.3.56,6»2 
65.988.639 


:14.608.815 
2.5.318.905 


5,314,192,180 


3,403,479.057 
705.828.374 
665,:i28,9o7 
3!»9.80:l,fl«() 
!M  .789,928 
78.742,662 
49,:i51,.S44 
44,214,366 

is.'ioi'.aio 


S,456,»13,478 


4,676,960,968 
612,:i69,(i(IO 
3-«I.:H1,.551 
:122.(;73,448 
267,.H8.5,7!I7 
1.59,.561,800 
82,.585,982 
61,994,2!)1 
45.928.442 
18.4.36,^.^5 
17,470.018 


7,879,.5I2 


6,183,293,l»l 


&58,.52B,806 
56,582.519 
6I,(I21,.586 
26,980,927 
29.095,641 
46,897,766 
31,625,018 
14,051.318 
5,689,038 

"  «,«i3',313 


6,633,068,077 


699,28.5,878 
75,038,019 
56,710,013 
40,147,625 
3.5,100, 
45,247,219 


10,746,006 


937,139,932        962,576,467 


480..502,029 
308.900.ini0 
241.7:16,084 
183,8.56,876 
1.37,*17,784 
110,001.402 
75,3.57..5I7 
.33.022,227 
5,3,091,010 
23,2:18,703 
22.017,819 
2I,.575,42 
4.015,6.38 
4,118,987 


Year  1892. 


36.662.469.202 


5.005,389,685 
287,719,000 
]12,8:t3..533 
76,100,443 
70.781,287 
67.272,477 
64,746,147 

"'4lV6-.s',715 

25,018,276 


Year  1891. 


5,751,490,563 


3.810,293,288 
771,8.50,961 
759,.5.32.746 
416.(«9,.3.S7 
10.5, 101  ,.>i« 
SO.IilS.ll-i 
4!l,1.57.1-2!t 
46,307,92.1 

'l3,'7'>W,300 


6,052,928,220 

5,13.5,771.186 
7.VI.789.400 
:i66.2!i:..016 

:i6:i.:!.59..589 
296,.577.748 
18:1,961,200 
98,8(r',288 
8«,.5.52,914 
.50.li06,IM3 
2  ,021,9:15 
18,727.927 


8.619.068 


7,387,082.314 


815,265.-186 
109,718,78:1 
95,078,013 
55..520,.5:«l 
48.011,200 
.39,208,109 


16,2.50,847 


1,767,101,746}    +3-8 


1.2l4,.3-i3.653 
484,;HN,18fl 
314,469.29!! 
i:»5,775,067| 
127,918,451 
121,960.869: 
121,105,242 
iKi,(Kt7,.-'93 
6."),318.255 
48.790.6:17 
.50.764.261 
64..5S6,.V21 
4(1.4(l7.(.<il 
:t6.698,.5.-10 
20,044,29:1 
12,-248,8I1 
16,210,744 


+10-3 
4l1-7 

4-1-6 

-)6  4 
4  10- 

+7-6 
+  14-4 

46-1 
+  15-4 

48-8 
435-2 

4^-5 
419-2 
4l7-7 
-16-4 


.3.010,71.1.376      49-3 


.5.3,31»,481,.5tr2    +16-8 


2:i,.506,684,638|  +10-4 


.58.3.I67,2!I6'  46-7 

:i08,616,044|  +10-5 

60,978..521  +3-7 

55.87:1,6:10  -^I(l-4 

:i4,:t8i,i.39|  4  10-2 


1,701,779,548 


1,127,702,906 
4.^.6a3..398 
309.61.3.719 
127,659.290 
116,286,199 
113,327,889 
108,496,1 
90,638,6.52 
66,589,228 
47,:i76,:*46 
48,686,019 
.59,376,443 
»1,3s6,606 
.3,5,111,664 
16,810,057 
10,408,251 
19,421,804 


2,7.Vj.818,.31S 


474,672, 

*32,243,860 

29.5,41:1,9.55 

207.679,490 

In.5,:B5,n7o 

lll(l,51(l,8(l!l| 
88.901, l!«li 
42,l«t.479| 
46.779. 186, 
2il.l>87,itM 
2:!,-i!2,.S89 
19,447,451 
4,649,495 


1,179,052,982 


510.186.611 
438,053.526 
2!»5,419,726 
271.o;6,l.'>7 
2<ai.iK5.17s 
!ll.:t'.1l.!f> 

!i:i,s(;-.;.:t:c 
.'i7..V*:t.i'.il 
.5:t..l15.i21 

:«..io5,;i4:t 

27,61 1,.'.0!I 
20,661, l.'>5 
5,063,475 


33,749,322,212 


4,753,.810,OvV 
278,010,70(. 
101,642.71111 
71.219,7,M 
61..5:t0.16l 
61,.366,42:l 
62,618,191 


40,.509,.566 
23,723,624 


5,459,491,245 


3,296,087,935 
73.5,7 1.3,.51 7 
679,(l62,-i56 
;191,9!I2.447 
88,S.5.5,1II9 
45,228,387 

'42,-K7',250 


5,278,666,901 


4,  l.')6,8S4,XI0 

6tW,21 0,7.50 

3i9,.5;«,i;:i5 

317,2il7,l!l0 
264,016,672 
I58,.360,8(I0 
88,9.57,860 
l(¥i,i:!2..5.50 
44.li:i<i.l46 
22,455,696 


6.424,035,923 

893,268,703 
1(r2,.57(i,167 

48,!»7'7',:il9 
49,08(1,628 
39,612,260 


1,816,988,233 


1,1.39,014,291 

.5oo,897,(t:ii 

322,764,.iOO 

14.5,404 

134,774,.5:lO 

114.9.57. 
95.639.4:17 
84.9ti2.4»7i 
61  ..580,960: 
60,499,:i65 
49.091,728 
.52,09fi,667 
31.692.:i89 
28,714,310 
17,907,.3:«7 
16,203,120 


2,171,954,657 


1,231  ,.571 ,963 
.508,1:19.314 
:|!I0.778,.598 
I:l7.848.6!t8 
I12..571.8:t8 
127.721,512 
93,!ris.2-J9 
I:t2..t81.276| 

7(i.:t.f2,(ii8; 

it9.9-25.195! 

.50.620. 

.50,178,914 

31,511,641 

29,:143.h47 

27..3.36,290 

22,816,.5T1 


1,1.33,539,007 


460,471,785 
.3116,715,248 
21.5,103,316 

212,075,278 
2:Ki,i:t4.!i70 
iis,7:i5.'i:!l 
7ii.5ii,(i:ii 
•t8.H;n,(i.-,:i 
411.777.886 
21.(1-25.(107 
2(i,277,(i.'i6 
19,884,098 


2,8.56,002,1.57      3,117,006,6(11 


1,8.57,579,2.59 

1,1.39,.599,.575 
514.809,  r.^! 
.%57,.3.52.(l!.0 
I60,(r26,i<26 

'  'lY9,7"4O,.i50 

"l27V8i*',i35 

"r64V676,il9 
.54,167,9(W 
47,117,198 

':iB.:i8'l',726 
:I0.8.V),169 
2.3,193,000 


7:11,201, .580 


45,686,2:15,075    54,.330.8fl8,322    62.321  ,il84,.539;  .56,6:16,.S36,237 


21 ,298,428,055    23,069.770,.5O2!  2.'  .0.59,01 1  ,.3:J7 1  22,887,.514,025 


546,606,144 
279,265,7.39 

,58,778,1»8 
.iO.IKrJ.BIS 
31,:tll7,8(l6 


568,7:19,061 
310,121,207 
60,421,918 

':i7,'82 1,976 


82,46:t,(i07|        S9,0(>2,767  I     1,0I3,0;»6,6;13      +7-6 


989,561,085         977,110,165 


)!IO,(M:t,13S 
/1-2(>,5«4,12:t 
.59,872,489 


38,306,2,80 


1,014,7.86,3.10 


•  Estimated.      Jannarv  1.  1896,  as  estimated  by  ollieials  or  New  York  World,  or  as  shown  by  recent  canvass. 
Population  United  States,  up  to  January  1,1896,  was  71,l'97,6o2. 


Governor's  reports  to  tbe  World— 


EXTERIOR  NEW  YORK  STOCK  EXCHANGE. 

March  2ist,  1792,  a  number  of  merchants  met  at  Corre's  Motel  and  passed  resolutions  that  on  and  after  April  21st  they  would  not 
attend  any  public  auction  where  stocks  were  sold.  This  appears  to  be  the  outgrowth  of  an  advertisenisnt  by  three  firms  published  early  in 
.March,  1792,  reading  :  "  The  Stock  E.Kchange  office  is  opened  at  No.  22  Wall  Street  for  the  accommodation  ol  dealers  in  stocks  in  which 
public  sales  will  be  held  daily  at  noon  as  usual  in  rotation  by  A,  L.  Bleecker  &  Sons,  J.  I'intard,  .McEvers  &  Barclay,  Cortland  &  l-'errers, 
and  Jay  &  Sutton."     Later  the  following  contiact  was  drawn: 

"  We,  the  subscribers,  brokers  for  the  purchase  and  sale  of  public  stocks,  do  hereby  solemnly  promise  and  pledge  ourselves  to  each 
other  that  we  will  not  buy  or  sell  from  this  day,  for  any  person  whatsoever,  any  kind  of  public  stock  at  a  less  rale  than  y^  per  cent, 
commission  on  the  specie  value,  and  that  we  will  give  a  preference  to  each  other  in  our  negotiations. 

"  In  Testimony  Whereof,  we  have  set  our  hands  this  i/tli  day  of  May,  at  New  York,  1792. 


I.eon'd  Bleecker,  Broker,  16  Wall  Street. 

Hugh  Smith,  Merchant,  Tontine  Coffee  House. 

Armstrong  &  Barnewall,  Insurance  Brokers,  5S  Broad  Street. 

Dan'l  March,  Broker,  243  Queen  Street. 

Bern'd  Hart,  Broker.  55  Broad  Street. 

Alex'r  Zuntz,  Auctioneer  and  Broker.  97  Broad  Street. 

Andrew  D.  Barclay,  Merchant,  136  Pearl  Street. 

Sutton  &  Hardy,  Stock  Brokers  and  Auctioneers,  20  Wall  St. 

Benja'n  Sei.xas,  Merchant,  8  Hanover  Square. 

John  Henry,  Broker,  13  Duke  Street. 

John  A.  Hardenbrook,  Broker,  24  Nassau  Street. 

Samuel  Becbee,  Broker,  2t  Broad  Street. 


]?enja"n  Winthrop,  Merchant.  2  Great  Dock  Street. 

J  no.  Ferrers,  .Merchant,  205  Water  Street. 

Eph'm  Hart,  Broker,  74  Broadway. 

Isaac  -M.  Gomez,  Broker,  32  Maiden  Tane. 

Gulian  McEvers,  Merchant,  140  Greenwich  Street. 

Augustine  II.  Lawrence.  Warden  of  the  Port.  132  Water  Street 

G.  N.  Bleecker,  Merchant,  21  Broad  Street. 

John  Bush,  Broker,  195  Water  Street. 

Peter  Anspach,  Merchant,  2  Great  Dock  Street. 

Charles  McEvers,  Jnn'r,  .Merchant,  194  Water  Street. 

David  Reedy,  Insurance  and  Stock  Broker,  58  Wall  Street. 

Robinson  &  Hartsliorne,  Merchants,  198  Queen  Street." 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  ANNTJAL  RECORD. 
New    York  IStock  J£xcha)ifje   Listi)tfjs  cnid   'J'ransactions  for  years  named. 


1895. 


1894. 


New  Bomls  listed,  par S1(J4  526.:MI' 

Old  Bonds  relisted,  par 15  5ST.0IX) 

Scibstitutlons,  par 7S.162.100 

Ti.tal  BoiKlslisted 2S7.a7.i.(l(«l 

New  Stock  ll>ted.  ,«ir S>.3S.VJl)0 

Old  Stock  reliste<l.rar 30.8.t6,2T0 

Substitutions,  p^ir 

TotalStoek  listed 143, 

Railroad  and  Miseellaneuus  Boud$^old 499, 

Government  Bonds  sold 7, 

State  Bonds  sold 

So.  Sh.ires  StiK'k  sold 6«. 

Total  Consideration  St<x;k  sold 3,816, 

average  price  all  sales  Stock 


.S7:!,9W 
.75.s,i«1| 
,480,251); 

S3,i32 

t>o.s 


$131,7S.i.00O 

;H,-.':i:.tiiiO 

92.7S2.0(X( 

259.SOl.6«)0 

36.fil6.2M 

4.S0O.IIII. 

209.776.7t<i 

2Sl.l!«.tX)3 

339.950.250 

4.343. 4U) 

1I>,929.9I>II 

49.ir75.(l32 

3,0»4,!M2.:69 

61.2 


1S93. 


$1.'».272.000 

42,i7s.a«i 

107.:«3,HII 

2SS,S<i:i.4(lO 

93.744.161 

4S.8T4,a«l 

5.i.l«7.HXj 

19S.24.1.261 

S51.&M.430 

2,14.3.2SO 

3.79>.-<iiu 

8U.9r7.S3>.i 

4.550.260.916 

iiu.3 


1S9J 


1891. 


1890. 


8175.123.6')0 

12.332,0110 

130.3S:t.9iU 

317.S03.4H) 

9'J.'.«ft.!mO 

4s.:i6».S.Tll 

8S.76.5.3.T5 

2:J7,ai6.105 

4S3,S.i7.4U0 

l.Tas.lU) 

4.79.!.9:.ll 

S5  875.092 

4,374.014.262 

63.3 


$191,397,700 

16.1S7.0U0 

S0.061.IIII0 

»7.6I5.701), 

%..t4i  !.:.>» 

1.6."i0.a>) 

90.r21.2>«i 

1S8.9U,951 

383.71.i.U«' 

1.46O.SO0 

.3.475.1(0 

69,031.1189 

3,812,217.419 

57.1 


1889. 


1SS8. 


$19S,158.<W0 

li6.2(M.-279 

381.301.7501 

6*4.-<i;;.s7',ll 

161.461.729 

lii,4«i.;47 

25!,ii:«.sr.» 

i:r7.992.:a) 

401.S29.-220 

2.623.501 

4.S70.*iO 

71.-2S2.S<3l 

3,977.664.193, 

60.2 


8206.SM.OOO 
6.(60.1  <» 

17H.SO6.0iO 

ssg.TJo.ooo 

69.121.717 

9.9:!6.(J00 

i:9.9.V2.c67 

2.19.619.774 

39s.aii.4-25 

3.i;98SS0 

.i.932.:W 

72.614,'i<X) 

4.05«.2:!1.><91 

61.0 


$261,989,631 
ll.79-2.ioii 
237,220..'it7 
511.i>'2.--':^ 
62.IIX.' 
111.^7.'.) 
175  14:.  4, 

248  in.r.:, 

345.914.(B7 

6.573,700 

5.188,-2S5 

65.179,106 

3.539.519. 14J I 

62.5 


i8sr. 


$1SO..'^«.000 
16..1I  4.000 
146.7S7..321 

T'Jl 

•  if, 

iXi 

.':'"M.5S0 

347.1-27.330 

7.110,400 

15.306.800 

>^.9U,616 

4.508.7M.S99 

61.1 


For  Daily  Receipts  of  Cotton  at  New  York,  Philadelphia,  Baltimore  and  Boston  in  1895,  see  Clapp  &  Company's 

Record  on  pages  278  to  284, 

2«3 


INTERIOR    NEW    YORK    STOCK    EXCHANGE. 


The  New  York  Stock  Exchange  is  the  financial  center  of  America.  The  men  who  buy  and  sell  through 
its  members  are  those  to  whom  the  country  owes  a  debt  of  gratitude  for  enterprise  and  faith  that  is  likely  never 
to  be  appreciated,  and  certainly  will  never  be  repaid.  The  money  lost  by  building  railroads  which  furnished  the 
public  facilities  at  expense  of  sanguine  shareholders  has  exceeded  one-half  the  present  value  of  all  roads  in 
operation.  The  historian  of  this  country  will  not  fail  to  note  that  this  group  of  associated  bankers  foresaw  the 
growth  and  development  of  the  United  States  and  acted  with  confidence  and  courage  never  before  realized  in 
any  country.  "Wall  Street "  is  now  bounded  only  by  the  limits  of  civilization,  for  every  great  business  enter- 
prise of  North  America  sends  to  its  agents  in  New  York  by  wire  or  mail  its  orders  for  money  or  equipment. 
Here  also  they  each  expect  to  find  a  market  for  their  product.  There  are  few  commercial  or  industrial  interests 
of  importance  not  now  interested  in  the  Exchanges.  Those  whose  stock  is  not  here  listed  are  looking  to  the 
New  York  Stock  Exchange  as  their  ultimate.  The  problems  of  the  past  and  present  are  one  and  the  same. 
They  are  communication  and  transportation. 

The  first  steam  surface  railroad  was  built  in  1829.  There  are  now  in  operation  about  180,000  miles.  The 
first  street  railway  was  built  about  the  year  1835.  The  present  mileage  of  horse  railway  is  1,914  ;  of  cable,  632. 
The  first  electric  traction  road  was  built  only  a  few  years  ago,  and  there  are  now  10,363  miles  in  operation. 
Elevated  and  other  roads  in  operation,  679  miles.  Aggregate  all,  13,588  miles,  capitalized  for  $1,300,139,71 1. 
The  first  telegraph  wire  was  strung  between  Washington  and  Baltimore  in  1844.  There  are  now  about  1,000,000 
miles  in  operation.  The  first  telephone  exchange  was  established  in  1876-7,  and  in  1881  there  were  only  29,714 
miles  of  wire.  There  are  now  about  250,000  subscribers  and  about  600,000  miles  of  telephone  wire.  The  total 
capital  employed  in  and  in  building,  equipping  and  operating  these  methods  of  inter-communication  in  the 
United  States  exceeds  $20,000,000,000,  or  from  25  to  30  per  cent,  of  all  wealth  of  the  country.  Separated 
humanity  is  weak,  but  brought  together  each  brings  an  element  of  strength  to  every  other.  The  telegraph  and 
telephone  wire,  the  printing  press,  steam  engine  and  steel  rail  are  all  parts  of  the'system  of  getting  together, 
and  the  Exchanges  are  where  money  is  secured  to  create  wealth  and  where  the  record  of  industrial  progress  is 
told  in  daily  changing  values.  The  press  of  the  United  States  gets  about  $90,000,000  annually  for  its  part  of 
the  work  ot  modern  progress.  This  century  has  witnessed  the  birth  of  a  financial  giant  that  in  the  next  hundred 
years  will  reach  out  its  helping  hand  to  our  twin  hemisphere  south,  and  be  linked  in  bonds  of  enduring  useful- 
ness with  its  brother  organizations  in  the  older  marts  of  Europe. 

215 


c 
o 

(U 

u 

.S2 

O 

< 

T3 

c 

"rt 

rt 

c 

;-» 

s 

c 

(U 

o 

H 

V^ 

o 

U 

P-, 
(/) 

0 

OO 

o 

X 

L. 

c 

K^ 

w 

ca 

V 

^ 

H 

> 

<u 

^i 

"d 

C 

4> 

^ 

TJ 

(U 

Ui 

nj 

60 

be 

2i 

l-i 

u. 

c« 

3 
(7) 

c 

OJ 

u 

•V 

Vt-I 

u. 

u 
3 

2i 

Pu, 

s 

0 

p 

^ 

CL, 

n3 

4) 

o 
o 

be 

"0 

PL| 

C 

6 
< 

M 

c 

rt 

^^ 

o 

<« 

BJ 

u. 

c 

c 

0 

c 

l:^ 

0 

•si 

X 

w 

t; 

o 

c 
o 

'E. 

^z; 

^ 

o 

'4. 

be 

c 

<1 

o 

^ 

OJ 

c 

4-t 

7) 

c 

u« 

3 

CL, 

M 

^ 

o 

w 

o 

O 
> 

3 

Cu, 

C 

c 

1; 

^ 

^ 

'H 

11 

pE4 

V 

<u 

Cfl 

»^ 

OJ 

^ 

^ 

c3 

o 
o 
P<^ 

03 

u 

Pli 

o 

c 
o 

1j 

Q 

o 

P4 

C 

c« 

^ 

n 

« 

c 

p; 

n 
;z; 

o 

c3 

c3 

,-1 

•J 

c 

a 

() 

3 

CO 

P4 

4) 

H-) 

I-. 

«= 

0 

> 

u 

<u 

•7" 

C/J 

pq 

'-S 

•«-* 

w 

rt 

-0 

U1 

CJ 

0) 

T 

Uh 

c 

iz; 

< 

^ 

(/) 

'— ' 

rt 

^ 
m 

o 

o 

-a 
c5 

U5 

4) 

3 
0 
ir. 

•a 

Ui 

li 

6 

■o 

:^ 

cJ" 

H 

OJ 
Ui 

u 

c 

c' 

IS 

ti^ 

t 

« 

CS 

o 

o 

If. 

tT 

JIh 

N 

c 

Oh 

C 

ID 

1- 

G 

Ui 

d 

D 

•t-t 

o 

3 

O 

U 

> 

U 

<A 

Ul 

w 

(1. 

?» 

?i 

rt 

s 

L^ 

H 

>. 

=a 

0. 

d. 

iT 

^ 

c 

^ 

" 

u 

rt 

w 

be 
2 

> 

in 

a 

-a 

u 

C 
v- 
OJ 

> 
< 

(TJ 

u 

J= 

=a 

■j: 

3 

•i- 

>> 

o 
O 

(A 

> 

o 

o 

4-1 

■r. 

Fi 

<3 

> 

'3 
o 
1— ( 

4J 
> 

(J 

3 
0 

OJ 

> 

0 

CS 

^ 

ri 

4-1 

c 

0 

« 

c 

O 

4) 

« 

£ 

H 

o 
o 

u 

11 

c 

OJ 

JT i*4 ^   -N A ^5 ^T 2* J_ \^ r_4 ta- 

'C  ■^l■3  —  v:  —  r-  fi  ~i  x  ^  i-T»  X  j:  ri  -f-ci-r  5:  -t-^  —  '!^  c  ^  — .  ^*'  "^  ff;  wCi'-S  'ft  i-Sr_  o  "?•  r^  r^^t  x  c;?j'^  Cjo^ 

o  I— *  —  c'  ri  ^  r;  r:  C"^  X  ri  c"*-"  ^  ^  ^i  -^-^  —  !0  I  -I  -I-  x-i  XXX  X  CS  c;  c  ?i ^^' —  c '>i *i  ^—  o"  x'-^  x  i^i-i  -'^tc.i 

i.t  •«  •(T  li*  -»■  1-  -T  -^  -^  -*■  -y  '^  'C  '(^  'C  tc  'C  t-c  'r;  »c  tc  •«  'O  •*  i?'  'C  'C  <c  'O  'O  3  -^  '^  '^  'O  '-O  :o  o  :o  '.c  --d  'C  '.s  -^  »c  *^  o  'C  tr^  'C  'C  t? 

o 

^J    "■    ■*  ^^  '"■  aiiK  ^^  -^i  1^ •■■  r^'—\  ■ •«■   "».  •_  ^M  —1  r-^\  1^  M   ^  .^^  '^l  jm^"^  ffn  f*^  »_  _•>  ^d  > «■■  ^H  -*■    ^  _  f    1*  ^1  ■•    "•■.  "V*  ■^-    ''*  "N"    "•    I  —  ^B  ^  rf,       _ 


»  ~  -^  ec  o  o  cc  o  I—  to  r*  o  I-  c*:  ~  I-  -t« .-« 00  »r:  (N  CS  tc  "M  51  ??  c*3  o  i" 


c*3  0»'^-r'^i-r-i^— x"-^^^r'•-'c'^c■'«^f ='-,sr^rr'i--^^x    - 


»--lC>^«"*^0O^-Xc;O1--r^^^■-t■•*?0l-xcso--'^l^c  —  ■-tpl-xc^c:•--^rl«•^'0^l^xcscr^rJ:c--.- 


W5  o  CJ  X  I-;  yj  --  c;  I—  -— ■  X  c-i  r:  c.  'C  ■-«;  o  •  c  ox  to  i-- 1^  cs  ■>!  tc  tt^  —  w  -r  x  r»  '^l  -^  x  ^  1*  c-  ^  re  u^  71  o  -|;  -^  ct  o  '^  w  o  c^  co 
oc-i^  O'-i  o  o  3  X  cics'ri'?!  ^c^i-^>^  .r:  cs"x30t-^t-^cox  r^xx  xcio^^— ■^^^cs--ri•^  —  •^ox^^odr- 


'   o'   '   '  ?;'  ^  " 


Q  --  to  -f  1^  ■*  X  S^^  -r  c:  tc  1^  •*  C^'ci  c:'-":ct-'QX^'MX^C:r:iccc*-OXCs^r:x~.  '^'Mcc;:^  —  e>o-—»^^o« 
S  X  «f:  c;  ?c  X  I-  ^  =  o  »~  c^  ?i  o  ^  --  o  »c  ir: .--  -^  X  —  c  :2  I-  M  -^  re  --  ^.  •—  O  —  '^  'ft  •—  :c  —  '-c  ■>»  <"  -T  X  rt  r^  O '—  I-  —  ^  ^i 


»o  —  oc^.scscs*.  — '?iri.;i-r>f:<;xc:xi-i^c;xt-xxxoo  — ■—— ;r;re  —  rrfli*-^*^— •^xr--xt--i-i-i-— -- 
- 1- 1- 1-  to  ^  :o  to  «o  t- 1- 1-  ^  t- 1- 1^  t'  i - 1^  r- 1- 1^  t- 1^  i^  t- 1-  X  X  GO  X  X  X  X  X  X  x  X  X  X  X  t^  t-  «^  r- 1- 1- 1 - 1^  t- 

c  o 

'^jT^X'rT-^x'ifr^— x'''e5>fcr«fi^rs*:o«o  t-r-^-^t--^^Qc'Ke"e'rcr;o 

a.  .  -  ♦i.  -  .   ^.  -  -  -   si-  - 


"        fa         s 


.3,  --S-,  ..««-. ..-~..^ 


cc  o  -M  o  X  '^>  iQ  t-  X  Ci  CS  r  c£  *iii-  -^  cs  r-  If:  X  -^  i?r!  i-  ^  'ji  ^:o  —  o  »f3 1-  -m  cs  if;  c-i  —  — •  —  o  -f  to «?:  cs » -  cs  ■?)  5"—  ^  •  12 
cscc  •f;cst--i-o  —  i5^7  x>c  ~  CS  r:  71  —  esc;  o  ri^io  — c>JX^-t"-r  1^  -r  toe:  ?f  :o  —  t-i-^  c;  :o -^»^  ?^ii.^ 


a j5. . ,  b. . ,  ■=  , .  &..-?§ ^.  . .  i^ S. 


Cs:OceCt— -r—  »--^^     ,».t  ^J  CS  to 


orjcsxjix^i'rireto— 1^x05^0.—  '.'?i-  —  _.;;t^. 


'-t-XXXXXXX3 


i  i  -  -M  c:  e  —  :c  irt  X  o  2  ?i  ^  to  X  -T  r  I  —  .2 


MO:crcooreor-»r?or*rtot^"^'-«x»«5lCSio'M03;o«ot*-f^t--*'^x-s»^ 

S  ■<  S  ■  -Ti  ►^  •<  X 


ao'C^05«o?^ocSMOt"^^x 


»-    - 
fa 


.   a v- 


^^^  .-,  <h'  ^^i*  -'J  «»'  "^  "T"  ""  iJ-        * 

^IWCO       ^^(MIM       ^^«c 
IM 

Z  C 


f^xx»oc5c3i5x3 


M     ^^5in     ^^w     -Hpiri__,     ^(Nrr     -i?ici     -^^nc-i         ^-?i«     --c^'M     »■ 


r,.  S  *<  ^  ^ 


'  ?:    '     C 


o^i  —  o  —  :s*:5C53^'oc^»?ie^^i-^»0t0X36xX36ctxxadxci^*— 'o- 
^^  I-  (- 1- 1  -  »-  to  to  to  ®  t-  i^  i-»  I- 1*  t^  t-  fr- 1^  t^  t- 1- 1- 1^  1- 1- 1^  I- 1-  X  5S  X  3 


"  15  ^1 1-  —  1/^  C5  "M  «  »  M  —  Ci  to  O  S  r- 

;ox^"r:--«xtocc  — r:  x-rr-a-s' 


fa         S         <;  ?■ 


5  X  O  <S  S 


,14 


-3-^— •^__- ■=•==— —  'd  —  — -^_._ 
xsjo  —  ^ic^-ri-5=i-xsiC  —  ric2 


CIAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

High  and  Low  of  Stocks  on  N'eio  York  Stock  Exclianfje  for  eight  years. 


Slicnigan 
CentraL 


1888 
Jmoarr, 
Febnuuy^ 
lUrcb 
AprU.. 
May... 
June... 
July... 

AURIMt 

Scvumber 
Oolober 
NOTember, 
Dtwmher.  . 
1889. 
Jacoary 
February. 
Uarch 
AprU 
May.. 
June. 
July 

AUiTOIt. 

EerUmber. 
October. 
November, 
D*cciDt«r. 

1890 
January 
February.. . 
March 
AprU 
May 
June. 
July 
August. 
Beptembei 
Octobei 
HoTember 
Dioember, 

1891 
January 
FebroaiT. 
MmcIi 
April 
May 

Jun*n 

jDly. 

Anguit 

Bcpumber 

October. 

.No*«nb*r, 

Decembc*... 

1893 
January...... 

February 

Mim>b 

*pnl 
Uay. 
June. 
July  

AUgUHt. 

September 
October. . . 
November, 
J)ecember, 


*  Ez-DiviUeud. 


t  lit  msi..  paia. 


t  iii  Inst.  paid. 


«  3d  last.  paid.  1  All  Inst.  paid. 

21S 


CIAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Hujli  and  Low  o^'  Stocks  on,  N'ew  York  Stock  JiJxc/tantje  for  eUjht  years. 


Wesi.jrn 

Union 
TeleKrapb 


1S9I 

January 

February 

March. 

April 

May 

June 

July 

AUKUSt 

Sopteniber 

October :  . 

Novemlier 
December 

1S95. 
January 
February .  . 
March 
April. 
May 
June 
July 

August    

September 
October 
November 
December. 


•Preferred  after  l»si. 


t  Asg'mt  paid  lu  18M. 


*  Receivers  iu  1S93. 


219 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Gross  and  net  earnings  of  all  railroads  annually  since  1891,  and  monthly  earnings  comparison 
between  1894  and  1895  ;  for  all  roads  as  reported  by  "  Chronicle,"  and  comparisons  by  groups  as 
reported  by  Dun. 


Hection  or 

Gross  Earnings. 

Net  Earnings, 

Uroup. 

1895. 

1894. 

1895. 

1894. 

Inc.  or 

Dec. 

Jan.  1  to  Dec. 31 

9 

$ 

e 

< 

* 

New  EiiRl'd 

-(13) 

79,031,077 

70,761,20S 

ai,282,583 

23,7.55.742 

+.526,841 

2-22 

Trunk  lines 

.(!«) 

2<i7,3;(;.7(>8 

246,865.7115 

80.:ioo,:«i 

73,890,0(i5 

-4-6,410,269 
-1-1,838,875 

8-68 

Aiitlir;i.  co-.il 

.(i:t) 

1 4!i,:i.-)  1,(1.11 

14n,:«0,O2S 

33,2(ill.(ilS 

31,421,743 

5 -85 

Mid.  .Status 

.(:«) 

.52,fi(Hi,0O2 

4it,839,:«7 

17,429,312 

16,.5'.M,3.52 

+884,990 

5  03 

Mid.  West '11.... 

.(:«!) 

70,l(i:f,2.V) 

(H.008,h:«; 

22,775,5.5.5 

19,.544,014 

+3,231,-541 

16-53 

North  west'ii 

.(Hi) 

119,24(I.09.S 

lll.KOn,H!M 

4(l,171,.52:j 

39,005,341 

+7,166,212 

18-37 

Sonthwest'ii.... 

.(i») 

(i3,s.lll,,S(i(> 

(>2,:«(),457 

ie,«41,22« 

1«,.527,379 

+  113,847 

0-69 

Paoitic  Coast  .. 

-dii) 

113,:t72,42!) 

110,142,788 

40,803,.5<M 

35.074,011 

+5,728,9.5.1 

16-33 

Southern  

.(39) 

«M.I.->,H,777 

»7,289,7t)2 

2fi,()7t!,790 

27,358,812 

— «82.ir22 

2-49 

Mexiian 

..W 

Ki.fS  1,231 

14,928,982 

7,(H6,fil8 

5,7(i4,515 

+1,282,103 

22-24 

102,074,752 

ur>s,334,0(H 

315,388,153 

288,936,544 

+26,151,609 

9-16 

New  England,  f),98.'i  miles  against  5,472  miles  in  1894  ;  Tnink  lines,  22, 669 
against  22,578;  Anthracite  coal,  (!,(iHi)  against  G,050;  Middle  .states  4, .538 
against  4,.'-)29;  Middle  Western,  12,7  19  against  12,621  ;  Nortliwe»t<?rn,  24,42(> 
against  24,15)6;  Southwesteni,  15,503  again.st  15,487;  Pacilic  Coast,  2:1,698 
against  2:i,57(l;  Southern,  I7,fi0(i  against  17,298;  Mexican,  3,702  against 
3,702;  grand  total,  136,933  against  135,503. 


Month. 

1 
Gross  Earnings. 

\et  Eamingt. 

1895. 

1891. 

Inc.  or  Dec.    P.  V. 

1 89.5. 

1891. 

Inc. or  Dec.P.C. 

( 

t 

« 

$ 

« 

*          1 

Jan 

48,973, 1!«1 

48,(172,945 

+900,245 

1-87 

13,220,.373(  12,12:1,398 

+  1,096,975'  9-01 

Feb 

46.  i:!8,  l:i2 

45,6.i,s,l79 

+780,313 

1-71 

11,864,621!  11,68:1,271 

+  I81,;l.V)    r.v, 

March  .. 

.52,202,055 

51,398.:i«0 

+80:t,B75 

1-.56 

1.5,8,5:1,187    1.5,401,146 

+4.52,041     2-!« 

Anril  ... 

.52,497,91 1 

.50,'2(I9,768 

+2,288,143 

4-.V) 

14,7il0.82;i   i:i,'20(),'i->0 

+  l,.ViO,.54:i  11-82 

May  .--. 

.53,531,262 

.50,0,51,3S8 

+3,476,874 

6  95 

15,7IK1.IW0    12,890.715 

+  2,80>l,9<i5  21-79 

June 

49,395,905 

47,:i70,:)97 

+2,025,-508 

4-28 

14.-2!"i,n21    12,7h;i,7.5s 

+  1..501.()*W  11-73 

July  .... 

.55,118,-.>79 

47,879,485 

+  7,218,794'  15-12 

16,:«k;,Hiii   i:i.2iKi,:!Lii 

-t.3,ii"i.5ii  •2:i-.5;i 

Aug 

.57, 125,22s 

.55,060,460 

+2,0(H,76H 

3-75 

19,.562,:i-.'l     ls,7'.«l.:ii«l 

-f76:t.iii5    4-o<i 

Sept 

(10,2.>s,:il(i 

57,180.014 

+3,078,272 

5  38 

20,76:1.169   i9.7:io.6i:( 

+972..-.')«    4-90 

Oct 

7«.8:t0,251 

64,.5(>0,198 

+6,26!l,7,53 

9-71 

27,:148,115,  -2:1,8:11, 41Hi 

-f3,5l6,619  14  76 

Nov 

6I,()85.W)I 

.58.910,401 

+.5,174,908 

8-78 

23,019,2.5:1  20.407,0.57 

+2,612,-J«  12-80 

Dec 

.58,382,216 

52,704,783 

+5,677,463 

10-77 

19,527,667   16,584,851 

+2,SM2,816  17-74 

lloails  included  in  Janiiarv  138;  February  Kio;  March  1:17;  Apiil  141; 
May  i:i2;  ,Iuno  1:14;  .luly  1:18;  August  133;  September  141;  OctoVr  140; 
November  139;   Deceiubcr  137. 


dross  Earnings. 

^ 

^et  Earnings. 

iVo.  0/ 

Year 

i'ear 

Increase  or 

Year 

Year 

Increase  or 

roads. 

(iiven. 

Preceding. 

Decrease. 

Gii'cn. 

Preceding. 

Decrease. 

12  mos. 

9 

? 

i 

n 

S 

t 

'89  (l.>)) 

8.56.478,510 

81:1,61.1,1,84 

+42,865,026 

288,273,682 

2.i5,814,2l8 

+.32.4.59,434 

'90  (206) 

1,007,540,768 

9:i5,:i99,-2:i8 

+7-2, 141, .5:10 

:12S,009,458 

313,7.'<0,  69 

-t-ll,-228.8NU 

'91  (219) 

1,103,6:16,.5C3 

l,a56,.56.S,9-2:l 

+47,067,.5,80 

:l.5:l,X.->.3,9I8 

3.30,797,494 

+-22,.5.56,424 

'92  (210) 

l,n8:i,6.s,s,^17 

1,0-.>7,29I,8.55 

-f.56,:i!):i,782 

345,.vt0,O27 

33.'',i:!:i,575 

+  7,706,452 

'93  (196) 

!»67,.5;i8,272 

98i,ivvs,:i70 

— 16,.5-2n,098 

297,907,0-2.5 

308,:l.10,fi67 

— 10,4'29,6I2 

'SH  (206) 

969.00:f,.527 

1,091,97.5,721 

— 1-22.972,1'M 

291.802,707 

.%-12,r26,310 

— lo.:i2:i,6ii3 

'95  (2119) 

1,020,074,7.52 

9.5f,:«4,064 

-f  61,740,688 

31.5,388,1.5:1 

288,936,,544 

+26,451,609 

•Section  or  (iroup. 


December. 

Trunk  lines (11) 

Aiithra.  coal (6) 

Fast  &  Mid (15) 

Mid.  We-sfn (24) 

North  Wesfn (8) 

South  West'n (15) 

Pacific  Coast (17) 

southeni (:«) 

Mexican (2) 

Total (137  roads) 


(iroKs  Earnini's. 


Net  Earnings. 


1.195. 


15.92-.,272 
4,71-2,704 
1.878,865 
4,-22«..573 
6,7.5!I,(W6 
5..34.5,.'«i7 
9,749.691 
8,826.026 
9.58,712 


58,382,246 


1891. 


1895. 


1.894. 


Inc.  or  Dee. 


S 

14,.51 .5,888 
:i,7V1.719 
1.72.5.313 
3,667.318 
5,610,1.37 
5,205,470 
9,043,262 
8,.372,»IO 
814,:i06 


4,668,.570 

892,-201 

496,103 

1,48:1,419 

2.897.4(M 

l,78<i,30l 

3,72:1,2101 

:l,14l.6.>4 

44.3,8021 


4,1:17,010 

569,.5-2:l 

461, .522 

1,1-28,191 

2,:ill.007 

l,710,4->2 

2,8.54,513 

3,061.487 

351,176 


52,701,78.1     19,,5-27,667l    16,.5.'M,8.51    -f  2,912,816     1774 


-r.526..560 

+:i22,6;8 

+  31,.581 
+3.V>,228 
+586,.197 
+  75,882 
+868,697 
+  80,167 
+  92,62<! 


56-66 
7-49 

31-19 

2.5:17 
4-44 

30-48 
2-62 

26-37 


-January  1  to  December  31- 


-(209  roatts)- 


1895. 
MUesof  road  Dec.  31  136,933 

< 

Gross  earnings 1,020,074,752 

Operating  expenses 701,686,599 


1894. 

135,503 

« 

958,334,064 

669,397,520 


-Increate , 

Amount.  P.  C. 

1,430  1-06 

< 

01,740,688       6-44 

35,289,079        5-27 


Not.. 


315,:J88,153 


288,936,544         26,451,609        9- 16 


MONTHLY  EARNINGS  FOR  1895  WITH  COMPARISON   FOR  1894. 


Period. 

Mil 

■age. 

Earning*. 

Inc.orDec. 

P.C. 

Mileage. 

Earnings. 

/» 

icrease 

1895. 

1894. 

1895. 

1894. 

Year 

Year 

Year 

IVor 

or 

aiven. 

Preceding. 

(linen. 

Preceding. 

Miles. 
101,a54 

Miles. 
100,7:19 

8 

36,871,674 

t 

36,897.292 

9 

—2.5.618 

Jt.Muary  (i:i2  roads).. 

0-07 

December. 

Miles. 

Miles. 

t 

% 

9 

February  (131  roads) 

l(H).(i20 

1(K),519 

:i;i,:io;i,(i-22 

:14,(I21,:168 

— 718,.146 

2-11 

1891  (148  roa<ls) 

95,886 

93,389 

47,9.59,610 

43,854,r>6.| 

Inc. 

4,101,916 

Marih  (i:i2  roads).... 

100,781 

100,706 

39.2tO,(KM 

:VS,9'>.5,107 

+214.897 

0-63 

1892  (i:i6  roads) 

w.iai 

92,  .■1-26 

47,11.1,6!M 

46,019,414 

Inc. 

1,0)1 1,-i-sO 

Apiil  (1-25  r;ads) 

99,460 

!I9,:1.55 

36,898.61^5 

.15,-i59,321 

+  1.6:!9,3H 

4-6.5 

1893  (127  roads) 

»7,.178 

94,:i69 

40,319,016 

46,793,.183 

Dec. 

6,474, :i:i7 

May  (i:i2  roads) 

11X1,'273 

100,178 

.I9,:i9l,i:i2 

:i7,o:ioo-i5 

+2.:m,MV7 

6-38 

1894  (1-25  roads) 

96..190 

9.5,829 

:i8,9.17,:i50 

39,179,:»1  yje-. 

2I1,!I84 

June  (1-26  roaiw) 

98,?26 

98,610 

:l7,195,-279 

:il,:i5i.766 

+2,84:1.513 

8-29 

1895  (1-2:1  roads) 

99,!/75 

99,854 

4>,02i,858 

41,2l9,.198'/iic. 

3,776,460 

July  (r22  roads) 

9.8,4:13 

98,141 

:18.91'2,8:!9 

:i:i,.v>o,-2.5:i 

+5,:l.57..586 

15-97 

Jan.  1  to  Dec.  31. 

Augu.st  (i:i4  roads)... 

liKi.Mi:! 

100,.'>86 

45,00-2,44:1 

44,281, IW 

+7-20.516 

1-63 

1891  (-201  roads) 

140,714 

1.17,3.59 

910,4.56,097 

8!)6,60:i,01  r/^)ir. 

43.8.53,086 

Septenibei' (126  mads) 

99,0-25 

98,795 

4.5.721,82:1 

43,7-2l,.521 

+  l.!Kr7,:i02 

4 -.57 

1892  (174  roads) 

I3-2,.i:il 

l:l0..5O2 

9-26,:i77,747 

881,167,192  Inc. 

44.91(1,-2.V) 

October  (129  roads).. 

HV1,IKW 

lo:i,si2 

.56,9,S4,143 

.5:i,4.59,:i7l 

+3,.524,772 

6 -.59 

189:1  (18.1  roads) 

141,8.19 

i:i8.:t7l 

9:«i,2:i7.9.55 

961,107,915  Dec. 

2.5,I69,!H>0 

November  (124  nmds) 

100,1167 

99,!KK) 

49,0411,442 

46,n,SO,939 

+2,9)9,.50:i 

6-42 

1894  (191  roads) 

151,001 

1.50,021 

865,702.814 

978.12->,I65  Dec. 

112,4-2.5,;121 

Dcci-mber  (1-2:1  roads) 

99,975 

99,8.54 

45,025,858 

41,2l9,;i98 

+3,776,460 

9-15 

1895  (12:1  roads) 

148,265 

147,887 

8S6,'2.57,:i85 

8:i6,:i-26,418  Inc. 

49,930,967 

FROM    DUN'S    REVIEW. 


Roads. 


Trunk  lines 

Other  Kast'n  .. 

Gi-angers 

Other  West'n.. 

Southern  

s.  West'n 

Pacitic 


-January , 

Per  Cent. 
1895.       1894.     1893. 


-February , 

Per  Cent. 
1895.       1891.     1893. 


-March , 

Percent. 

189.5.       1894.     1893. 


■April  - 


1895. 


..  ?1.5,:i7.5.611  +  3-8  —  9-8  $14,166,472  +  41  — 104  #16,910.178  +  8-4  —14  3  #16,418.4-23  -j-  61 
..      7,i»79,718 +110— 3-9      7,.537,I30 -f-lti-l  —  9-6      8,570,315-1-13-5-13-9      8,517,138-1-12-6 


8,666,!)41  —128  -•21-7 
5,47-2,011  +  5-7-12-9 
8,482,113-  3-3—  7-2 
8,.568,.145  +  5-5—13-1 
8,4:17,002  +     -4  —17-2 


8,:i47.707— 12-6— 21-0 
5,145,967  +  2-1  —16.4 
6,817,107  —  7-8  —20-9 
7,.593,7.54  -f  3-6  —17-7 
7,9:10,088-1-  1-4—18-3 


9,9:17,017-11-6—2:1.3 
6,116,197+  2-9-  6-6 
7,861,655  —  2-5  -13-6 
8,7.5-2,172+  5-2—11-5 
9,401,917-1-  5-5-14.1 


Percent. 

1891.      189: 

10 

T 

9,151,795—  6-6 -21' 

5,907,:175  +  8-9  —10 


7,121,9.10 
8,410,275 
9,473,440 


4-5  —10' 
2-6-10 
3-9—10 


May — 

PerC 

1895.  1.894. 
,9-2-2.112+11-3 
.•2-27.-2.>8  -t-  2-9 
,974,997  —  5-9 
,9-25..56:l  +18-4 
.100.772 

■2S8,IW8 


8,31.5,067  -I-  1-6 


ent. 
1893. 

—11-9  $16, 

—13-2  8, 

—22-4  9, 

—  7-2  .5, 

—13-4  6, 

—16-4  7, 

—17-8  9, 


June — 

I'er  C 

1895.  1891. 
,736,281  -f-  8  6 
•228,259—11-0 
.881,7-22—  2-3 
.8,89,618  +12-6 
,69:i,:i74  —  -2 
,4-20,097  -1-15.5 
,013,6't2  -I-  9-4 


-July- 


I'er  Cent. 

1895.        1.894.     18!r2. 
26-2,.5:l6  +10-3  —  6-6 


ent. 

1893. 
—15-0  f  1 
-18-5      9, 
—23-0    10, 
—16-3     6, 
—  5-4 

-5-1      7.:191, 403  -f  16-9— -20-5 
—14-3 


•,201,516 
i,-2s5,o:i9 


7iK),:i05  -  21  -7  — 
,l."i5.63l 


,189,039 


6-8  —120 
6-0  —17-2 


tl.  S 

Canadian 

Mexican 

ToUlall... 


.  ?6-2,981,741  +     -9  —128  $57,.5:l8,4-25  +     -6  —141  $67,651,511  +  2-9  —140  #6.5,0:i:l,.176  +  5-0  -12-5  f  61,751,407  +  56  —152  86.1,8115,943 
l,171,0:ia— 16-0— -2:1-7         9il-2,0:l2— 14-1— 21-3      l,193,-i59 -13-8 —210      1,'24.5,621  —  4-4 —-22-2      1,411,4-23—     -9—102      1,51-. 


1,482,799+51  +  5-5      1,756,6:19  +  27 +10-4      2.09.5,840+8-8+10-6      2,014.376+9-2+5-3      1.9l8,-279  +  52  +  63      1,815,687-1-2-3+8-5      l,5r2,:l'.»9 -f-iri  +  *i 


4-6  —15-2  $69, 194,470  +14  5  —21-4 
3-7  —•200      l,.5l:l.544  +  2-4  -14-1 


|«i.5,r>:l.5,.576  +     -7  —12-9  $60,-287,096  +     -3  -13-7  $70,91.1,610+  24  —137  $6S.-2.93,373  +  49  —123  $68,144,109  +  5-5  —14-6  $67,191,492  +  45  —14-8  $72,.550,413  +14-0— 111 


Roads. 

Trunk  lines.  | 
Oth'r  Kast'n 
Grangers  ... 
Oth'r  Wesfu 
Southeni  ... 
S.  West'n... 
Pacitic 


-Angust- 


-Septeraber , 

Percent. 

1895.      1894.     1892. 


-October- 


■  2-9 

13,:i-24,629+11-2— 15-3 
8,485,872  +  5-7  —  8-0 
7,806,316  +  2-4  —  5-0 
8,880.8116  +  2-3  —22-8 


Per  Cent. 
1895.       1894.     189-2. 
7-6  $19,100,900  +  6-5-  2-6  $17,821,513  +  6-3 


11,266,770  +15-6-  8-0 
16,191,611  +20-5—  2-3 
7,.821,470+  7-8  +  1-7 
9,'283,910  +  4-8  +  1-4 
11,317,460—  41-  9-7 


November , , December , 

Per  Cent.  Per  Cent. 

1895.       1891.     1892.  189.5.       1894.     1892. 

2-5  $19,628,908  +  79  —  7-2 


Per  Cent. 
189,5.       1894.     189-2. 
16,9.5:1,647  +  3-9-  4-9  $16,473,669  +  3-4 
9.709,464  +  8-6  —16  5      9,4:1:1,179  +ir7 
12,4-2:1,399+  5  6—12,1 
7,017,.54S  +     -3  —  6-8 
7,7.')3,196+  1-0  — '7-9 
.8,ai.5,-i5l  +     -1- 14-6 
11.075,190+2-3-15-2     9,752,540  +  IS  +  50    i:i,75'2,100  +  43  +  13    12,476,.%7  +  61  —  3-9    1 


10,.57-2,-27 1  +-251  +21-6  7,6a5,163  -18-5  +  .1.8 
i:1,:i.)9,n:19  +21-9—  44  11,4.5:1,-261  +194  —16-6 
7,-26.5,.i:«  +  9-4  +  1-5  7,ia5,-2t4  +12-6-  4-5 
8,8.58,479  +  3-8  +  3-4  9,-2!18,.8(>-2  -|-  5-2  +  "6 
9,9I0,.5-20  —  3-8  —10-1  9,414,:ll2  +  3-8  —14-9 
767  +  5-5—  7-9 


U.  S 

Canadian  . 
Mexican . . 


. .  $73,-277,704  +  26  — II-7  $74,157,071  +  5-5  —  9-7  $88,7:«,-221  +  82  —  34  $80,-264..5-25  -t  9-3  +  -3  $7.5,683,.5.50  +  82  —  75 
..  l,67.'),:i()3  +  1-2—  80  l,;i-20,398  +  3-5-28-9  2,-291,357  +  4-6  +  8-4  2,r29.(ri.i +lt  9  +  2-1  1,924,616+23-8+1-6 
..      l,8'2n,-216 +10-0+  8-0     1,798,9-25+9-6+2-7     1,829,686+85+1-5     2,210,-269  +     "1  —  38      l,7-25..579 +15-9  +  86 


Total  all. .  $76,7-12,313  +  2-8  —114  ?77,-276,394  +  5-5  —  96  $92,855,-2tH  +  8-1  —  31  $84,603,819  +  9-I  + 

250 


-9,.1.i:i,745  +  8-8- 


M'age 
•21,075 
8,9.50 
27,097 
12,618 
.12,619 
21,667 
•28,903 


Per 

Per 

189.5. 

189-1.        Cent. 

1892.       Cent. 

$291,772,988  $27I,.5:16,986 -f-  7-5 

$315,721,097—  7-6 

164,:i3'>,-202 

1.54,.S.58,493  +  6-1 

176,792,670  —  7-0 

12.5,612.834 

120,8-25,666  +  3-9 

144,144,1.56—12-8 

75,018,1,85 

69,1.5:1.IW)6  +  8-5 

77,85-2,699  —  3^6 

91,911,566 

9t),:i-29,449+  1-8 

96,0(.7,'2O2  —  4-3 

101,782,9:18 

97,748,.574  +  3-1 

117,(Hl,4:iO— 13-4 

113,:i!t9,:i-2.5 

107,960.480  +  5-0 

1:10,000,173  —12-8 

1*5,9.59     $963,884,0,18  $913.41,1,314  +  55  $1,0.58,219,407  —  8-9 
4,0:i8  1.8,-2!K),396      18,'2.55,314  +      2         20,79 1,-222 —129 

4,.5:lO         21,46.1,876      •20,1  r2..162  +  6-7  19,6-20,140    +94 

161,.527  $1,003,64:1,310  $951,780,990  +  54  $1,098,633,769-  8-6 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Gross  ami  Net  E(irnuujs  209  Jtailrodds  of  United  iSttitesJor  1894  and  185)5,  as  reported  by  The  Chronicle. 


Sew  Kngland — 
RuiiKor&  Arooatdok.... 
Ui'iiiiliiKtoii .(  Kiitlaiid. 

Huston  x  Albany 

Iliisliin  &  Maine 

UoH.  Kfv.Uh  .St  Lynn... 
llrlilKton  .'£  Sai'u  Ulv... 

Kiltliburg 

HiM)sao  Tun.  A  Wllni... 

MnlncCvntrnl 

N.  Y.  &  New  Knglnnil.. 
N.Y.N.  Hav.  A  Hart... 
Phil.  K.  &  New  EhK... 
Vermont  Valley 


*"  ""    "   1893. 


mi 


1S94.      Inf.  or  Ih-i: 


6f.,3IIO 
3,?-.>(),lti6 
5,5:.':i,9<lT 

7,t>34 

19,2h7 

l,81.'i,9-.» 

l,s:!9,.V9 

8.911.151 

2111.690 

68.,S,h7 


12-1,551 

2;, 451 

3,4,'.  1, 262 

5,621.924 

11*1,219 

10.';  It) 

2.16.\1R7 

11.178 

l.r>l.'-,,(91 

l,S6:i,:<19 

8,«UCi,471 

ia'<,8?2 

(1,601 


Total  (13  roads) TJ,(J81 

TViiiifc  Linm—  $ 

Bait.  .4  O.-EastO.  R...  17.T91 
Went  Ohio  Itlver 5,6rH, 

li.  A  O.  Southwestern..    i;,ll6 

Clev.  CIn.  Ch. ..»  St.  L. .  l:i,9;il, 
IVorIa  &  Kustern l.liTI 

Grand  Trunk ii  ir.,:c>2. 


C'hlc.  &  tirand  Trunk  <i2,"2'.i, 

Det.  Gr.  H.  &  Mllw. ..     <i92ii 

I^keSh.  &  Mich.  So...  21.11IB, 

Mleh.  C'en.A  Can.  So..  13.5:V', 

N.  Y.  Cent.  &  Hud.  H..  44.SIM 

N.  Y.  Chic.  ,4  St.  L r,,:;n, 

Penn.— Ka.st  P.  &  E....  MM''. 
West  PUIS.  &  Erie...  39.-2:f2,; 

Phlla.&  Erie M  STx, 

Pltt.s.  C.  C.  &  St.  L..  .(»!.'•.  182. 

Pllt.s.  You.  &  Ash....  hi 

Wabiish 12,t;50, 


Total  (ISroade)... 

Anfhracite  CotW— 
Cent,  or  New  Jersey. 
Delaware  &  Hudson. 

Alliaii.v  &  Susq 

N.  Y.  ,*  Canada 

Uenss.  &  SjratOKa.. 
Del.  1  aok.  &  West 

N.  Y.  Lack.  &  West. 

Syra-Blnif.  &  N.  Y.. 

LeidKh  Valley  I 

N.  Y.  Ont.  &  We.st.... 
N.  Y.Susq.  &  West... 
Phlla.  &  Reading 

Coal  &  Iron 

Summit  Hranch 

Lykens  Valley 


..267,3T(m6S 

« 

..  13,568.023 

..   IH.X1!I,618 

. .  bl.(>(i9,U73 
..  rW  11.9-23 
..62.:a6.Hll 
..  44,2(11,909 
. .  1)9.073,092 
. .  69:10.269 
..  ls,.-61,4.->4 
..  3,;  26, 18:1 
..  2,261,018 
..  21.581,901 
..  24,706,902 
..  1,151,131 
. .       768,509 


"0,76l,2ia 

< 

16,9'.i«,6;2 

4,-,6:l,-2S5 

6,2-  2,.'iOC. 

12.948.140 

l,W.!.(Ki6 

(1 1 11,369,451 

a2.495.40! 

(i9:H.J'83 

19.,V>;,868 

12,.t84,I113 

41.791.492 

.'•..6-29.2:i7 

53.7il4.-*<3 

31,64'  .992 

(.3.96."..  1!17 

bll.263,>79 

M,224.127 

11,6-24,324 

216,N65,7ti5 

t 

12.1559.941 
18,06.S.209 
bS.S.M.OSO 

6810,158 
62.-222.729 
43.1k->N,862 
68,36«,582 

6895,-i90 
17.331.594 

3.737,118 

l.%2.984 
20,n4.191 
21,545,808 


874,(ilO 


24.282,683 

t 

5.840.285 

I,2W,ai5 

2,29-2.615 

3,W1,M8 

.'•|O:!.-200 

04,89-2.418 

<ia^..627 

alii8.0»l 

6,447,815 

3,1H1,I(« 

13,-i3:l,Hr2 

1.428,5.'i6 

19.682.Wi.S 

1:  .410,482 

61.-237,716 

64.-226,176 

66.sl.9i;i 

3,4b8,919 

80,300,3;>J 

5,272.969 
5,442,886 

bl,795..S72 
6:107.7.'-.0 
68-22,726 
6.76li,9UI 

6,".,011.185 

6413,152 

4,'vi6.l«il 

1,063,458 

87."),710 

9,883.040 

def.59-l,s02 

61,374 

def.40,918 


23.75i-),742 

$ 

5,691,704 

771.941 

2,307,692 

3,-28i;,66il 

23;t,4-l3 

a4,714,057 

udef.3,144 

all9,lS3 

fi,371,PliO 

3,439,905 

14,ir2,7i'8 

18.340,5  9 
10,641.113 
6l,ir22,.\H4 
63.498,3.59 
64S7.-212 
2,7:K,746 

73,890,065 

4.221,635 
5..W8,672 

61,750,710 
6169,640 
6787.418 
7,IH9.667 

64,154,637 
641,1,1-27 
4,U  9,765 
1,084,881 
682.001 
8.890,418 

def.9(i.S29 
def. 4.941 

de(.14,li'26 


+  114.649 

4  38,8-19 

—2^0,796 

-97.957 

—7,315 

-2,782 

+80,08:1 

+7.8(9 

+  l';o.-2!-7 

+276.-270 

-I  137,6su 

+32.818 

+7,296 

+526,841 

$ 
+  148,-« 
+5. 16,*.  94 
-l.'.,077 

126l.9!-8 
2:59.757 
178,361 
+83,771 
—11,059 
+76,015 
4411,1  95 
— 279,7s6 
4  277,858 
+  1.:)42.329 
+-2,769.:i69 
4  6215,132 
-J-6T27,817 
+6194,719 
+753,173 

+6,410,209 

+1,1151,331 

— 95,7S6 

4641,662 

+613S.110 

+635,308 

—288,71.7 

+685«,.'>1S 

—61.975 

+  5-26,-236 

-21,4-23 

+193,709 

499S,612 

—568,473 

+66,315 

—26,892 


Total  (13  roads) 149,a>l,651 

MUlille  States— 
Addison  &  Pennsylv.. 

Adlrondaek 

Allegheny  Valley  .... 
Annap.  W'ash.  &  Bait.. 
Kath .%  Hanimondsport 

Brooklyn  Elevated 

ButT.  Koch.  &  PIttsb-g. 

Canitlen  &  .-Vtlantlc 

Cumberlund  Valley 

Dniik.  .\l.  it  I'ltts  

ElCort  &  Northern..  . 

Fall  Brook 

Hunt.  &  Broad  Top 

Kings  Co.  Elevated 

Lehigh  &  Hudson 

Lon^'  Islind 

Manhattan  Elevnted.. 

New  Jersey  &  N.  Y 

N.  Y.  Phlla.  &  Norf.... 
N.  Y.  &  Rock.  Beach .. . 

Northern  Central 

North.  New  Y^ork 

Phlla.  W.  .*  Bait.* 

P.  y.x  C.  Island 

Stat.-n  Isl.  Rapid  Tr... 
Stony  C've  &  (5ats.  Mts. 
Syr.  Geneva  &  Corn'g.. 

Ulster  A  Delaware 

Walklll  Valley 

West  Jersey  .t  Brs 

Western  Maryland 

West.  N.  Y'.  &   Penn. . . 

Total  (32  roads) 

Middle  Western— 

Chicago  &  Alton 

Chic.  &  West  Mich 

CIn.  Jack*  Mack 

Gin.  Leb.  &  North'n 

CIn.  Porl,s.  &  Vlr 

Clev.  Canton  &  So 

CleTe.  Lorain  &  Wh'g. 
Col.  Hock.  V.  &  Tel.... 
Col.  Sand.  &  Hooking.. 
Det.  Lansing  .t  North.. 

Detroit  .t  .Mack 

Elgin  Jollet  &  Enst'n.. 

Flint  &  Pere  Marq 

Orand  Itap.  &  Indiana. 

Illinois  Central 

Ind.  Dec.  &  West 

Indiana  III.  &  Iowa 

Iron 

Kanawha  &  Mich 

Lake  Erie  All.  A  So.... 
Lake  Erie  *  Western.. 
Ix>uls.  Evans.  It  St.  L. . 

I.ouisv.  N.  AI.&  Ch 

Mantstlque 

Ohio  Southern 

Peo.  Dec.  &  Evansv 

Pitts.Char.  SYough'y. 

Pittsburgh  L.Erie 

Plttsb.  Mar.  ,t  Chic... 
Plt(slinrg&  Western.. 

Sag.  Tu.sc.  &  Huron 

Sag.  Val.&  St.  Louis... 

St.L.  Alt.&T.  H 

St.  Louis  Van  ScT.  H.». 
So.  Haven  ,t  Eastern... 
Toledo*  Ohio  Cent.*.. 
T.'l.  Peoria  &  Western. 
Wab.  Ches.  .*  Western. 
Wheel.  &  I.ake  Erie... 


Total  (.a  roada)  ....  70.463.250      6t.i108.836      22.775..'a5      19.5.|4,iil4       +3.231..M1 


Nortlitivslem— 
Burl.  (;ed.  Hap.  &  No.. 
Chic.  Burl.  &  North'n. 
Chic.  Burl.  &  yulncy.. 
Chic.  MM.  ..VlSi.  Paul... 
Chic.  A  Northwestern. 
Chic.  St.  P.M.  &  Cm... 
Duluth  A  Iron  Range.. 
Duluth  So.  Sh.  &  Atl... 

Iowa  Cent  nil 

Keokuk  &  Western.... 
Ml  lineup.  &  St.  Louis. . 
Minn.  St.  I'.&S.  S.  M... 
(julucy  Oma.  &  K.  C... 

Total  (13  roads) 

Southwestern — 

Arkansas  Midland 

At.  T.  &S.  F 

SI,  L.  &  San  P'ran.... 

Atlantic  &  Pacific... 
Austin  &  Nortliwest... 

CrysUl 

Denver  &  Rio  Orande. 

Eureka  Springs 

Ft.  Worth  &  Den.  City. 
Ft.  Wth  A  Rio  Orande. 
Kan.  C.  Ft.  8.  &  ,Mcm.. 
Kan.  City  Northwest.. 

Kan.  City  A  Beotrlc. 
Rio  Orande  Southern.. 

St.  Louis  Southwest 

San.  An.  s  Ar.  Pass 

SHverton 

Union  P.  Den.  &  Gulf.. 
Waco  &  Xorthweateru. 


1895. 

4,r*'.xa 

2.Um.9(i7 

31,6.'i2,:i4j| 

3II.«JK,U(11 

31,.'AH,C29 

7,5iK,7(-4 

a2,l.'.5,613 

1,MI.H23 

1,679,702 

:i8I,5.-i6 

1,9(V», 5.5.3 

3,I4M,156 

•261,297 


-Oross . 

1S94. 

748,831 
82«,3ii9 
,514,878 
,473,387 
I19.:162 
,297,619 
,.'.01,1 1-29 
670,987 
,66:,:t70 
363,r>».S 
,777,361 
I,600,li42 
238,571 


1895. 

1,154.371 

5;;9,4-27 

12,124..3:i9 

12.81 10,119 

ll.i*)4,h-27 

2,67-2.111 

al,219,y,8 

6911.319 

611,987 

1:6,379 

8:«l,(J2:i 

1,130.559 

91,;(73 


Set— 

ln»l. 

1,026,013 

548,436 

12,ti«i.57l 

9,975,(r27 

9,0lW,6.3l 

2,351,4:15 

a.K7-2.'14 

576.748 

5."«l,-2«0 

11.3.162 

71i',;«i« 

822.639 

61,666 


Inc.  or  Dec 

+  127,761 

-9.109 

— •276,-232 

+2.H.s.'..m 

4  2.7'.«;.  193 

4  .•«i,'.7« 

+  346.942 

4  113,571 

+00,707 

423.217 

+I19.i.:!7 

4:«/7.9-2i) 

+29.707 


119,240,i;98 

« 

111,971 

29,172,724 

6,1  05,943 

3,;-i5.i:t9 

0  2-^2.5.59 

9,H13 

7.291,569 

0,57.9-28 

1,086,702 

412.371 

4,. 530.2.37 

265,574 

4.953 

4.53.1  U7 

5.ii47.:i06 

1,971.828 

77,1.19 

3,091,486 

28H,577 


Total  (19  roads) 63,846,866 

Piivijlc  Coast—  S 

Canadian  Paclrtc 18,941,037 

Ncvaila  Central 027,419 

Northern  Paelllc 19.088,647 

Oregon  Improvement.  3,-221,633 
Hlo  Grande  Western..  2,^92,420 
San  Fran.  &  No.  Pac...  8ll.7(i2 
Southern  Paelllc  Co.  (6).  4f.,529,:i27 
Gal.  Har.  A  San  Ant.o  64,:  69.8.S0 

Louis.  Western o     69%,&"3 

M'gans.  La.  &  Tex..a  65.373..365 
N.  Y.Tex.  &  Mex...o  6215,672 
Tex.  A  NewOrr8...a  61.497,8>'4 

Pacific  System 632,507,3-26 

Central  Pacinc. . .  u .6r2.aw.766 
Union  Pacific  <6  rds)...  •22.3.5<i.4n4 
Union  Pac.  Hollway.614.:«6.291 
Ore.  Sh.  L.  &  U.  Nor.  65.:»4.198 
St.  Jos.  &  O.  Island...  66U,ii78 
Kan.  City  &  Omaha. .      675.415 

Central  Branch 6:!44,770 

Atch.  Col.  &  Pac...  )      ho-c-in 

Atch.J.C.&W {     6276,713 

Vlsalla&  Tulare 9,780 

Total  (19  roada) 113,372,429 

Southern  Roads.  8 

Alabama  Midland 5Si,767 

Atlanta  &  West  Point.  5ii7.5-^7 

Atlantic  A  Diiuville  ...  559.483 

Blrndngh.&  Atlantic.  23.109 

Bruns.  A  Western  532.008 

Carolina  Midland 51.071 

Char.  A  Savannah 52v,!i26 

Chesapeake  A  Ohio. . . .  9.798.:i-24 

Ches.  O.  A  Sowestern.  2,437,781 

C.N.  A  Laurens  88,978 

FlorldaCent.  A  Pen...  2,043,449 

Gadsd.&Att.  Union...  9.:f28 

Georgia l,a57,7i-<> 

Georgia  A  Alabama....  498.491 

Ga.  South.  A  Fla 83ll.;^3 

Gulf  A  Chicago 46.851 

Jacksonv.  T.  A  K.  W...  387.168 

Kan.  C.  Memp.  A  Blr. ..  1,130,021 

Ix)ulav.  A  Nashville...  19.809,198 

Louisv.  St.  L.  A  Tex....  438.606 

Macon  A  Birmingham.  72.ai5 

MemphlsAChar 1.266'I37 

Mobile  A  Oh  io 3.4(-7.4 'vl 

Nash.  Chat.  A  St.L....  4,>71.84a 

New  Orleans  A  South..  c70.l95 

Norfolk  A  Western....  9,662.IB7 

Northeastern  of  Ga .'>4.:it.l 

OhloRlTer 887.271 

Ohio  River  A  Charles..  1'<6.S19 

Petersburg 546,227 

Rich.  Fre<l.  A  Potomac.  728.412 

Richmond  A  Petersb. .  .■i4ii.99l 

S-iv.  Florida  A  West.. .  3.372.832 

Silver  Sp.  Ooala  A  G...  172.849 

Southern  Railway 18,694.116 

Western  of  Al.ibama..  5.56.059 

W.  Va.  Cent.  A  Pittsb. .  1.121.7(4 

W.  Virginia  A  Pittsb..  a319.»16 

WrlghUT.  A  Tennlle.. .  85,7^ 


111,800,894 

< 

102,750 

28,724,489 

6,071.161 

3,205,6(16 

0230,741 

10,^91 

6.760.109 

am.nri 

l,3a5.K79 
396,665 

4,7t;9,llN 

275.nS8 

11,684 

38ii,i.-2l 

1,946.751 

.56,715 

2,847,057 

292,174 

62,336,457 

18,752,168 

(122.860 

16,7:fl,822 

3,751.255 

2,1113.650 

8-27,6r-4 

44,772,1 0:< 

63,8.51 1,3;.3 

6897,8-24 

65,:i53,'281 

6'239,8-27 

61,417.6,89 

631.-267.779 

612,106,051 

23,171,791 

6l4,817,Hii7 

65,009,467 

6782.6.57 

6112,049 

6376,160 


46,171,523 


3?8 


,881 

6,179,087 

2,.'«,554 

374,.'.61 

074,991 

2,8:i4 

8,1.59.4(16 

<i  29.940 

21  9.778 

156..<tr7 

1,401,347 

I3,»i4 

def.21.-258 

■234,9-26 

858,817 

S60,280 

43,221 

778,'206 

15H,401 

16,611,226 

8 

7,4fW,951 

02..596 

7,7'<5,799 

36:!,514 

922,626 

251.7:M 

15,688,9-20 

61,41><.6S2 

64r«.977 

61,:r25,275 

671.911 

66111,560 

611.217..5,>4 

64.434.174 

8..10I.607 

65,498.869 

62.4211,610 

6110.720 

6def.2N,:i70 

6110,726 


89,00f.;Jll 

56,666 

6,290,814 

2, 101, (■28 

HiM.TiiS 

094,620 

3,4(j3 

2,745,115 

u:»,156 

2X7,478 

16:1,618 

1,431.906 

14,6-20 

def.42,;{48 

192.292 

1,1162,014 

622,»<7 

26,819 

601.115 

159,860 

16,527,379 

t 

6,4'23,:nO 

«def.43 

5,|V6,249 

C97.811 

66O,M0 

29I.M5 

15.:'6«.266 

61.151.7(4 

6417.602 

61,-204.847 

698,249 

b5(i6,.S.;9 

611,-240.7(10 

64.596.842 

6.4-12.S05 

f<4,6:r2.176 

61. .172.975 

6190,613 

6def.-24.767 

6123,-2:r7 


6355,828  6def.49,077 
9,.585 


2,817 


69,291 
2,828 


Total  (.■»  roads) 88,158,777 

MexUan  Roads.  i 

Mexican  Central 9,495.<e5 

Mexican  Internat'l a'2.378.699 

Mexican  National o4,0(T7.774 

Me.\lcan  Northern 681,896 


110,142,788 

t 

568.137 

486,377 

512,175 

21.124 

531;,  180 

57,2i9 

615,926 

9,127,666 

2,175,317 

91,823 

2,438,721 

6,671 

:,3IS,.550 

469..'(94 

I9.S82 

49.221 

A8..500 

1.or«,2l6 

19,4('5.-;93 

420.353 

79.114 

1.286,710 

3.26(1,991 

4,623.9111 

crr.5,57 

10,340,452 

61,476 

712,431 

168.571 

517,>*n 

698,676 

S29.S82 

3,902,246 

1.50,280 

18,068,691 

53:!,6(U 

978,741 

a312,a» 

78,557 

87,289,762 

8,426,025 

a  1,939,839 

03,900.856 

«2.'262 


40,803,564 

8 

45,087 

206.987 

133.2S 

def.44 

1(6.1(19 

15.2(il 

99,169 

3,1,56.550 

823,513 

7,719 

467,879 

5.493 

r..8.199 

83,316 

295,:'03 

8.876 

-    29,792 

186.024 

6,776.1125 

10(i."4»4 

l.»*4 

211.222 

1.229.511 

1.966.989 

o  def  .9.862 

2,138.451 

12.894 

319,54;) 

.37.090 

2111.613 

236.TN6 

91.977 

979.097 

59.468 

5,456,6(12 

201.724 

393.940 

a20I.S»B 

■23,857 

26,6767790 

8 

3.896.476 

a924.77J 

al. 859.71  9 

S«,661 


35,074,611 

40.119 
lS9.(n:) 

&4.'26U 
def.9<»5 
150,-^i7 

15.619 

l.'H.I62 

3,012.>-55 

715(1.932 

16,034 

698,603 

3,7:.3 

41'2,692 

65.508 
2-23,515 

314,a-.3 

175,^>9 

7.:il3,.542 

81,157 

13.9.,9 

220,713 

1,167,427 

1,856,609 

o  def  .4,7a 

2,646,.'->t7 

17,533 

276.963 

■2(i,9..9 

188,1+1 

261, -237 

81.711 

1,225.031 

46.998 

4,916,:>-s7 

1.58.61  f. 

32<..591 

al90,6:!9 

27.337 

27..358.S12 

2,966,.^50 

a-'f.i.nn 

al.din.'M 

316.444 


+7,166.212 

-18.782 

—111,717 

—15,472 

+  13.77.1 

-19,6-» 

—569 

+-I14,'291 

—5.216 

-77,700 

—7,311 

-47.5.59 

-7I« 

+21,090 

44^6:<4 

—203,197 

-62,lii7 

+16,402 

+  177,091 

—1,159 

+  113,817 


1,(fi7.< 


+  1,057.641 

42.6:t9 

+2,.599..5.50 

— 3M.29? 

4262.(^« 
—43,111 

+.322,6.54 
4t26;.9l8 

+  651,375 
+  612(1.4-28 

—626.303 

4644.221 

4  62-3.146 

— 61i,-2.C.63 

4  l.'<i.l.MJ! 

-•  6'^-6.793 

4  6l.ii47.tV:5 

—679,^93 
—b:i.ni3 

—612,511 

-658,371 
-11 

+5,728,9.53 

8 

4  4,968 

+  17,»->» 

478.972 

+  861 

—12,798 

-38S 

—54.993 

+  143.695 

+62..573 

—8,315 

-230,724 

+  1,740 

—74,493 

+  19.818 

471,788 

+2.689 

—281,561 

+10,135 

-537,517 

+19,147 

— 12.58.'5 

-9,493 

+62,(61 

+110.380 

0-5.129 

-508.1  «6 

—4.6)9 

4-42.5811 

4)6.131 

422.469 

—4.451 

+10.-21 6 

—■245.934 

+12.170 

+510.215 

J4.3.119 
71.349 
11,1*9 
—3.480 

-«82.022 

8 

+9ai.lH 

+i:).5..-65 
4l97.l95 
*19.217 


Total  (4  roada) 16.634.234     14.928,982       7.016,618       5.764.515       +1.28J.I03 

Grand  tot.  (aO9r'd8).1.020,074.752    958,334,064    31.5,388,153    288,936,541     +26,451,606 

oFlgurea  and  comparisons  for  this  road  are  for  eleven  montbs  ended  No- 
vember 30,  the  December  returna  not  being  ready  yet. 

6  Not  counted  In  footings,  because  Included  In  earnings  of  the  system 
nnder  which  thla  road  appears. 

c  Figures  and  comparisons  for  this  road  are  for  ten  months  ended  October 
31,  the  November  and  December  return  not  being  ready. 

•  For  year  ended  October  31. 

t  Toledo,  Columbut  A  Cincinnati  Included  In  both  years. 

I  For  year  ended  November  30. 

i  Concord  A  !Iontreal  Included  for  the  last  half  of  I^'95.  but  not  In  1894. 


isi 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

The  National  Hanks  of  New  York  and  Jirooklyn^  with  State  Hanks  that  associate  direct  or  indirect  with 

the  Clearing  House. 


533 


6* 

21 
45*+ 

1 
70* 
2') 
88 

4+* 
65+* 

4+t 
79t* 
15 
62 
74 
30 
12 
36 
54* 

8 
2:1 
81+* 
34*+ 
45*' 
47 
59 
20t* 
29+* 
82 
76* 

3+ 
67*+ 
61 
6S 
14 
Kl 
72* 
77* 
6fi*t 
7H* 
17* 
27*1- 
33 
11+ 
82'+ 
45*+ 
53 
34 
18 
91 
80 
2* 
42 
4 

IG* 
27 
3 
13 
83* 
44*+ 
2I*t 
65*+ 
40 
90 

3*+ 
71 
1(2* 
07 
61 
44*t 
32 
49* 
28* 
54 
31* 

7 
62*+ 
2;» 
8in 
85 
19 
63 
44 
86 
20* 
82*+ 


66 

10 
14*+ 
80*+ 
54*+ 
79 
87 
84* 
13*+ 


Name  of  Bank. 


America 

American  Exchange  National 

Astor  Place 

Bank  of  New  York.  N.  B.  A. . 

Bowery 

Broadway  National 

Brooklyn  First  National 

'■        Nassau  National.. 

"      Manufacturers'  Nat 

"         National  City 

"         SpragueNation.il. 
Butchers'  and  Drovers'  Nat. . 

Central  National 

Chase  National 

Chatham  National 

Chemical  National 

Citizens'  National 

Clinton 

City  National 

Commerce  National 

Colonial 

Columbia 

Corn  ExcIiaDKO 

Continental  Nat ional 

East  River  National 

Eleventh  Ward 

Eninire  State 

Fifth  National 

Fifth  Avenue 

Franklin  National    

Fourteenth  Street 

Fourth  National 

First  National 

Gallatin  National 

fTarficld  National 

German-  \nierican 

(icrman  Exchange 

Ganse  voort 

<  Jermania 

Greenwich 

Hamilton 

Hanover  National 

Hide  and  Leather 

Home 

Hudson  River 

Importers'  and  Traders' 

Irving 

Leather  Mf'g  National 

Liberty  National 

Lincoln  National 

Manhattan  Company 

Market  and  Fulton  National. 

Mechanics'   National 

Mechanics'  and  Traders' 

Mercantile  National 

Merchants'  National 

Merchants'-Exchange  Nat 

Metropolis 

Mutual 

Mount  Morris 

Murray  Hill 

Nassau 

National  Union 

New  Amstenlam 

New  York  County  National.. 
New  York  I'roiluce  Exchange 
New  York  National  Exchange 

Ninth  National 

Nineteenth  Ward 

North  American  National 

Oriental 

Pacific 

Park  National 

People's 

Phoenix  National 

Plaza 

Republic  National 

Riverside 

Seaboard  National 

Seventh  National 

Second  National 

Shoe  and  Leather  National.. . 

Sixth  National 

Sti  te  of  New  York 

State 

Southern  National 

Standard 

Third  National 

Tradesman's  National 

Twelfth  Ward 

Twenty-third  Ward 

Union  Square 

United  States  National 

Western  National 

West  Side 

Yorkville 

96  banks  clearing  through 

67  members 


Deposit  of 

Clearing 

House 

Banks. 

Feb.  I,  1896. 


$19,723,600 

18,4.55,000 
1,673,000 

11,110.000 
3,076,000 
4,628,200 
5,147,000 
2,600,692 
2,411.561 
2,851,895 

1,45.5,160 

10,15.5,000 

li>,943.100 

5,798.300 

22,768,000 

2,036,800 

991,!H)0 

34,022,600 

14,103,800 

542,100 

2,288,800 

9,226,.500 

6,053,000 

1,093,000 

1,369,200 


tPeposit  of 

Bjuiks  that 

clear  through 

other  Banks 


1,647,200 

7,.528,80( 

490,7(Kl 

&S.5,400 

18,868,70( 

1H,421,300 

5,024,70< 

4,877,40( 

2,.595,60! 

3,210,300 

857,10< 

3,776,.50(i 

1,005,70(1 

774  ,.300 

18,0.5.3,401 

1,H03,5(M 

728.90(1 

879,40(1 

l9,:m,ooo 

2,610,000 
3,287,800 
1,902,.300 
7,216,900 

13,069,0(K1 
4.i:«,000 
7,214.000 
2,515,000 
6,769,200 

10,l<t4,G00 
4, 2.52,71  K) 
5,(162,400 
92l.:»0 
2,:«K).:{00 
1,4.5('>,000 
2,866,000 
9,446,001) 
],4!»2,200 
3,4«i,g00 
2.6.58,500 
1,3.32,200 
3,.560.000 
877,000 
5,901  ,<K)0 
1,815,000 
3,260,000 

28,424,800 

2.017,200 

3,751,000 

936,.500 

11,166,700 
.546.100 
6,.577.000 
1,926,,500 
6,4.50,000 
2,9.52,900 
1,409,000 
2,66:1,400 
1,258,700 
1,925,400 


528,407,148 


$1,673,000 


.'■)42,1()0 
2,288,800 


1,3G9,'200, 


490,700 
8a5,40O 


857,100 


774,300 


1,803,.500 
728,(K10 
879,400 


924  ,.300 
2.300,300 
1,465,900 


1,492,200 


877,000 


936,.500 

sie^ioo 


1,258,700 
410,666 


1.169,400 

610,900 

2,243,tK)0 


762,800 


Capital. 


$1,.500,000   100 


5,000. 
2.50, 

2,000, 
250, 

1,000, 
300, 
300, 
2.52, 
300, 
200, 
300, 

2,000, 
500, 
450, 
300, 
600, 
300, 

1,000, 

5,000, 
100, 
300, 

1,000, 

1,000, 
2.50, 
100, 


000    100 


25 


000  100 
,000  100 
,000  25 

0001  loo 


200,000 

100,(K»0 

200,(100 

100,000 
3,200,(XH) 

,500,000 
1,000,000 

200.000 

750,000 

200,000 

200,000 

200,000 

200.000 

200,000 
1,000,0(¥) 

.500,000 

100,000 

200,000 
1,500,000 

500,000 

600,000 

.WO.OlK) 

300,000 
2,05O,(HI0 

7,50,000 
2,000,000 

400,000 
1,000,000 
2,000,000 

600,000 

300,000 

200,000 

2.50,000 

100,000 

.500,000 
1,200,000 

250,000    100 

2(KI,(KK)    1(K) 
1,000,(KK)1   1(K) 

300,000    ' 

750,000 

100,000 

700,000 

300,000 

422,700     _, 
2,000,000    100 

200,000      "" 
1,000,000 

100,000 

1,.500,000 

100,000 

5<X),000 

300,000 

300,000 
1,000,000 

200,000 
1,200,000 

100,000 

500,000 

200,000 
1,000,000 

750,000 

200,000 

100,000 

200,000 

500,000 
2,100,000 

200,000 

100,000 


ino 
loo 

166 

100 

loo 

100 
100 
25 
25 

i()6 
loo 

100 

loo 

100 
100 

.50 
100 

75 

loo 

.50 
100 

25 
100 
100 
100 
100 
100 
100 

.50 
100 
100 
100 

.50 
100 

25 

25 

loo 

50 
.50 
100 
100 
100 
50 
50 
100 


Surplus 
Dec., 
189S. 


$2,389,400 

2,.344,300 
332,200 

1,965,400 
.571,100 

1,6.34,600 


229,.50O 
479,400 

1,307,400 
988,100 

7,382,.500 

400,600 

23,900 

3,207,700 

3,.570,100 

.39.500 

2.59.300 

1.1»VKH» 
201, .500 
144,.500 
222,900 


.312 

1,0.54 

42 

60, 

2,105, 

7,131 

1,620 

635, 

276, 

606, 

.5.5 

610 

1 

!)2 

1,96: 

110, 

71 

175 

5,627, 

342, 

478, 

151, 

573, 

2,078, 

848, 

2,161, 

3.30, 

iKM, 

983, 

164, 

787, 

75, 

100, 

197, 

265. 

4.39, 

196. 

4.37, 

29.5 

72, 

384, 

29,1 

567, 

41.3, 

479,: 

3,214, 

251,: 

4-22, 

94,1 

963, 

&5, 

235,1 

105,: 

620, 

43, 

339, 

489, 

36, 


28,; 
262, 

72, 
130,1 

27, 
226, 
5.59,. 
282 
311 

75, 


100 

,400 

:,700 

1,900 
300 
,000 
,.500 
800 
•-tK) 
1,000 
,600 
i,0(K» 
.300 
,400 
,600 

m) 

•M) 
,700 
,0(KI 
,."■00 
,6(N) 
,.500 
,000 
,50( 
,700 
,600 
,-.'00 

,000 

,700 
„500 
000 
900 
600 
400 
.500 
'.100 

■00 

KK) 
.5(K) 

m 

700 
,600 
."OO 
200 
,200 
300 

soo 

,000 
800 

00 
900 
600 
,300 
.500 
200 
.500 
400 
900 
400 
•200 
100 
400 
,900 
700 

00 
,500 
200 
,000 
,100 


Highest 

Public  Sale 

inlS96. 


1  a  220,  Oct.  14 

"1  b  346,  Dec.  4 

172,  Dec.  18 


2:15,  Sept.  5 
2,55,' June  11 


160,  Aug.  14 
125,  Feb.  27 


343^,  Jan.  2 

4,250,  Jan.  16 

ir>,  April  17 

95,  May  U 


21014   Dec.  4 
98,  July  2 


298  Dec.  4 
1.32,  May  1 
135,  May  17 


3;i50,   April  24 
100  April  9 


Lowest 

Public  Sale 

In  1895. 


)  a  203,  Feb.  12 

(b345  Dec.    4 

154,  Feb.  2 


220,  June  5 
233,' Feb.' 13 


1.5094,  March  27 
117%,  July  10 


325,  Dec.  17 
4,125.  Feb.  6 
13.5,  April  17 
87,  March  26 


180.  April  3 
98,  July  2 


275)4,  Feb.  12 
122,  Jan.  25 
135,  May  17 


190,  Jan. -2 
308^;  April  10 


!,».50,   April  24 
9.5,  .March  13 


113,  March  19 
a59)4,  Dec.  4 

400  July  15 
175^,  April  10 


175H,  Dec.  18 
305;  Aug.' 28 


113,  March  19 
3.59>^,  Dec.  4 


311,  Aug.  22 


387W,  Julv  2 
175H,  April  10 

3li;'Aug!22 


520K..  Sept.  18     .50.5,  Feb.  18 

I425J,  Sept.  28   1.35.  March  18 

170^,  May  1         167,  May  8 


670,  Sept.  25 
2O0I4,  Dec.  4 

2'20W.  Dec.  18 

19^V4.  Dec.  4 

1.52U.,  .March  6 

179H,  Oct.  30 
i:«,  Dec.  19 
115,  Dec.  4 


330,  April  17 
1.5.514,  Dec.  4 
19314,  Nov.  6 
17.5-%,  Nov.  27 
.587,  March  6 
12.5,March2ti 


1-21,  Aug.  14 
12314,  iMay  22 

14.5,  Jan.  9. 

20414,  Aug.  28 

187,  Dec.  4 

277!^;,  Aug.  7 

219,  June  19 

\\t^,  April  24 


156,  Aug.  13 


108,  March  7 
121,  Feb.  20 


95,  Sept.  12 
lii.bec.  4 
165,  Jan!  5 


10.5H,  Dec.  4 
100,  Feb.  13 

100,  March   13 


114,  Dec.  18 


.56.5,  March  20 
183,  March  13 
21.5,  April  10 
180,  April  20 
H0!4,  Aug.  7 
17!%,  Oct.  30 
130^:^,  March  6 
109,  Jan.  4 


220,  Dec.  11 
151,  Nov.  20 
19014,  June  5 
160,  Jan.  30 
.580,  June  18 
120,  Nov.  13 


117.  Dec.  19 
12:{J4,  May  22 

110.  Dec.  4 

20414,  Aug.  -28 

187,  Dec.  4 

270,  Jan.  28 

249,  June  19 

113^,  Feb.  13 


152>!i,June  5 


168,  March  7 
113>^,  Oct.  9 


91,  July  22 

103,  Feb.' 19 

14'1,'6'ct.  30 

105ibec.'l4 
93,  Aug.  14 


100,  March  13 


110,  Feb.  5 


Last 

Exchanife 

Sale. 


Recent 
Bids  in 
1M«. 


325 
172 

'235 
290 
240J6 


1.55 
120 

'34.5^ 
4,2.50 
135 
90 
462 
206 
100 
215 
298 
130^ 
1.35 
275 


3,230 
95 
170 
175H 

■307^ 
400 
113 
360 
112 
400 
17.5^ 
100 
311 

m 

lft5 

1.58 

.520K> 

142 

170 

116 

670 

200 

220W 

19'2!4 

140^ 

182 

1.34H 

115 

4.35 

100 

140 

220 

1.5.5U 

1!»2!4 

180 

.580 

120 

1118 

117 

115 

140 

201^ 

1x7 

276^^ 

249 

105 

'1.51 
1.50 
168 
125 
;t50 
90 
3.50 
108 

"iii 

117^ 
105 
95 
122 
100 
195 
175 
112 
300 
164 


325 

167 
212 
215 
270 
230 
400 
270 
210 
400 
22(5 
142 
115 
.500 
.315 
4,2,50 
125 
90 
420 
2a5 
100 
180 
285 
125 
1.30 
200 

'275 
2,8.50 
90 
170 
170 
2,800 
,300 
425 
112 
.350 
105 
.390 
177 
100 
300 
90 
140 
1.50 
520 
137 
170 
120 
670 
200 
208 
185 
130 
165 
130 
110 
400 
100 
120 
215 
1.50 
195 
170 
580 
115 
95 
115 
110 
l:«) 
200 
180 
270 
235 
103 
170 
147 
150 
165 
HO 
430 
85 
270 
108 
85 
100 
105 
105 
90 
115 
100 
190 
175 
100 
275 
150 


12  J  J 

7NN 
6  J  J 
10  J  J 
12  J  J 
12  J  J 
16  J  J 
12  J  J 
8  J  J 
20  JJ 

6  JJ 
8  JJ 

7  JJ 
10  J  J 
16  Q 

150  bi-mo  J 
7  JJ 


15  M  &  M 
8  JJ 


8  JJ 
12  F&  A 

7  J  J 

8  J  J 
8  JJ 

ie'j'j 

100  Q  J 

6M&M 

7  J  J 

100  QJ 

12  A&O 


7F&  A 
16  May 


10  M  &  N 
6M&N 

16 'j'j 


6M&N 
6  F&  A 

20  J  J 
8JJ 

10  J  J 


8M&A 
7F  &  A 
10  J  J 
8JJ 
10  J  J 
7JJ 
7JJ 
6J  J 
12  J  D 


8Q 
8M&N 


8JJ 

6A&0 

6F&  A 

6J  J 

6JJ 

6JJ 

10  J  J 

8QF 

10  J  J 

10  J  J 

6JJ 


8JJ 
6Q 
6JJ 
6JJ 
10  J  J 

l2'j'j 
6M&N 


12  J  J 


=•3 


259 

147 
•233 
108 
3-28 
263 


176 
124 
361 
317 
•2561 
167 
108 
420 

i;i 

139 
186 
218 
120 
158 
322 

256 
11.54 
121 
160 
165 
1526 
262 
418 
137 
403 
r28 
421 
186 
126 
296 
122 
171 
188 
475 
168 
180 
1.31 
2!»1 
201 
213 
208 
183 
196 
149 
127 
.362 
138 
144 
297 
1.53 
136 
179 
319 
129 
124 
150 
129 
182 
2.38 
214 
261 
226 
142 
194 
164 
185 
147 
135 
306 
104 
27,1 
141 
136 
218 
114 
1-26 
110 
165 
r27 
213 
212 
113 
2.56 
175 


A  Old  Stock,  b  New  Stock. 
*  State  Banks. 


t  Official  Reports.   Banks  clearing  through  others  whose  numbers  are  indicated  in  first  column,    t  Statements  Feb.  28, 1896. 

252 


CLAPP  &  CO,  BANKEES  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Exhibit  of  <tll  Surface  Steam  Railways  of  United  States  for  respective  Fiscal  Years  eliding  in  Years  named, 
from  Poor's  Manual,  and  Interstate  Commerce  Commission  and  "  Railway  Age" 


TriK  k  all  roiiils,  iiicludiUK  !-i(1iiiK!< . 

MiluiiKu  of  niilroiuls 

MileaKo  const  rue  ted  for  the  yeiir... 

Sled  rails  in  track 

Iron  rails  in  track 

Number  of  locomotive  unKincs 

NMtnbe!'  passeuKcr  cars  

Number  bauKaKe,  mail,  etc 

Number  of  freiubt  cars 

All  revenue  cars 

All  liabilities  of  Companies 

All  assets 

Excess  of  assets 

Cai)i tal  stock 

Bondc*!  debt 

Unfunded  debt 

Current  ac'counts 

Cost  of  railroads  and  equipments. 

Of  Heal  Estate,  stocks,  bonds  and  other 

investments 

Other  asset  s      

Current  accounts 

Miles  road  operated 

Ra> venue  tr  lin  mileage 

I'assenKcr  mileaKe 

Freight  mileage 

Mixed  mileage 

Passengers  carried 

Passenger  mileage 

Tons  of  freight  moved •. 

Freight  mileage 

Tramc  earnings  from  passengers 

Tratlic  earnings  from  freight 

Miscellaneous  eariiins's 

All  earnings 

Ueceipts  from  other  sources 

Net  earnings 

Available  revenue 

All  payments 

Rentals,  tolls,  etc 

Interest  on  bonds 

Other  interest 

Dividends  on  stock 

Miscellaneous  payments 

Ba  lance,  surplus,  or  deficit .   . 
Ca  lital  stock  per  mile  ci>mi)Icted  road 
Bondeil  debt  per  mile  completed  road. 
Cost  of  road  and  equipment  p.T  mile 

completed  road | 

Passenger  earnings   per  mile  road   in 

operation I 

Freight  earnings  per  mile  of  road  in 

operation I 

Net  traflftc  earnings  per  mile  of  road  in 

operation 

Percentage  of  e.\i)ense3  to  earnings 

Passenger  earnings  per  passenger  per 

train  mile 

Freight    earnings    per    freight    train 

mile •  —  — 

Oross  earnings  per  revenue  train  mile. . 
Cross    expenses    per     revenue     train 

mile 

Net  earnings  per  revenue  train  mile  — 
Percentage   of   passenger   earnings   to 

gross  earnings 

Percentage  of  freight  earnings  to  grosi 

earnings  

Percentage  of  other  earnings  to  gross 

,     earnings 

Kami  ngs  per  passenger  per  mile  in  cents 

Earnings  per  ton  per  mile  in  cents 

Average  miles  each  passenger  carried . . 
Average  miles  each  ton  freight  hauled. 
Average  percentage  of  interest  on  all 

bonds 

Average  percentage  of  interest  on  all 

bonds  and  debt  com  hi  ned 

Average  percentage  of  dividend  on  all 

stocks 

Average  percentage  of  interest  and  divi- 
dends on  all  stocks,  bonds,  and  debts 
Number  of  roads  went  into  bankruptcy 
Number  of  miles  placed  in    hands  of 

receivers 

Amount  of  bonds  and  stocks  involved.. 

Number  roads  foreclosed 

Number  of  miles  foreclose*! 

Amount  of  stocks  and  bonds  involved 


*18!I5 


+l(M,5'21t..'ffl 


$293,4a5,7!i2 
683,aJ-~','.i8X 

i,003,022',a5;i 

:«,057,24:! 

t.'K.5,:«r).2i« 

:5.T.S.412,J61 
3.%,361,!M6 


53,ia"),54,i 


1,784 

4,i.:i 


C7..i6 


181M 

$2:t2,7,T,i.l8 

l7.s,o.y.o:- 

2,r)l-2.2.i 

l!i7.1!tl.i:< 

3,">,2(W.7.') 

35,81.3 

26,34.") 

7,937 

l,l!tl,Mir) 

1,2-.'(;,U8 

$n,4.Vi,22<»,0<l6 

811.80S,42.i,'J73 

3."):i,2().i,'.«7 

,5,02,  ,tai4,71 

.';,(>0.i,77.'),7t>4 

382.it27,834 

4.38,'JIl,tHll 

9,fi!l3,141,.T87 

l,6.-)l,3fi6,198 

2.38,30f),3(H) 

22.'>,G12,(»88 

17M44.11 

818,:!82,712 

327,211,«2ti 

47r),7H!t,88;) 

l.'),381,(Kll 

.'>«3,248,(Kr 

13,6(K),.->31,6;<.T 

()7r),r2!l,747 

82,2Sfl,400,4'.)8 

8276,031  ,.571 

700,477,409 

91,1:M,">.33 

l,067,G43,.->13 

il6,1.58,8;i4 

317,7.57,?9!) 

413,91t>,2.3;f 

424,686,688 

60,840,237 

2.34,702,91? 

7,444.802 

83,478,669 

:i8,22t),068 

D.  10,77O,4;).T 

28,691 

32,141 

55,641 

1,573 

3,!»93 

1,811 
70.24 

0.844 

1.472 
1.305 

0.916 
0.3»l 

25.85 

65.61 

S..M 

•ism 

0.851 
23.32 
121.89 

4.11 


18!)3. 


1892. 


1891. 


4,089 

$369,075.(M)O 

52 

12,8;<1 

$761,791,000 


3.93 

1.61 

2.89 
38 

7,025 

395,791,ai0 

42 

5,643 
318,999,000 


4,663 

2,06:i 
70.40 

0.917 

1,.522 
1,859 

0.957 
0.402 

25.81 

66.89 

r7..30 
2.016 
0.8a3 
24.29 
119.55 

4.30 

4.01 

1.86 

3.02 

"l 

29,340 

1,781,016,000 

25 

1,613 

79,044,000 


221,«82..53 

171,8IW  72 

4,40!) 

182,710.76 

:J8,917  77 

24,«)4 

7,8:«j 

1,117,728 
1,1.50,162 
,9TI,0'.II,28< 
,;!.')!l,.i<;i,01!|i 

:is.s,i(;!i,7:ti' 
,,M;:i,ii!i,o;'.'| 

,4(K5,0I9,'.I6;)] 
28.'),4.V),2«T 
417,4(ai,9.">7 
,293,062,143 

,600,493,849 
2.').3,089,4»7 
212,!»2.5,.530 
170,fi<Ki.81 
8(H,910,463 

.32:i,9-*".-'>^''" 

523,8:U,4.58 

17,148,4.52 

.575,709,678 

,.584,:H3,80I 

7:i(J,6(J.5,011 

,413,197,i;<0 

29:i,.5.57,476 

7!t4,.526,.500 

80,9.52,8ti4 

,169,036,810 

114,428,952 

3.52,817,405 

4.57,246,.367 

425,615,082 

62,.541,445 

229,90!»,292 

t),.59:i,287 

9.3,.st;2,412 

32,70.'<,64(i 

41,631,275 

28,680 

31,845 

54,644 

1,721 

4,787 

2,068 
68.83 

0.906 

1,559 
1,378 

0.970 
0.408 

24.63 

6852 

6.a5 
2,143 
0.967 
2:1.79 
112.70 

4.25 

4.38 

1.93 

3.01 
36 

10.508' 

3.57,692,000 

28 

1,922 

95,898,000 


214,528.95 

107,845..56 

4,<I89 

174,77.5.14 

:«),7;5:i.81 

3:),;-,<i3 

23,08.3 

7,;!68 

1.110,28(i 

1,140,73' 

.619,726,280 

!l'.ll,i2;i,;5:i9 

311,ii!r7,2.59 

7.'>1,7.VI,)9,S 

17«,^21,9,S9 

3l.5,l(r.',6:t2 

37 1,1151, 161 

,927,571,592 


1,.588,.590,522 
2:tl,8<i2,24;i 
241,3'.«t,l82 

161,261.91 
8.31,202,376 
320,712,013 
493,.>41.'.H!9 

16,948,394 

.5^5<i,01o,802 

13,316,;i25,23'.l 

7iii,:«is,t;o'.i 

81,210, 1.'>l,.52:i 

290,T99,6'.I6 

7,54,185,910 

80,.>49,209 

1,12.5,,534,815 

101,i:«),82:^ 

:«0,807,:i70 

451 ,947,193 

412.921.659 

«>l,24;i,7:« 

222,652,»X) 

5,917,.593 

89,0!W,757 

31,008,271 

39,025,.534 

28,641 

31,179 

63,648 

1,770 

4,591 

2,168 
68.33 

0.907 

1.528 
1,354 

0.932 
0.422 

25.84 

67. 

7.16 
2,184 
0  929 
2395 
115.29 

4.25 

4.10 

1.85 

3.06 
26 

2,1.59 

84,479,000 

21 

3,22:1 

168,069,000 


1890. 

208,151.89 
103,:<;'>«.!H) 

5,:i.5:i 

167,457..58 

40,694.31 

31,812 

21,664 

7,2.53 

1,1161,9.5; 

I,0'.i0,8*i9 

S10,288,(W7,5I8 

10,.5!IO,(;o.i.613 

301,918.12.5 

4,.5!IO,17l,.">(;i 

.5,0.53, 3r.t,!i'.N) 

:!7.5,2K  1.271 

;i«9,91 1,696 

8,71O,3O0,:iO2 

l,4;58,.59(t,089 
22:!,2(»2,51!' 
198,.',ll3,7:i:i 

157,97(i.46 
79.3,925,115 
297,214,7ir 
482,!M)0,422 

13,780,016 
520,4.39,1182 
12,.521,.">tx>,619 
691, :it  1,437 
T'.',l'i;;.'.'.-.'>,I2.5 
27L',:!21l,'.«il 
7:J4,821.7:« 

71,t;'.':.',W5 

l,078,8;r..3:i9 
1I).H,046,387 

:Mi,r,<a!,:«;9 

449,712,7.56 

401,().5;i,879 

.58,811,849 

217,9-22,677 

6,-575,543 

83,575,705 

.34,7:W,102 

48,0.58,878 

2x,:«i 

31,244 


1889. 


53,783 

1,723 

4,651 

2,195 
67.!6 

0.920 

1,.522 
1,359 

0.929 
0.434 

25.24 

68.12 

6.61 
2,174 
0.92' 
24.05 
114.55 

4.27 

4.09 

1.80 

3.01 
26 

2,9(3 

105,007,000 

•29 

.3,825 
1,82,495,000 


2(B,23.5.!K) 

1.59,993  78 

.5,181 

15l,722..52 

.50,513.47 

:{1,0I1 

22,885 

.7,0.53 

1,0.51,169 

1,081,107 

8!».931,4.W,146 

10,205  |93,ll;50 

271,039,901 

4,19.5,099,318 

4,828,;«^5,77l 

:j.57,l77,l.'i0 

2,50,510,897 

8,.5»8,081,477 

1,177,4:11,927 
2:i9,9-'9,.>ll 
1!)0,0.V),105 

ir>;i,68i).ir2 

721,987,1 
279,0K.5,1I5 
429,469,7371 
13,  l.32,2(«l 
494,808,421 

11,!»'4,726,015' 
619,l(;5,tviOi 

M,677,276,9'.r2 
2.VJ,4.39,2:il 

6iM,9«;2,:t:u 
f;<;,ivii,7.57 

992,0I6,;(19 

KS,,S<»1,148 

319,!»6.3,074 

40*;,7t;7,222 

;C5,:52I,671 

44,798,12!t 

210,2W,:«5 

6,747,142 

79,.531,863 

33,979,212 

31,4»2,,551 

28,095 

30,178 

53,740 

1.1 

4,433 

2,095 
68.72 

0.932 

1,.5.50 
1,.374 

0.931 
0.440 

26.13 

67.13 

6.71 
2,169 
0.'.»70 
24.18 
110.90 

4.40 

4.09 
1.81 

3.03 

221 

3,803 

99,664,000 

25 

2,930 

1.37,81.5,000 


1888. 

191,4!r7.26 

151,27.5.81 

6,912 

I38,5ni.:v> 

.52,9S<I.91 
29,398 
21,425 
6,K2/ 

1,00.5,116 

l,o:i3,;i(ii 

S9,607,487,:«»9 

9,873,!I70,:j72 

2li<i,IKi,IHfl 

4,i:iH.iii,:M2 

4,624,o:(;5,023 
.■«l6,!r,2,.589 
2:{8,088,;t»5 

8,:M4,:iO4,820 

1,106,2:12,499 
2:11,67.5,844 
191,7.57,209 

14.5,:M1.24 
688,751  ,:171 
268,125,315 
410,514,115 

10,111,911 
451,:«Vi-55 
ll,l'.Kl.613,679 
;'),H9,.39.s,317 
70,423,OO5,9«8 
251,3.56,167 
6.T.i,2(KI,723 

(!0,mv.,118 
950,ii22,(KJ8 


297,363,677 

.382,261,5.57 

3<)7, .5.53, .547 

4.5,2S9,721 

199,062,.5:fl 

6,217,521 

78,943,041 

.38,«40,7:« 

14,708,010 

28,768 

29,!C2 

.'>4,008 

1,729 

4,.397 

2,045 
64.45 

0.937 

1,5.57 
1,.380 

0.948 
0.432 

26.44 

67.24 

6.32 
2,246 
0.977 
24.79 
110.72 

4.35 

4.17 

1.77 

3.03 
22 

3,270 

1.86,811,0:10 

19 

1.596 

64,5.55,000 


•1S95  Items  all  from  Prelimln.iry  Report  of  Interstate  Commerce  Commission  and  Includes  738.39  miles  outside  U.  S.,  covers  630  roads.  tTlie  RaUway  /Ipcsavs 
tiiat  during  20;  years  ending  1895  there  were  645  roads  representing  75,757  miles  and  f4,29O,0U0,U0O  foreclosed  and  sold  ;  alx>ut  150.  roads,  are  now  operated  by 
receivers. 

"  Railway  Age." 

STATEMENT  SHOWING  NUMBER  OF  MILES  OF  RAILROAD  CONSTRUCTED  AND  OPERATED  IN  THE  UNITED  STATES  EACH  TEAR  SINCE  1830. 


Years. 

Miles. 

Increase. 

Years. 

Miles. 

Increase. 

Years. 

Miles. 

5lncrea.se. 

Years. 

Miles. 

Increase. 

Years. 

Miles. 

Increase. 

1830. 

23 

0 

1343. 

4,185 

159 

1856. 

22.016 

S.642 

1869. 

46.844 

4.61.5 

1882. 

114.712 

"11.569 

18SI. 

96 

72 

1844. 

i,zn 

192 

1857. 

24,003 

2,487 

1871). 

52,'.>a 

6,078 

1883. 

121.450 

6.743 

!S- 

229 

131 

181.5. 

4.633 

256 

18.58. 

26.968 

2,465 

1871. 

6U,-293 

7,379 

1881. 

125.S79 

3.924 

18S3. 

880 

151 

1S46. 

4,930 

297 

1859. 

2S.7S9 

1.821 

1872. 

66.171 

5,878 

18St. 

128.361 

2.982 

1831. 

CSS 

253 

1847. 

5,588 

668 

1860. 

30.626 

1,837 

1873. 

JD,268 

4,097 

1886. 

136,379 

8,018 

1835. 

1,098 

4K5 

184.S. 

5.9% 

398 

1861. 

SI,2S6 

660 

1874. 

?2.:85 

2,117 

1887. 

119,257 

12,873 

183S. 

1,273 

175 

l!vl9. 

7.3M 

1.369 

1862. 

32.I-2U 

8:U 

1875. 

74.096 

1.711 

-  188a 

156.169 

6.912 

1SS7. 

1.497 

224 

1850. 

9.IB1 

1.656 

1863. 

33.170 

1,050 

1876. 

76,808 

2,712 

1889. 

161,353 

5.184 

1838. 

1.93 

416 

1851. 

10.9S-2 

1.961 

1864. 

S!.9(« 

7:« 

1877. 

79.088 

2.-2S) 

1890. 

166.7116 

5,.l53 

is:«. 

2.:»2 

3S9 

1852. 

12,908 

1.926 

1865. 

.^5,U85 

1.177 

1878. 

81,767 

2.679 

1891. 

17U,795 

4,1  >89 

IH40. 

2.818 

516 

1853. 

I.5.:*) 

2.4.52 

18156. 

36.8(11 

1,716 

1S79. 

86.584 

4.817 

1892. 

175.204 

4.4U9 

IS4I. 

3.535 

717 

1851. 

I6.T» 

i,.360 

1867. 

39.2:50 

2.249 

188a 

93.296 

6.712 

l><a-j. 

177.7.5:1 

2,.S19 

1812. 

4.1126 

491 

1855. 

18,374 

1.6>J 

1868. 

12.229 

2,979 

1881. 

103.143 

9,817 

IS94.« 
1895. 

179.672 
181.4^ 

1.919 
1,78E 

853 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Railway  Receiverships  in  1S95  and  yearly  since  1884,  and  Foreclosures  during  1895,  and  yearly  since  1875,  as 

Reported  by  Railway  Age  and  the  Manual  of  Statistics. 


ROADS  FOR  WHICH   RECEIVERS  WERE    APPOINTED   IN    1895. 


Road. 

Atlantic  Short  Line  (Ga  )  

Bellaire,  Zanesville  &  C.  (N.  G.) 

Chicago,  Indiana  &  Eastern 

Columbus  Southern 

Columbus,  Sandusky  &  Hocking.  .. 
Columbia  &  Puget  Sound  (N.  G.). . . . 

Delaware  River  &  Lancaster.  

Ft.  Wayne,  Terre  Haute  &  S.-W. . . 

Humeston  &  Shenandoah 

Kansas  City  &  Omaha 

Mammoth  (,'ave 

Manhattan,  Alma  &  Burlingame... 

Mobile&  Spring  Hill 

New  Orleans  &  Southern 

New  York,  Pennsylvania  &  Ohio. . . 

Norfolk  &  Western 

Ohio  Southern 

Pacific  Coast  (N.  G.) . 

Palmetto 

Pennsylvania  Midland 

Pensacola  &  Perdido 

Pine  Bluff  &  Eastern  (N.G.) 

Pittsburgh,  Marion  &  Chicago 

Port  To wnsend  Southern 

San  Antonio  &  Gulf  Shore 

Seattle  &  Northern 

Stuttgart  &  Arkansas  River 

St.  .Joseph  &  Gr.ind  Island 

Tennessee  Central 

Wliippany  River 

Wichita  &  Western  (A.  T.  &  8.  F.). 


Miles. 
38 

111 
10 
88 

227 
54 
12 
11 

112 

19\ 
8 

.56 

7 

66 

600 
1,574 

224 
77 
18 
10 
10 
23 
25 
43 
29 
36 
34 

251 
12 
4 

125 


Funded 
debt. 

*$400,000 
988,000 

1,087,000 
9,127.000 

310,000 

.♦lOO.OOO 

2,648,000 

2,713,000 

100,000 

678,000 

100.000 

1,174,000 

124,777,000 

.55,000,000 

5,163,000 

1,370,000 

200,000 

•200,000 

60.000 

180,000 

896,000 


Capital 

stock. 

*$400,000 

1,628,000 

100,000 

1,305,'jOO 

7,3ftt,000 

1,000,000 

244,000 

♦100,000 

4,026,000 

4,408,000 


375,000 

11, .309,000 

100,000 

2'),000 

1,7.'>0,000 


1,000,000 

100,000 

200,000 

45,000,000 

59,.tO0,000 

3,810,000 

1,370,0(:0 
300,(KX) 

•200,000 
125,000 
600,000 
500,000 

3,000,000 
.SI  4,000 

5,0(»»,()00 
500,(00 

4,600,000 
100,000 


Total,  31  roads 

Total  bonds  and  stocks.. 


4,089  $321,211,000 


"  1,03.5,00'' 

$147,8.\S,000 
369,069,000 


BUKMART  OP  BECEIVBRSHIPS  FOB  TWELVE  TEARS. 


Number 

Year.  Roads. 

1884 37 

1885 44 

1886 13 

1887 9 

1888 22 

1889 22 

1890 26 

1891 26 

1892 36 

1893 74 

1894 38 

1895 31 

Total,  12  years. 378 


Mileage. 

11,038 

8,286 

l,7'.i9 

1,046 

3,270 

3,803 

2,963 

2,1,59 

10,.5ft8 

32,417 

7,025 

4,089 


Stocks  and 

Bonds. 

8714,7.55,000 

.S8;5,460,000 

70,346,000 

90,318,000 

186,814,000 

99,664,000 

10,5,(K)7,00^ 

84,479,00 

.357,r.92,(KjJ! 

1,699,792,00^ 

3!I5,791,00q 

369,075,00 


88,403    $1,559,193,000 


RAILROADS  SOLD  UNDER   FORECLOSURE  IN  1895. 

The  following  is  a  list  of  railroad  corjiorations  whose  property 
has  been  sold  under  foreclosure  during  1895,  with  a  statement  of  their 
mileage,  capital  stock  and  bonded  debt : 


Funded 

debt. 

$71.5,IK)0 

102,000.000 

810,000 

2,975,000 

350,000 


Road.  Miles. 

Asbeville  &  Spartanburg • 66 

Atchison,  Topeka  &  Santa  Fe 6,543 

Atlanta*  Florida 105 

Birmingham,  Sheffield  &  T.  Railway  119 

Brigantine  Beach 13 

Bristol,  Elizabethton  &  N.  0 22 

Carolina,  Cumb.  Gap  and  Chicago...  24 

Central  Railway  of  Georgia 312 

Charleston,  Sumter  &  Northern 150 

Chattanooga  Southern 92 

Chattanooga  L^nion 43 

Chicago,  Peoria  &  St.  Louis 122 

Cincinnati  &  Kentucky  Southern...  13 

Columbus,  Sandusky  &  Hocking 227 

Florida  Midland 44 

Florida,  Georgia  <fe  Western 11 

Frankfort  &  Southeastern 23 

Georgia  Southern  &  Florida 285 

Harriman  Coal  &  lion  Railroad 30 

Jacksonville,  Mayport  and  Pablo 28 

Knoxville,  Cumb.  Gap  &  Louisville..  82 

Lake  Erie,  Alliance  &  Southern 36 

Macon  &  Birminfiham 97 

Mariet  ta  &  North  Georgia 239 

Mary  Lee  Coal  &  Railway 7 

Middleborough  Belt 21 

Mobile*  Girard 122 

Mobile  &  Birmingham 147 

Montgomery  and  Eufaula 80 

Nevada  Southern 30 

New  York  &  New  England 360 

New  York.  Lake  Erie  &  Western....  551 

Northern  Adirondack 57 

Northeastern  ((5a.) 39 

Ogden  &  Hot  Springs 7 

Paducah,  Tennessee  Si  Alabama 119 

Port  Royal  &  Western  Car  Line 227 

Rocka  way  Valley 25 

Santa  Fe  Southern  (N.  G.) 39 

.Savannah,  An  ericus  &  Montg 300 

Savannah  &  Atlantic 18 

Savannah  &  Western 482 

Southern  Central 115 

Tennessee  Midland Lid 

Texas  Trunk 52 

Texas  Western  (N.  G.) 52 

Texas,  Louisiana  &  Eastern 30 

Toledj,  Ann  Arbor  &  N.  Mich 298 

Valley(0.) 88 

Waco  &  Northwestern 58             

Washington  City  &  Point  Lookout. .  12           .540,000 

Western  New  York  &  Pa 6:13       30,0()0,0<H) 


925,000 
14,000,000 
2,2a5,000 
1,440,000 

750,000 
2,953,000 
•2,50,000 
9,127,000 

352,000 
•100,000 

234,000 
3,420,000 

500,000 
75,000 
2,150,000 
2,08.5,000 
1,940,000 
2,984,000 

184,000 

5,52,000 
l,,59O,00O 
4,500,000 
l,.'iOO,000 

450,000 
17,213,000 
77,644,000 

497,000 

575,000 

18,000 

2,4.32.000 

2,.500,000 

200,000 


3,600,000 

250,000 

11,000,000 

3,8ti6,000 

2,711,000 

l,00O,(X)0 

•300,000 

150,000 

7,485,000 

.3,124,000 


Capital 

stock. 

SI, 050,000 

232,575,000 

1,115,000 

3,275.000 

355,000 

600,000 

500,000 

7.500,000 

1,328,000 

1,440,000 

100,000 

3,.500,000 

•250,000 

7,39:!,000 


•100,000 


300,000 

200,000 

2,ft55,000 

3,000,000 

3,.385.000 

.500,000 

100.000 

1,269,000 

3,0<JO,000 

620,000 

600,000 

23,817,000 

86,374,000 

840,000 

239,000 

160,(N)0 

2,4.32,000 

1,418,000 

200,000 


1,164,000 
250,000 
3,000,000 
1,775,000 
3,39O,(Kl0 
7.50,000 

•ioo.odb 

500,000 
6,.500,000 
1,241,000 

•1  ,,500,000 
1,900,000 

10,000,000 

Total,  52  roads 12,831    $.326,231,000      $435,.560,(KK) 

Total  bonds  and  stock.... !^ 761,791,000 


RAILROAD  FORECLOSURES  FOR  TWENTY  YEARS  ENDING  DECEKBEB  31,  1895. 


Years. 

1876 

1877 

1878 

1879..... 
1880 

lasi..... 

1882 

1883 

1884.... 

18&5 

1886 


Total  U.  S. 
Mileage. 

76,808 
79,088 
81,767 

86,.584 
93,2!Hi 
10.3,113 
114,712 
121,4:55 
12.5,379 
12.'<,:%1 
130,379 


No.  Roads 
Foreclosed. 

30 
54 
48 
65 
31 
29 
16 
18 
15 
22 
45 


Mileage 
Foreclosed. 

,3,840 
3,875 
3,906 
4,!H)9 
.3,775 
2,617 

867 
1,.3.54 

710 
3,1.56 
7,687 


Bonds  and 
Stocks. 

$217,848,000 

198,9.>M,000 

311,<;.31,000 

24.3,2><X,(I00 

263,,sa2,()00 

127,!»2:<.(X)0 

65,426,000 

47,100,000 

23,.5(»4,000 

27H,4!M,(IO0 

374,109,000 


Years. 

1887.... 
1888.... 
1889.... 
ISilO.... 
1891.... 
1892.... 
1893.... 
1894.... 
1895. . . , 


rotal  u.  s. 

No.  Roads. 

Mileage 

Bonds  ri  nd 

Mileage. 

Foreclosed. 

Foreclosed. 

Stocks. 

149,257 

31 

6,478 

$.328,181,000 

1.56,169 

19 

'    1,596 

G4,555,0(X) 

161,3.53 

25 

2,930 

1.37,815,(K)0 

166.706 

29 

3,825 

182,495,(KH) 

170,795 

21 

3,233 

168,(«9,000 

175,204 

28 

1,922 

9:5,898,000 

177,753 

25 

1,613 

79,924,000 

•179,703 

42 

5,643 

318,999,000 

•181,485 

52 

12,831 

761,791 

Total,  20  years. 


645 


75,757 


$3,.528,886,791 


•Estimated. 


254 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Failures  in  United  States  and  Canada  for  two  years  ending/  Dec.  31,  1895,  as  reported  by  JJims  and  Jiradstreets 


Total.  1895. 

Total,  1894. 

Hanufacturino. 

Tradino. 

Otiikb  Com'l. 

Bamkino. 

No. 

Asset!!. 

Mabllltles. 

No. 

LlabtlltlPR. 

No. 

35 
11 
6 
288 
73 
46 

459 
452 

560 
62 
368 

LlnblIHIe8. 

$482,200 
75,800 
34,000 
5,376,1  KO 
1,7IV1.110 
2,866,511 

$10,.W8.701 
10,499,011 

$25,98,5.159 
2,462,wil 
4,566,682 

No. 

152" 

47 

80 
270 

in 

137 

813 
1,140 

1,314 
113 
»75 

Liabilities. 

$774,158 
3-2y.844 

1I1.:»>0 

4.8l'.l.h91 

7-28,-70 

855.4S6 

$7,n49.r,49 
12,014,956 

$17,616,587 

8%M.789 

7,121,065 

No. 

Liabilities. 

$1,500 

7V6,(*7 
10.1  Km 
49.400 

No. 

LlabllltlPi. 

Maine               

188 
58 
36 
567 
254 
202 

1.305 
1,607 

1,910 

1S2 

i,ai9 

TlTl" 
3.621 

299 
68 
58 
805 
09 
103 
102 
l:!6 
214 
140 
lir. 
199 
273 
274 

$496,156 

213,  V21 

64,400 

4,3I2.01« 

1,786,2:16 

5;.i,92o 

~$7,47fi,441 
9,889,410 

$23.0.3:5.614 
2.655.203 
7,4'.t4,071 

$1,257,858 

405.644 

1I5.:!00 

10,9 12,f** 

2,442,9S0 

3,771,:»7 

$18,965,817 
22,860,292 

$15,225,534 
8.612.188 
11,739,947 

251 
47 

:» 
H36 
253 
187 

T607 

1,976 

212 

1.433 

$2,449,210 

3-^6,616 

315,096 

!6,4fi7.(ai 

l,8;l.U3 

1,180.566 

$22,860,292 

$.-!6.8.58,225 
3,:!5l.7(i« 
15,6,85,058 

1 

'9 
4 
19 

1 

'i 

2 

1 

$80,000 

Mrts-iftchiisci  ts 

45.000 

Coiineclirut 

Kboile  Inland               

.526.000 
1.166,526 

33 
15 

■.'.a 

7 
6 

$777..567 
346,325 

$1,6-23.788 
291.1198 
52.'2IJ0 

5 

1 

4 
6 

$I,8I7,.520 

••             ••        1894 

1-25,000 

$2,647,179 

74.5,4:14 

Middle 

$.33,182,888 
31,337.202 

$1,8-2.5.784 

1*4,250 

567.3^6 

l,73;3,:!6l 

402,572 

7911,817 

1,097,76:< 

1,933,400 

2,093,006 

757,(HIO 

825,720 

2,743.733 

2,416,622 

2.310,001 

$60,577,919 
55,895,049 

$3,279,12) 

4B0.1(K) 

7I3.WI9 

2,9-29,114 

691,:!24 

l,2:n.7i7 

l,-26;!.90t 

1,741, .5.50 

3,1V»9,:M 

l,:Wl.'2-iO 

9:i5.:W) 

2,87ti,031 

2,616  632 

3.042.045 

3,621 

239 
61 
52 
267 
KKI 
139 
97 
46 
347 
190 
171 
230 
347 

a;9 

$55,895,019 

$2,971,319 

936,  ;70 

854.855 

2,0-26,042 

532,27!> 

1,901,810 

2,121.815 

380,r.50 

4,756,118 

2.944.309 

1,357.699 

1,897.799 

3.141,249 

5,407,830 

990 
1,130 

S6 
10 
7 
27 
17 
5 
8 
4 
21 
11 
1 

17 
23 
38 

$a8.014,142 
26,415,912 

$1,467,362 

170,.'>(I0 

92,460 

446,(XI0 

26:i..533 

72,000 

358,458 

:!4.000 

1,191.750 

250.500 

4,000 

29:i,.848 

632,293 

1,859,%1 

2,4:r2 
2,399 

205 
58 
.50 
275 
51 
98 
94 
131 
188 
129 
113 
181 
Ul 
235 

$25,596,441 
26,415,735 

$1,671,706 

289.600 

585.821 

2,151,414 

4-26,7<.il 

1,159.747 

905,4r.O 

1.704.1/50 

l,773.,s:ti 

1,069,7.50 

9:!0,:MO 

2,570,78:1 

1.81-2.569 

1.181.381 

49 
72 

8 

i 

3 

1 

'i 

5 

'i 

1 

3 
1 

$1,967.1186 
3.065,402 

$110,056 

3.5.:i25 

3;i2.l»)0 

l.OOO 

"3.506 
83,800 

"loijo 

12.1/00 

201,770 

700 

10 
15 

i 
2 

'3 

2 

'2 

1 

$:t,39-2.613 

••       1894 

7,452,721 

Dl-trlcl  of  Columbia 

$16,881 
1,198,402 

West  Viryilnla 

S'tuth  Carolina 

Florida 

45(J.O00 

365,000 

A  labama 

Louisiana                

23(;.-28J 

Tennessee 

107,800 

2.355 
2.625 

154 
551    ' 
421 

l.r>6 
1,055 

718 
212 

ir2 

856 
323 

2,311 
2,133 

311 
301 
2»4 
231 

46 

56 

41 

10 

12 
13S 

30 
9 

$19,703,921 
■23,454,259 

$918,130 
8,490.812 
3.659,966 

$8,098,908 
7,024,432 

$8,338,787 
1.(135.340 
3,525.467 

18,213.937 
3,086,255 

$26,180,502 
31,-230,544 

$1,016,700 
4,949.406 
4,349.082 

$10,345,188 
9,082,680 

$10,043,789 
2.047..'«1 
4.565.748 
14,198,887 
3,961,530 

2,625 

170 
471 
414 

1,055 

711 
269 
174 
717 
262 

$31,-230,544 

$1,38.8,010 
3,9:«,526 
3,766,144 

275 
-298 

11 
11 
44 

$7,136,160 
9,860,361 

$196,000 

2.87.000 

1.-244,505 

2,055 
2,304 

143 
539 
376 

$18.28:!,I91 
19,450,990 

$850,700 
4,711,-206 
3,I(«,777 

25 
28 

'i 

1 

$811,151 
1,919,193 

aim 

800 

11 
12 

1 

is 

$2,374,.368 

HW 

9:^5,254 

$36,000 

T.-xas 

401,800 

South  West       .        

$9,082,680 

$6,963,695 
3,702,932 
2.1-22.691 
8.042.1.59 
4,079,  m 

66 

74 

165 
.54 
25 

241 
o9 

S1.677..505 
1,211.387 

$4,458,815 

892,600 

2.410,773 

8,aiii,179 

1,3.53,400 

1,058 
970 

538 
188 
146 
602 
277 

$8,665,683 
7,716,093 

$5,060,024 
l,l:r7.751 
2.(194,975 
5,618,018 
2,380,530 

2 
11 

15 
5 
1 

13 
7 

$-2,1100 
155,200 

$5-24,910 

17.1)00 

60.010 

2.5(1.400 

210.61  JO 

16 
IS 

1 
2 
1 
2 
4 

$437  800 

••           1894    

1,808,UOO 

Ohio 

$100,000 

Indiana.          

210.000 

Mkhlgau 

18,1100 

Illinois 

145.651 

Wisconsin  

615,UiO 

$:i4,799,786 
24,663,608 

$4,64.5.616 

2,211.9-22 

1,S.59.(H0 

923.:S72 

153,500 

273,825 

438,450 

747.428 

82.478 

1,136,989 

114.425 

68.300 

$34,800,305 
^,910,601 

$5,'-'90,2:)9 

1,853.395 

2.083.060 

1.15.5,6r4 

297,450 

348.558 

441.100 

459..597 

100.080 

1,760.2-24 

151.450 

96.500 

2,133 

360 

253 

232 

286 

65 

30 

19 

14 

•29 

141 

30 

5 

$-24,910,601 

$5,156,666 

5,098.510 

1.21.2.473 

1,487,817 

26.5.050 

107,500 

240.037 

568.400 

72.969 

2.083.2.57 

341I.700 

2-20,600 

524 

484 

45 
36 
28 
15 

2 

9 

3 

$17,446,067 
11,425,671 

$1,371,805 
229,810 
262,61*1 
104,697 

4b4',a66 

m:n5 

11,-200 

1,746 
1,613 

255 
266 
36 
219 
46 
56 
41 
8 
11 
125 
27 
9 

$16,391.-288 
12,285,410 

$2,659.  ■!23 

1,661.555 

1. ,5811.460 

1,050,967 

297,450 

34S,.'^f)8 

441,100 

55,597 

88.080 

1,503.899 

140.-2.50 

96.500 

41 
36 

11 
2 

1 

i 

4 

$1,062,950 
1,199,.520 

$1,-259,211 
1.2.(100 
195,000 

12,6l')6 
17,000 

10 
13 

14 
11 
16 
6 
6 

i 

5 

$1,063,651 

'•       1894 

2  420,187 

Minnesota         

$1  177  720 

Iowa    

4,400,470 

521.000 

406.1100 

Oklahoma 

68  000 

North  Dakota 

170  196 

1,816,383 

WvominK      

New  Mexico 

West 

1,425 
1,464 

167 
85 
2 
1 
160 
216 
573 

$12,650,315 
15,328,566 

$369,563 

191,950 

16,261 

4,423 

1,039.460 

1.513,831 

1.973.758 

$13,992,317 
16,912,979 

$681,658 

386.025 

37.500 

8.091 

1,579.078 

1,758.571 

3,883.099 

1,464 

279 
124 
2 
1 
180 
207 
587 

$16,912,979 

$1,616,553 

461.617 

2.500 

3,876 

2,073.680 

2.512,492 

5,399.993 

138 
148 

17 
13 

42 

78 

$2,628,467 
4,650,687 

$103,100 
97,750 

546,0-24 
28fi.r35 
4.50,222 

1,268 
1,300 

150 
71 
2 
1 
112 
178 
495 

$9.a>.1,(..89 
9,00-2,202 

$.578,558 

283.-275 

87..500 

8.091 

951.164 

1.1.55.276 

3,4:12,-^77 

19 
16 

i 

'6 
5 

.- 

$1,515,211 
3.260,090 

$5,666 

82'.666 

316.600 

59 
41 

■3 

ie 

1 
1 

$8,559,774 
9,800,667 

"    1894 

Utah 

Malio 

$230,000 

NWatia  

Washington 

2,27.',000 
130(00 

California 

41-2,478 

Paclflc 

1,204 
1,380 

13,197 
13.885 

1,891 
1,8.56 

49 

$5,109,216 
7.55:t,659 

$I21,021..5.'» 
121,-251,136 

$11,500,242 
13,510,056 

$789,463 

$8..^8:^.962 
12,100,711 

$173,196,060 
172,992.S56 

$15.S02.9S9 
17,616,215 

$1,317,130 

1,380 
13,885 
1,856 

$12,100,711 
$172,992,856 
$17,616,215 

183 
231 

2.635 
2,832 

441 
494 

$1,483,731 
:i,300,746 

$73,920,073 
67,363.775 

$5,872,502 
5,,S98,3S5 

$68,939 

1.1109 
1,114 

10.381 
10,840 

1,439 
1,345 

41 

$6,446,631 
7,766,745 

$9-?,706,422 
94,65-2,131 

$9,78S.9:a 
11,436,-258 

$1,227,171 

12 
35 

181 
213 

11 
17 

1 

$403,600 

i,aa,-220 

$6,r69..5.a 
10,976,950 

$11 1, .555 
•281.572 

21,020 

21 
27 

132 
1-25 

7 
6 

$3.(M.|,478 
3,124,-203 

$20,710,210 
25,66ij,0S3 

$6i:'..090 
876,814 

••      1S91 

AffcrpGrafe 

Domlnlouor  Canada 

1894.  .. 

Failures  and  Liabilities  since  1893,  classijied  to  s/iow  jtercentage  of  each  cause  of  failure  in  each  year. 


Failitres  Due  to 


Incompetence 

InexpiTlenre 

L.tck  iif  capital , 

UQwIse  credits 

Speculation  (outside)... 

Neglect  of  bu-iiness 

Extravapanoe    

Fraudulent  disposition. 

Disaster 

Failures  of  others 

Dndue  competition 


U.viTED  States,  pkb 

CENT. 


Canada,  per  cent. 


No. 

No. 

Lla., 

1894 

1895 

ISW 

14.1 

13.7 

10.1 

4.2 

4.0 

2.1 

!M.6 

33.2 

25.8 

4.2 

4.6 

3.5 

.8 

1.1 

3.0 

2.5 

2.6 

1.3 

1.1 

1.0 

1.0 

8  0 

8.9 

6.4 

25.9 

•24.9 

39.0 

2.5 

2.3 

6.2 

2.1 

3.6 

1.3 

Lla.,1 
1895 

9.8 
1.7 

2K.1 
5.1 
3.7 
1.3 
1.6 
6.9 

33.6 
8.1 
2.0 


No. 

No. 

Lia., 

1894 

1895 

1894 

10.4 

8.4 

7.4 

2.3 

2.8 

2.7 

68.5 

71.3 

42.1 

.7 

1.2 

.5 

.9 

.8 

2.5 

2.5 

23 

.9 

.2 

.1 

.02 

3.S 

3.2 

3.3 

8.1 

8.S 

19.0 

2.3 

1.0 

21.0 

.5 

.3 

.6 

Lia.. 
1895 


8.6 
3.2 
67.1 
1.4 
2.3 
1.4 
.1 
3.7 
9.8 
2.1 


Total  for  Years  Namko. 


Teabs. 

No. 
Failures. 

1884 

10,968 
10, 6:?? 
9,S31 
9,6.'M 
10,679 
111,882 
10,9t'7 
12.^2~t 
10.314 
15  242 
13.SS5 
13,197 

ISffl 

1886 

1887 

1888 

1889  

1-90 

1891 

isn2 

1>:93 

I8W 

ISM 

AveVe 

Llablll 

ties. 

20,6SJ 
11,978 
11.1151 
17.-«; 
11. .51  (5 
13.672 
17.406 
15.471 
11.025 
22  751 
1-i.J'8 
13.124 


PROPOR-noNS  OF 

Failctres. 


Middle 

Eastern 

Siiuthem 

Weistem 

Northwestern. 

Paclflc 

Territories , 

Totals,  U.  S 

Canada  

U.S.  and  Canada 


No.  In  No. 

Buslues.o.   Falllug. 


1.15».-»9 


3.078 
1.680 
2.170 
3.201 
1.310 
1,183 
333 


12.958 
1,916 


14,874 


355 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 


Population,    Estimated    Valuation,    Total   Net   Debt   and   Selected    Bond  Issues   of  States  and  Cities   of  United 

States  named,  compiled  from  Poor's  Manual  and  The  Chronicle. 


Pop. 


State,  County  or  City 


•i.fion.non 
♦;7.iKHi 

•l,fi(lll,lKI(l 
•IKMKW 

2o.sr»si 
14, 575: 

•98.fKlil 
•120.01101 
105,287 
25.2'28 
•539,.'?5'<! 
19.103 
•S.'i.OIKI 

iri,.S(ii 

•491.205 
•1.2(HI.(KI(I 

♦:«  1.1)1  HI 

•1,2201100 

*s:!.00o 

•fi:i.(»lo 

•6>,r>oo 

•4.'), I  III  I 

],75(l,0iKi 

*36.'>,o<Ki 

*.34^,()0(l 

•4'.0,(K«I 

11.1 10 

•no,iKHi 

I7.'i« 

•800  IKK) 
♦1,S(KI,000 

•2.'"),OO0 

•.W.IKMI 
12.729 

•fio.ooo 


Alribama 

Arizona 

Ar!:uiisas 

Atlanta,  Ga G 

Autxirn,  N.  Y 

Austin,  Tex 

All.any,  N.  Y 

Amsierdam,  N.  Y 

Allewhanv,  Pa 

A  lien  town.  Pa 

Balllmore,  Md.* 

BaiiKor.  Me 

GlrmiriKliam   Ala 

Dellevllle   III 

Diiston,  Mass 

Brooklyn.  N.  Y 

BiilTalo,  N.  Y 

C.iUfornla 

CamlirldKe,  Ma.ss 

Camden,  N.  J 

(Charleston,  S.  C 

('liattaiioi)Ka,  Tenn.. 

ClileaKO,  III G 

Cincinnati,  O 

Cleveland,  O 

Colorado 

Cidorado  SprlnRS,  Col 

(^>lllnlbus,  O 

Coluiidms,  Oa 

Ciinnectlcut 

Cook  County,  111 

Council  BlufTs,  la 

CovlnKton,  Ky 

ild 


Cumberland 
Dallas.  Tex 


♦179,700  Dela\yare. 


•.35.IKH) 
•H5,0IKI 
•I7I.I 

'7.5.1  «)0 

•3(NI, 

•270.519 

♦40.3.-4 

»&  1,001 1 

1J.4«1 

•55.1*11 

5'i.7.56 

•9  i.om 

•4M5,IH<l 

•J3,l»ll) 

2:^,0 ;« 

•29.(1-14 

1.9-!4.9,i!l 

24,(151 

♦90,«IO 

•55,1  KKI 

•C.5,001 

13.831 

•55,001 

•10,190 

27,5.51 

l,85S.6;>f: 

•130.0110 

•4,500.000 

•3,135,3S0 

*155,()32 

*2,(XK  1.000 

♦311.IK10 

20.7'.!' 

•18>.0« 

1,3.50,001 

•ISO.UHI 

U,1(H 

22.535 

•53,000 

19,70S 

55,154 

•4(1.1)01 

*200.(KH 

l(i,03s 

32.011 

♦45,000 

•1,22.5,1X10 

•84.3.9 


Davenport,  la 

Dayton,  O 

Deiiver,Col 

Dos  M(>in<s,  la 

Detroit,  Mich 

District  of  Columbia 

Dubutiue,  la , 

Duluth,  Minn 

Easton,  Pa 

Erie.  Pa 

Evaiisville,  Ind 

Fall  Klver,  Mass 

Florida 

Fort  Wayne,  Ind 

Fort  Worth,  Tex 

Oalyeston,  Tex 

CJeorKia 

Gloucester.  Mass 

Grand  Rapids.  Mich... 

Harrisburgh,  Pa 

Hartford  City, Conn.... 

Helena.   Mont 

HoOoken.N  J 

Holyoke,  Mass 

Houston,  Tex 

Kentucky 

Idaho 

Illinois 

Inillana 

Indianapolis,  Ind 

Iowa 

.I.icksonvllle,  Fla 

Jackson,  Mich 

.ler.'^ey  City,  N.  J G 

Kansas 

Kansas  City,  Mo 

Keokuk,  Iowa 

Knoxville,  Tenn 

Lawrence,  Mass 

Leavenworth,  Kan 

Lincoln.  Neb 

Little  Hock.  Ark 

Louisvi'le,  Ky 

Lockport.  N.  Y  

Lancaster.  Pa 

Long  Island  City.  N.Y.. 

Louisi.aiia 

Lowell,  Mass 


'^  Estimated 
Value. 


$243,171,67? 

27,0iil,974 

173,526,484 

100,000,000 

12,606,251 

22,050,736 

65,000,000 

15,000,000 

Si.OOO.OOO 

17,:?71,325 

280,000,000 

20,(100,000 

65.000.000 

2,19^.629 

928.109,0)3 

549,469,412 

230.126,405 

l,204.»7(i.952 

77,535,620 

26,361,120 

23,3-22,002 

as.ooo.ooo 

247.425.442 

18S,129..540 

500,000,000 

20s,905,279 

20.(I0(I,(NX) 

59,939.010 

15,IKIO,O0il 

416.315.190 

1,440.3^0,835 

1C..OOO,000 

30,000,000 

6,6110,000 

30,(KX),000 


21,000,000 

100,000,000 

212,(01,000 
95,0l«l,00O 

S-SlMiO  1,000 

204,274,354 
25,00O,Ul0 
90,000,000 
10,000.000 
26,000.000 
.S9.000.(KX) 
K3.6:«.5K3 

10l.l44.)i05 
32.000.000 
20.iai.943 
24.787.019 

4-29,012.9.'3 
20,(KI0.0O0 

llo.OUOOO 
30,000.000 
50.710.312 
22,000,000 
83,820,000 
26.754.765 
30.000.000 

600  000.(flO 
24.740.246 

824,651.62 
1,1 12.7i  9,198 

103,547,925 

566..529.971 
25  0(11,000 
20.000,000 
8fi..580.970 

337..5(il,?22 

1.53,751,750 
8,501.000 
.30.000.000 
37.(X)0.000 
20.000.000 
(^IMW  1,000 
34.000.000 

175.000,000 
6.657.5:2 

20,000.000 
16.717,677 

25O.(V45.503 
69,084,242 


t  Total 
Debt. 


$9,299,400 
938.720 
1,805,000 
2,960,000 
899,705 
1,525,000 
3,096,005 

-,95,' 

2,454,916 

;ffl0.459 

31,126.626 

1.8:!6,2«l 

1.610.000 

124.4.50 

.37.S9I,69I 

50.109.00( 

11.5:!5.502 

2,282.50( 

3.456.126 

l,217.ai3 

8,S!)I,2(fl 

86.3, — 

16.1(:9,620 

2H.r60.167 

8.102,79; 

1, 908.20' 

7.')0.000 

6.575,859 

474.700 

2,.5()1,782 

4,32;i,50( 

011,901 

2.:i95,(;ao 

514,160 

2,216,900 

684,650 

275,000 
2.497,000 
2,113,000 

497,OUI 
3,601.000 
17.772,700 

701,r«) 
2,912,5.50 

802,700 

841.70O 
2,145.ttlO 
2,366.861 
1.032,500 

69.3.800 
2.199.000 
2.(>46.(;59 
7.954.500 

.399.6.50 
1.40;.iHI0 
1.10.5.000 

917,189 

63ll,(XI0 
1.0r).250 
l,ti«8.(IO0 
1.960,632 
2,986,597 

578,000 

IS..')*) 

7,920,615 

1,884,.5(I0 

10,93- 

1,000,000 

310.000 
14,287,.562 

801, (XIO 

795.800 

277..5fl0 
l,0S5.n5 
1,761.500 

659.980 


25T.2'.14 
8,815.(110 
467.000 
540.500 
2.y62..500 
13.8.56.471 
3,495,220 


Selected 
Bond 
Issue. 


$7,'"oo.ooo 

1,(117.000 
61S,0<i0 
5011.000 
.300,000 

1,400,000 
302.000 
266.000 
2<»  1.000 
190.(»« 

5,0(H).000 

5ai.oo« 

1,100,000 
124.000 

1,001,000 

1,500,0(11 
200.000 

2.277.500 
300,(00 
218.000 

S,3;i,70( 
250,00(1 

1,485.(00 

1,9:»,000 
200,000 
30O,O(.( 
138,0IH 
2.50,000 
437.900 

1,74().(>« 
7.50,000 
281,000 
53S,0I«I 
145.000 
2110.000 
i50.000 
27,5.000 
505,000 
400,011' 
1:15,000 
4,5(M<)0 
7;8.00o 
a56.9.56 
242,000 
65,000 
-  2.56..500 
650.010 
I35,(XIO 
267.7U) 
299.000 
310.000 

l.aO.dOO 

l.&tS.KK) 
136,00(1 
3110,000 
152,000 
475,(KX) 
2.m,li(IP 
150,(I<H) 
190,101 
503.000 
501,000 
1.35,0  O 
18,500 

3,905.000 
200,00 


1,001,000 
75,000 

7(10,000 

a5,o«) 
500  000 
200,000 

50UIOO 

327.000 

.320.401 

1(X).OIO 

12H,0IKI 

I,4'.15,OOt 

60,(KX) 

319,500 

407,.500 

11,262.164 

900,000 


1906 
1942 
1901 
1922 
1936 
1910 
1930 
1934 
1924 
1907 
19l(. 
1905 
1924 
1910 
19-25 
1912 
I'.ill 
I89.-i 
1924 
1911 
11(09 
19;l 
1915 
19<r> 
191  f> 
19(!5 
19  9 
1921 
1909 
1910 

189:1 

1914 
19-27 
1908 
19-2:1 

I  1H9; 

'  I9;r7 
1910 
1905 
19(18 

I'.KH 

1924 
1899 
1897 
1921 
1910, 


Rate 
Interest. 


4  J  J 

5  J  J 

6  J  J 
4«J  J 


H&  N 
J  J 
J  J 

M*  X 
JJ 


6 

5-6 
4  JJ 
4  J  J 
3(^J  J 
3WJ  J 
6     J  J 


F&  A 

J  J 

J  J 

A*0 

J  J 

M,<i  Ni 

A&O 
Xy,  J  .! 
5  M  &  S 
4^M  &S 
5  J  J 
3  AftO 
5     F&  A 


4  J  J 

5  A  AO 
5     J  J 

{3  JJ 
4>.iF&  A 
4  M  &  N 
M&  N 
FA  A 
0&  A 
J  J 
FA  A 
JJ 


19071  4  J  J 
1912  5  J  J 
1912  4  J  J 


1901! 


J. I 


1918  4'^  A  AO 

1!I21  5     MAS 

19-27,  5     J  A  D 

1935  V^  J  J 

19081  4     J  J 


1912 
1913    4 
1918!  4 
1909;  6 
1901 
1904 
1918 
1905 
1911 


19<I9    3 
1915,  4 


J  J 

J  J 

MAN 
J  J 
J  J 
J  AD 
J  J 

J  AD 
J  J 


1924 
1901 
19-2:il 
19o9i 
1910 
1?06 
1921 
l!r24 
1914 
I'.IIO 
11114 
1'.I23 
1901 

1902 
1914 
1920 


MAN 
MAS 
MAS 
J  J 

J  J 
A  AO 
A  AO 
J  J 
J  J 


J  J 
J  J 


HAN 
MAN 


«62,a55 

•732.0*1 

•l.l:i8.:M8 

*2,4'.I5,315 

•55,1110 

♦105,0(0' 

•250,000 

•1115,00(1 

•1,610.0*1 

•1,351,&50 

♦3,-20l,l«»l 

•46.0*1 

•87.OI0 

•215.S07 

•.'>4,-i"i4 

•20,(»i 

40l,OiO 

•lilO.OiO 

13,;. 57 

185.1  no 

•2;,5,(>I0 

•"28.1*  »i 

•l,y06.4:S 

34.8J1, 

•l,?3I.O«i 

4'<,6S2| 

•4.0P0.i*»'! 

•16o.o»i 

•6.3.1**1 

78.317 

2;,6:« 

•5.760.1-28 

••25,(»*i 

•I,:W),iioi 

••275,0  <l 

•40.01 »' 

•25,000 

•160,0»i 

•35,01 «) 

•tlO.oOi 

13.6.-W 

•100.1*11 

•  1(0.1**1 

14,1P1I1 

•S-2,(««i 

•45.0*) 

•60.0*1 

•6(>.!,S37 

•1.50,001 

44,843 

37,673 

I9.(«*l 

•SfiO.(«*l 

•70,(»*i 

•27,.5(«1 

11.1175 

•112,0(*i 

•35.0*1 

•60,0110 

♦54.0*1 

•1,375,010 

19,922 

•115.0OI 

•1,S0),(««I 

•2.8.38,-2&3 

•r25.(Mi 
:io,2i7 

51,458 

31.001 

•64,000 

1.3,:i73 

•1,7.50,0*1 

18,70T 

28,(;4(; 

♦280.0*1 

•51..5(*i 

•30.(K*1 

•6r,(»*i 

•1,937,1115 
20,8.'!0 
98,68? 
•IO),i*Ht 
-23,85:! 
•■.iS.OOl 

;i3,-2-20i 


State,  County  or  City 


Lynn,  Mass 

Maine..  : 

Maryland 

Massachusetts 

Manchester.  N.  H 

Memphis.  Tenn 

Mllw.iukee,  Wis 

MinneaiioIlB,  MInu 

Minnesota 

Mississippi 

Missouri 

Mobile.  Ala 

.Nashville.  Tenn 

Newark.  N.  J 

New  Bedforii,  Mass 

New-  Brunswick,  N.  J... 

New  Hampshire 

New  Haven.  Conn 

New  Ixxidon  City  .Conn. 

New  Mexico  Ter 

Neu  Orleans.  La 

Newton,  Mass 

New  York  Ciiy,  N.  Y... 

Norfolk.  Va 

North  Carolina 

Oakland.  Cal  

Ohl<i 

Omaha.  Neb 

Peoria,  III 

Paterson.  N.  J 

Pawt((cket.  R.I 

Pennssvlvanla 

PeiersVnrK.  Va 

Philadelphia.  Pa. 

PltisliurKh.  Pa 

Portland,  Me 

PouRhkcepsle,  N.  Y 

Providence.  R.  I Q 

Quincv.  Ill 

RcadiiiK,  Pa 

Uot-k  Island.  HI 


Richmond.  Va 

Rochester.  N.  Y 

Romc.N.  Y 

Sacramento,  Cal 

saKinnw'.  Mich 

Si.  Joseph,  Mo 

St.  Isolds.  Mo O 

SI.  Paul,  Minn 

Salt  Lake  City.  Dtah. 

San  Antonio,  Tex 

San  DIcgo.  Cal 

San  Francisco,  Cal... 

S.ivaniiah.Qa 

Si-henectadv.  N.  Y.... 

SaratoK-a,  N.  Y 

Scranlon.  Pa 

Sprlnk'tleld,  III 

S<-atll.-,  Wash 

Somervllle.  Mass 

South  Carodna 

Spokane.  Wash 

Syracuse,  N.  Y 

Tennessee 


Toledo.© 

Terre  Haute.  lod 

Trenton.  N.  J 

Topeka,  Kan 

Troy,  N  Y 

Vicksbiirg,  Miss 

Vlrglida 

Waltham.  Ma.ss 

Waterliurv.  Conn 

Washington.  D.  C 

Wiikcsbarre,  Pa 

Willlamsport.  Pa 

WllmliiKton,  Del 

Wisconsin 

Woonsocket.  R.  I 

Worcester.  Mass 

Wyoming 

Wichita,  Kan 

Yonkers.  N.  Y 

Youngstown,  O 


^  Estimated 
Value. 


$49,4.53.671 
824.478,321 
529,138,103 
2,471.521.5<fi 
;a.927,790 
59.157.?.I5 
142.9-26,.s;  5 
280,000.0)0 
638.!I16..3'6 
160.949,527 
994.58;i.7S8 
18,163,177 
75.000.000 
19O.000.OiO 
51.4:<4.925 
10.208,500 
269.683,779 
.52.171,131 

9,oe;),o:<) 

41,574,845 

138,790,9-ii 

44.000.185 

2,016,917.662 

2s.(»X),OiO 

262.927.1'20 

45.318,000 

1,742.662.115 

201,010,000 

90.«)0,000 

39.387.466 

30.915,208 

8,047,573,853 

10.199.430 

782,677,6!M 

287.:i22,8m 

36..547.260 

12717,.585 

167,264,200 

20,000,000 

42,000,000 

9,000.000 

63,283,772 

1(^,954,666 

5,6.84,232 

8:1,467,47- 

35.000,0  0 

80,000,000 

867.760.000 

246,0(0.0)0 

50,000.000 

80,755,485 

23.994,912 

325,109,018 

42,872,589 

9.461,868 

4,:«15,OIO 

75.000.000 

22,(00.000 

50,000,01 

44,14-2.1I«) 

17;l,764,)-vS6 

:lO,00O,(« 

70,001,00 

S19.S22,1!»7 

865,1-20,9811 

45,4r)5,'240 

25.000.000 

55.010,0(0 

.30.010,00) 

47,00.000 

6,675,000 

S%,79l,7(i2 

19,000,000 

12.141.0i)8 

204.274,354 

5.749.581 

14.0«l,l*X) 

50  1100,00) 

60).00,o;0 

17,000,000 

R5,3iK),«00 

29,198,041 

21,001,000 

27,475,164 

40,000,000 


t  Total 
Debt. 


$4,028,001 

2.403,00) 

8.684.;i8(; 

12.09.3,-234 

1.292.00 

3. 102,801  • 

5.15.3,7.50 

7.465,(«0 

1.9511.0  0 

.S.:!13.71S 

6,016.(»iO 

337(00 

.S,:«i7.!iO( 

14.7:«.iOO 

2.137,0(0 

1.581.501 

2.tMO,:iOO 

2,666.-20) 

660,010 

9-28,(XO 

15.(M6.0i)0 

979.766 

126.170,:I82 

.•!.-250.650 

6,012.8(0 

680,00 

6.687,.3<10 

5,28.5.90) 

.56s,5lO 

2,9I9,-225 

4,:i70  93I 

2,044,653 

1,045.10) 

84.637 

7.949.6:19 

l.'2S1,3()l 

1.763.264 

12,3.54,610 

l,4:«,750 

l,0'5.aO 

195,100 

7,305,182 

8,.371.(0) 

ia7.0(« 

560.00) 

90,010 

1.370,4.V) 

2i.lW.5r2 

9.841.80) 

2,.548,000 

1.553,500 

245,00) 

2t'i<),87l 

3,450.700 

506.104 

378,5(0 

637,500 

902,a50 

1,. 540.(00 

1..344,50l 

6.512.031 

1,618,706 

.5,156.5(0 

15,702,00 

.•!,9'.)2,0.'«l 

5,6.57,27:1 

33.', 

l,r«),.52:i 

3:!7.(a) 

1.4:11.600 

4;17..->!50 

23.36:.0-29 

1,297,000 

'      7.k8,873 

17,772.700 

311.440 

786.40) 

1.811,!).50 

2,-251,000 

1,.371,4'26 

4,6.V..OO 

320,00 

290,000 

2,560,239 

461,239 


Selected 
Bond 
Issue. 


$200,(00 

11 8.310 
.3.(10l,(»0 
5,0  0,1  XX) 

101,000 
2,a54,'-0o 

13.5,00 

250,00 
1.6.59,0(0 

5(0,10) 

2,937,tOO 

Ref.  169.00 

300.00 
1,,50I.0K) 

5(X).0Xl 

65.ao 

lS5,0O 
1.50.OO 
1  Ifi.lOO 
10),0«) 

8.64;i.(N*) 

4.50,001 

25,!)45,(00 

320,00 

3,322,80) 
100,00 
240,00) 
400.00 
195,00 
1(K),()00 
400,010 

1.642,900 
297,501 

4.1(Hi,o(0 

3.681,700 
727,0  0 
59,000 

1,200,0*) 
5-24.00 
200.00 
170.00 

3,049.875 
950.0  IC 
160,00 
105.000 
iO.iOO 
463.4.50 

2,844.1(«i 
214.(>») 
8OI.IOO1 
250.Ol)l 
93,00) 


3.4.50.70) 
2I5.0X) 
lOl.OO 
250,010 
294.6(« 
6:!0,aO 
168,(10 

3,8110.00 

7tO,«)0 

500,000 

1.1,306  00 

1.068.9(0 
400,00) 
21,770 
130.00 
1O).(0) 
.34.0X1 
3'26,:i.50 

6.:i.30'786 

-4  INK) 

4(X)!o(*l 
571,(*0 
60.OX) 
609.4(0 
301,000 

sai'.oto 

.5(XI.0O 
1.50.(KO 
KO.OO) 
lOl.OW) 
160.000 


1905 
1919 
181 19 
19  0 
1914 
1915 
1912 
1917 
1921 
1901 
11««< 

191 1 
19111 
1923 
1905 
1908 
1913 
1897 
1919 
1919 
1912 
1912 
1912 
1911 
1910 
1905  8 
1899  3 

1912  5 
I9a3 
1906 


Rate 
Interest. 


5     JJ 
5     JAD 
3.65  J  J 

3  J  J 

4  JJ 
6 

5  J  J 
4HJ  J 

:i}^J  J 

6  J  J 
:1HJ  J 
5     JAD 

J  J 
MAS 
A&O 
HAN 
J  J 
J  J 
J  J 
MAS 
J  J 
A  AO 
A  AO 
A  AO 
J  J 


1912 

19'21 

l!r23 

191 

1912 

1907 

1924 

1911 

1918 

189: 


J  J 

FA  A 
4H  J  ,t  D 
4^  J  AD 

4  A  AO 
3^  F  A  A 

5  F  A  A 
SJ^^D  A  J 
4     JAD 

J  J 
FA  A 
MAN 
J  J 

A  AO 
MAS 


1944'  3HF&  A 

1911 1  8^ 

6     JJ 
5     A  AO 

4  FA  A 

3  65  JAD 
4M.  M  A  N 

5  MAS 
1919    5     JJ 
1906   4« 

IIXU    6     J  J 
19091  5 

4  MAN 
4  SAM 
4« 

1901    5 
1913   5     J  J 
1901    4HJJ 
4H 

6  OA  A 


iiHis; 
1905: 

1901 
UK  17 
1917 
1914 


1911 
191 


I  WIS 
1911 
19-20 
1913 
1909 
1912 
1905 
1905 
1912 
1907 
1921 
19:!2i  3 


J  J 
J  J 
JJ 
J  J 
J  J 
MAN 


I9ir2 
1919 
1902 
1907 
1915 


1924 
1105 
1910 
1910 
1917 
1916 


3^  A  A  F 

5  FAA 
J  J 
J  J 
J  J 

6  MAN 
4^M&  N 
4  HAS 

A  AO 
JJ 
A  AO 
A  AO 
Jan. 
JJ 
AAO 
HAN 


t  Total  Net  Debt  wherever  possible. 

•  Latest  report  by  local  ofllclals. 

+  Estimated  by  Poor's  Manual  where  possible 


O.  gold. 


The  total  debt  of  all  States  and  Territories,  including  County,  Municipal  and  School  District,  is  now  computed 
from  the  Census  of  1890  as  $1,135,210,442,  or  $18. 13  per  capita  against  $1,123,278,647  or  $22.40  per  capita  shown  by  census 
of  1880.  The  Government  debt  is  estimated  by  the  Treasury  Department  at  $12.93  per  capita.  The  first  and  second 
sessions  of  the  53d  Congress  passed  appropriations  fiscal  year  1895  of  $301,788,819.78.  The  3d  session  has  passed  to 
date  for  fiscal  year  1896,  $293,057,104.81. 

The  18th  United  States  Statistical  Abstract  for  1895  gives  the  Expenditures,  State  and  Local,  including  public 
schools,  at  $569,257,634  in  1890,  or  $9.09  per  capita  or  $11.03  P^""  pupil  enrolled.  New  York  expended  91  Million, 
Massachusetts  47  Million,  Pennsylvania  45  Million,  Ohio  40  Million,  Illinois  -1,2,  Million,  California  23  Million,  Missouri 
21  Million.  These  seven  States  aggregating  over  half  of  all.  We  solicit  orders  for  the  purchase  of  Government,  State, 
Municipal  or  Railroad  Securities  of  approved  standing. 


256 


3 

a 

p 

« 

P4 

o 

o 

■c 

u 

UL| 

N 

« 

(4 

1 

^ 

ja 

< 

u 

M    K 

Pi  ^ 

o  s 


DQ 
p; 
P4 

M 

o 

m 
I  « 

12; 
<3 
pq 

;z; 

(^ 

o 
o 


«0»^-l■-<,-OOOOIJC50300^•— '-OIOJCJ»03T>''>J<inio»Ol-t-X)GOOS:500'--iWO'JMCO-riCOeDt-X'000»0<-H<N0100-^l05Dt~OOC5Ct--l 

oj  i^"  N  C'j  c^  c^  oj  ci  w  e*  CO  TO  ro  CO  eo  M  c<5  CO  m  ?o  M  ?i  M  M  CO  CO  c3  CO  »'  w  -ir  -f'  m*  -t  -^  -t  ■*'  -f"  -r  o  lo  o  lo  lei  w"  lO  lo  •«  lo  i.o  «o  «e 


<NC>»c>jrj«(r>c^cQCQWcocococoeococococococoeococoJOcoeocor3cooo-)<'^'ri<-*-<l<Tj<'^Tj<-^-»rM'-*-*'*'^ic<«i.'5ici«wio»iowiow 


8^^--Hlf^3»?3Xl'^):oo■^05C030(^>^-'^lr~•o>^•'^»^~■^>t—  T'jx^C5'0'-<r-ooc5ioc>05"CO'>55!Oco  —  C5f-'orr  —  005XI—  J—  «oi-f—  oor:  oc» 
o»i>t-<-xxo5riC:oo— l-H•^»^tcoco■T'><".■Tl«coo^^l-xxa»oo«^C'Jcoco•>i'lClO»^-xxosO'-'CJCOIO■*lO•o^-xo»=.  —  CO-* 

c^'e»wojwa'i<^j(^je<i'^»cococ6e6coco^jcoco^^co?^cococ6eococococo 

t--Hios5coxe>ir-'-H»oooo-*o»'VCJT)<ojiooi.o-H«o<Ni^eoc;if5'--iXT»",-ir-T)<-HOpoc>ior-iCM--'3»x®0'tcococceoxco'^i»t~OJi-i 
lO»tt>»t-•t-xxasa>©Or-l^^<^J•^*eoco•*..Oltro<rl^-t-xxo500rtc■>o^co•^■<*lO»^-l--xo500'-HC'Jco-+lO<£>^-xo5C--■^^co•^x 

©»  w  im'  w  5^  ?j  N  o«  o»  cj  CO  co'  ri  co'  CO  CO  CO  CO  co'  r:  JO  CO  JO  CO  CO  CO  CO  c>C)  cc'  -^  -^  -^  -"T  ■^  ■>5<  -*■  rr  -r^  •)?  -^  -rf  -r  M"  ic  m'  i«  ic  o  «6  lO  io  la  io  its  :ci  w  ;r  »  :o  -^ 

e(»t-.--i«i-(U5oi.ooi.'5  0ico?Oi--i;oo»t^co03Loo;oc^>05i-'5^x-Ti.--ix-^--a50co  —  c;:0'*cO'-35Xt~;oi.~-»>M«-*'^»oi.'3«Oj-cs-- rrirrx 

iqO«>»l>t--XXOSOJOO'-i— <C'»CJCOCOTr'^i-0  0:Ot-t-XC5C50  —  •-•C>}COXi'»ICO:Dt--XC500i--iC<CO-^10«Dt~XO»0'— ^CJCOUISfft-OO 
M  w  w  N  e*  (N  ej  c<»  w  M  eo'  CO  »  CO  co'  CO  CO  CO  CO  CO  CO  eo  co"  CO  CO  JO  CO  03  ■'li  Tji  T^ 


Ol/5©l«3»Tr05M'OI00  1.'3i-i!0'>>r-ji33SIC'--it^J035  0'r>aOl'3'N05«OCOOf--'TlHr>Ot-»«3'^(?}035Xt^«01/5lCICl.';iCl.';eSt--XOCJ't5S3;0» 

l0  1CtOtt>»t-t-X050500^'—W<M?tCO'*lOlO«OtOt-XX«OOt-<0}COW-^lC!0:Ot-XOS30r-c»JO'^1050t-XS50—  ClTfi-xt-X© 
CJ  5*'  «'  «  OJ  (N"  (M'  SQ  CQ  «■  CO  CO  CC  CO  CO  CO  co"  CO  00  co"  co"  Jo"  Jo"  CO  03  co'  CO  •^"  -^  Tt<  T»<"  ■^'  -^^  -^^  •»j5  •*■  Tt"  ■*"  ■*■  -^  lO  lO  lO  ui  lli  lO"  1.-3  l»  o"  o"  lo"  «o"  «D  50  CO  <b  50  «5  o  t-^ 


•^OOO;=t-t-»X0JO©i-H«c^3>03-^rt'OO:0f-l>000SO©r-r'3JCJC0rJ<i0l.';5Dt~X0JOi-i^3!C0T»ll.~;0t-XSSO^C0-ri.'3«Dl-0»O-- 

M  cj  c«  si  jq'  cj  o'  ^i  oj"  ^  CO  03  CO  co"  33  CO  03  CO  jo"  CO  CO  co"  co'  33"  vid-^'^-r-r-^-v-^-^-^-T-t-^-^td  m'  o"  o  id  10  >ii  ic  o  10"  10  to  «d  «d  ®  »  »  i:  ®  t-  £> 


l.'3©l.'3-H50iNt^COC5'<*<©WO»X'^©t-J03S»03©«>-*-^X10«3X10COi-lO>r-«0-<J<03'Mr-©©<5505C5©©0'-'CJ-*U3t^C5'?>«3X  —  U50» 

•^i.'3iC50COt>-t-XXOS©©'-Hi--C<JCOCO'^TjllO»l>t-X»»©'--'0»7>CO-<*0<0«Dl-OD©©»-l«COCOTl<o©XCS©'-Hi31CO-*'Ot-aOC5-HjoeO 

oj  oi  oj  «'  ei  s«  04  c*  <r»  cq"  CO  co"  CO  jo"  jo"  CO  co'  03"  CO  JO  JO  co'  jo'  JO  03  CO  ■*'  Tjt  T(<  Tji  -w'  Tj^^ 

>©<3>-«»<t-©C05D©->5<aOCO 
.,,..,.„    ,....__.  ^  ^ .   .  .   .  -,  ..    ,    — ^ .  — ,  —    ,   _.  _  .     „  _.  _  .  <  CO  'I*  IC  CD  X  C5  ©  !■»  IC  TT  « 

;■  M  CO  co'  CO  CO  CO  03'  JO  03"  jo"  jo"  'I'"  -^  •^'  •^'  ^"  ■^'  ■^  •^"  -^  ■^"  *"  ■^  o"  o"  »o  ic  o"  "O  id  id  o  in 


.-<I^C»XTf<©®S'laOTjl©;2IOOS-*5»OSCDCC©i>-<l<— ©OJO-<35f~l(3CO*»©05t^CDll310-<S<JOJ00303-*-*lC«Ot-aO< 
Ti<Tl<lCIO»(^t-»(XS5©©rtr-i(3)COSO-*i.3»a3l-(»XC20'-HTHC^CO-*iO©5Dt--Xa»©r-(31CO-^_lrteOl-a005®T-<! 

01"  <m"  sq  m"  n"  (jj  im"  01"  ■?}  01  03'  jo  CO  cc"  03'  CO  03'  CO  CO  co'  03'  03  03"  03"  03"  •^"  ■^  ti<  Tji  ■»»<"  ■*'  ■<i<  -"iJ  -^  tj<  >*  ti<  id  id  »d  id  id  id  id  id  id  id  ceJ  aJ  < 


t^osssirs— ix-<i<©t-co©f^"*<©i>T}<M33co-^-Hosi--i.'3J3'-ir;c-50-*coojT-i©©05Ssxy5r;©©©T-<cj'<<iot-csT}-*'t~— •'i<X'3>:c-«t^<3j 
eOTt'■*l.•3  0»t-xxo5©0-^J^^'J03■*■^lO;o^^(-X35©^--'^»o^-1'Ocot~xs53so-^c^o3Tl<^t-x©0'-lC^colC«£>t-S5©l--JO-*;:t^^5 

c^  oi  cQ  «'  <n"  <ji  cvi  jg  J!  oi  CO  CO  CO  CO  co"  03  co"  10  CO  CO  03  CO  CO  CO  ■^  '^  'S*  •^  M<  ^  ■^^  id  id  id  id  id  o  ©  ;d  o  33  50  to  ©  t-'  t-  t~  i-  t^- 1-  t- 


ejxo— •xu3'^>os©o3©^-li5JO©t-lrao^1-l3^l>lc•^(^>rt©xe^^-©lr3lCl.'3•l<■«^^lClO©©^-X3--colo^-©•^}lo©2?5^^t^■*S  —  '^'''' 

JO_JOTflOl.■3©^-t--xc5©©TH^^o303■^o©©£^xos©•-HC»oJJO■*lC»t'XaJ©•--lN^^■*lC©x«©^c^■*_|-■3©^^S5©I»03■<J;©x^:  —  « 

oj  e*  «'  oi  (m"  N  «'  osi  (m'  e*  co'  cd  cd  cd  03'  co"  03  cd  co"  03  co"  cd  co"  -^  -^  -^  •*"  •>^'  Tji  ti<  tj!  -^  tj!  ^jJ  id  id  id  id  id  id  id  id  id  ©  so  ©  ©'  ©  so  ©"  ©  t^  t>  t-"  t~  t-'  t:~  r-^  06  x 


«OiI<JNOje4IQO»C«0<J03COJO0300COOiJOJOJOCOCO'<l'Tt"T»<'*-<l'->j<Tt<-^-*Tjiici.'3U3iaiClOl.'3l.'3irv©©©©©©©©t~t»£--t~t-t-'XXXXX 


i»-^    ■*■»     ■»■%.     «•■»    1*-*    ^*-«    .«•«     *•*    '^•<    %,n    w'a^     .■»'    ,ifci    latf    vtf     •'•(    •'V    '•'•^    '•'•1'    •■•'    •'•<    W«*     '•4        ">*        '-J        ^J        ^J        ^        ^        ^        ^        ^»      •*■'    **•'    **•'    •*•'    "'•'    "'•'      '•'    —•■    "•    '     ^^     ""^     ""^     ^^     ^^     ^•^    ^^     ^^     »■         ».---•.         •.-•.-     .«w     .*rf    »*>rf    -»-'    — * 

^-OCO-HO»^-©•q^JO-H©3SXf^©U3lO'l'Tt^Tl^■r^^T^^T»lTJ^lOU3©?^X«©(^^•*©®0(^J^OXI-^II3X■^^©THI.-3©^0— '©*>OS©JO-<S5'---i-'3lO 
T-i«:3-^Tt'IO©t'X01©©.--l«03-^><3©J>Xa5©-"(:»CO-^lO©t--X©i--lCJJO'r©t--X<S5— ■(3103l<3©XO»'-'(3J-*i.'3t-X©'3J-*i.':t--OS— 'JO 

(oj  ci  (3J  ©»  •oi  01"  ei  e»"  oi  <3J  ed  cd  cd  CO  cd  CO  CO  co"  cd  jo'  cd  -^  ■<^'  tt"  ■<i<'  tji"  •>ji  tj!  ■.a<'  ■^'  id  id  id  id  id  id  id  id  id  ©  ©'  ©' »'  ©'  o'  ©"  t-'  t-"  r-"  t>  t-"  t-^  00  oo  x"  x'  ao  x"  3s  os 


(3>  ©35r-»  1.-3  •>#C0'3jTH335SSXXXXXXC5a»©-<'3J03-*IOt>25-JCO  1/3  t-©CO®35'3J©©-^3SCOX03O5l.'3—«t-'»l<i-iX 
T-i'3JC\l03T(li.3©(-X05©©i-i'3}03-«J<0©l-X05-<'3J03^lO©t-XO-^'M03i.'3©t-X©— 'CO-*iOt-X©  —  COI.'3©X©  — 

<3>  !3»  ci  ?}  oi  "3?  o>j  loi  <m"  cj  03"  03"  03"  co"  03  03  cd  03  03  03  03'  ■^"  -^  ■*'  ■^'  ■*'  ■*'  -"t"  ■<*•"  id  id  id  id  id  id  id  id  ©©"©"©©©©'  i>  t-- 1- 1-^  i>  t-  x  06 


t-.Tj<THX©-»><03'3»— •  —  —  « 
-~-^-^  —  JOU3t-®>-'COIO^- 
o6  00  x'  X'  (35  OJ  05  05 


I3J  ?»  OJ  31  <M  CJ  3>  N  3J  3J  03  CO  03  ; 


llO©C-XOT-l3}•<S^lO©X3J©<3103I.O©X05r-l03•^©X05^COlOt-•C5^C3l-•3^-3» 

!  CO  03"  cd  03  03  03"  •*  -^  ^"  ■*'  -*"  -v"  Ti<  Tji  id  id  id  id  id  id  id  id  ©©©'©©©'©'  t-'  t-^  t-'  t>  i>  t-^  x  x  od  x'  x'  c»  35 «"  aj  ®' 


'XCJr--^©— •l~-31XU'3-HXWM©«©ia'*03CO03-*l.-3©X 

I  10  t-  X  ©  tH  03  'i'  ©  (.-  3:  —  W  ■*  ©  X  S5  -^  CO  10  t-  35  — _  CO  <0  I-  OS 

I  3}  C^  34  ?J  !3J  3^  W  3}  3}  03  03  03  03  03  03  03  03  03  -^  ^  ■*  f  -^  -V  -^  •*  16  IC  l.'3  Ld  id  id  id  ©"  ©"  ©'  ©'  ©"  ©'  ©  t-^  t-'  t-"  t-'  t-  t^'  X  x"  »'  00  x"  Os'  OJ  S5'  Ss"  0> 


©©  —  0'}<0>CO-i<©t-XOW>*<©X©3Ji'3X-H^r^O'^X3J©©lOOU3©l.'3T-ir~0335©CO©Xlft033»©©a5e505©'-l«-<l<© 
Ci  O  —>  3»  CO  ^  LO  ©  C-  X  O  .-■  31  03  Tfi  ©  t-  X  35  — '  3)  03  lO  ©  I-  05  ©  3J  03  O  ©  X  C5  i-H  «  ■>!<  Lt  t-  3:  --I  3J  ■<J<  ©  X  ©  C}  CO  lO  t>  ©  OJ  ■^  ©  do 

T-i  (31  31  (m"  oi  31  oi  31  3}  31  CO  03  CO  Co"  CO  CO  .'d  CO"  CO  Tt<  t1<  tJ<'  -5t<  tJI  -r^  -.j*  id  id  id  id  id  id  id  ©"  ©  ©"  ©'  ©'  ©"  i>  t-^  t-'  t-^  £-•  X  X'  00  X  X  35  35  35"  C5  35 


©--3}^©XO31i.3t^©03©35(?l©©03f--H®©l.3OL0©l.'3— 't-COOffiCOSXLOCO  —  ©SiX'^^-t-f-X©— 'OOfflOS 
l-33©-HC^03O©t^X©-^3J03i.'3©t-35©3103i.'3©X35i-<3»Tj<oO35©3JT>(Ol~0»-H03'*©X©3lT)"©S5'H03lCt- 

1-^  -^  3}  31  31  31  31  3J  31  31  cd  03"  cd  cd  03  03  cd  JO  -^  ^  ^  T)i  Tii  •qi  T)i  id  id  id  ud  id  id  ©  ©©©'©©"  t^  c^  t'^  t-^  e-^  x  x"  X  00 


©35(3}ll3X'-ilOX31©©Tjl35eOX03X033;i'3©©03aS©03©t-.U303-H©xt-©»®©©f-X©31-*t^©03t- 
©t--35©i-HC0'<)<l.'3t-X©>-H0lTjll0l.--X©'-03l.-3©XS5>-<C0i.-3©X©'31'<»<IOt^3»'-iJ0Ot-'05--'<)>©X©03l.'3t-- 

t-i  ■r-i  1-i  ai  ci  oi  ci  oi  31'  ci  jo  jo'  cd  cd  cd  cd  cd  ■*'  ■^  -^  -^  -^  •*"  •*  id  id  id  id  id  »©©"©©©'«>  j>  t-"  t>  i-^  x"  06  x"  x  oJ  os  35  35 


®»»COr^3150  03X3<©®(M»©313»©-*  —  O5i>©^03'31.-i-i,-l-HTH(3»COI«®X  —  -^t-S-^XCOXCO 
■<l<©t-35©3l03O©00©i-^03-<i;©00  35--<03ira©«©Mr^©x©3J-.i<©XoS^©35Sc0© 

th  i-i  T-J  T-i  (3J 131 131  si  oi  ci  JO  cd  CO  CO  CO  cd  cd  ^"  ■^  Tj!  Tji  T)i'  id  id  id  id  id  ©  ©'  ©"  ©"  ©'  t- 1^'  t-'  t-^  £>  x  x"  x  x  35'  si  ©  3» 


'O?2<^^"■*'-'^t'©''""^©00^~©u'5•^■*•«^<■>^^Tt<l.-;©^-x©3l■^5D©s}©©Tl^a5T}•35L•3-^^-. 

0<-*»t-»-.31-<f.©X©T-l03  0t-©-i030J>35^03L'3X©5^©C6S§©X^W©»'^ 

i:[= 

35 
35 

rt  rt  ,.H  rt  ,-H  31  ci  34  34  (31  10"  JO  03"  CO  JO  CO  ■*  -^  Tji'  tt"  Tji  id  id  0"  id  ©"  »'  ©  ©  ©  £-:  t-'  t-;  t-^  06  06  06  00  ©'  «'  35  35 

^2!:3;2!l5'-''SS;22S2;SS'^'S5SS®'«='«'-«>='»t-'*«©«ooxxx© 

^03OC--©  —  COlCt-©31-<}<»X— •j0i.'3X©COlOX©COi.'3X-<33©3531-^t-©03©35 

rt  T-c  ^  r-i  -H  34  34  0<i  31  03  CO  03  03  03  ■^'  •*■  Tji  -^  id  Ld  id  id  ©'  ©  ©'  ©  t-  t-^  t^  t-^  X'  X  06  35  35  35  35 

©L'3©©T^t-o3©t-■*3l35^-©lo■<*<•^'#■T^<l.•^«^ooo^©c5cof-3lx 

3»^l.-35  31^C-©31lOX©CO©3534l.OX.-<-^J?.©5't--©?3t^©-<)'t-- 

,-1  r-i  .-H  — 1  31  31  31  CO  cd  03'  CO  tc"  ■*"■»"■*'  id  id  id  ©  ©'  ©  l-^  t^  t>  X  X  30  35  ©'  35 

©03C^— ^i.'3©IO^^fr-'^»-i35l>LO'^T}<^L'3©X©CO© 

03©35  03©©03I>©Tj<X-'L-3  350il>T^l.-3  3503X3}© 

^  r-.  Ti  31  31"  03  03  03'  Tji  •^'  Tji  id  id  id  ©■  ©"  t-"  tr-"  t-"  06  X"  35  35 

t~r~X©310©COX-*©t-©IO'*'lO 
•<J<3S'<l>©U3©U3i-i©e*XC035u-3^t~ 

1-i"  — ■  31  03'  CO  ■<j<  ■«i<'  id  id  ©' » t^^  r~'  00  S5*  si 

—  co■*lO«^^X3» 


o    = 


^1 


•T3     O    "3 


a  o. 


3  © 


O.    r3 
«    "S 


H 
^ 

0 
U 

00 

3;* 

JS 

CU 

Q. 

fi. 

^ 

^ 

OS 

^ 

s 

M 
H 

3 

a 

U3 

©22t2S'^^'''^®*X»-©i.'3-<)'03  3l-HO35Xt-©l/5'<l'C0'31— ©35Xt>-©l(3-«»<J0  31^H©S5apt-«lC-^C03!.-lO»Xt^©i.'3-^0331^ 

^©©©©©»"©©©©35S5e«©«©3S35353aXXXXaDXXXXXt-t>£-t^J.-t-t't-£-t-©©  " 


'©©©©©©©©oicioiaiacooiso 


es 

(n 

V 

p 

(A 

o 

1 

7i 

^ 

ll 

»^ 

^ 

< 

ts 

•^ 

V 

^ 

< 

1 

i4 

f< 

s 

o 

a 

JH 

hH 

O 

^ 

V 

S 

s 

f/T 

"R 

« 

ri 

W 

a 

M 

o 

a 

pi; 

s 

m 

S 

<« 

(» 

e 

« 

,a 

H 

ti 

M 

« 

(z; 

a< 

< 

•* 

pq 

« 

k 

tH 

V 

«« 

» 

a 

<j 

fl 

o 

> 

o 

H 

0 

■ 

0 
Pi 


CO 


W'-ii— ^T-(r-)i-i,-irti-l^OOOOOOOOCOC505SSC50SC50>®C5030»30XOOaOOOXiaOXl.^l-t-t-C-t>l^t-t~t-«50»r5 


1ft  Tf  CO  «5  T«i 

;o  o  ;o  »« 


C5CeOOIOOO■*^----^XO>lrlO■^QO(^■>t^  —  OC5'l'S5Ma>C0I>C''>t--?3C0KIX)'^O<0-HJ>C00:iCC*0S"raC<>3S!D-*i-i 

<N««ffJc6ciscoc6coMiccoc505e6Mccr6?Tc<5JT-ccccoeoMciico-5r-^ 


CO  -#  o  50  t^  00  00  SJ  o  >-; 
ic  U5  iji  lo  w  »o  •-";  i-o  o  o 


Mcj5>JciiQcc»?tcoKco?jeoMsicoco?ocosocccocoeocoeoeoeo-^'^'<*r3<Tj''^TrTj<'^'>^'^-<*TrTrTfiT}<oiO'oiooL':inieioio»cioo»ow 


»ooS'-'^'?jO'jo>»r:co'^'^"C<.':ccot-i-xxc505ooT-i-H(rjc*?o'<^Tiiioiooi-t-xo5050r-i'MWco-^'-'^5Sot-x~0'-iCJW 
>}  CO  CO  r:  ?3  ?t  CO  co'  CO  CO  CO  00  ?i  CO  JO  CO  cc  CO  w  :6  CO  CO  CO  •^  -^  -^  -^  ^^  -^  ^^  ^^  ^^  ^^  ^^  ^^  ^^  ^  ^"  -"  ^^  -^^   -•._.-:.—•._•.«:._■._•.«.-; .—  .— .—  .^ 


— ii.oC5cooo-*xoj:r—  I0  05C 
o«  IN  ci  (^j  M 


1 


I 


i.o  Lo  lO  LO  LO  50  :d  o  » 


oo-^x?j»0"*o>coxo>{--.—  ®^Hi.■^o».'^Clco'o--:cc'}^-(^}XT^o»<^^x■^--^»•-r»t-■-^<--Q05CT^'I--lC5^~locoo^l--l1rcs»x^-^--xx 
i-'xxaq®ci3©0'— •-c^c*coco-*->9'OOo®t-t~xao35CsoO'--«oicoco'^i.oicot--t-xc5350'—  o>«co-'3"ictct-ooxa5  0--;c^_coTi< 

(rf  w'  oi  oj  N  <N  CO  CO  co'  CO  co'  CO  CO  CO  eo  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  ■^'  ■«j<  I"  Ti<  Tji  ■«*<  rt*  'I'  ^'  ■^'  ■^'  '*'  '!i<  ■^  ■t'  -i*  lo  ui  '.o  ic  id  o  lO  LO  Lo'  lo  «5  lo  ■::  «o  o  "  5D 

OOl^J5D-^^0  0'*C5■>*iC5•^XCOODCOX■*C5•^(351!00«0'^JX■<*<0«^JX■^^-"^-■«t'-lXIOOJ05^■>*^0»^-l.OCO-HOC5^-®®UOlOlCl-0  10«^~X 
50e>l-XX050SOOO--^OT«COCO-<a"'^Oin«>t-l^XOOC500T-lT-iC*COCO-^lC10»l^C-XO»OOi-<OJCO'*iniOOC~X050r-iN07-T0  50 

ci  C*  W  N  W  0»  OJ  «'  CO  CO  CO'  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  ■^'  •^  ■^"  "«*  ^  ,1  •<a<  T-i  T)<  Tji  ■"^  ■^'  ■*  ^  in  in  1ft  id  «d  lO  Iffl  W  O  Iffl  id  1ft  50  «o  «6  CO  —  i5  «D 


•*XCOt-OIf^'''>«0  —  tOi-ctOi-Ht-dt— COX-^JfOSlft-Ht— CO<35lft-^t-'^Ot~COOt--^-HX>ftCO— •XeO'^OlT-iO>Xt-C01ft^COCr5COCO-^-*lft50» 

«>5D^^l■-xxciS500l-H^c^<^Jcoco•<*TSlln^o»l-|>xx^500^^•JO^«•»■*lft«Do^-xc5sso--■c^coco■^lacot-oo©o--c<lco■^lc«o^-; 
o»  oj  w  oj  04  o?  oj  cj  CO  co"  eo'  co'  co'  co"  co'  CO  00  CO  CO  CO  co'  as  co'  co"  co'  CO  •^"  -"li  ■<*  •^'  -*'  •*'  -"i"'  •<i<  Tj)  ■>!)<  -i4<  •*'  •^"  •*  ■*■  1ft'  id  ift'  id  ift'  id  ift  id  lo  id  id  «s"  ®  » so  o  so  » so 


0J-*C»r:XC0XC000-*a5-*OlftOC0(>Jt-C00Jlft  —  '^COO:0'C*S5CO'yiS5^COOXlftCOOX-^-*«03SX^lft-»"COr5COCOCOCOTf<-*Lfti^XO 
IOCD»£^l-XX^505©0■-HOJC4COCO■*■^lft•ft»l-^-XCSaOOT-lO^O^CO■<l<lft^ftO^~XX3»C>-HC<>'^l?3•^lft^£>X3^0— 'S^C0-*lft:O'---_0» 

oi  oi  oj  o>  ci  c<)  oj  oi  CJ  co'  CO  CO  CO  CO  so  CO  CO  co'  CO  CO  co'  CO  CO  CO  CO  M  -^  Tj<  rr  -^  T»<  Tf  ■<»i  Tji  -^'  -^  ^"      id  id  "ft'  ift'  o  id  ift'  ift'  id  id  id  «d  ^'  :d  so  so  so'  o  'S  o 


•                                                                 .    ..        —  , . 

C000C0aT»iSS^Olft»»CJi>C0aSLftO«0'M3Slft-lX'*— '00-:t<rt301ftC>Ol-lftOOX-0'*<C»-<C»X»^S5  1ft-f^COCOCO-'*'-^lft-Or-XOC»-<l< 
WlO;C»'--l.-X053500^-^CIC«CO-*-*iftlft50t~r-X3S350rt^e»CO'l''*lft!Ot-.t--X3sC>r-i-HCJCO-<l<lft!Ot~X3SO— 'CICOMliesiXSSO 

cj  cJ  cJ  ci  ci  CJ  c»  CJ  cJ  co'  CO  CO  CO  co'  co'  CO  CO  co'  yi  yiviyinvi'siyi'^-^-rt-^'^'V'T-^'i>'if-ve^-^t6i6i6tai!iia>6iaiat^i6^-^^  ?o'  «  -o  ?o  -^  »  t> 

t-C}r-C0X'*S5lft^'^CJX-'*O;0?00>lftdXlft'?J3>;DC"l35'^1<-^3se3-*OOX:0-t"->}— i005Xt-«01ftlftlftlftlftlft®t-XC50C'>'*'--C35-' 
■'SllftiftOCO(-t>X050SOO'HCjrjCOCO-»flftlft;Ot-OXS5350.-iC}C»CO-*'ftCO!Dt-a0050r-i  —  c>CO-*lfteOC-X»0  —  CJCO^SOt-XOSOCJ 

e»cicieJc}c}cj'eJcj'cJcdcdMcdcococ6cocdcdcdcdcocd»co->a<-*-<ii'^-^-^^ 

0S-*©OCJX-*O!0C>Xlft<-cl-'*'^l--*r-<XlftCJCSt---*Clast-lftC0i-l3St-lft'*C0CJ-HO»XX00Xa0XXXa5O>-lC0-^C0XOC0SC<35C> 
CO-^lftlft_»»l>;a)X(»05  0.--<™C}COCO-^Olft50l-t-;XS5  0  0-<_CjeOTj<T»(lft50t-XasOT^--C>COTflftCOt-X050CJCO'^lft 

«cJc»cj'cJcicJcJeicj'cJcdcocdcor;cdcdcdeococococ6co'*-^'^-^-»l'-<^Ti!Tji 

esifti-it~-*ot^TOOtoc?Qt^-*  —  xiftcoot~iftco— 'Os;^-:)<co--a5X^-lft■^coc■>'^•)^--oooo  —  •r-icjco-*ifth-xocjifti~ocor~o-»'« 

CJ  CO  -^  -*  LO  tC  »  ^-  00  X  05  O  q  ^  C>  Cl  CO  -^  O  Ift  O  t-  X  X  C5  O  ^  01  CJ  CO  T»<  lO  «0  t--  00  »  O  --  C>  «  rr  Ift  «0  t-  X  OS  O  --  CJ  CO 

cJ  cj'  cj'  cJ  CJ  cJ  CJ  CJ  cJ  cci  cJ  CO  CO  M  CO  CO  CO  CO  CO  ::'  eo'  co'  co'  cd  cd  i"  -^  -*'  't  -i<  -^  •*'  ti<'  •>a<'  ti<  -^li  t6  id  id  td  Ld  id  id  id  lo'  »d  «d  so  «d  «d  so'  «d  «d  «d  «>  i'- 1-- 1~  t-^  t-- 

5^cooc»■^T-HXLftcJO»^-•*c)3s^»Lftco■--osl-lftcoe*oa5Xt-®Lft'l<-*'cococococococo^•^lft50^>c50C>T)^f^ocJ•^^-■— '"*oocJt-cJt-S 

•r-lCJC0C0-<iti01ftC0t-l^0005OO--C>C0-^'^lftC0t^»050:O-HCJC0-*lft«0t-XCiOT-.c>C0'VlftOt-XO'-iCJC0'<1"CDt~00O'-'CJ'<'lf:t-00q 

cJ  ej  cJ  cJ  CJ  cJ  cJ  cJ  CJ  CJ  cJ  cJ  CO  CO  CO  CO  CO  CO  CO  co'  CO  CO  CO  CO  CO  -"i"  •^  •^'  ■^  ■»!<  -"ji  ■*'  -"I"  •^'  Tf'  1ft'  Lft'  id  1ft'  Ift  Ift'  id  Ift'  1ft'  «o'  w  o  CO  o  !D  ed  cc  t- 1- 1>  c-^  t- 1-  t--  00 


oxiftco— ix«oM'cioxt-iftcocJ©osxr-®ift'*'-i"cococ»cjcjcjcococo-^ift®t''00©'-icoiftt-oscjiftXr-<T(<xcj«ooiftoiftO!scoesro 

0©<--i(j}COCO-<»'lftCOt-r-XC5©i-cCJCJCO-«r'ft«Ot^XC5©  —  CJCO-^4ft»l>X®0'-iCJ-*lft:St>-XOSi-iCJCOlft!Ol-0»OOJC01ft»CD05'-;CJ_-*_ 
CJ  cj'  eJ  CJ  cj'  ci  CJ  CQ  CJ  CJ  cj'  CJ  cj'  CO  CO  co"  TO  CO  CO  CO  CO  CO  CO  CO  ■^  •>«'  -^  -^  -^  •<1<  •^  Tj<  rji  Tl<  1ft'  Lft'  id 


tHXCT^CO  —  SSXtOlft-OCJ  —  ©35Xt-«0»lftlftlftlftlftlftlft©;0t^X05O^OM<«0X©CJlftJ--©C0tt>©C0t-TH50Olfti-l®CJX-S'  —  OP-T  — 
0>»©'-lCIC0C0-*l-;Dt-X©©©'-CJC0'Vlft:0l-Xr:O^CJC0-*lftC0X05©  —  C»C0lft-^t-XO—  CJ-*lft«0X05T-iC)-^lftt-;X©C>C01ftt-- 

^'  i-i  ci  ci  cJ  cJ  ci  cJ  ci  CJ  cJ  ci  cJ  CO  ?i  CO  CO  CO  CO  CO  CO  CO  CO  CO  rr  -^  -^  ->*'  ■»!<  T><  -^^  T^  Ti<  id  id  Ift'  Lft  o  «^ 


o»t-;0'^cocj-j©o»xr~«o«Diftiftiftiftiftiftiftift©cOf-xc50^^0'^iftt~05i-<^coc!Cjiftx>-iifta5cot~cjt-cjt-cJX'^i-it-'«!i'cjosr~ift 

t-xo5©  —  cjeO'<j'-^ic©i>XwS©T-iCJCo-^iftcor~x©o  —  co'i"iftot-xc5— ■cjco-*«t-oo©T-icjTi<Lftj>x©'-<co-^ooo®'-HCO'^«ooo 

^'  ^  ^  cJ  cj'  ci  ci  cJ  cJ  cJ  ci  cJ  cj'  cJ  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  •^  ^  -^  ■*  -^  -^  -^  •*-*  id  Ift'  Lft'  1ft'  o  o 


Ift-ll-l-COCJeJ— 1©©0©©©©©  —  --CJC0-^lft®XO5.-iCJ-^?O0S  —  CO®C5CJlftXCJ«0©-«<XCOXCOX'l'0«OCJXlftCO©00«0-^C3 
5Dt»(»05©i-HCJCO'^0«Ot-003S©T-<CJJO'*10«Dt»XC5^CJCOT('lftt-XOS©CJCO'^«Ot~05©i-iCO-<»'50l--OSi--C»-3'lft_t-©'--iCl'V50aO 

rt'^'^^c>}cvjcJcJcJcic}oJcjcjcdcdcdcdco'cdedcdcdcd-^'^-^-*''^-^'^-^iftididiftidid 


e505c»oJSso5a>S5©-Hi-'CJco-^iftt^x©  —  JOift«>05Cj-<»'t^ccoeoo5Cot~i-Hift05coxeoxcoo5-'t©t>eoof^-<*c*©xt-®'<i'co 

■'l<lftCDt-XCS©<-i0t'q"lft5Ot-XO5©— •CO-Vlft!Dt»X©^CJ^lfteOI>»©CJCO->*®t-CS©CJC01ftt-XOCJC01ftt^010CJ'<1<?Doq 

•rH',-H,-i.— '-H-^cJcJcJcJcJcicj'cj'cjcdco'cdco'eo'co'edeo'^Tj'-*'-»i5Ti<Ti<-»i<-«i<'idffl 


<Lft©ift©ift— ■®cjX'*©»>'<i<>-ixso-*eorHoo>e505x» 
.   .  _>i>o»©cJcoift:ox»^co-<i<;ooo®'-i?3ifti>os©cj-<j<«Doq 

<■  Tji  Tji  Tt<  ri<  Lo'  id  1ft  id  id  id  LO  ed  ®  CO  :d  «  to  i>  i-^  t>  t-^  i>  00  00  00  00  CO 


•<»'50X©CjTt<t-©CJlftX^-^f^^'^XCJ;Oi-ilft©'<Ji35lft©lft^l>COC150CO©r-'«l<CJ©X5Dlft'^COCOCOeO-1'lftlft«OX 
Or->CJ-^lftW«.--X©'->CJ'^lftCOX05©ClCOlft»»C5©CI"»iftt-X©^C0  1ftt-X©ClTl<uftt-SS,-iC0  1ftl>05  —  COlftt-Oa 

^  T-  T-i  T-<  r-i  i-i  >-;  rH  cj'  cj'  cj'  c*  cj  cj  cj  cj  CO  CO  CO  CO  CO  co'  co'  -*'  ■*'  •^'  -^  Tji  -"j  id  o  id  1ft'  id  id  CO  ®  50  so  so  CO  ^^  ^^  ^^  ^^  ^^ 


cjiftC5cot-cjeoi-iift©ift©co.—  t-coosift  —  ooiftCJ«©'<*'cj©aot-coift-»i'-<*iTiiTj<-*ii.ocot^e5  —  coco 
rHCJcoift«'XC5T-iCJ-^ifte>x©T-Hco-<)<coao55T-eo-'»|;ooo©cjooiftt-05^eoiftt^c»i--coifti^©ej-«>< 

^  ^  ^  ^  ^  th  i-H  cJ  cj'  cj'  cJ  cJ  cj  CO  CO  CO  CO  CO  CO  CO  •^'  ■<#  ■*'  -*'  ■^'  id  Ift'  id  id  id  id  CD  CO  CO  CO  »'  b^  t^  ^^  ^^ 


CO'V^3slr^•-JaCL'^CJl35CO->*CJ©XCOlft■<l<C0CJC>— '1-1  —  CJCOMilftt^OJi— COCOC5CJO©lftO»'*0» 
©CjSLftl>00©CJCOlftJ>CS>-'CJ-^_5©aD©CJ->9<COX©CJ'>J'COX©CJlftt~OSi--i-*COO5  —  cocooo 

^^,_;,_i,_;,JoJ'cjcjcicjcjcocdcdcdcdT(^TJ;Tj<■TJ<Tl^ldldldldldcdcdee5ded^^^^l-^^o6o6x'a6 


t-t~cococsr-t-x©©--coiftt-©cJift©CJe5©ift©ift©eocJXifto©xt-co 

?-i  CO  Ift  ?•  05  i-<  CO  Ift  I-  ©  CJ  •I*'  CO  X  T- CO  i.ft  t-  ©  CJ  ID  t^_  ©  CJ  Ift  £~  ©  CJ  Ift  X  r-(  CO  CO  O 

— ' ,_;  ^ ,_;  ^  eJ  cJ  CJ  cJ  CO  CO  CO  CO  CO  •*'  -^  •*'  ■*'  1ft'  i»  id  o  CO  CO  CO  CO  ^-'  ^-■  t'^  t-'  00  00  00  00 


OSCO«C0XC0<3Slft>-'XlftCJ©XCOlft-?'COC0C0C0-^lfte-CSCJlftCSCO 

©coiftx©o3iftX'-'COcqc5Cj'a<<>©cocDO5Cjift00i— •*r-t-i'^i>TH 
^  rt"  ^'  r.;  ci  CJ  cJ  cJ  CO  CO  CO  CO  -"t  -^  -^  id  Ift'  ift'  td  CO  <e>  CO  £-i  i>  j>  00  x'  00  oj 


CJlftC5CJCOO5:0CO©C0t-^i 

^ ,_;,_;  cic(cJedcd-*-*''*iftid  Ift' »cdi-^fr^j>odad«> 


»-irHCICJC0CO"^'*lftlftCO»t-XXCS 


■_^CJCO-»l<lftCOI>S5 


©  a 


■3    -a  t 


1  S  a 


•3    "> 


•y  ©  "«  3 


V 


■s  -  -a 
•0  0.  =  ! 

"  r  o.  - 

••     f^  "    /iiS 

pa  •-  2  2 


O     V 


05 


M  a 

e2 


©OJXt-coiO'*eoe«THoesQot-®ioTticoe»'— ©osoot^eoiftTii  CO  CJ--©05X  t-eoiftTjiosej  T-4  ©05  00  ^-®  Ift '*'«c»jH 
cjt-i-r-rHi-iTHTHT-ii-iT-iTHOcbooSoSoSSSaiOiosososooosxxaoxxooooooxoot-t-i-t-t-t-t-t-t-t-cDcocoeecococcicow 


i? 


oiiNejIIOJCIi-H^i-i  —  rt— ,-ii-i,-l.-iOOO3wOOOOO05C5S505C3CiC5»<»05XC 


o©-<^T-i(Mwojcoco»T»<T#Tj<ir3mco»wt-t-ooaoo»os«  Oj-;  <-i  ^  <rj  cj  m  ^_  ■*_  'O  lo  «  so  t-;  t^  33  os  as  o 

lo  lo  lo  lo  lo  lo  ic  irt  lo  iffl  id  o  o  o  «e 

»0©©r4^c5(>JC<»COCOCO'>»«-*lCiC«CD»t~t~®X)050S©0'-<»-<e'lCJ?OJO'^'1<lt;i-'5«>t-t^GOJOOSOO^ 
C*  CO  CO  CO  CO  W  CO  CO  00  «  CO  CO  eo  CO  CO  05  t5  CO  TO  W  «>  CO  CO  J<5  CO  •^  ■^'  T^^ 

Tt^^^^^lCOOC*J«00•^'X)'^>00»OC^COJC'^>l-^-<:0^-COOIOOlOOCDT-l:0'^>^^COw5lO^-^^-CCOSOClnO'^>C50■^^HOf^*OCO-^OXf-OtOO 

0505000t-^r-<o}OJ(^J^?co■^■^•»rlCO»»^^l-xXl05C50©'-H-<7Jc^coco■^■^Ow:o^-t-XlS50SwT-^_-H^l:c■^•■-ro»l~CDS;o»0'-■r*^s 
W  oi  CO  CO  CO  CO  Co'  »3  CO  CO  CO  CO  CO  CO  ?j  CO  CO  CO  CO  CO  Co'  S8  CO  CO  CO  ■^'  •^  **'  ■^'  ■^^ 


aOC>05a»0  0>-<— 1— INMC0C0-V-<}.u5lo<O;Ot-t^t^X)O5OS© 

CJ  «  OJ  C^'  CO  CO  CO  CO  CO  CO  CO  CO  CO  00  CO  CO  CO  CO  CO  CO  CO  CO  C5  CO  05  T(<  Tji  Tji  Tji  Tj<  Tf 


i>r-iioo-*cicoX)i^f^c<iw^»T-<»-Ht~ojr^c»»coos-<i<o»OTOo-^oot'»»i.rc>»osocoot-'^MCst^iocc--c»xi«oi';3'W?>C'>2>2i'vJZf 

i>aoao3:o5«oo--rHCQC'jcocoTj<T^oiow5Di>r-cDaoc500'-Hr-<c^coco'^'^o:oco«-xr:c»0'-<'^c>Jco-i>io<.'T^i-xiS»o>--''?»TO-^_o 

e<  cj  M  <^j  (N  (N  CO  CO  CO  CO  CO  CO  co"  ?5  00*  CO  55'  co'  CO  CO  CO  CO  CO  co'  CO  T»i'  T«;  T»;  T^^                                                                            id  id  id  id  id  id  id  »  ©  co  -d  ?d  » s© 

C»®^«©lt5a>'1<OS'1"05-^»'*C5-*C5l.OO«.--ce^COaO'<J<OCCO»»l.'5--f--»<i--it^-<J<^««OCOO(»50CO-^=5»OiCCO?>— 'O 
t-t^_XX0S050SO©^^0JW«C0TJlTt<iCW»t-l>00X0J©©^— ■C>»?5COTt<.ClO®l-t-QOC500rt(J}COCO-*il0  50«>XCSS 
<N  <?1  C^'  C*  «■  «'  C^  00  Co"  CO  CO  CO  CO  05  CO  CO  CO  CO  CO  CO  ?5  CO  Co'  CO  CO  Tji  T)<'  Tt  rl<  ■>^'  rji  -^ji  -^  Tji                                                                                        id  id  id  id  ".3 

0  CJ  3S  S5CSO  — 
1-c  ,-.  0  CO  •>»<  0 1- 

0  50  5S>  »  0  CO  © 

CD<-il.-5©l.'5  0  1.-rOiC'OiOOO-H50T>t~COC5-^©OC>»T>iO«OC005tDC<»0»Oe»05t^-)'-HC5eO'»<0'}0»OiCCOC'>-<OC5XXXCOXXS>0-- 
®  t~  C-  X  X  05  w5  0  0  --  ^  ?J  OJ  CO  »  ■<*  M<  1.-  10  CO  t-  I-  »  X  =S  ©  0  T-i  .-H  o»  CO  CO  Tt<  0  iC  «  t-  X  X  OS  0  ^  ;■»  •?(  CO  -^  1.-5  »  t-  00  »  =5  0  -H_  ?>  CO  -^^  1/5  t-^^ 

«  N  N  (N  W  <^J  S^"  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  05'  CO  CO  CO  ■<1<  ■^'  'a'  -^  Tji  ^  -rti  ^^ 

o   - 


<« 


I    w 


oios»'^©ioo«50iOi-ico(>ji:~coasio.-ii^coo»i(5-<t>-<*ot~coor-Tji-Hooio-o©t~iocoi-i3>t>ic-t<co»-i©C5ooxi-i-t~r-xaoi»0'-<23 

»»»t-XX<»C5©  =  r-T-<0»CJCOCO'»lCUOOO(.-XXO»0©.--C'}WCOTl<-rOOf^t-X0500.--iC>JCO-^0!00«>XS5©t--i'5»eO'9'»fflt-^'X» 

o»  (N  ©i  C'i  01 «  (N  w  CO  CO  co'  eo'  co'  CO  CO  eo  co"  CO  co'  CO  75  CO  CO  CO  co'  T)<  TT  Tji  T»i  T!j<  TjJ  -^^ 

OCsaiXXXXXXCJO-HClCOOf;- 
v^,/  «.—  i^  kju  vju  ^j^  ^— '  ^^  '"^  1 — ■  ^'<  "**•  v«^  ^r  "^a"  «.■  >— '  '^z  i.^  '•Aj  jv  wj  ^— '  ^^  '—'  **"«  ^-'t  v«»  "^r  M-j  •i.'  ^f  t'*  yw  u^  WA  ".^  »"^  V*  -'•*  "'^  10  LO  ^D  t^  "X  OS  ©  1—*  ^J  CO  10  CO  C^  00  OS  © 
C*  0«  «'  OT  «  M  CO  05'  CO  CO  CO  so  Co"  05  CO  CO'  JO  CO  CO  CO  CO  M  Tl<  ^'  Tji  Tt<  ■'li  -^  ■^'  •qi  '^ 


1-^^-<^^^-c^oocoo5lc©co<^J^>coosco<^»x■*©^^■^5©t-05©f>■-*rtX«Deo-<xcoTJlo}ox50l.o'oc>--| 

«5u-5«0«DJ>C-XaOOS©©-^i— (NWeO-*-VlCO:Ot^XXOS©©-HO}(MCO'<J<100COJ>X05©©'-iCJCO'^i 
W  C4  0»  C«  CJ  «'  W  «  M  CO  05'  Co'  CO  CO  CO  Co"  05  CO  CO'  JO  CO  CO  CO  CO  05  Tl<  ^'  Tji  Tt<  ■'li  -^  id  id  I 


o>^-coo5■>J<©?oo>XT^^©:oc^35U5l-lXTJ^T-lXl.Ol^}os«oco©^-lC(^>©x©'^"c}©xt^lOTl'o5l^J■l-lOos©os©©©05©--o>o5-1'50X©'^>•^ 
■^-ficiose-t^xxos©©— ii-ic}coco-^oi.o©t-t^xos©©i-ic>jcoco-*i.'r©i~i-xss©i-ic>}co-*-?<i.-5»ox©cc'>co-fiocct-x©i-;'?j 

(N  (m'  ot  oj  i^'  ci  ci  oi  cj  «  co'  CO  05'  co'  co'  CO  CO  CO  CO  CO  ed  co'  05  JO  co'  Tj<  T!)i  .^  Tt  Tj<  Tj<  T)J  Tt<  -i<  -*■  — <■  T»<  ^"  o  id  id  id  id  id  16  id  id  id  id  ©  co"  cd  •-'  ""^  -^  <■■< -r^  ,^  r^  t^ 


>  ©  cd  ©  cd  ©  t-^  t--  t- 


©®(NXTl<o©COOS©c<(05©C'>OS©r3©t-l.C'C>?©t~LOC'>©X©-HC>>'-©X©iO-*CO<M^'r-i©©©©©--T-i01CO-*1.0t-X©CJl'5C-©CO© 

coco-^-^is©©(-t^xa5c:©rt^c^co'*'^io©©t^xos©©i—  oico'»'-*io©»-xo3©.-ic>icoTtii.'i©t~x«©'--(C-io5-^iot--x5s©7jco'<>; 

CQ  IN  W  «  OJ  «  CJ  «  C«  ei  N  «  CO  CO  CO  CO  jo'  05'  05  Co'  JO  CO  JO  CO  CO  -"t  ■* 


lo--«Ttll-^xln(^^os©co©^^lrao}©^~lCco^-HOsr-•l«coc<»©os^•©lO■<fcoo5c*-HlH  —  THTH^-j<o»coco'«<©r-.osoc'?-^i:~osc''ii-'5  0S'?i©©"^ 
rt(NwcoTti-^io©©i-xosc5©-H(Ne»o5-<i<iraic©t-aoos©©TH(?»o5-^i(5©t-x©©r-C'icoTj<io©t~x©©'^co-*i-o©t^cs©-^jO'i<©t-; 
IN  cci  e»  oi  w  c*  oj  N  <?*  CQ  w  'N  «  CO  CO  CO  CO  co'  CO  CO  CO  05'  CO  CO  05  ■*'  Tji  -^^ 


»-H'?jojc<»iN«iNe<JiNC»iNiNo»iNeoeocococococococococo'V-*'^-^'^'^'^"*'*'^ioicoinir;oicoin©©©©©©©©t-t-t-t--c-i>r-ao 


'-H^.-HC'}WS<(MI<J«J>JS^J»)0}J'J0JJ0C0C0C0J0J0I0C0C0M'*T)<-<l<Tt<'^T}<-<jHTjiT!j<Tj<l0iCOlCi.0ini010©©©©©©©©t^t--£^l-t-t~XXX 


0)©aSX©IC'*05lM-H-H©©0S0S3SOSO53S3S©©^-H'j}Ml.O©«--aSi-lJ0l.'5f~0SC>lOX— i-<J<X'0>eO©-^©Ti<CS-*©©0»OSlO'r>© 
©rti-Hl.)COT)tlO©t-X©©^'-'01CO'<l<l.O©t~©©T-HOJ05-^lO©C^X©-^'0>CO'<}l©l>X©T-iOJ-<i»<L'5J>XOS.-ilM"*©t-l35CC'>'»J<© 

«  n'  ?>'  ci  «'  oi  c>}  3'i  oj  o>  15}  CO  co'  CO  CO  CO  CO  CO  05  CO  id  ■^"  -^  •rji  -"j!  -"ji  M<  ■*  ■^"  Tji  id  lb  id  id  id  id  id  id  ©'  ©  x  x  x' 


Wl5JIQe<»SQI>>i51!NiNJ>}COJOCOCOCOCOCOJOCO-*-^-*Tt"'ll-»-«;l<T}<-.^10l-'5l0  10l--l.'5u5©©©©©©©t-l>t-t--t--t--X'»XXaOaO 


S©,-lr-l^O>irjCOCO'*lOr-XOS  —  ir}T*l:OX©C'}U5l>©CO©CS05©©Tl<a0COf^lDt-'rlt>COOSi.'5'HXlC>'NOlt~l.~30M  —  ©OSOS 
©.--lOJcoT^lo©^-x^s©T-H!^(•<J^l.o©c-x©'-^c>JCOlc©t~xOrHco-*l.";t-x©'-leo■<>^©^>csTHl^^■^_©c^osT--lcolO^-_©©OJ 

^  c!  CQ  eoi  "TJ  i-j  ^M  i<i  c>j  oj  •5)  CO  05  05  05'  CO  05  05  CO  •*"  ^'  •*'  ■<*<'  -"si  -^  Tt<  ■<*<  id  id  id  id  id  id  id  ©'©'©©©©'©  t-^  t>  t-- 1- 1-  !>  x'  x'  ad  x  00  cs  os 


i-n-iC>JCJC>JirC(i5lI>JIM'5Ji5<C00505COCOCOCO-*'^-^-*T»<^-*^u-5i.'5LOi(5  1ClC©©©©©©£-t-t-t>t-f~XXXXXSS«©0» 


!-!,-(  J')CQSCJC^0lC<lC<C0C0CO0SC0CO05-^-*-<*'#-*-^-^lOlCiniC  10  1.0  ©©©®©©t-t-£-t>t-XXXXX0SC50SOS 


J 

t: 

at 

US 

"3 

■^ 

; 

1< 

y 

■S 

-J" 

^ 

— ^ 

^ 

(1^ 

•0 

i 

» 

•3 

^ 

? 

^4 

0 

u 

2 

1 

a 

a 

a 
0 

u 

a 

•^ 

2 

0 

>. 

- 

^ 

« 

V 

k. 

■^ 

t> 

, 

03 

•3 

a 

w 

3 

'3 

3 

-' 

J2 

0 

3 

0 

5 

•g 

_5J 

S 

£S 

3 

a 

s. 

5) 

•^ 

-- 

a 

0 

Ifl 

" 

B 

"" 

^ 

^ 

u 

= 

•^ 

' 

"5 

2 

rtlNO>l?lCJCJO»l0155C005C005CO-<Ji-^-^-nj<-^TlioO»Cl.'5  100©©©®©t-t-t-l>C-XXXX5i«CSOS 


X-*rtXl»JO©X©-^CO-H©OSX  O0-t~  r^XXOS©-H(0lT«<©oSi0>I.OX'5J©©l.O©K5  —  t^-5«< 

X©I'JCOiOt-©©J>jT}<©aO©-H05  0C~05^COl-'5X©CQ'^©X  —  I0510XOCOI.OX©COOX 

^  c>  oj  ci  o)  0*  5Q  CO  CO  co'  05'  05'  •*  -^  -^  -^  -^  Tf  id  id  id  id  CO  »  ©  ©  » t^  t^  t-^  ^^  OD  X  X  X  OS 

©CS©0-HT>05-*©XOr>L->X-Hl.OOS05t-C}C-(NX^Ot-->»'— 'CSXl-^LOlO 

X©JOi.ot-©.^COl.OJ>OOC*©CS  —  CO©X'-'CO©X-H-^©CSTjTj<t^005©OS 

i-l0101i5}iN^JCOCOJOCO-*'!)<-*-*-»li51«l.OLO©©©©t-t-t~t-XXX©OS3505 

t-  — ©i0Jt^0r»®05©£-li505W-H©053»©i-iCH051Ot-©COt^«<»« 

CO  OS  r-H  ■*  CO  OS  —  TT  t~_  ©  ■M  L-:  X  T-i  -"p  i--  OS  oj  ©  as  o»  lo  x  i-i  10  x  ^  ic  x 
rt*  «■  «■  o<j  !«■  IN  CO  CO  05'  -"t  TiJ  TjJ  -i^  id  id  id  0  ©  ffl'  CO  t-'  i>  i>  30  06  X  os'  OS  35' 

©oot-^-i-ocsTT"©©  (N  OS  ©Ti<'0}rt©©©^ioi«r~o 

CO  CS  C>J  ©  OS  OJ  CO  ©  05  C-  ©  TJ<  X  C>»  ©  ©  ■<»«  X  CJ  ©  ©  •*  OS 
T-i  1-.'  (5J  uj  in"  05'  CO  Tj;  Tj;  -^  LO  id  LO  CO  ©'  t^  £>  £-^  aj  X  OS  os'  OS 

0  LO  ©  X  0  CO  f-  j>i  ©  —  X  1.^  CO  01 « 

0S->*0S-^©O©©^t-CJX'<S'©© 

T-tNiNod'^i'iiiididcdcdc-^t^xoscs 

»-<  OJ  -^  LO  ©  t-  X  OS 


OT(<co«>-t©osxi--©iffl'^coa»rt®osxt-©«Ti«o5c<»rt©i3sxf~®ic-*o55<j--©©oor-©ic-^o5oj.-i©osaot^©io-^eoiN--©©xt^© 

N210>C«INT<-<^,-lrt.-i^.-i,-l^TH©©©©©©0©©©OS©»Osr53SOSr:©OSXXXXXXXXXX£~t-t-t-t-t--t-£^t'l-3»©© 


fie 

«  ^ 

o  « 

^  Z 

P  - 

SI 

«  s 

<  t 
o  " 

"PI 


o«s«)^-«lo■*«'^J-^oos(rl^-Ol.o■*^oc<^■•--oo5X)^-«l»•>#co^■J■-J005»^-«o■<#^o«■-^©Si«)^-®lnTt^««'--lOS5  00^•Ola■^coo»r^ 

-,  -    -    -    -    -    -    -    -    -    -    -    T:  05  SS  OS  C5  5i  05  30  X  X  XI  X  C30  X)  XI  X  00  I-  t-  t-  C-  £-  I-  l'-  I-  t- 


C5  TJ  T?  C'J  CJ  C>?  I>)  ■?}  ■«  ■rj  •?}  ■—  ^  T-H  -H  ^  —  , 


x«coO'*'t-rtlr^x'^■>»OL-^c5Mt'|^>:OT-Jlool.'!0-*05^C5-*C5l.■:o®--^-cccsL'r'-Ht-■*ot-M^t-■*  —  cst>- 

O  «-■  I-  X  X  X  CS  3:  C:  —  O  —  <-  —  «  IJ  M  ?I  '*<  ■*  1=  13  »  CO  CO  t^  I-  X  X  «=  O  O  "  ^  S<  C<  CO  ■*  Tt<  L~  »  «  i-  X  X  CS  O  O  r-  ! 

CO  CO  Co'  CO  CO  CO  CO  CO  CO  Tji  -^'  -^  Tt  •*'  ■*"  •*'  Tf  •>*'  T^'  -*'  ^'  Tl<  -*'  ■<^'  ■>^"  ■>^'  ■>*<  -"^H  It  -*  1-0  la  iO  »i  LO  ta  is  is  O  is  LO  i-O  I.O  LO  LO  O  CO  CO  CO'  CO  CO'  CO  CCi  CO  CO  CO  CO  CO  t-"  t- 


T(iX!r'>1.0  0iCOt-^l~CSCOX'TJCO-^».0  0^<35COXIOXCOXCCX-^i35  1.0  0CO(NXCOC!CC«X1.0'— XlO«®CO-*I>JS5 
COCOl-l-l-XXCiCtnOO'-^^I'JC'lCOCCCO'^-^LOLOCOCOl-t-XXOSSSO^'— i?»«C0-*-*L0C0C0t-XXC:O^  — 


i.o  "#  «  ^  o  a;  X  I 
r:  -r}'  LO  CO  t-  t-  X  c 

CO  CO  CO  CO  CO  CO  CO  CO  CO  ro  Tf  ■^"  Tt  ■^"  -t  ■^"  ■^"  --t  Tt  Tt  ■^'  •^  ■^'  -^  '*'  ■^'  ■^"  -^"  -"t  ■^'  lo  ».o  lo  lo  li  lo  lo  lo  lo  lo  lo  k— '  ls^  lo  i-" ».—  co  co  co  co  co  co  co  co  co  co  co  ; 


X'r>coo->+ixr;t-— 'i.oc5'i<xcoxc*}i:^«t:-— ico-Hco'7'Jt-o>xcos5-*oco«x-^oi-coococoo»>iS'T'}a!t-i~?r  — 

LO  CO  CO  I-  I-  I-  X  X  O:  55  S:  O  S  1-1  -^  C>?  !M  CO  CO  ■*  -+  to  iC  CO  CO  I-  t-  X  X  Si  O  O  <—  1—  CS>  CO  CO  ■*  lO  iO  CO  t-  I-  X  c:  3;  o  ^  o>  ct 

CO"  CO"  CO  CO'  CO*  CO"  CO  CO'  CO  CO  CO  "^'  ■^"  "^'  ■^'  Tj*  ■'t  "^  '^  "^'  ■^'  ■^'  "^  "^  ■^'  •^'  '^"  '^'  "^  "^  O*  O  lO  LO  is  tfi  O  LO  O  to  lO  to  lO  O  LO  O  CO'  CO*  CO*  CO 


©lS®COXO>COr^l,0  0-^OS-^XCOXCOXCOXTl'S5-»l<OlO'-<cO«X-*OCOTJC5I.O'NXLOO}OSCOCO— <XC0-*0}OX 
IS  IC  to  CO  CO  I- {-  X  X  CR  05  C;  ©  O  —  —  CI  CJ  CO  CO  ■*  t  i.O  CO  CO  I-  t-  X  X  55  O  O  —  •-  I>J  CO  CO  Tf  LO  i.O  CO  t-  X  X  35  O  —  C>J  C^( 

eo'  CO'  CO  CO  CO  CO  CO  CO  Co'  CO  CO'  CO  ■^  ■^'  ■^'  -*'  -^  -^  -*  -^  -*  -*'  '*'  ■^  -t  -^  -^  •^'  •^  ■^'  to  to  to'  to'  to  lO  O  to  to  to  IC  to  to  to  to'  CD  Co'  CO  CO 


CO  CO  CO  CO  CO  CO  CO  t- 


t- 1-  i 


t^r}>Oi:~COOt-^— 'XtOCOOXlOCO  —  OXCO 
X  Ci  S  ©  ^  0>  OJ  CO  Tl"  -"t  to  ""  ■     ■ 

CO  eo  CO  CO  CO  CO  M  CO  CO  CO  CO  CO  CO  -^  -rt"  -*  ■^"  tJi  -^  -^  Tt>  -^  •<t  -^  ■^  -^  ^"  -t  "*'  •^'  to'  to'  lO'  to  to'  O  to'  to'  to'  lO  lO  to  to  lO  ©  CO  ©  :o 


©  ©  ©  ©  ©  ©  ©  I-  t-  i-  I-  l- 


■*05COXCOXCOXCOXCOXC005-tC 
CO  CO  't  -*  lO  to  ©  ©  I-  I-  X  X  35  35  ©  . 

eo'  CO  co'  co'  co'  co'  CO  CO  CO  CO  CO  CO  eo  ed  •*'  • 


'  ©  o?  x^ 


to  IS  to'  IS  to  to'  to'  -^  to  to  to  tS  to  to"  ©  ©  ©  ©  ©  ©  ©  ©  ©  CO  ©  I-  I-  I-  I-  l- 


XC0XO1t-«XC0XC0X't55lS©! 
CJ  CO  CO  -*  't  to  IS  ©  ©  I-  I-  X  X  35  ©  : 

eo  CO  CO  eo  CO  CO  CO  CO  co'  CO  co'  CO  co'  CO  -"J"  ■ 


■^■^•^■^■^■^■^"^•^■^•^■^iSiSIS 


o<  •??  eo  ■*  to  to  © 

iS  to'  to'  to'  IS  is'  to'  to'  tO!  to  IS  «'  CO  CO  ©" 


!  -^  IS  I 
(CO  -*  I 


©  ©  ©  ©  ©  t-  t-  l^  t-  I-  t~ 


CO  CO  CO  CO  eo  eo  CO  CO  CO  CO  CO'  CO  CO  eo'  co'  ■^'  -v' 


■*  to  to 

Tt   -^  -t 


to  to 


S  to  to  to  IS  to  to  to  to  to  IS  »  ©  ©  ©  ©  ©  ©  ©  ©  ©  ©  I-  t-  I-  I-  I-  l- 


•r-l  ©  -r-  I  -  OJ  X  -t  55  IS  '—  t-  CO  35  IS  — 
i-<  >-;  <?}  0}  CO  CO  -*  ^  IS  ©  »  I-  I-  X  05 

eo  eo  eo'  eo  eo  CO  00  eo"  CO  co'  CO  eo'  eo  co'  eo' 


to  to  IS  tS  IS  to  to  tS  IS  to  IS  to  ©  ®  ©  ®  ©  ©  ©  ©  ©  ©  t- 1-  t- 1- 1^  t- 1- 


S! 


IS  01  X  IS  C>>  ©  t-  -"t 

~  —  >-  o>  r:  -t  -T  IS 
eo  CO  CO  eo  eo  CO  CO  CO  CO  CO  CO  CO  CO  05  CO  CO  CO  ■*  -^  ■^'  -**'•*'■*'  ■^  -t 


2  2  *"  3'  2 


©  X©  't  ! 
©  ©  —  0>  ! 


©  X© 

to  to'  o  is'  to  is'  is  to  ts  ts  ts'  to  ©  ©  ©  «  ©'  ©  ©  ©  ©  ©  t-  t-  t-  l~  t-  l-  I-  I- 


©iNX-rJiSf-CO© 
X  35  35  ©  ^  —^  0»  CO 

e»  (?»  oi  CO  CO  CO  co  co 

© 

CO 

CO  ©  ©  CO  ©  t-  ;^  —  X  IS  CO  ©  X  IS  CO  —  ©  i^  IS  CO  Ol  © 
-*  -*  to  ©_  l-  t-  *  ©  ©  ©_  —  OJ  C>1  CO  -t  to  IS  ©  t-_  X  ©  © 

CO  CO  co'  co'  eo'  eo'  co  eo  co'  ■<*'  -*'  -*'  ■*  ■*'  •*'  ■*'  ■*  -<t'  ""ti  ■<t'  ■^  to 

5.09 
5.17 
5.26 
5.35 
5.44 

CO  oj  OJ  — 1  —  —  —  —  —  oj  cr  -+  IS 

IS  ©  I-  X  ©  C  —  0>  CO  -T  IS  ©  t- 

©  t-  X  ©  01  -f  t~  ©  0>  IS 
X  ©  ©  OJ  «  -*  IS  ©  X  © 

©  ©■  l- 1-'  I-  t-'  t-'  t-'  l- 1-' 

© 

x 

X  IS  ^  X  IS  0>  ©  © 

©l-XX©©©  — 

«"  oi  ci  ai  oi  co  co  co 

co' 

CO  CO 

CO  CO 

IS  O?  ©  {-  -f  o>  © 
-*  IS  IS  ©  I-  X  © 

CO  CO  CO  CO  yi  co  co 

X©'tOJ©©l-©-^COOJ  —  © 
©  ©  —  OJ  CO  CO  ^  IS  CO  I-  X  ©  © 

co'  Tt'  •^'  T»<'  Tj.'  Tf'  -"J*'  ■*'  -^'  ■*'  t'  V  to 

©©xxt~t-t-t~XX©©©  —  '^}•^lS^- 
©  —  OJ  CO  ■*  IS  ©  i~  X  »  ©  —  CO  T».  to  ©  I-  X 

to  ts  to'  to'  ts  is'  to  to"  to  ts"  »■  ©■  ©  ©'  ©■  ©"  ©  ©' 

1 

—  ^  ©  ©  01  to  ©  CO  (- 

—  oicoTfffii-xc  — 

1-'  £-■  I-  I-'  t-'  t-  t-"  X  X 

X 

IS  eo  ©  t-  to 

■^  IS  ©  » t- 

e»  ci  «'  e*  IN 

oi  ci  o>  CO  CO  co' 

sS:^:?3i-f5gSgSS;??^is©i"ii52gS5S§f2Si/©2g^S§^§S^S^§.gigi2S5.i 

co"  co'  CO  CO  eo'  CO  eo'  CO  CO  Tt  ■*'  ■*'  Tt  ■'t  •^'  •»*  -"t  •^  ■*'  o  o  iffl  IS  IS  to'  IS  IS  IS  IS  CO  © 

CO  Co  ^ 

OJ  «'  ej  oj  *i  oi  oj  ^»  oj  eo'  eo  eo'  eo'  eo'  eo 


to  © 

eo  CO 


CO  o>  —  ^  ©  © 

t-   X  «   ©  T-   « 

CO  eo  00  -^  ^  -^  ""f  ■^  ^  "*  -^  f*  to  to  to 


CO  ■»*  to 
to'  ts'  ts 


a 


to  IS  IS  CO  ©'  ©'  ©  CO  ©'  ©'  ©  I-  t--  I-  t-  t~  I-  t-  X  X  X  X  X  X 


iscoo}©xr-is-»'0'>  —  ©©xr-r-©©is 

1-^  0>  CO  -*  -t  IS  ©  1-  X  ©  ©  ©  —  OJ  CO  rf  IS  © 
«'  OJ  0»'  ■?!  OJ  OJ  O}'  0>  Oi  OJ  CO  CO  CO  CO  CO  CO  co'  CO 

CO* 

to  IS  IS  IS  IS  IS  «  r-  t-  X  »  © 

X  ©  ©  —  0»  CO  T  IS  ©  <  -  X  © 

co'  CO  Tf'  -"t  -"S-'  ■*'  M"  ■*'  ■*'  t  "*  to* 

-. 

CO 
0< 

to' 

to'  ts'  to* 

© 
t- 

to 

OJ  ■*  t-  ®  0>  IS  X  o>  ©  ©  CO 
X  ©  ©  — ^  CO_  T?  IS  t-_  X  ©  — _ 

ts  tS  ©'  ©'  ©'  ©'  ©'  ©*  ©'  ©"  t- 

t~  O)  r- 

0>  ^  IS 

I-  I-  I- 

t-  1-'  X  X  X  X  X  X 

?c 

SXXt-f-©©©©©©©©t^XX 

r  IS  ©  t-  X  ©  o  —  0(  CO  -r  IS  ©  I-  X  © 
y^  oj  oj  oj  o>  oj  o?  oV  oV  oj  C'j  oi  CO  co'  CO  co'  oo'  co'  co'  co'  co'  co' 


©  ©  —  OJ  • 


l?7«  —  ^©©©©©©©-J— lOIOJCO-^ 
t-  X  ©  ©  —  OJ  CO  -^  to  ©  t-  X  ®  ©  —  O}  CO 

r-i  T-i  ,-i  oj  <m'  ci  vi  o}  oj  oi  oi  oi  oi  CO  eo  CO  CO 


to  to  IS 

©  CO  © 

©  ^  o» 
CO  CO  co'  00  -^  -^  ^  •^'  '^  ■^'  ^'  ^'  to  to  to 


©  © 

CO  -T 
IS  IS  ts 

©  CO  fO 
CO  to  © 

IS  ts  ts 


•  ^-  1*^  ©  CO  ^-  O}  t^  0>  X  CO  ©  IS  OJ  X  IS  O/  ©  X  © 

(  -*  IS  ©  X  ©  —  OJ  Tl-  ts  I-  X  ©  OJ  CO  IS  I-  ©  C  O) 
1  ©  ©  O  ©  ©  t-  I-  t-'  t-  t-  t^  X  X  X  X  X  X  ©  35 


1  ^  o»  -4  « 


©  ©  ©  ©  ©  © 


CO  t-^  t-  t-^  I-  I-  I-  X  X  X'  X  X  ©  ©  ©  © 


■"t  ■*  -*  to  ©  ©  I 

ts  ©  I-  X  ©  ©  • 


R  ©  0>  CO  -t  © 
O  IS  ©  I-  X  © 

r-<*  T-i  r-<'  ,-i' ,-.'  oj  ci  oi  «■  oi  oi  01  oj  oi 


'COX'^  —  t-CO©t--}i< 

I  CO  -t  ©  X  ©  T-  co_  Tf  CO  : 

co"  co'  CO*  eo*  co'  CO  eo'  eo  ■<*'  -^f'  ■»*<  •>!<'  •^'  •*  ■*  is"  is"  is"  to"  is  to"  is  ©  ©  ©  ©  ©  ©  ©'  i- 1-  i~  t- 1 


!  -^  ts  : 


•  X  ©  ■ 


!  X  X  X* 


XX©©©©® 


eo  ■*  ©  t-_  ©_  >-; 
r-'  ,-h'  rt*  T-i  oj  o}  oj  o*  n  e*  01  w  CO*  eo*  eo'  eo  co*  eoi  eo'  eo'  tJ"  t*  ■*'  ■^'  ■<*'  -"l"'  is"  ts'  is'  is'  to'  is'  is'  ©' 


©'©' 


-  CO  IS  t-_  ®_ 

•'  t-'  t-'  t-"  t-' 


©©©©©>-<  oi-*©x 

1-1  CO  IS  C~  ®  -r-i  CO  IS_  I-  © 
X  X  X  X  X  ®'  ®  ©  ®  © 


CO  to  I-  X  ©  71  ■ 

t-«'  »-"  »— i  1-"  Ol  Ol  71  71  71  71  71  CO*  CO*  CO'  CO'  CO'  CO'  ■^'  •^'  -^  ■^"  "V  •^*  IS*  tS*  IS*  IS*  is"  iS*  ©'  ©'  ©  ©  ©'  l^  t-  t-  t-  ( -  X  x'  X"  X  X  ©  35  ©  -J^ 


re     .^     HH 


>.  -;   e 


»    2 


'^        tA 


o    S 


«   ^   ^    „   5Q 


CO  -"t 
71  71* 


•*  —  x»eo^®t» 

©X©  —  eoiscqx 

71*  71  71  CO  CO  eo'  eo'  co' 


is-^eoTi—  =  ©©c 

©7lT?©X©7»'*Cl 

Tji  Tt  Tji  Tji  Tt  is'  to'  to  IS  to  ©  CO  CO  ®  CO  l>  t-  l"-  t-  C-  X  X  X  X 


>  71  •>»•  ! 


©  ©  ®  © 


;^5:; 


ts  -^  ■*  - 

©  X  © ; 

i-i  .-1  7}  71  71  71  71  CO  CO  CO  CO  CO'  ■^'  ■^  ■^'  ■*'  ts'  ts'  ts'  ts'  is'  ©'  ©  ©'  ©  <^'  t-  t-  t-  X  30  X  ©  ©  ©  © 


■  ©  1 
)■  ©': 


)  ©  © 


IS  -f  -t  ^  -t  1 


^^  i—i  71  71  71  71  CO  CO  CO  CO  -^  -^  "^  IS  IS  I 


■  X  ■ 1- 

■  to"  ©  ©' 


O  ©  I-  t-  I-  I-  X  X  X  ©  ©  © 


J0©©'tXCOX-t©»CO  — 
71  IS  ©  71  ts  ®  71  CO  ©  CO  l~  — _ 
71  71  71  co'  CO  CO  Tjl  •^'  is'  is'  ts'  ©'  ©  ©'  t-^  t-^  X  X'  X'  ©'  © 


1-1  CI  71  CO  CO  ■*  I 


I  ©  ©  I-  I-  X  X  © 


1-  71  eo  to  ©  I-  X  © 


®©xr-©is-^eo7}'-i©©xt-©to-*co7«rHO®xr-©iS'*eo7i--©®xt^©io-^go7«T^©©xtr©i2  31SSS;^S£95£lS12S.52J2j^ 
eow««Q«7»S«M7»cQi2=;i-_^^;iii5rt^o©©©©©©©©©©®®©©©©®©©*««<»3cxxxxixt-c-t-t^ 


WT3coOTTccoc■l'^»c■»rl■^(?»c•>c'»o»c>l^^-^-H.-<IHT-l^,-HT-<.--lOOOcoooo©oos(»050JOJOJ05050l05aooocoooa6«)(X)aoao*t-t-t-^-t-•t-l>^-•^- 


?!  CO  to  ■^  M>  -T-  ...  o  —  O  t-  t^  t-  C»  00  C5  05  O  O  >-H  ,-H  C'J  ?)  TO  T?  -*  ^  IC  IC  CD  t-  I-  »  ai  SS  O  O  --H  C'l  C>J  CO  -T"  -^  lO  O  t-  t-  00  05  O  --H  T-H  C'l  CO  -^  W  ;0  t-  00  OS  O  "-H 

Tji  Tji  TT  Tji  Tfi   Tji   Tf   T»i  -^  Tj<   rjl  Tji  Tp   T)t  >«!   Tli  Tl<  O   lO  lO  O  IC  l6  IC   O  id  U5  IC 


Tt<'»^TfTfiTf'^f-i*Tj<T^'^Tf'^'^Tj<Tl<Tt<<<'^WWIO»m<»l»OI01010«510010»0»<?«OOe05D«050W®CO«5D®®0  I- t--t- »-•(-•  t»C-t"t-t-t--O00OO00OQO 


;  ^'  -^tf  T^'  •^  ■^  Tj<  -^  Tf  ■Tji  T)<  Tii  ■»«<  ■»(<  Tji  •fl<  Tj!  o  id  »rf  o  Lo  id  »d  id  »c  iffl  id  id  id  id  w 


■O  t-  t"  t-  t-  t-  t-  t-  t-  t-  t--  30  ■»  OC  00  00  00 


•  -H  o  -H  ?D  1-1  -^  ^-  r—  <M  r-  ?>  GO  ■*  o  ic  1-1  f^  ' 


TtiTiiTt'-»i<T><T^T»<T}i-rf-»j<TfTrT}<Ti<-rrTi<-^Tt-^uoioioici»io»ciraiciaioiooiooiosooo;o»«c»®o:owot^t^t-t>-i>i>t-t^i-i-i'-ooa-» 


cocoT^TJ<■«^^T^^TtT1^T^Tt■VTJ^T^^TrTl<T^Tt"■*■^T^lOlramolClOl»l»lralClO«WlOlo»oocoo;soooo50wot~t-t-^-f--t■-t~t-l-^-aooooo■X)ooao^o 


0'X)iC'7>o'n«3r)<c»oa)t^i.f-i<co?>T-co©soooo»-<'r>M'*coxiOc>>>o'» 
"  ~       _  --  .         -  ~  —  .-1  cj  ?3 -r  o  ©  t~  »  C5  o  »-i  7>  CO  lo  e  t"  00 

CO  13  CO  tT  T}-'  -.ji  TJ«  Tl<  TjJ  Tl<  Tji  rr  TJ<  Tji  Tj.  -.^  Tl<  -3<  TT  •*  '^  lO  lO  lO  lO  lO  IC  lO  lO  O  O  lO  lO  O  O  O  »  »  »  CO  »  CO  O  O 


c>>3o:o»'*=5ioo;0'MiDcoriiorj-r>-r)<ocoT7© 
i^oDooosasoo  —  •^^'^>rTO^•^T^^o:^co^^a)X^053» 

CO  CO  CO  CO  CO  ^  "^  ■'Jj*  ^  ^  "^  ^*  ^  ^  ^  '^  M*  ^  ^*  ^*  "'i^  ^  1^  1' 


©COCOOJCOCOOt- 
•  ^  C»  CO  •*  -^ 

J  id  id  id  id  id 


-  lO  T>  C5  f^  -*  -M  O  fVJ  O  ■^  CO  — I  O  X  (-  CO  CO  lO  -}<  "*  -*  "*  •*  ■^  O  CO  »-  00 
)<KOO;0  1-3DO>00  —  T>CO-*i':OOt~OOC5<i.-<C>CO-1<lOCOt^X=: 

5  id  id  id  id  id  id  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  cc  I-  e-^  t- 1-"  t^  «>  i-  t-'  t- 1^ 


-t<Tt"-*-r»<OCOJ-QO-;5-<COi^»:^©C050 
«»  «^  -*j  1^  *^  #_  '^  —  O  O  CO  "T  lO  <■•  00  Oi 


i>odododo6odcD30x 


»~c>>aocor5i!t'Ococ>)oO'»l<©cocoo5i.oc>>oooi-iaoi.'TC>o»»cooQOioMO'/;coT»<c>o'»t-io-^co'?»  —  oc5C5c;r;cso5C500--cj-»'io'-cs  —  •^«^o?ot~ 

COt-l~»000500i-l'-iC>>COCOTl<--»<IOCCCOt~a03C0500.—  C'?COCOTj<iOCOCOl--»C500i-'C'>CO-*iracOt>t~aOO>0.-'C'ICOiCCOt--GOO»0<-'0*-»t'lCCOXC50 

CO  co'  CO  CO  CO  cd  ■"i-  -^  ■^"  •*'  ■*'  Tji  T}<  Tt<  Tf  Tf'  Tji  T)<  Tji  T^'  TiH  Tt<  id  id  Ld  id  id  id  id  id  id  id  id  ^ 


■>»<OCOC'>X!-*OOC>>05IO  —  OO'"*  —  »■<*—(»  lO?»  OS'- ■^'^)C3t~'*  7>OXi»-iO  COi-HOCSXe-O  l/^^-1<CO?C' COCO-'ji'H' 1(5  C0t-0COi-lC010i-O0>  1-00  CJO 
l.-5COCOt~(-OOOSr500'-i'M'JJCO-*^lOCOCOt-aOCi0050T-i— i'r(CO-^lOiOCOl-OOC500^7}CO'»'iOCO(-C0050t-iTJCO-*10COJ>050-^OJCOmCOt-e50  7» 

CO  yi  CO  CO  CO  JO  CO  M  -^  •^'  •*"•*■*  -^  t)<  -*'  •>*'  ^f  ti<  -"ii  -^  •»»•■  T»i  id  id  id  id  id  id  id  id  id  id  id  id  cd  co'  co'  cd  co\cd  --o"  cd  co'  co'  cd  t-^  t-^  i-^  i>  t- 1>  t-^  t»  t-  od  ao  od  od  »  o6  od  od  cs  os 


03l.0rtf~-*Of~C0Of^«^ 
COT><lCl.-CDt^t-XC5050 

cdcoTOCocdcdcdcdcdcd*ii'<f'^T*i-»ii'«^Tji-^Tj<'^*Tti-^Tt^ 


. 03 

O  O  l>  'I'  —  X  IC  O"!  C  X  i.'^  CO  >-i  «  CO  •*  ■r>  ^  C5  J^  CO  -1<  CO  ■?»  — I  O  35  OS  X  X  J-  !-  '~  X  X  X  05  =  ^  C<>  CO  lO  »--  OS  — '  -f  cr  ^.  01  CO  S5  CO  I-  CI  CO  "2 

5i-(-H0JC0C0rJ<l0C0C0t-X05OO'i-iC>JC0C0M<l0CDt>XC5OO—  r»CO'tt<l.-COt-XC30  0}CO-*10COl--XC5r-.C5COi.O;Ol-C:0'MCO  tr 

■M  T»i  •*■<*>  -^  •<i<  ■*■*'■*■*'■*  -^  Tji  ■<!}<  ud  id  id  id  i6  id  id  id  id  id  id  cd  cd  cd  cd  cd  cd  cd  cd  cd  cd  cd  c-^  t>  i-  t-  t>  t>  t-^  t-^  x  x  od  x  x  od  x'  x'  ci  oi  os  5 


cs:=c>>c>cocoO'^-w--oscooo-<03cori<c'(oxcD-t<C')i-io5X(-.ioTt'CO?(C'»'-i--'^ooco-^— iC'>coco-«<>or~xoo»^cD05C''!iiox^i.or:cof-o>r-..  __ 

—•  ^>  »  CO  -T  1-  CO  «  (-  X  X  OS  O  ^  —'  C>(  CO  -*  lO  lO  CO  t^  00  OS  C5  O  1-1  CJ  X  -t  lO  CO  £■-  X  C;  O  ^  C>  CO  ■#  I-  CO  t-  X  CS  O  -H  c»  -1<  IC  CO  t-  X  O  rH  o>  -*  lO  CO  X  OS  --  ■?>  -«•  l.- 

CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  •*'  Tji  T)i  ■■«<  ri<  T^'  T^'  T)>  Tii  Tj<  -It  Tii  Tti  id  id  id  o  id  id  id  id  o 


i.o  r:  CO  f-  o>  r-  «  X 

lO  CO  X  OS  —  ■?>  Tf  in 

ododododx'odadodssoso5'53 


r>^X'-*S--XC0-*0>OXC0-HC')^0SXf^l(0-l<C0C"»— iT-iOOSOSCSXXXOSOSOSO.-iC)CO-*IOt~XOC>>-«l<C005  0>IOX— ilirXO>r~-'CO-.-iCOrtf^COOf- 
rsOO  —  0}C0C0Tl<l0CDt^l>-X0SO»-iT-«C>?C0-^lCCD£>000SOOr-i0»C0-<!j<i.0C0t-XO--0?c0-^lOC0t>0SOT-(C'>C01OC0t-0SOT-iC0'«l':0t--CS©'CI5Iin«>00 

oJcocdcdcdcdcdcdcdcdcdcdcdcd-^'^'^'^-^'^M<-^Ti<T)iTj<ididididididididididcdcd;dcdcd 


I 


t-i(TCT—<C5t-l—  CO'-iSSX«OmCOC")-J©3SXt~-t— COIOlCI-l—iomi.OCOtOCOI-XCSO  —  C0-f;0XO'C>-fl-Oe0;0CSCCC0C:"*0SC0XC005''r— f-COOl» 
•-X0S©O^<M00^TJ'l0C0J>X0SOrt-H'MC0'^lOC0r-X0SOT-<0JC0'*'l.0«0f-XO.-c0JC0-^l0£~X0SOCJC0->!»<l.0t>XOT-iC>-<tl0r-XO0JC0iCt-X 

o*  o*  s^  ?o  CO  »  CO  CO  CO  CO  CO  CO  CO  CO  CO  ■*'  -^  ■*'  -^  ^  ■*'  ■*'  ■<i<  rt<  Tji  Tji  Lo  id  id  id  id  m 


OJi^i.-C-fOIOOSXCOIO-rfcOOJ— ■ooososx 
e»    ..-  CO  (^  X  OS  O  O  —  "JJ  CO  ■»  i.O  CO  t-  X  OS  OS  O  -H  . ._  -  .    ,_  ^.  _. .   . . . 

■  "■  CO  CO  53  CO  CO  CO  CO  CO  CO  Co'  •^  ■*'  Tjt'  ■*  ■^'  f)<  -qi  rt  ■^"  Tj.'  Ld  id 


'"  oj  o}  oi  o>  oj  c: 


3XXXXXxososo.-i'CjcOT»<ior-xoo)-ti;r'X-H'r»'{-.ococoo-)< 

1  0>  CO  -Ji  LO  CO  t-  X  ©  rt  CJ  CO  n*  O  CO  I-  X  O  —  CO  CO  -^  CO  I-  X  O  rH  Of  -7.  1- 

^  Tj«  ■*  ■^'  T)<  •?)<  rt  ■^"  Tj;  Ld  id  id  id  id  id  id  id  cd  cd  cd  cd  cd  cd  cd  cd  t-  t>  «>  t-'  t> 


fco^coi— ir-o>x-r  —  f--ro>o> 
OS  -^  O)  ■*  i-O  t-  X  O  OJ  CO  LT  t-  X 

i>  t>  t-  X  00  aj  X  00  X  OS  os'  os'  oi  ©'  cs' 


1.OtI<C0O>— •OOSXXI-r-t^cOCOCOCOf-l^f^XXCSO— 'OlCO-fCOf^OS  —  COl.OXOCOl.OX— <OXO)COO'1'OSCOXCOOS-*OCOOJCr:cOCOOXCO^< 
;^   CO  -q-  LO  CO  t^  X  O;  OS  O  —  0>  CO  ^  '.O  CO  f-  X  OS  O  <-i  0>  CC  TT  O  {>  X  OS  O  .-I  OI  CO  i.O  CO  t-  X  O  •-'  0>  CO  l.O  CO  I-  OS  O  O)  CO  ■<»<  CD  I-  OS  O  Ol  ^  lO  t^  X  O  0»  -"Ji  l-O  t-  OS 

T" !  o j  o>  oj  oi  oj  oj  oj  o>  CO  CO  CO  CO  CO  CO  CO  CO  CO  CO  ■n-  T)<  •^  Ti<  ri<  ■^'  TT  r^'  T^  id  id  id  id  LO  id  1^^^ 


^ 

OOSOSXXXXXXXXXXCSOSO'-iOieO-fl.Ot^XCT-fCOl.OJ-OOJliOXOCOf^O-ff^  —  COO'~XCOX-*OSlO— "t-CO 
©,^  —  C>}C0-^mc0t>X0SOT-i0»C0-*C0(-XCS©>-'0}C0l.0C0t-X0S'—  0>C0r)<:0t-XO.-0J-*l.0t-X0Si-c0J-*mt--05©0J 
W  C*  oi  0*  0«  «  oi  C<j  OQ  OJ  CO  CO  CO  CO  CO  CO  CO  CO  CO  -*'  Tji  -^ji  ■<}<  ■*■  -"jJ  -^"  Tj!  ^^ 


x-*osio— ■t-coot--*o»C5(-ocoe» 

odxododoscsossics 


t-OOOOXOSOSO—  0?0>COlC:Or-OSOO?-»«'CDX0  01IOf-  O  CO  COOSOJCDOSCOf^^COOLOOl.OCSiOi— »^COOSIOO>OSCOCO-<OSI>COU5-*COO}0» 

t-xcso  —  o{T}<Locot-xosO'-<o>-^iocot^xOrtO>coi.ocot-xc^c'>^i.ot-xor-co-«j>coi^csoo(coiof^xooj->a'i.ot-os^coiai>sj 
^  ^  r-H  oj  oi  ci  oj  w  c^f  c*  oj  CQ  CO  CO  CO  CO  CO  CO  CO  CO  ■*'  'i*  -^  ■*'  Tfi  rr  Tt  ■^'  i.d  id  id  i.d  i.d  i.d  i.d  cd  cd  cd  cd  cd  cd  cd  t- 1-'  t-^  c- 1-^  t-'  od  od  od  od  do  x  «'  OS  os  os  as 


if-x=soojcoif>t~os— <cciox©o>i.ox  —  'i't^— '•^xo>oo-fxcoxcnxcoc5^ocoo>os;oo}osco-i<o)oxcoi.0'*cocococc->'i~co 

CO-'S'iCl-XOSC^  —  0(-*l.O»l:~050i-iOJ'»<lCCOX050!MCOi.OCOl~OS001COl.OCOXO  —  CO-^COXOS-^COLOl^XOOJ^COXwOfTfCOX 

'  — ;  „■  — ;  — ; ,.;  — ;  oi  ci  oi  CI  oi  oi  oi  oi  cd  cd  cd  cd  cd  cd  cd  cd  ■^'  'S*  ■*'  ■<i<  ■^'  •«»<-<}•  id  id  i-d  id  o  id  cd  cd  cd  co  cd  cd  cd  t-^  t^  t-'  t-'  o'  x'  x'  x  oci  x'  cs  cs'  os'  os  os" 


—  ci-^r-ocot^o-^r-— "LOOscoxofJ^  —  CO— 'cooit-coosio  —  x-^'-<xi-oo»oxco-t<co— oososososcsosot-icoi-o 

O  OJ  CO  Tf  CD  t-  X  O  1—  OJ  -*  lO  CO  X  OS  ^  O)  -*  1.0  I-  X  O  — <  CO  -9"  cs  00  OS  — c  CO  Tj>  CO  X  O  ^_  CO  1.-5  t^  OS  —  0(  -r  CO  X  O  C*  lO  C^  OS  — 

—;„■  ^"  ^  „"  ^  ^'  (jj  oi  oi  oi  oi  oi  oi  oi  CO  CO  CO  CO  CO  CO  -^  TT  "S"  ■<}<  'S"  T)<  T)<  ud  id  id  id  id  CD  cd  CO  o 


r-  OS  c» 

00  Iff  00 


xxododosoaosos 


Oc0'^co■l-lt"0>x•^ococooscocoo^-l-oco©xcol0-♦'coo^^o©o0l-l>—  oj-*"ict~-oso}-:rt-o-i-xo}t-o> 

O— •C0-TC0t-0SO0>M"U0t~XO0»T«<ifft>05^0J-^CDXO0l'*:0XO0»-TC0XO0J-<)"eD0S— iCOCOXOCOlffW 

— ;  ,-i  — ;  ^  -H  -^  — .'  oi  oi  oi  '>i  oi  oi  CO  CO  CO  CO  CO  CO  -^  -^  •<j<'  -»-<*<  id  iff'  lo'  id  iff'  cd  cd  cd  cd  cd  t-'  £>  t-'  t-'  i>  x  od  od  od  os  os'  os'  os 


«D-^o>T- isosxr~t-i^i-t^t-xoso— io>^coxT-i-s<t>OT»'XOJt~— ICO  —  t-coooco-<o:»^ 

OOl-^CDXOS  —  C0lfft~0S-^C0lfft.~O0J-»'C0XOC0l-0t-O0|-^t-0S0>-*t-CS.>Jl0l>OC0O00 

^"  ^  „•  ^  ri  ,-i  oi  oi  oi  oi  oi  CO  CO  CO  CO  'ili  ■<i'  ■*  Ti.'  ti<  lo  id  id  id  cd  cd  cd  cd  cd  t-^  i>  t-'  t>  od  x'  od  os  cs  os  os 

COCO©C0t~— 'CO  —  CO— 'J>C00Slff0J0SCD-^0>©0SXI~t-£^^XO-HC0C00S 
i-i  CO  CD  X  O  CO  Iff  X  O  CO  O  X  O  CO  CD  X  —  f  I-  O  0»  Iff  X  — 1  ^  t^  O  -5"  t-  C;  CO  CO 

rt^,^^OJ->IOJO}COCO05CO-^-«J<'S>'<»<ifflffi.OCDCOCD«t-t^t~XXXO5OSOS 

lffl0l^05O}IOXO>CD-H-.O— r-COO»-lffCO  —  OOOr^O>-* 
0»  i.O  X  -H  LO  X  — 1  i.O  X  0»  O  OS  OJ  CD  O  CO  J-  ^  Iff  OS  CO  I-  —  Iff  cs 

i-i^«OJOJOJCOCOCO'^-*'*lOIOCOCDCOt-J>t-XXOSOSOS 

0>00:OSOSOOJ-ft-0-:)*05  1ff— .XCOlff 
•^CSCOXCOO!-^CS-a<OiffOCDO>t-COOS 

i-i'-oiojcoco-«"^LOfflcDi>t-aoxosos 

—  OJCOTTCOt-XCS 


> 

^ 

s 

^ 

T 

J3 

Ch 

•"■ 

•a 

s 

o 

9 

= 

CJ 

o 

« 

r 

^> 

,— 

s> 

, 

u 

';:l 

' 

jf 

L- 

si 

■** 

2 

— 

» 

CI 

'  ' 

. 

S 

u 

ja 

^ 

,^ 

• 

k. 

*-■ 

C5 

c 

— , 

^ 

^ 

., 

O 

s 

i£ 

•3 

'' 

•* 

Ed 

s 

Zi 

O 

s 

^ 

0 

00 

— 

;^^  =  :S2  =1 


lff->a<COO>-<005Xt-COiff-*COO}— OOSXt^flClC-^COOJ^-iOOSXt^CDlff-^COOJ  —  O0SXt~C0l.ff'»<r:0>  —  OCSXt^CDO-^COOJ  —  CCSXt~  —  Lff-<l<roO 
IC0C0C0COC0C0OJ0}oJO10JOJOJ0)0J0Jt-i  —  —1—1— !—•—•— irt  —  OOOOC5©3OSO0SCSCSCSCSCS0SCSa60S00X00XXaDXXX00t»J>t-t-f-t-t-t^t- 


CLAPP    &   COMPANY,  BANKERS  &  BROKERS,  NEW  YORK  ANNUAL  RECORD. 

Table  for  computing  simple  interest,  at  the  rates  therein  given,  for  any  number  of  days. 

BASI»— §1,000  of  Principal  and  365  Day§  to  the  Year. 


OATfS 

2  Per  Cent. 

r 

2^  Per  Cent. 

3  Per  Cent. 

3y(^  Per  Cent. 

4  Per  Cent. 

4^PerCent. 

5  Per  Cent. 

6  Per  Cent. 

7  Per  Cent. 

8  Per  Cent. 

9  Per  Cent. 

10  Per  Cent. 

DAYS 

1. 

$0,055 

$0,068 

$0,082 

$0,096 

$0,110 

$0,123 

$0,137 

$0,164 

$0,192 

$0,219 

$0,247 

$0,274 

...1 

2. 

.110 

.137 

.164 

.192 

.219 

.247 

.274 

.329 

.384 

.438 

.493 

.548 

...2 

3. 

.164 

.205 

.247 

.288 

.329 

.370 

.411 

.493 

.575 

.658 

.740 

.822 

...3 

4. 

.219 

.274 

.329 

.384 

.4.38 

.493 

.548 

.658 

.767 

.877 

.986 

1.096 

...4 

5. 

.274 

.342 

.411 

.479 

.548 

.616 

.685 

.822 

.959 

1.096 

1.233 

1.370 

...5 

6. 

.329 

.411 

.498 

.575 

.658 

.740 

.822 

.986 

1.151 

1.315 

1.479 

1.644 

...6 

7. 

.384 

.479 

.5/ 5 

.671 

.767 

.863 

.959 

1.151 

1.342 

1.534 

1.726 

1.918 

...7 

8. 

.438 

.548 

.658 

.767 

.877 

.986 

1.096 

1.315 

1.534 

1.753 

1.973 

2.192 

...8 

9. 

.493 

.616 

.740 

.863 

.986 

1.110 

1.233 

1.479 

1.726 

1.973 

2.219 

2.466 

...9 

10. 

.548 

.685 

.832 

.959 

1.098 

1.233 

1.370 

1.644 

1.918 

2.192 

2.466 

2.740 

..10 

20. 

1.096 

1.370 

1.644 

1.918 

2.192 

2.466 

2.740 

3.288 

3.836 

4.384 

4.932 

5.479 

..20 

30. 

1.644 

2.055 

2.466 

2.877 

3.288 

3.699 

4.110 

4.982 

.5.7.53 

6.  .575 

7.397 

8.219 

..30 

40. 

2.192 

2.740 

3.288 

3.836 

4.384 

4.932 

5.479 

6.575 

7.671 

8.767 

9.863 

10.959 

..40 

50. 

2.740 

3.425 

4.110 

4.795 

5.479 

6.164 

6.849 

8.219 

9.  .589 

10.959 

12.329 

13.699 

..50 

60. 

3.288 

4.110 

4.932 

5.753 

6.575 

7.397 

8.219 

9.863 

11.507 

13.151 

14.795 

16.438 

-.60 

70. 

3.836 

4.795 

5.7.53 

6.712 

7.671 

8.630 

9.  .589 

11.. 507 

13.425 

1.5.342 

17.260 

19.178 

..70 

80. 

4.384 

5.479 

6.575 

7.671 

8.767 

9.863 

10.9.59 

13.151 

1.5.342 

17.534 

19.726 

21.918 

-.80 

90. 

4.932 

6.164 

7.397 

8.630 

9.863 

11.096 

12.329 

14.795 

17.260 

19.726 

22.192 

24.6.58 

..90 

fOO. 

5.479 

6.849 

8.219 

9.589 

10.959 

12.329 

13.699 

16.438 

19.178 

21.918 

24.658 

27.397 

.100 

MO. 

6.027 

7.534 

9.041 

10.548 

12.055 

13.562 

15.068 

18.082 

21.096 

24.110 

27.123 

30.137 

.110 

120. 

6.575 

8.219 

9.863 

11.507 

13.151 

14.795 

16.438 

19.726 

23.014 

26.301 

29.589 

32.877 

.120 

130. 

7.123 

8.904 

10.685 

12.466 

14.247 

16.027 

17.808 

21.370 

24.932 

28.493 

32.055 

35.616 

.130 

140. 

7.671 

9.589 

11.507 

13.425 

'15.342 

17.260 

19.178 

23.014 

26.849 

30.685 

34.521 

38.3.56 

.140 

150- 

8.219 

10.274 

12.329 

14.384 

16.438 

18.493 

20.548 

24.6.58 

28.767 

32.877 

36.986 

41.096 

.150 

160. 

8.767 

10.959 

13.151 

15.342 

17.534 

19.726 

21.918 

26.301 

30.685 

35.068 

39.452 

43.836 

.160 

170. 

9.315 

11.644 

13.973 

16.301 

18.630 

20.9,59 

23.288 

27.945 

32.603 

37.260 

41.918 

46.575 

.170 

180. 

9.863 

12.329 

14.795 

17.260 

19.726 

22.192 

24.6.58 

29.589 

34.521 

39.452 

44.384 

49.315 

.180 

190. 

10.411 

13.014 

15.616 

18.219 

20.822 

23.425 

26.027 

31.233 

36.438 

41.644 

46.849 

52.0.55 

.190 

200. 

10.959 

13.699 

16.438 

19.178 

21.918 

24.658 

27.397 

32.877 

38.356 

43.836 

49.315 

54.795 

.200 

210. 

11.507 

14.384 

17.260 

20.137 

23.014 

25.890 

28.767 

34.521 

40.274 

46.027 

51.781 

57.534 

-210 

220. 

12.055 

15.068 

18.082 

21.096 

24.110 

27.123 

30.137 

36.164 

42.192 

48.219 

54.247 

60.274 

.220 

230. 

12.603 

15.753 

18.904 

22.055 

25.205 

28.3.56 

31.507 

37.808 

44.110 

50.411 

56.712 

63.014 

-230 

240. 

13.151 

16.438 

19.726 

23.014 

26.301 

29.589 

32.877 

39.452 

46.027 

52.603 

59.178 

65.7.53 

.240 

250. 

13.699 

17.123 

20.548 

23.973 

27.397 

30.822 

34.247 

41.096 

47.945 

54.795 

61.644 

68.493 

.2.50 

260. 

14.247 

17.808 

21.370 

24.932 

28.493 

32.055 

35.616 

42.740 

49.863 

56.986 

64.110 

71.233 

.260 

270. 

14.795 

18.493 

22.192 

25.890 

29.589 

33.288 

36.986 

44.384 

51.781 

59.178 

66.575 

73.973 

.270 

280. 

15.342 

19.178 

23.014 

26.849 

30.685 

34..521 

38.356 

46.027 

53.699 

61.370 

69.041 

76.712 

-280 

290. 

15.890 

19.863 

23.836 

27.808 

31.781 

35.753 

39.726 

47.671 

55.616 

63.562 

71.. 507 

79.4.52 

-290 

300. 

16.438 

20.548 

24.658 

28.767 

32.877 

36.986 

41.096 

49.315 

57.534 

65.7.53 

73.973 

82.192 

.300 

310. 

16.986 

21.233 

25.479 

29.726 

.33.973 

38.219 

42.466 

50.959 

59.452 

67.945 

76.438 

84.932 

.310 

320. 

17.534 

21.918 

26.301 

30.685 

35.068 

39.452 

43.836 

52.603 

61.370 

70.137 

78.904 

87.671 

.320 

330. 

18.082 

22.603 

27.123 

31.644 

36.164 

40.685 

45.205 

54.247 

63.288 

72.329 

81.370 

90.411 

-330 

340. 

18.630 

23.288 

27.945 

32.603 

37.260 

41.918 

46.575 

55.890 

65.205 

74.  .521 

83.836 

93.151 

.340 

350. 

19.178 

23.973 

28.767 

33.. 562 

38.3.56 

43.151 

.    47.945 

57.534 

67.123 

76.712 

86.301 

95.890 

.350 

360. 

19.726 

24.658 

29.589 

34.521 

39.452 

44.384 

49.315 

59.178 

69.041 

78.904 

88.767 

98.630 

.360 

365. 

20.000 

25.000 

30.000 

35.000 

40.000 

45.000 

50.000 

60.000 

70.000 

80.000 

90.000 

100.000 

.365 

Calendar  she 

)wing  number  of  days  from  a 

given  day  in  one 

month  to  the  si 

ime  day  in  any  otlier  month  : 

From          to 

Jan. 

Feb. 

Mch.  J 

^pr.  May 

June  July. 

Aug. 

Sept. 

Oct.    1 

<ov. 

Dec. 

E\ 

AMPLE :      I 

lequired    the 

interest  at  SI 

X  per  cen 

.,  on  $1,00 

O- 

,                    1 

, 

1 

"* 

from  April  1 
days  is  183 
e  interest  on 
headed  "  6 

0th  to  Octobi 

:t   10th.     By 

the  Calenda 

r   the  number 

of 

January  .. 

365 

31 

59 

90 

120 

151 

181 

212 

243 

273 

304 

334 

February  . 

March 

April 

334 
306 
275 

365 
337 
306 

28 
365 
334 

59 
31 

365 

89 
61 
30 

120 
92 
61 

1.50 

122 

91 

181 
1,53 
122 

212 
184 
153 

242   . 
214 

183 

273 
245 
214 

303 

275 
244 

Th 

M<000for  ] 
per  cent." 

83  days,  ma 

as  follows  : 

J  be  deduced  from  the  column 

May 245 

276 

304 

335 

365 

31 

61 

92 

123 

153 

184 

214 

Inter 

est  on  $1,0 

OG  for  180 

days  =  $29. 

589 

June 

214 

245 

273 

304 

334 

365 

30 

61 

92 

122 

153 

183 

" 

3 

"     = 

493 

July 

184 

215 

243 

274 

304 

335 

365 

31 

62 

92 

li>i$ 

1.53 

Auf^ust ... 

153 

184 

212 

243 

273 

304 

334 

365 

31 

61 

92 

122 

' 

" 

183 

"     =  $30,082 

September 
October  .. 

122 
92 

153 
IIS 

181    - 
151 

212 

182 

242 

212 

273 
243 

303 
273 

334 
304 

365 
335 

30 
365 

61 
31 

91 
61 

Th 

8  interest  on 

$1,000  fo 

•  any  number 

of   days,  at 

the  given  rates. 

November 

61 

92 

120 

151 

181 

212 

242 

273 

304 

334 

365 

30 

may  be  foun 

d  in  a  similu 

r  way. 

December 

31 

62 

90 

121 

151 

182 

212 

243 

274 

304 

335 

365 

EXAMPLE :      T 

0   find   the  number  of  days  from  April 

lOth  to  October  10th 

(including  on 

e  of  the  given  days):     By  the  Calendar 

April  10th   to  October 

10th  t'ives  18. 

}  days,  the  number  required. 

Note. -Compiled  by  the  Actuary  of  the  Mutual  Life  Insurance  Company,  and  rearranged  and  reprinted  by  permission  of  the  Company. 

261 


'<»>  ?H»  "w^i- 

"«•    .1iDi    WH    'WP*    ■; 


BOSTON  STOCK  EXCHANGE,  53  STATE  STREET. 

October  13,  1834,  thirteen  business  men  entered  into  a  compact  in  an  attic  on  the  fourth  floor  at 
47  State  Street,  under  the  title  of  Boston  Brokers'  Board,  assessing  themselves  $100  each  as  an  initiation 
fee.  It  is  reported  the  first  publication  of  the  Board's  transactions  were  permitted  by  26  members  in 
1844.  The  "Boston  Brokers' Board  "  occupied  a  chamber  in  the  Merchants'  Exchange  Building  to 
March  28,  1853.  In  1854  the  membership  had  increased  to  75,  initiation  fee  to  $400.  They  then 
removed  to  40  State  Street,  remaining  until  1863;  then  moved  "to  chamber,"  13  Exchange  Street, 
remaining  22  years.  The  Board  then  met  daily  at  11  A.  M.  and  2  P.  M.,  except  in  summer  months. 
Up  to  this  time  members  occupied  seats  behind  small  desks  (similar  to  those  in  United  States  Senate) 
The  name  seat  was  literally  true  up  to  1885.  It  was  here  where  the  term  or  name  "seat"  originated. 
Members  were  compelled  to  keep  their  seats  under  penalty  of  $25  fine.  A  fine  was  also  imposed  for 
non-attendance  at  roll  call,  or  m.aking  trades  out  of  their  seats.  No  person  was  allowed  to  become  a 
member  unless  he  was  a  stock  broker.  Members  could  not  attend  auctions  for  sale  of  stocks  without 
being  subject  to  a  S50  fine  in  1868.  Auctioneers  could  not  become  members.  In  1881  the  "Boston 
Brokers' Board  "  name  was  changed  to  "Boston  Stock  Exchange."  In  1879  the  membership  was 
increased  to  150,  initiation  fee  to  $3,000.  A  gratuity  fund  was  created.  In  1881  they  moved  to  more 
pretentious  accommodations  in  the  Merchants'  Exchange  Building.  November  9  they  discontinued  the 
two  sessions  and  seats,  and  have  since  held  a  continuous  meeting  from  ten  to  three,  doing  business 
standing  in  groups  near  a  sign  designating  the  stock  traded  in.  The  Exchange  has  been  a  success 
from  the  beginning,  when  thirteen  merchants  met  on  the  13th  of  the  month,  at  No.  13.  April  20,  1891, 
they  took  a  20  years'  lease  of  the  present  Board  Room,  at  53  State  Street,  the  building  facing  north,  with 
rear  on  Exchange  Place.  The  Exchange  Hall  is  52  feet  wide,  102  feet  long  and  33  feet  high.  There  is 
a  Clearing  House.  Commission  rates  are  graduated  on  a  scale  as  in  By-Laws  passed  in  1844.  Member- 
ships are  limited  to  150.     Transfer  memberships  are  quoted  from  §15.000  to  $16,000. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

263 


Itii 

rr 

II 


THE  CHICAGO  STOCK  EXCHANGE. 

Is  the  outgrowth  of  several  similar  organizations  since  1S64.  May  I,  1882,  the  first  meeting  of  the  present  organization  was  held 
and  750  members  enrolled,  paying  from  $50  to  $250  fees.  The  present  membership  is  limited  to  445.  Certificates  are  transferable  at 
about  $1,500. 

They  now  occupy  a  new  hall  70x100  feet  and  26  feet  high,  with  main  entrance  fronting  east  on  La  Salle  Street.  The 
building  has  a  frontage  of  380  feet,  facing  Calhoun  Place,  La  Salle  and  Washington  Streets  (diagonally  across  from  City  Hall). 


CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
iSales  on  Chicago  Stock  Exchange  for  years  named. 

189.5.                     1894.                     1893.                     1892.                     1891.                     isno.  1889. 

Stocks  Shares   81,421,000            1,.531,092              1,157,701              1,175.031                 710,000                1,097,663  1.50,000 

Bonds 9,100,000            9,-207,a50              6,575,650             1, ,198,000              9,435,000              18,268,600  18,530,000 


Official 


(  In  1894,  $g, 000,000  in  stocks  and  $12,709,600  in  bonds  were  listed,  covering  two  stocks  and  two  bond  issues. 
■    (  In  1895,  $7,450,000  "         "   §20,000,000  "         "         " 


four 


four 


CHICAGO'S   DEVELOPMENT. 

The  population  in  1830  was  seventy  whites.  The  Black  Hawk  war  practically  terminated  August  2.  1832.  The  last  Chicago  Indian 
treaty  was  in  1833.  Chicago  was  incorporated  as  a  city  in  1837  with  poi^ulation  of  4. 170  and  has  practically  doubled  its  population  everv 
six  and  one-half  years  since.  The  .School  Census  gave  the  population.  May,  18S8,  as  802.651;  United  States  Census,  .May,  1890.  as 
1,208,669  ;  School  Census,  May,  1892,  as  1.438,010.  It  is  estimated  that  the  population  May  i,  1S94,  was  I, '60,000;  May  i,  1895, 
1,750,000  and  now  number  more  than  l.Soo.ooo.  Chicago  in  Indian  means  onion  or  skunk.  We  e.\pect  three  millions  of  people  will 
reside  there  before  the  beginning  of  the  twentieth  century.  January  I,  1901.  It  is  the  gre.Ttcst  railway  centre  in  the  world  and  has  the 
largest  system  of  street  cars.  Her  public  library,  founded  by  the  worlds  generosity  after  the  great  tire,  has  215.000  volumes.  Three 
other  large  libraries.  Her  art  institute  has  1,500  pupils,  or  more  than  any  other  similar  school  in  the  United  States.  The  sewerage 
system  connecting  Lake  Michigan  with  the  Mississippi  is  to  cost  f25,(XX).ooo 

The  business  of  Chicago  in  1895  is  estimated:  Produce,  $394,200,000;  Wholesale,  $504,700,000  ;  Manufactures,  $532,300  000  ; 
Total  trade,  $1,316,700,000  ;   Real  Estate,  $132,300,000  ;  Buildings,  $35,000,000  ;  Bank  Clearings,  $4,615,000. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895.  see  Clapp  &  Company's  Record  on  pages  278  to  281 

»'65 


CONSOLIDATED  STOCK  AND  PETROLEUM  EXCHANGE. 
The  Consolidated  Stock  and  Petroleura  Exchange  is  the  consolidation  of  several  Exchanges  :  The  Xew  York  Mining  Stock  Ex 
change,  The  American  Mining  and  Stock  Exchange,  The  National  Petroleum  Exchange,  The  Miscellaneous  Security  Board,  The  Ameri- 
can Mining  Board,  and  the  New  York  Petroleum  Exchange  and  Stock  Board.  There  are  1,817  members  ;  a  gratuity  fund  ;  a  chartered 
clearing  house,  clearing  contracts  daily,  reducing  the  risk  of  deliveries  and  failures  to  a  minimum,  at  small  expense.  They  own  the  building 
free  of  encumbrance,  fronting  Broadway,  Exchange  Place  and  New  Street.  The  hall  is  one  of  the  finest  and  most  cheerful  among  all  the 
Exchanges,  being  88  by  126  feet,  and  48  feet  high  to  a  skylight.  The  building  is  Scotch  red  sandstone  and  Philadelphia  brick.  It  was 
completed  May  1,  18SS,  at  a  cost  of  S415.000.     The  tower  is  138  feet  above  the  sidewalk.     Memberships  are  valued  at  about  $250. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Clearances  of  Railroad  Stocks  and  Other  Securities  for  months  and  years  nained. 


1895. 


January 

February  

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

Total,  1895 


R.  R  Stocks, 
Shares. 


4.098,680 
3,980.320 
5,414,680 
5,318,480 
6.897.360 
5,327,260 
5,085.460 
4,275,880 
5.478,020 
4,561,700 
4,907,960 
4,840,;J40 


60,186,040 


Bonds, 
DoUars. 


1,298  000 
941,000 
1,190.000 
1.772.000 
3.269,000 
1.509,000 
1.662,000 
1,126,000 
1,630,000 
1,472,000 
1.137,000 
1,294,000 


Mining  Stocks. 

Wheat, 

Petroleum. 

Shares. 

Bushels. 

Barrels 

25.970 

.50.102.000 

17,110 

43.214,000 

24,840 

56,008,000 

117,260 

62,690.000 

0 

54,590 

82,416,000 

59,820 

91,500,0(X) 

P 

60.380 

74494.000 

1 

64,230 

69,392,000 

36,280 

61.408.000 

88,890 

86,928.000 

90.420 

63.682.000 

42.060 

52.050.000 

18,300.000 


681.850 


793,884.000 


For  Daily  Receipts  of  Cotton  at  New  York.  Boston.  Philadelphia  and  Baltimore  in  1895  see  Clapp  &  Company's 

Record  on  pages  278  to  284. 


207 


ttr! 


PHILADELPHIA    BOURSE. 

The  Philadelphia  Bourse  was  incorporated  June,  iSgt  ;  capital,  $1,000,000  ;  it  is  the  outgrowth  of  an  effort  to  concentrate  the  various 
organized  exchanges  and  trade  associations  in  one  large  building  in  the  business  centre.  The  company  own  405x132  feet  of  land  bounded 
by  Fourth,  Fifth,  .Merchant  and  Ranstead  Streets.  I'he  Bourse  Buikling  is  130  feet  high  and  cost  $1,350,000.  The  main  hall  on  the 
ground  floor  is  126x240  and  45  feet  high  to  a  skylight  centre.  A  gallery,  27  feet  high,  surrounds  the  main  hall  ;  underneath  the 
same  telegraph,  news,  telephone,  club,  library  ami  other  facilities  are  furnished  members.  Membership  can  be  secured  by  ownership  of 
four  shares  of  the  company's  stock  of  par  value  $50.  There  are  no  dues  or  assessments.  The  stock  is  transferable  and  carries  membership 
with  it.     There  are  2,482  members  ;  the  limit  of  membership  is  5,000. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Jfi(//i  tiiid  TjOii'  of  Active  Jiailwat/  and  Traction  /Stocks  of  -Philadelphia  Monthhj  in.  1895. 


STOCKS. 
Prices  per  share  not  per  cent. 


Par. 


Allegheny  Valley,  pref 50 

Baltimore  Tract  loll 25 

Buffalo  City  Passenger 100 

l9t  pref 50 

Ch„  Oklahoma  &  Guthrie  v.  t.  ctfs 50 

Citizens'  Passenger.  ludtanapolis 100 

Columbus  Passenger 100 

Consolhlated  Traction  of  New  Jersey 

Continental  Passenger 50 

Delaware  &  Bound  Brook 100 

Duquesne  Traction 50 

East  Pennsylvania 5<i 

Electric  Storage  Battery 

Pref 

Electric  Traction 

German  town  Passenger 50 

Hestonviile  Passenger 5o 

Huntingdon  &  Br.  T 50 

Pref  50 

Kansas  City  Suburban  Belt 

Lehigh  Valley 50 

Little  Schuylkill 50 

Metropolitan  Traction IllO 

Mlnehill 50 

Nesquehonlng  Valley 50 

Norrlstown 50 

Northern  Central 50 

North  Pennsylvania 50 

Pennsylvania 50 

Peoples'  Traction 

Philadelphia  Citv  Passenger 50 

Phlladei ph ia  .*  Erie 50 

Plilladelphla  Tract  ion 50 

Philadelphia  &  Trenton 100 

Philadelphia,  Wilmington*  Baltimore....  100 

Rochester  City  Passenger 100 

Union  Traction 

Unltcil  Companies  of  New  Jersey 100 

West  Jersev .50 

Lehigh  Navigation 50 


so'  -  aaii 


a5    -39% 
49H-  49!:i 


iXH-  51}. 
43^-53 

'26'  -  26' 
82^100 


35    -3S5i 


235J^-23T 
.55  -  5fi 
4B«-  49H 


14M-  15H 
66^-  HTM 
50-50 

130"  -130 


,53    -  .53H 
•HH-  34H 
28}y-  S2 
76-83 

'eoj^  64 
S3H-  33}^ 
50M-  51 

2r,^-  2914 

32!^  -.'^H 
fiH    -  6; 
95-M-lOl 
66    -  K8J^ 

55  -  .V» 
125    -129 

65*i-  66 
xM    -86 
4W6-51K 
4.1-50 
165)^167 

'(•i'  -  62 
38VS-88H 

235'  -mii 

56  -.56 
46-48 


March. 
Low  High 


165    -165 


59    -  61 
321^-  .■!3« 
5Ki^-  51 
■2S?i-  33 

64-66 
89>^-  99Xi 
fo    -  68 
55>4-  55H 

12J  125 
65H-  68 
84  -84 
iV%-  51 

!47%T57 


x79  -91 


34^^-33 

i234)^37k 
.53  -  .53)^1 
40>^-47 


3K}4-  39 

26'  -  26' 

ira'  -165' 
•29    -  29-K 

'2S'  -  a') 
'28  -  30 
70    -  79 

118?i-llS5i 
58^-64 
X)    -  :W 
.50    -  55H 
33    -  36J^ 
31V6-  31 
64    -  «6 
81    -  93H 
66    -  67 
54    -  54J^ 

lai  -127 
68-68 
84-84 

51  -52H 
54    -59?i 

'i9M-  'ikii 
76-83 
•235    -235 
&t    -64 
36    -  3*14 

232J^-3S,V ' 

52  -  53 
45Ji-  KH 


48  -  48!<; 
SH-  13V^ 
36)4-  i^i4 
ixH-  51^^ 
29    -'29^ 


31%-  36-% 
51!^-  51H 
•27)4-  ai 
•23  -  -iiH 
7ii5i-  75  " 
119    -119 

X5914-  am 

»4    -  :« 
5:i    -  IVIVH 
36    -  ■ii\% 
335^-  39 

89^-  97 
66Va-  r.H 
54+54 

122  -m^ 

68    -  68)4 
83)^-  84 
x51  -  53H 
57%-61J^ 

'24'  -  27' 
SIM-  85 


23i  234 
51  -  52 
.x4S  -  48 


June. 


July. 


Low  High  Low  High 


18J^-  211 
80    -  8T 
48-48 
UK-  15M 
41    -50 

'28k-  aiH 
128^|-128H 

3.V  -  37 
50^ '51)4 
2.59^-33 
28H-S2 
74    -79M 

59'  -  6iJ4 
■S3    -  M 
.54    -  54)4 
36-36 

37  -  :»% 
64   -  ra 
94    -lOSii 
67    -  6',% 
.54H-  54)!i 

I2.5W-127 
69i4-  71) 
85-86 

525^  am 
6OW-  6:i 
168    -168 
24)^  30 
82    -  84j( 

'62'  -62 

38  -  44J^ 

234'  -2% 
51?6-  51)4 
46«-  47M 


20-21 


13    -  14H 
48M-  51H 
60-60 
29    -29M 


»»K-  3654 

'29'  -  3.5)4 
30-35 
72    -79J^ 

119  -119 
56-61 
Sm-  34 

».i2^  55 

36  -  :r7)4 

37  -r 

62H-  >>3^ 
9'<^2-103i^ 
•6."i}£-  6.5^ 
54)4-  54)4 

ma-  6SH 

85W-  sr^ 
5:1)4-  5t-« 
60    -6.5H 

171)    -170 
28    -2SJi 
78-86 

•2:?7H-237?i 

'ii'  -44  " 

235'  -236M 
52-54 
46    -46^ 


AUOUST. 


Low  High 


;a  -  3.^ 

51  -  51 
36)^-  48 
36)4-47 
TiH-  7-5}i 
119  -119 
57-59! 
31)4-  32 
51  -  52J^ 
40    -  41 

37)4-  an 

6:<    -  64 
99    -102H 


81    -I 


39«-3»)^ 

235^237' 
55  -59J 
46    -48^ 


Skpt'ber.  '  October.  Nov'mbeu  Dec'hber 
Low  High  Low  High  Low  High  Low  High 


S^ 


18}|-2oH 

'49}^  49^ 
15  -  17M; 
.50H-  5.59i 

'25'  -  2.5J^ 
127    -130 
161    -1H4 
34V4-  a5)4 
51    -  51 
39)4-  57^ 
42T^.i0« 
69)^  74J4 

'58'  -  59' ' 
30    -31M 
■<3    -  54 
41    -  45 
39?i-4:i 
64    -  64H 

70    -  71 
55    -56^ 
125    -125H 

'83'  -  8.5 
55    -  57X 
63)i-  6;)^ 

27'  -  28' 
80J»-85« 


iOH-i(H 


IIM-  IIH 
17)2-  18H 

13    -  15)^ 
48-55 


llj^  im 


165    -165 


47    -75)4 

47)4-  rr 

•64    -  76)4 
120    -125)4 
53-56 
31    -31 
53?^- 54 
45    -45J4 
41    -  425i 
64}^  64)4 
985C106« 

69  71 
55    I55 

123)4_125 

70  .  70 
83)4-  85 
5.5^  56M 

•56J4_69)4 


•74    .87       68-76 

24lH-a4i« 

.........    61%-  61% 

36    -  36)41  36-37 


.50    - 

56 

30    - 

31)<! 

46^- 

53 
47 

39)4- 

41)4 

64    - 

64V. 

lft<9rll5 

69    I 

70 

123HI125 

70    . 

70 

•81?i-85)^ 

•5-2*(- 

Mii, 

6S    - 

76 

1SJ4-22 
237J4-2:» 
59-59 
47    -4SJi 


12-20 
23854-210 
59-60 
46    -47H 


15    -  1^ 
72    .  72 

48)^-  4854 
lOJi-  15 
30    -  51)4 


1-^9  -129 
185  -165 
33H-3iii 


122J^-122H 
50-56 
31  -  31 
51  -53H 
4SJi-  48« 
34  -40)4 
r4ii-  64« 
91  -109% 
70-70)4 
.54)^55% 

125      r28 
70    _70 
85    _85J^ 
50    .54^ 


23    .  23 
6.M-19 


10  -  14« 
237  24(« 
59%-  .59i 
43%-4«54 


For  daily  receipts  of  Cotton  at  Philadelphia,  New  York,  Baltimore  and  Boston  in  1895,  see  Clapp  &  Company's  Record  on 

pages  278  to  284. 


269 


% 


THE  COLORADO  MINING  STOCK  EXCHANGE,  DENVER,  COLORADO. 

This  Exchange  was  organized  and  incorporated  about  1S76,  and  reorganized  with  the  prasent  title  July  18th.  1889.  The  capital 
stock  is  $50,000,  divided  into  500  memberships  of  §100  each.  This  price  has  been  raised  by  Directors  to  $250,  and  the  present  value  is 
about  $500.  Membership  is  about  lOO.  Transfer  fees  are  $10.  Annual  dues  $20.  Call  dues  S25.  Clearing  House  was  established 
April,  1S91.  The  seven-storj'  Exchange  building  erected  three  years  ago  is  constructed  of  red  sandstone  and  pressed  brick  and  has  a 
fifty  foot  clock  tower.     It  is  100x125  feet  and  cost  $400,000.     The  Exchange  Hall  is  50x75  feet. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD, 
High  and  low,  of  j^orty-one  Mining  Stocks,  reported  by  the  "  Engiyieering  and  JMining  Journal,^' 

J'a7mary  4.th,  1896, /b/-  years  named. 


Company. 


Alpha 

•Belcher 

•Best  i«  Beli'her 

•Bortle 

•Breece 

California 

•Cbollar 

•Chrysolite 

•Comstock  Tuu 

Con.  Vircinia 

•Con.  Cal.  &  Va. 

Con.  Imperial 

•Crown  Point 

•Deartwood  Terra.... 

•ElCrlsto 

•Eureka  Cons 

•Father  De  Smet 

•OJould  &  Curry 

•Hale  &  Xorcross 

Holyoke 

Homestake 

•Horn  Silver 

•Iron  Silver.. 


Cal..., 
Colo.. 
Nev  .. 

Colo! '. 
Xev  . . 


S.  Dak. 
R.of  C 
Nev  ... 
S.Dak. 
Xev... 

Idaho . 
Dak... 
Utah . . 
Colo... 


Par 
Value. 


H.  I  L. 


Kentuck  Cons Nev 

•La  Orosse Colo.. 

•Leadvllle 

•Little  Chief 

Little  Pittsburg... 

•Mexican Nev.. 

Ontario Utah.. 

•Ophlr Nev... 

•Pnoenlx. Ariz... 

•Potosl Xev  ... 

•Plymouth  Cons Cal.... 

•Savase Ne v  . . . 

•Sierra  Nevada " 

•Standard  Cons Cal.... 

Sutro  Tunnel Nev... 

•Union  Con 1    "  .... 

•rtah  Con "  .... 

•Yellow  Jacket I    " 


100 
100 
ll« 
100 
25 
100 
lU) 
50 
100 
1*) 
lOl) 
100 
lOi) 
25 
2 
191 
lOil 
100 
100 
1 
100 
25 
20 
100 
10 
10 
SO 
10 
100 

1(« 

100 
IW 
ino 
SO 
100 
100 
100 
100 
100 
100 
100 


1.2s 

1.25 
.25 


4.40 
.fts 

i!o6 
.10 

.35 

.22 

.6! 

1.75 


31. SO 

2.80 

.50 


1.10 

10.00 

2.iB 

.13 

.78 

.40 

1.50 

1.15 

3.00 

.01 

2.75 


2.25 
.02 
.31 
.40 
.(» 
.05 
.1 
.30 
.40 


.25  .15 

1.00  .70 

2. 70  1.05 

1.40  .05 


8.25 
.24 

1.00 
.80 
.10 
.90 

ills 

1.&5 


H. 


.20 

1.4 

1.90 

.40 

.40 


.24   l.:s 
.23 

.03     .16 


2.10 

.061 
.40 
.50 
.03 
.20 

"45 
.45 


3.00 

.12 

1.15 

1.75 

.611 

■;» 

1.811 

1.45 


13.00 
1.15 
.20 


14.5' 
3.75 


33  2.K 
9.75  10.00 
1.40   4.2; 


12.50 
2.K 


14.75 

3.40 

.50 


.01  .07 
.07  .30 
.08      .22 


.30 

1.30 

.35 

.70 

1.90 


2.20    1.85 

".a  1.90 

....'  i.ao 

.29    1.35 


.62  2.65 

6.2i  i-i.no 

1.05  3.70 
.10 

.38  2.90 

.»  l.UO 

..35  1.40 

.35;  2.70 

.85  1..V. 

....I  .02 

.10  1.80 

.02  1.35 

.22  1.75 


l.OC 

1.00 

.20 

.15 


l.OC 
.10 
.55 
.75 
.15 

'.'is 

.55 
.45 


1.85 
.2: 
.23 


6.0|  1.10 


lb 
1.70 
3.20 

2.10 
1  21 
1.90 
3.40 


13.00  15. on 

2.00   3.95 
50 


.07 


12.00 
3.05 


3.85 
.30 

.40 


9.0U 

.3:1 
3.10 
2.10 

.60 
4.00 

.49 
3.80 
3.50 

.06 
11.311 
4.00 
1.45 


.80  2.30  1.10 

1.10  3.45  .24 

1.811  4.20  1.95 

.45  1.80  .40 

.31  .70  .» 


.90  4.90 
.18  .45 
.14      .21 


2.90    1.05   5. 
6.,tO  45.00-14.00  45.1 


2.50  5.90 

.15  .60 

.85  3.30 

.75  1.60 

.25  1.85 

1.45  5.50 

.20  .42 

1.15  2.85 

1.16  3.15 
.03  .06 

9.00  11.30 

2.25  3.70 

1.05  2.25 


M 
.06 
.20 


.40  3. 
.02      .81 

.15  2.25 

.50  3.25 

.44  2..T0 


10 
1.73 

1..<K 
1.95 


l.flOj 
.37 
.50 

.SO 

.65 

.80 

l.S 

".si) 
.05 


l.TO 

39.00 

2.75 

.18 

1.4.5 

1.80 

1.25, 

1.20 

.90 

.m 

1.15 

.50 

l.iX) 


4.30 
48.00 
5.75 
1.50 
8.00 
9.00 
5.13 
3.a5 
1.H5 
.13 
3.90 
2.00 
3.65 


2.00 
.14 

.10 


2.:» 
.25 

1.1 

1.25 
.55 

3.i« 
.23 

1.9P 

1.90 

_.(K 

iisii 
.55 


1.40 
5.00 
6.38 
2.00 
.31 


3.40 
.31 
.42 


1.30 

2.35 

2.80 

.611 

.13 


9.50 

3.80 

.55 


4.111  12.25 

3.25  14.25 

1.15   3.50 

.20     .72 


1.35   7. .50    1.95 

.15;     .551     .30 
.15    ....     .... 


2.-2S 
3T.I10 
2.75 

.40 
1.65 
1.40 
1.45 
1.20 

.09 

.05 
l.:t5 

.45 
1.75 


10.00 

.90 
6.13' 

2.flo; 

1.90' 
S.SOi 

.65! 

3.:«i| 

5.33 

.07, 

14.00 

2.65 

s.so 


4..'« 

.50 
1.75 
1.25 

..56 
1.00 

.19 
1.411 
2.45 

.0:1 
6.30 

.76 
1.80 


00  7 

6:1  1 

25  3 

05  1 
05 

T8  2 
61 

63  2 

.$7  4, 
08 

Oi  10. 
501     , 

15;  3. 


11.23 
.67 


6.13    . 

4.40  23. .50 

1.00  4.25 

.30i     .60 


4.40  11.00 
.40j     .90 


,00  27. 

,:«i|  3. 
,45  1«. 


50 
,5S 
.50 
35 

,55  6 
16  9 
01 

Uii  16 
75,  1 
00   3 


.(K 
.07 


.12 
.15 
.39 

.10  .03;     , 

.30  2.40    6. 
36.75  82.75  38 

S.fi;?  3.15  12. 

.73  .11      . 

2.S5  1.05   7. 

l:i.-.S  3.00  20. 

3.60  1.40   9. 

4.10  1.15    6. 

'■%\  :/h°  ': 

6.91  2.01   5. 

1.55  .65    ' 


,14  . 
65I  . 
,32  , 
39  . 
.«'  2. 
102;. 
50  4. 
60  , 
SO  2. 
50  7. 
i«  2. 
25   2. 


5.011   2. no  11 


13  13 

,:»  1 

00  5 

70  1 

63  1 

,75;  4, 
S5| 

50  3 

■25,  3 
,3' I 
on  11 
75 

10  2 


L.  I    H. 


.60  3.65 
1.00  3.35 
.15 


.17 


10.50 
S.38 
2.50 
46 
5..50: 
2.50I 


.00  65.00 
.50    2.00 

•<7  12.00 

70   3.40 

75 

IK  10.00 

451  4.ai 

75  9.00 
:5l 10.00 
06    .... 

1X123.00  16.75  23.00 

4.00    1.65   3.15 

50   3.90    1.70   1.60 


I.IS  3.75 

.18  . 

5.S0  1.60 
1.70, 

■;75  9.25 

.511  6.01 

.65  2.1  II 
.65  10.30 


2.38 


5.25 
2.70 
.90 
.10 
2.50 
2.10 
4.00 


28  , 

.90  , 

.70  . 
.90;     . 

,00  , 
.00  21, 
.00,  _. 

.00  . 
.00  14. 

.10  . 

00  . 

,27  . 

.00  . 


07  .13 

22  .43 

19  .38 

ii  .50 

37  I.K 


l.UO 
1.40 
.09 


1.00 

3.00 

.50 

3.10 


H.  I    L. 


3.00 

13.00 

.40 


.95 
1.15 
.09 


1.25 


.70 


4.76,  1.50 
4.S<J  2.60 
2.25  .99 
8.25   2.£> 


9.83,10.50;  8.00 

1.70   7.50   3.4<i 

.75    2.20,     .65 


50  32.00  17.00  30 
55    2. SO      .351  3. 

15  i!75  *.'26|  '.'. 
75  21.13  15.13  16 
65    6.SV  1.00,  1. 


.10 
.31 
.23 
.21 

..50 


.35 
0114. 
80      .40 


25  l.ffi 

79  1.50 

06,  .26 

09  1.35 


.21'  4 

.40  7 

.10 

.30  3 


I2.tn      .801  3.15i  1.10   5.2r 


15.10 
.90 
.66 
.20 
.119 
..50 

■;« 


•The  stocks  so  marked  are  listed  on  New  York  Stock  Exchange. 

Note.— This  table  of  mining  stocks  quoted  In  New  York  and  San  Francisco  during  past  twentv-flve  .years  fully  Illustrates  the  waves  of  .^peculation 
and  substantial  prosperity  at  various  periods.  S<ime  values  have  been  fairly  governed  oy  the  dividend-earning  capacity  or  profit  made  by  the  mines. 
Extraordinary  fluctuations  o<.-curri>d  between  1-711  and  i<74.  and  there  was  revival  of  speculation  in  1886.  The  present  speculation  in  mining  shares  in  Colorado. 
at  Denver  and  Colorado  Springs,  is  nearly  all  In  ndnes  of  Cripple  Creek.  Since  the  opening  of  the  Mining  Kxchangesin  Denver  and  Colorado  springs,  and  from 
^*pteniber.  l>«»4.upto  November  ath,  1S>.-..  the  listed  stocks  dealt  in  at  Colorado  Springs  Is  77. S67. 167  shares;  in  .iddltion.  18.9at,64.'?  shares-of  unlistnl  stocks  were 
sold.  The  cash  value  of  20.iKI0.iXI0  shares  was  atx)ut  »:i.90ii.aO.  The  total  value  of  shares  sold  at  Colorado  Sprlligs  U  about  $10,OCO,aiO.  Total  sales  00  Colorado 
KiDlng  Stock  Exchange,  Denver,  in  1895,  as  reported  by  the  Secretary,  ig  93,100,175  shares. 

271 


THE    NEW    YORK    COTTON    EXCHANGE. 
The  Cotton  Exchange  was  organized  in  1870;  chartered  April  8th,  1871  ;  has  454  members;  initiation  fee  is  $io,ooo ;  transfer 
certificates  are  worth  about  Si, 000.     Tiie  memliers  own  the  realty  and  building  at  a  cost  of  f  1,028,000.      It  is  the  third  building  they  have 
occupied.     It  fronts  on  William  and  Beaver  Streets  and  Hanover  Square,  has  a  tower  157  feet  above  the  sidewalk.     It  was  dedicated  April 
30th,  1885  ;  is  mortgaged  for  $310,000.     There  is  a  gratuity  fund. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Monthly  and  Yearly  Sales  on  New  York  Cotton  Exchange  for  months  dnd  years  named. 


SALES  DURING 

1895. 

:iS94. 

1893. 

1892. 

1891. 

1890. 

1889. 

1888. 

1887. 

1886. 

1885. 

1884. 

1883. 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

Bale.'i. 

Bales. 

Bales. 

Bales. 

Bales. 

September 

October 

November 

December 

January 

February 

March 

5.982,800 
9.116.6(0 
5.916.:i(0 
5.030. 110 

1896. 

3,668,400 
3,620,700 

2.252.900 
3.51X3.1(0 
4.()19,0(« 
2,606,700 

1895. 

1.909,200 
1.8(0.200 
4,403,400 
4,14.3,810 
4,l:Kl,tJ(0 
3,-293,700 
2,548,300 
5,000,900 

4,872,800 
4,491.6(0 
3,8S2.^:00 
4.058,300 

1894. 

4,a-.3,Sl« 
3,144.000 
2.5;!l,(iO0 
2,751.800 
2,:i21.9(0 
1,68:?.  70O 
l,74<i.:«lO 
1,723,910 

3,292.100 
4.682.600 
6.9.'3.1(0 
7,272,500 

1893. 

4,089.000 
5,663  200 
5.4l«l,7O0 
4,:!6.S.300 
2.546,710 
3.621.900 
2,167,6(0 
2,^41,800 

.3.1*1,900 
3,O37..tO0 
3,021,3(0 
2,536,(iO(J 

1892. 

2,5,36.600 
2.s&i.6ui 
2,7,S7.600 
3.010,100 
2.128.9(0 
2.978,700 
2.579.300 
2,593,500 

1,991,600 
2,4ii9,IOO 
2,648,:»» 
2,219,300 

1891. 

2.251,800 
2,006,3UI 
1,873.700 
1,9W,200 
l,117,(i(») 
2,.361.400 
1.81.3.100 
2,192,800 

i,iw,a)o 

2.479,(00 
2,221,7(0 
1,117,800 

1890. 

.3,707,400 
2,174,100 
1,745,7(0 
1.6I7,!W0 
1,712,300 
1.878,400 
1,045.901 
1, 157,0  jO 

1,809,800 
1,914.700 
1,929.200 
1,514,800 

1889. 

1,9%,200 
1,512,8(0 
1, ■2-28,600 
1,850,000 
1,728,.t0() 
1,086,.t00 
904.000 
1,289,700 

1.954  600 
3.146.800 
3.6()1,4(0 
3,524,600 

1888. 

2.&tO,S0O 
2.063.8O) 
3,49 1, 9'.  0 
1,297.600 
l,l>i8,HB 

1.2H6.210 
1,278,700 

I,5&».400 
1,962,400 
1,889,21» 
2,t>45,l(0 

1887. 

1,777,900 
1,646,400 
3,032,000 
2,237,7(0 
2,465.400 
2,887,810 
2,«0,(IO 
1,713,800 

1,424,700 
2.184,900 
2.0ik"i.4(O 
1,976,7(0 

1886. 

l,S92,90O 
2,440.200 
3,616,100 
1,230.800 
1.743.101 
1. -246.210 
1,976.5(0 
1,513,100 

1.763.000 
2,175.600 
2,(h5..M) 
2,900.8lO 

1885. 

1.739,400 
1.245.600 
1,525,600 
1,36S,000 
l,-2i0,.TU0 
1,401,800 
l,:.7i,(»o 
1,386,100 

2,615,400 
2,761.800 
1,636,100 
•2,152,300 

1884. 

1,958,400 
1,.-«0,100 

2,oe9.ao 

3,(07,600 
1,79<,500 
2,-2ir2.1(0 
1  2^6  9(0 

April 

Mav 

July 

Bales  for  future  delivery 

39,623,200 

38,062,000 

51.577,500 

33,230,600 

24,885.900 

22,138.200 

13,761,800 

25,763,900 

26,482.100 

23,270,600 

20,889,700 

24,632,100 

Spot  Sales 

218,257 

308,531 

419,000 

211,000 

27U,0a) 

459,000 

594,000 

448,000 

314,000 

489.000 

534,000 

422,000 

For  Daily  Receipts  of  Cotton  at  New  York,  Boston,  Philadelphia  and  Baltimore  in  1895  see  Clapp  &  Company's 

Record  on  pages  278  to  284. 


273 


INTERIOR    NEW    YORK    COTTON    EXCHANGE. 

Commercial  Cotton  may  be  divided  into  two  species,  Eastern,  or  short  staples,  and  Western,  or  long  staples;  the  latter  known  in 
America  as  "  Midtlling  uplands,"  and  comprising  the  bulk  of  that  traded  in  on  the  American,  English  and  Erench  exchanges.  Cotton 
is  grown  in  America,  India,  Egypt,  China,  Italy,  Turkey,  Brazil,  West  Indies,  Me.xico,  South  Africa,  Australia  and  South  Sea  Islands, 
in  about  the  order  named. 

The  first  cotton  crop  of  the  United  States  was  2, 600  bales  of  400  pounds  each,  in  1789-90.  Ten  cotton-growing  States  in  1870 
reported  to  the  United  States  Government  a  cotton  acreage  of  8,666,217  acres,  and  a  production  of  4.347,000  bales  of  500  pounds  each 
as  the  result  of  thirty  years'  cultivation,  interrupted  by  five  years  of  Civil  War.  Ten  years  later,  in  1880,  15,820,610  acres  were  planted, 
as  shown  by  the  corrected  census  report  of  that  year  (revised  in  18S2),  and  the  crop  was  6,606,000  bales,  The  census  of  1890  increased 
the  acreage  to  20,389,641  acres,  though  the  Agricultural  Department  indicated  19,469,617  acres.  In  May,  1895,  the  Department  issued  a 
revised  report  from  si.\teen  States  and  Territories,  showing  aggregate  planting  of  23,687,950  acres,  and  the  crop  was  reported  as 
9,476,435  bales.  The  Chronicle  report  in  September  following  showed  crop  of  9,892,766  bales.  The  Uureau  report  of  1895  indicated 
20,190,675  acres  planted,  and  the  crop  therefrom  is  given  as  6,857,000  bales.      It  will  likely  exceed  7,200,000  bales  of   500  pounds  each. 

Out  of  13,839,000  bales  of  4(J0  pounds  eacli,  used  by  about  93,593,000  spindles  of  the  world,  America  furnished  in  1894-5  about 
11,800,000  bales  of  400  pounds  each,  or  9.413.S34  bales  of  500  pounds  each.  The  average  of  American  used  is  about  70  per  cent 
of  all  consumption.  United  States  used  only  29  per  cent  of  the  crop  of  Atnerican  cotton  last  year,  against  29  per  cent  in  1865-6, 
though  domestic  spindles  have  increased  from  10,679,000  in  18801016,133,248  in  1895.  The  growth  of  cotton  production  is  con- 
temporaneous with  that  of  civilization,  and  the  first  records  antedate  the  Christian  era  by  over  400  years.  The  making  of  cloth  entirely 
of  cotton  in  England  commenced  in  1760.  In  1805  England,  by  use  of  the  Hargreaves,  Arkwright  and  Watts  inventions  had  reached 
the  manufacture  of  1,000,000  pieces  of  cloth.  In  1894-5  the  total  export  was  5,128,868  yards  of  cloth  and  275,691  pounds  of  yarn. 
The  progress  of  the  cotton  industries  from  planters  to  distributing  merchants  has  been  marked  by  revolutionary  inventions,  compelling 
revisions  of  costs  both  in  production  and  manufacturing.  The  most  notable  in  this  country  has  been  Whitney's  cotton  gin  ;  but  other 
experiments  now  promise  an  early  and  important  advance  in  that  direction.  One  of  the  principal  items  of  loss  to  the  planters  has  been 
the  loss  of  weight  by  friction  in  transportation  and  of  price  by  additional  freight  caused  by  bulky  and  awkward  baling.  The  Bessonette 
system,  which  compresses  under  1,000  pounds  pressure  to  the  inch  about  495  pounds  net  cotton  into  a  fifteen  cubic  foot  cylindrical  bale, 
without  bands  and  covered  with  cotton  duck,  is  now  being  introduced  by  the  American  Cotton  Bale  Improvement  Company  of  St.  Louis, 
Mo.,  and  will  reduce  dampness,  dirt,  waste,  theft,  freight,  cost  of  compressing,  drayage,  storage  and  tire  risk,  and  consequently  benefit 
both  producer  and  consumer.  The  exports  of  American  cotton  commenced  in  1747.  Last  year  foreigners  took  6,719.713  bales.  The 
importations  of  foreign  cotton  for  special  uses  are  about  one-half  the  value  of  the  exports  of  domestic  cotton  goods,  though  the  first 
American  manufacture  of  cotton  cloth  was  in  1791.  There  is  no  import  or  export  duty  on  raw  cotton.  There  is  now  a  small  protective 
duty  on  imports  of  manufactured  cotton  goods  Our  imports  of  manufactured  goods  in  1895  were  valued  at  $35,101,832.  England 
imported  in  1787  about  23,000  pounds  cotton,  none  American,  and  in  1894-5  about  1,649,000,000  pounds,  87  per  cent  American. 
British  India  grew  and  consumed  167,106,048  pounds,  against  40,607,292  pounds  in  18S0.  In  1767  each  spindle  required  one 
person  to  work  it,  while  now  one  spinner,  with  two  assistants,  can  work  2,000  spindles.  England  has  45,400,000  spindles.  Russia, 
Germany,  Sweden  and  Norway,  Austria,  Switzerland,  Holland,  Belgium,  France,  Spain  and  Italy,  28,250,000  spindles,  and  the  world's 
aggregate  is  reported  about  93.593,000.  Fall  River  authorities  report  17,500,000  spindles  in  the  United  Slates  December  31st, 
1895,  of  which  the  Southern  States  had  about  3,000,000  and  the  Northern  about  14,500,000;  the  increase  for  two  years  having  been 
nearly  2,000,000  spindles,  38  percent  in  Massachusetts  and  46  per  cent  in  the  South.  Fourteen  Southern  States  now  claim  3,177,310 
spindles.  New  England  has  $300,000,000  invested  in  cotton  mills.  The  popular  cry  now  is,  "  Take  mills  to  the  cotton,  instead  of  cotton 
to  the  mills."  American  economists  have  long  known  that  it  was  a  short-sighted  policy  for  the  United  States  to  raise  nearly  enough  cotton 
to  supply  the  world  and  allow  the  manufacture  of  70  per  cent  of  it  abroad.  The  South  and  Central  American  Republics,  with  proper 
attention,  would  take  a  large  share  of  what  .A-merica  could  manufacture.  Cotton  is  hardy,  not  easily  damaged  by  water  or  fire,  and  time 
does  not  decay  or  wither  its  fibre,  or  destroy  its  intrinsic  value.  Receipts  for  the  baled  product  are  first-class  security.  Consumption  the 
world  over  is  increasing  and  keeping  up  to  gradually  increasing  production.  No  industry  has  attracted  more  attention,  and  no  staple 
commodity  offers  a  more  fascinating  field  for  the  manufacturer,  investor  or  speculator. 

DWIGHT  O.  CLAPP,  Member  N,  Y.  Cotton   Exchange. 

275 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Cotton  that  has  come  in   sight  and   exported    monthly  and  yearly  for  dates   and   years   named. 


Season's  receipts: 

Sept.  1  to  Sept.  30 bales, 

Sept.  1  to  Oct.  31 " 

Sept.  1  to  Nov.  30 " 

Sept.  1  to  Dec.  31 " 

Sept.  1  to  Jan.  31 " 

Sept.  1  to  Feb.  28 " 

Sept.  1  to  March  31 " 

Sept.  1  to  April  30 " 

Sept.  1  to  May  31 " 

Sept.  1  to  June  30 " 

Sept.  1  to  July  31 " 

Sept.  1  to  Aug.  31 " 

Exports : 

Sept.  1  to  .Sept.  30 " 

Sept.  1  to  Oct.  31 " 

Sept.  1  to  Nov.  30 " 

Sept.  1  to  Die.  31 " 

Sept.  1  to  Jan.  31 " 

Sept.  1  to  Feb.  28 " 

Sept.  1  to  March  31 " 

Sept.  1  to  April  30 " 

Sept.  1  to  May  31 " 

Sept.  1  to  June  30 " 

Sept.  1  to  July  31 " 

Sept.  1  to  Aug.  31 " 


1805-6. 

1894-6. 

1893-4. 

1803-8. 

18019. 

18001. 

1889-00. 

18S8-9. 

1887-8. 

1888-7. 

1885-6. 

512.394 

663,703 

511.273 

522,.5.')2 

826,932 

860,274 

655.770 

4.30,209 

82I..369 

4."M,A18 

485..558 

2,264,510 

2,780,333 

2,148,828 

1,987,619 

2.R').3,137 

2,.584.0;« 

8,279,418 

1.9.32,498 

2,413,1.35 

1,707.7.39 

1,840,422 

3,585,613 

4,977,.''>0O 

3,853,436 

3,464,085 

4,781,017 

4,200,014 

3,912.440 

8,445,107 

4,053,041 

8,.347,278 

3,289,855 

4,921,613 

6,949,488 

5,467,036 

4,745,.390 

6,403,492 

5,845,243 

5,481,307 

4,9a'),!l23 

5,.393,912 

4,815,045 

4,778,437 

5,.i39,.W7 

7,9.30,777 

6,218,030 

5.301,701 

7,155,519 

6,810,706 

6.251,890 

5,7.52,189 

5,934,183 

5,477,690 

5,.320,230 

6,023,042 

8,513,839 

6,576,527 

5,714,.305 

7,914,.W1 

7,431,257 

6,722,515 

6,272,092 

6,.303,796 

5,927,981 

5,799,821 

0,102,.'i88 

6,863,610 

6,010,7^5 

8,.348„547 

7,866,,'i88 

6,918,.540 

6,614,543 

6,510,2.j0 

6,I.>6,19S 

6,100,977 

9,437,039 

7,097,551 

6,209,4.30 

8,014,901 

8,ias,oi8 

7.036,419 

6,744.209 

6,071,377 

6,254,788 

6,280,574 

9,5X6,993 

7,240,520 

6,347,991 

8,807.530 

8,377,015 

7,097,335 

6,802,692 

6,7a3,.521 

6,308,207 

6,400,-396 

9,6.57,486 

7.-318,018 

6,4;i3,146 

8,914,2;i2 

8,487,764 

^41,320 

6,ft»,68r 

6,854,514 

0,31.5,125 

6,446,618 

9,719,200 

7,382.078 

6,507,396 

8,978,429 

8,5.38,075 

7,168,825 

6,809,020 

6,911,145 

6,-363,716 

6,4.57,006 

9,892,706 

7,527,211 

6,717,142 

9,038,707 

8,655,518 

7,313,726 

6,935,088 

7,017,707 

6,513,623 

6,550,215 

111,553 

202.673 

151,325 

in, ,306 

201,016 

354,950 

295,603 

167,745 

ai6,813 

149,.321 

111,685 

741,013 
1,430,384 
2,102,799 
2,7.-)0,733 
3,312,802 

l,l:M,,3»t 

870,479 

a35,721 

].(M9,S97 

1,248.503 

1,152,750 

755,167 

1,088,015 

728,091 

701,569 

2,278,895 

1,802,151 

1,740,484 

2,13,3,950 

2,141,962 

8,133,9.'59 

1,597,979 

1,817,280 

1,414,899 

1,3*1,420 

3,499,.")04 
4,.594,610 

2,762,127 

2,324,929 

3,100,559 

3,01  C,M5 

2,994.868 

8,4.31,929 

8,498,556 

2,296,109 

8,031,593 

3,.529,9U 

2,709.568 

3,758,804 

3,758,253 

3,589,1.38 

3,011,702 

8,087,073 

3,0:30,761 

8,523,018 

5,11 1,035 
5,044,824 
6,153,612 
6,147,445 
6,620,219 
6,675,219 
6,719,713 

4,013,197 

3,000,330 

4,.300,492 

4,364,5n 

4,019,829 

3,480,316 

3,479,^9 

3,4.50,820 

8,916.861 

4,373,641 

3,-385,040 

4,825,875 

4,785,817 

4,4.31,173 

4,016,125 

3,797,493 

3,936,631 

3,819,950 

4,672,503 

3,095,297 

5,221,383 

5,230,139 

4,040,-307 

4.336,595 

4,062,238 

4,131,130 

3,568,616 

4,930,061 

3,999,693 

5,503,901 

5,451,899 

4,742,486 

4,523,606 

4,287,328 

4,203,644 

3,861,091 

5,006,925 

4,177,803 

5,698.209 

5,658,500 

4,802.6.37 

4,614,600 

4,431,646 

4,243,558 

4,097,100 

5,166,279 

4.308,688 

5,803,000 

5,731.498 

4,aT3,000 

4,68.3..309 

4,572,.335 

4,319,640 

4,240.406 

6,231,4« 

4,402,890 

5,664,921 

6.790,634 

4,916.847 

4,742,745 

4,627,508 

4,458,328 

4,313,991 

V 


World's  Visible  Supply  of  Cotton  about  January  1st  for  years   named,  as  reported  by  Chronicle. 


1896.        1895. 

1894. 

1893. 

1898, 

1891. 

1890. 

1889. 

1888. 

1887. 

1656 

18*. 

Stock  at  Liverpool bales,. 

block  at  London 

1,059,000  1,223.000 
5,000|        7,000 

1,389,000 
7,000 

1,600,000 
3,500 

1,467,000 
11,000 

942,000 
20,000 

938,000 
16.000 

660.000 
6,000 

623.000 
■  36,000 

728,000 
12,000 

541,000 
17,000 

601,000 
47.000 

Total  Great  Britain  stock, 
fltock  at  Hamburg 

1,064,000 

23,000 

222,000 

8,000 

200 

17,000 

1,230,000 

20,000 

2.M.0IXI 

13,000 

200 

11,000 

i^n.non 

1.396,000 

20,000 

185.000 

15.000 

200 

13,000 

392,000 

6,000 

48.000 

9,000 

18,000 

1.G03..50O 

1.500 

117.000 

19,000 

300 

5,000 

423,000 

8,000 

75,000 

6,000 

10,000 

1.478,000 

2,400 

135.000 

22.000 

300 

5,000 

253,000 

8,'X)0 

73.600 

8.000 

16,000 

962,000 

3,300 

143,000 

11,000 

500 

5,000 

187,000 

3,000 

67,000 

6.000 

7,000 

954,000 

2.100 

144,000 

4.000 

300 

5.000 

145,000 

3,000 

82.000 

8,000 

10,000 

666.000 

2,200 

12.200 

80.000 

400 

400 

120,000 

2,000 

28.000 

3.000 

4,000 

659,000 

5.000 

30,100 

84,000 

300 

900 

188,000 

2,000 

48,000 

2.000 

5.000 

740.000 

1,900 

16,400 

21,000 

300 

1,800 

178.000 

2,000 

42.000 

5.000 

9,000 

558,000 

3,000 

34.000 

32,000 

800 

8.700 

185,000 

4,000 

46,000 

8.000 

4,000 

651,000 
6.000 

Stock  at  Bremen 

86,500 

Stock  at  Amsterdam 

88,000 

Stock  at  Rotterdam 

700 

Stock  at  Antwerp 

8.000 

Stockac  Havre 

314,000 

187,000 

Mock  at  Marseilles 

5,000'        S'.OOO 
63,000      60,000 
36,000       18.000 

4.000 

fitock  at  Barcelona 

Stock  at  Genoa 

88.000 
6.000 

Stock  at  Trieste 

16,000 

17,000 

5,000 

Total  Continental  stocks. 

704,200 

817,200 

706.200 

604,800 

522,700  :      4.32,800        403.400  |      192,200 

300,300 

276.800 

270.100 

8^.200 

Total  European  stocks.... 
India  cotton  afioat  for  K'r'pe 
Amer.  cotton  afloat  forE'r'pe 
Esypt.Braztl.Jtc  afl'tf'rE'rpe 
Stock  in  United  States  ports. 
Stock  in  U   S.  interior  towns. 
United  S'ates  exports  to  day. 

1,768,200 

69,000 

49!),00u 

46,000 

1,10(MU4 

27,413 
4,093,920 

879,000 

t>;a,ooo 

4!»!t,m)0 

i,ioo,i;n 

5S,3,MW 
27,413 

2,077,200 

11,000 

818,000 

46,000 

1,28.5,261 

600,956 

40,255 

1,881,672 

1,079,000 
7:«,000 
818,n»)0 

1,2.V.,261 

0<Kl,U,56 

40,255 

2.102,200 

51,000 

615,000 

.58,000 

I2a5..5(;4 

481.977 
22.001 

2,3f*!,300 

4T,000 

355,000 

58.000 

1,166,419 

473,&55 

30,045 

2,000.700 

21iXX) 

630.000 

60,000 

1.327,194 

629,550 

39,113 

1.394,800 

45,000 

573,000 

50,000 

915,5P6 

513,751 

31,754 

1,357.400 

66,000 

545.000 

50,000 

805,9.32 

380.874 

27,975 

856.200 
49.000 

650.000 
48,000 

907,a33 

41.5,261 
20,406 

959.S0O 
39,000 

549.000 

42.000 

1.043,776 

420,192 
28.418 

1,016.800 

61,000 

649,000 

53,000 

l,058,0af 

371,900 

24,839 

3.237,566 

534,000 

174.000 

619.000 

1.0.58.027 

371,*X) 

24.839 

828,100 
50,000 

4f9,000 

35,000 

1,131.538 

494,449 
40,639 

975,200 
67.000 

653.000 

45,000 

1.015.767 

328,286 
12,000 1 

Total  visible  supply 

Of  the  above,  to  als  of  Ameri- 
can and  otiier  descriptions 
1  are  a*  follows  : 
American — 

1,1  verpool  stock bales. . 

Continental  stocks 

4.615,742 

1,162.000 
605,000 
015,000 

1.28.5,5(M 
481,977 
22.001 

4.399.019 

1,376.000 
557.000 
355,000 

1,166,419 

473,655 

30.645 

4,707,557 

1.236.000 
420,000 
6.30,000 

1,327,194 

629,550 

39.113 

3,523,891 

653,000 
333,000 
573,000 
91,5.586 
513,751 
31,754 

3,233,181 

730.000 
300,000 
51.5.000 
805,9.32 
880.874 
27.975 

8,947,903 

551,000 
124,000 
650.000 
907,0.33 
415,2<V4 
80,406 

3,061,686 

444.000 
162,000 
549,000 
1,04.3.776 
420.192 
28.418 

3,058.?26 

409,000 
191,000 
479.000 
1,131,.538 
494.449 
40,639 

8.094,253 

417.000 
205.000 

American  afloat  for  Europe.. 

t'nited  States  stock 

United  States  interior  stoi-ks. 
United  States  extorts  to-day. 

6.53,000 

1.01.5,767 

826,286 

12.000 

Total  American 

Enst  Indian.  Btazil,  <tc. — 
Liverpool  stock 

3,722,720 

180,000 

5,000 

71,20* 

69,00( 

46,000 

4,555,472 

144,000 
7,000 

115,200 
14,1100 
46,000 

4,171,542 

227,000 
7,0tX) 

101.200 
51,000 
58.000. 

3,958.719 

8ai,000 
3,500 

107,800 
47.000 
58.000 

4,281,857 

231.000 
11,000 

102.T0O 
21,000 
60.000 

3.020.091 

289.000 
20.000 
99.800 
45.000 
50.000 

2,789.781 

208.000 
16,t»0 

ia3.400 
66,000 
50,000 

8,667,703 

109.000 
6,000 
68,900 
49,000 
48.000 

2,617,386 

179.000 
86.000 

138.300 
89.000 
42.000 

2.811,766 

191.000 
12,000 

102.800 
61,000 
53.000 

2.745,626 

132,000 
17,000 
79.100 
50.000 
85,000 

2.629,053 
187,000 

London  stock 

47,000 

Continental  stocks 

119.200 

India  afloat  for  Europe 

Egypt,  Brazil,  ic  .  afloat 

er.oQp 

45,000 

Total  East  India,  4o 

Total  .American 

_    Total  visible  supply 

Price  Mid.  Upl.,  Liverpool  ... 
Price  I14L  Upl,,  New  York  . . . 

.371,200     .32t>,200 
3,722,720  4,55,5,472 

441.200 
4,171,.542 

440,300 
3,958,719 

425,700 
4.281,857 

503.800 
3.020,091 

443,400 
2,789.781 

280.300 
2.667,703 

434,300 
2,617.386 

425,800 
2,811,766 

313,100 
2.745.626 

465.200 
2,629,053 

4,093,<t.'0  4,881,672 

i%,\.   3    l-.32d. 

8  5-16C.    5  11-16C. 

1,61.5.742 
4,\id. 

4,399,019 
54^d 
9110. 

4,707,5.57 
4d. 

8,523,891 
5,»,d. 

99ic. 

3.23:3,181  |  2,947,903 
596d.  1       5%d. 
1034C.  1        9iJc. 

3,061,686 
5!  id. 
lOV^c. 

3,237,.5e6 
5,'.d. 
».'.o. 

3,058,726 
4lJd. 
9i',0. 

8,094.253 
6d. 

imc. 

Q 

QC 

O 

O 

LiJ 

QC 

J 

< 

D 

Z 

• 

z 

0\ 

< 

00 

■» 

^ 

u 
d 

GC 

(U 

O 

> 

>- 

u 

03 

5 

C 

UJ 

a> 

Z 

CO 

o 

QC 

(4-. 

UJ 

S-> 

o 

c 
B 

0) 

QC 

CQ 

> 

o 

O 

^ 

z 

n 

< 

o 

CO 

o 

GC 

U 

UJ 

>> 

i^ 

2 

z 

(U 

< 

GQ 

^ 

"O 

>- 

n 

Z 

d 

< 

>> 

Q. 

d 

2 

Q 

o 

o 

Q. 
Q- 

< 

—I 

o 


►J 
< 

Q 

0 
U 
H 

2 

o 

•aojsnofi 

13,296 
5,910 
7,6,33 
4,039 

CO  ?0  X  CJ  —  -H 

CJ  in  »  t-  ®  OS 
os_—  00  CO  00  OS 
co'-^'o'-iIi'-^'tji' 

tH              tH 

CO  CJ  ■*  ■*  X'  © 

©  ©  CJ  in  CO  © 

CO  m  I-;  ©  in  ©_ 

in  ■*  ©'  ©  t-'  t-' 

I-H 

c>  o  CJ  t-  X  in 

©  I-  ©  CO  I-  I- 

©_©  rH  ©OS-* 

in'x  in  in*  t-  ©" 

1-H 

OS  i>  rH  in  ■*  © 
x©cj  in  ©© 
Ln  ■*  X  t-  Ln  CO 

©"©  cj'  ■*'  CO  V 

CJ  ■*■*■*  t-  CJ 

©  CJ  ©  CJ  ©  m 

t-l-Ot-©  X 
■*'■*' x'rn'cJCJ 

Ln  CO  CJ  Ln  ©  ©  1 

CJ  CJ  CO   -»■    rH  ,t 

I-H  Ln  ©  CO  cj'  CO 

•SItTOI     Jg 

:  t-c«  o 

:  50  o  o 

;  CO  OS  CO 

'  I-H 

OCO  CO  c»oo 
in  in  LO  w  in  o 

■*  ■*  C-            TjlT^ 

■*coin-*©© 
©CJ  •*  coos  © 

CO  ■*  CO  ■*  ■*  I-H 

I-H©  CJ-*©  X 
in  t-  rH  OS  Ttl  OS 

■*  in©-*c!i 

f-  CO  C-  ■*  X  rH 
eo  CJrH.^rHX 
CJCOCO©CJ© 

xinin  r-co© 

CJ©  ©©X  rH 

ioio-*-*eoeo 

CJ  ©  X  Ln  in  X 

©  ■*  t-  ©  rn  C 
■*■*-*  CJ          rH 

sti{duid}^ 

-t  ■*  l:~  l- 
COCJ  -*  -^ 

O  «0  -rt  t~  ■*  OS 
CO  00  ■*  CO  CO  00 

in  t-_co  rt_i-H  t- 

I-H  I-H  I-H 

©  t-  »  ©  C5S  LO 

CJ  *  Tf  CO  ©  -H 

I-H  CO  t-  I-H  ©00 
i-h'  cj"       1-'  i-h' 

rH  C-  t-  C>  T-   LO 

CJ  t-©©  ©  rH 

©  ©  ■*  CJ  Ln  ©_ 

1-H  CJ  I-H  rH  I-H  rH 

1.228 
2,184 
771 
615 
281 
386 

©  ©eo  rH  ^  OS 

m  ©  I-  ■*  -*  !- 
©  m©©_x© 

1-H  1-H           1-H 

c  ©  CO  ■*  i.n  © 
©  Ln  ©  Ln  X  in 

in  ■*  CJ  rH  rH  ■* 

■Ejsn3ny 

:oooj  «o 

:os  CJ  00 
:■*  i-Hco 

in  00  I-H  ij<  CO  CO 
M<  CJ  COCJ  osos 
CO  d  in  CO  I-H  I-H 

CJ  OS  —  O5  00CJ 

©  •*  T-C  I—  X  OS 

eoc«-*i#  inx 

t-COCJ  m  ©  OS 
CJ  I-  LO  t-  ©  © 

in  X  ©_©  ©  ©_ 

1-H                 1-H 

m  ©  £-  t-  CO  © 

»*  in   rH  m  I-  rH 

X  in  ©  ©  CO  cj_ 

rH 

■*-*x  ©©© 
th  00  I-H  eo  in  © 
eo  CJ  ■*  in  eo  © 

CJ  I-  CJ  X  X  t- 

©  ■*  X  m  ©  I- 

CJCOCJCOrHrH 

•jsi  -jdag 

aouis 
pajEsddv 

7,036.754 

1 

OS 

«o 
t-' 

CJ 

I-H 

00_ 

co" 

CO 

t-" 

CO 
CO 

in 

oi 
c* 
t» 

t-" 

■* 
■* 

1-H 

• 

IH 

© 
■* 
CJ 

CJ 

CD 

CJ 

o 

00 

in 

I-H 

CO 
1-t 

X 

© 

r-H 
1-H 

«o 

» 

1-1 

1-H 
1-1 

X 

eo' 
■* 

*]a3U13A0tll 
UOUBJUEU 

r-T 

1— < 

OS 

l-H 

§ 

00 

1-H 

1-1 
§ 

r1 

I- 
TH 

in 

IH 

•3(33M  Sim 
S)dl933^  JJ0(J 

o 

LO 

to 

i 

i" 

i 

1-H 

CJ 

© 
©_ 

I-H 
-* 
rH 

lElOX 

34  766 
19,798 
39,183 
35,689 

TH  00©  ■*  ao  t- 

t~  CJ  OS  O  H*  o 
O  CJ  It  t^  ■*  t^ 

CO  oin  CJ  t-'os" 
CJ  in  CO  CO  CJ  w 

i-hX«  T-^CDCD 

eo  in  cocjosos 
CJ  ■*  —  ®_os  ^_ 

in  CO©  in  t-'©" 

CJ  in  CO  CJ  CO  CO 

CJ  ©  CJ  ©  ©  eo 
©  t-  —  ©  ©  © 
T-  ©  m  ©  t-  ■* 

x'  CJ  i.n  X  x'  t-' 

CJ  •*  CO  CO  CJ  CJ 

«  ©  in»®  X 
©  in  X  00  X  © 

CJ  cj'-*  "tin  ©' 

CJ  ■*  CO  CJ  CO  rH 

t-in  eocot-eo 
©  CO  rnx©  in 
t-  •*  ©  ©  iH  eo 

cj'rn'x'eoco'x' 

CJ  CO  CJ  CJ  rH  rH 

1-H-*©©  in  © 

r-  ©  ©  ©  -«  © 

in  ©■*©■*  © 

'noisog 
'I-'OA  "'N 

'SJOUJlJlBjJ 

lO  i-iCJ_© 

eo'csToo'co" 

«0  l^  It  CO  O  CJ 
CJ«CJ«^CO 
»-<^0_-*  «D  00  lO 

cfw'eo'Tt  CO  «r 

X  CJ  in  CJ  OS  CO 

CO  X  X  ?3  •*  LO 

o  CO  in  in  -H_  Ln 

t-h'x' »-<"«'■*« 

1.334 
1,516 
8,344 
1,593 
1,194 
4,099 

i.n  ©  r-  ©  t-  © 
CJ©  C  ©  r-  ■* 

i--*X«_XrH 

1-H  rH  CJ  I-H  I-H  rH 

©  CO  CO  J-  ©  CO 

CJ  CJ  X  CO  CO  eo 

©_X©  !>•_■*©_ 
I-T  i-h'  co'  co'  rH  rH 

CO  CJ  ©  ©  ■*  © 
CJ  t-  ■*  ©  ©  X 
CJrHObrH         CJ 

rH         ©'               Cj' 

1-H 

•juioj  jsaA^ 

1,271 

1,426 

975 

^  LO  00  «0  CJ  1* 

<S5  CJ  OS  CO  in  OS 
©  Ht  CO  co_^ao  t- 
«'  i-H  co'  i-T 

OS  CJ  ©  in  o  •* 

t-  •*  t-  OS  ©  in 

«©»osin  CJ 

T-i  wT         T-T 

in  ©  ©  X  ©  CO 
cot- OS  cox  5" 

CO  CJ  Ln  CO  X  o 

CJ  ©  ©  ©  rH  CO 

©  in  rHCJ_©CO_ 
i-TrH  rH        th" 

cox  rH   rH  ■*.* 

©  ©  ©  I-  in  © 

©_X  ©_©£-©_ 
ih"       rH              tH 

©©  m  ■*  cjx 
eo  ©  t-  CO  t-  © 

t-  rH  ©rH  CJ  © 

•Jliojjom 

O  il<  OS  lO 
CO  I-  t-  00 
coco  O  I-H 

■*"     ■*■*»' 

t-  ^  t^  Ln  CJ  !-■ 

Ht  CJ  m  CO  CO  CO 
©  i.n  001-  in -* 

Co'ci'i-h'i-Hi-h'cJ 

CO  •-  CJ  X  in  © 

CJ  -f  I-  ©  CJ  © 

©_®  -H  eo  LO  x_ 

i-H"cj'cirH"o»  I-H 

t-©CJ  ■*  ©  rH 

in  CO  ©  Ln  CO  eo_ 

THdrH  1-H  CJ  1-1 

©  X  X  t-  CJ  ■* 

•*  -*  r*  in  CO  I- 

CJ_©__CO  ©  ■*  l-_ 
rHCj"oj        rHrH 

CO  X  CJ  ©  in  CO 
in  CO  ■*  X  1-  ■* 

CJ©  rH  XCO  ©_^ 
rH         i-T               Cj" 

l--*.*©©rH 

©  CO  ©  in  I-  r- 
CJ©©CJ-*X 

■uoiSuiuii;^ 

«OCJ«OCO 

CO  CO  O  CO 

00  f  ©  I-  ■«)<  lO 

CO  CO  OS  t- -H  00 
I-H  CJ  CI  CO  co_ 

I-H 

t»i-HC»CJ©X 

©  -Hcj  x»os 
in  CJ  ■*  ©  X  -* 

rH 

:  ©  in  in  ■*  d 
:  Ln  in  ■*  ©  x 

I-H 

eorHos-*©o» 
in  ©  rH  ©  J-  in 
©  t-  t-  in  CJ  ■* 

■*  tH  -*  CJ-*  © 
•*  •*  ©  CO  CO  LO 
1-H  rH  1-H  TH  rH  CJ 

rH©  in^  m© 

©CJx5©g5 

■U0IS3[JE113 

1,936 

1,176 

2,417 

833 

in  OS  I-  —  OS  00 
CO  ©  00  m  CD  CO 
cj^rH —IOSCO  ©__ 

I-H   T-H                               I-H 

CO  X  X  ^  ^  t— 
CO  X  rH  CO  ©  ® 

o  x_^os  ©_x  t-_ 

1-H  rH*       rn"       eoT 

i-lt-rHXCO® 
I-'Cj'rHCOrH'cj'" 

X  •*  X  in  ©  t- 
cD©eo  ©©© 
m  o  ©  Ln  in  X 

CJ  Cj'rn'rH'cj' 

©■*  10COI-© 
t-  in©©  rH  ■* 
©_^in©_OOrH  «_ 

r-T        1-H         i-TrH 

t-  ©  I-  Ln  CJ  CJ 

rH  ©  ©  ©  X  CJ 

c-i-©_xo_in 

1-H  1-H         rH 

Hcuucveg 

00  ce  I-H  CO 

OS-*  S  ^ 

co'iaco 

©©  CO  ©  t-CO 

in  I-H  ©  CO  It  OS 
cj'co'h*  eo'cj'ci 

2.496 
2.298 
2,615 
3,424 
1,847 
3,519 

©  CO©©X  I-H 
X  ©  ■*  ©  t-  M 
Cj_^t.x-*©Tr_ 
eo"'eo''*cj-*cj'" 

©  in  CO  rH  X  © 

•*  rH©inoj  CJ 
eos<5ebrH'-*c<i" 

rH  ©  •*  ©  ©  rH 

©  eo  CJ  CJ  ©  c- 

eO  -*  ©  •*  rH  rH 

eo'rH'co"eo"TH'eo" 

•*  t-  in  m  T-H  t- 

©  ■*  X  I-  rH  © 

CO-*  CJ  ©©•>!»(_ 
CJ  CJ  Cj'rHlHC»' 

■'uqoiM 

in  t~ocj 

CO  rt  CJ  -rH 

If  C- I*  OS 

©  00  OS  00  t—  00 
OS  OS  t- It  00  CO 

I- 1-  00  CO  Ln  CJ 

©  OS  r-  rH  t-  -.t 
CO  ©  CJ  ©  ©   © 
©I-  CO^^LO  -^  OS 
I-H         r-T        I-H 

eo  ©  CJ  ©  CJ  rj. 

rr  ©  m  I-  ■*  cJ 

CI  CO_©  X  CO  © 

CO'co'th'th' 

t-  ©  CO  ©  LO  © 

©  CJ  in  X  ©  CO 

©  •*  CJ  rH  •*  rH 
rn'  CJ  CCi                Cj' 

©  ©CO©  ©  © 

©  in  rH  rH  X  in 
i.n  LO  *  eo  X  CJ 

rHCj' 

t-©         rHTt 

■SUE3[JO  *»N 

12,207 

1,576 

13,8.55 

12,473 

©  -r  o  s  -f  OS 
cc  X  c:  1-  -r  OS 

CC  •?/  C)  C-.  1-  © 

©'  S'  I—'  ©'  I-  r-H 

CJ   I-H  I-H            rH 

OS  CJ  ^  ■*  t-  i.n 

rn   rH  CO   l-  I-H   © 

CO  ©  CO  OS  ■*  OS 

©'os'-*©"t-x" 

rH   TH   T-I 

i.n  ©  r-  X  X  © 

CO  ■*  ©  LO  CJ  CJ 

■*  m  ©^cj  ©  x_ 

rH  CJ'lO  X'X  £-' 

1-H  I-H  I-H  1—1 

6,298 
20,331 
13,110 

8,661 
18,5.54 

8.914 

CO  rH  rH  Tfl  in  © 
©  rH  —  CO  ■*  CJ 

XrH  xcoco  ■* 
©©■cj'©'ia»n 

TH  rH  rH 

rH  CJ  rH  ©  I-  t- 

X  ©  CO  ©  CJ  © 
©  ©  ©  I.n  ©  rH 

x'co't-'-*MI«' 
rH        rH 

•nojssAiEO 

CJ  o  in  » 
I-H  odt-^os" 

I-H 

00©  CJ->t  CO-* 
CO  I-  ■*  ^  CJ  ■* 
00  ©  £-  LO  «  CJ 

■*oo'in  oo'os'co' 

©  ©  ©  ©  CI  © 

©  X  ©  ©  X  CO 

©_©_©_  I-H-*  OS 

©'©'■*' x"x' in 

©■*©©  eo  in 
X  CJ  ©  ©  •*  t- 

t-  ©  ©  CO  -*  rH 

«'-*'■*  t-'t-'t-' 

TH 

CJ  in  O  t~  rH  © 

CO  rH  CJ  ©  m  t- 
CJ  CJ  I-  ^  ©  m 

■*■  x'ln  x'ln  in 

coin©  rH  t-« 

©  t-  X  ©  in  rH 

X  ©_©  CO  ©  ©_ 
eo  t-'cj'cj'rH  tH 

X©  ©  X  X  "* 

cj'inco-cj'cj'co' 

10 

OS 

Tuesday,     Jan.    1... 
Wednesday,  "      2... 
Thursday,       "      3... 
Friday,           "      4... 

Saturday,       "      5... 
Monday,         "      7... 
Tuesday,         "      8... 
Wednesday,  "      9... 
Thursday,      "    10... 
Friday,           "     11... 

Saturday,       "     12... 
Monday,         "     14... 
Tuesday,        "    15... 
Wednesday,  "    16... 
Thursday,       "     17... 
Friday,           "    18... 

Saturday,       "    19... 
Monday,         '■    21... 
Tuesday,        "    22... 
Wednesday,  "    23... 
Thursday,       "    24... 
Friday,           "    25... 

Saturday,       "    26... 
Monday",         "    28... 
Tuesday,         "    29... 
Wednesday,  "    30... 
Thursday,      "    31... 
Friday,        Feb.    1... 

Saturday,       "      2... 
Monday,         "      4... 
Tuesday,         "      5... 
Wednesday,  "      6... 
Thursday,       "      7... 
Friday,           "      8... 

Saturday,       "      9... 
Monday,         "    11... 
Tuesday,        "    12... 
Wednesday,  "    13... 
Thursday,       "     14... 
Friday,           "    15... 

■a 

3 
C 

c 
o 
O 


■A 

a 

00 


•a 
c 

« 
O 

u 
.o 


c 
E 

4) 

> 
O 

c 
o 

o 

o 


4> 


c 

>, 

'ft 

Q 


s 

u 

3 
C 
C 


o 
> 

4) 

z 
2 

2 

oa 

•a 
c 

OS 

2 

c 

;^ 

c 


E 

o 

a 
a 
a 


> 

< 

a 

Q 
u 

H 

2 

u 

CO 

O 
H 

•uoisnoj.1 

©  ©00©  ©  00 
00  CO  It  0_0  T-i_ 

1-1  OJ  co"  Ol  ■*  lO 

1-1  CO  CO  t-  I-  ift 
CO  ■*©  00  1-1  00 
OJ  OJ  lO  ©  OJ  © 

■*'  ©  I-  -t  CO  t 

^  Ol  ©  1(5  00  1- 

^  CO  lO  Ol  ©  © 
©  !-•,©  CO  -t  © 
-*  co'  X'  CO  Ol  i^t 

;*  ©  00  ©  ;-;  IC 
©  X  ^-  IC  CO  © 
©  ^  r-  ©  X  ■* 
^  -t  I.O  •*  Ol  CO 

TH  t-  01  ©  ©  © 

©©  I-thXOI 
Ol  f  Ol  Ol  ©  © 

CO  Ol  IC  Ol  CO  CO 

OJ  ©  TH  X  OJ  X 
CO  CO  ©  ©  ©  00 
C  ©  C-  ©  Ol  © 
CO  CO  IC  TH  Ol  CO 

eo  oo  CO  oo  it  OJ 

-t  '-©  XX© 
CO  ©  IC  — •  X  X 

eo  Ol  -r  01  th  th 

©  01  O  01  LC  (- 

T-  CO  1-  CO  ©  X 

-t   ©  Ol  -f  Ol    TH 

TH  Ol  W   TH            TH 

X  -t  CO  -*  10  ® 

IC  ©  CO  ©  IC  -t 

CO  -t  I-        CO 

•sinoi  -Js 

»  00  3<  00  i-iJ- 

00  T-1  *  I-  ©  © 

eo  t-  ^  i«      1-1 

la  la  lb  t-  Ss  CO 

©  ■*  ©  X  ©  © 
lO  ©  -t  ©  ©  I- 
CO  lO  l-  lO  CO  ■* 

^  CO  C  1-1  ©  CO 
©  ©  ©  IC  IC  Ol 
■*  •*  Tt  lO  OJ  CO 

IC  01  X  CO  OJ  -* 

©  1-  IC  th  rt  IC 
■*XCO  OJtH  iC 

TH 

T-   -'   ©    ©   -t   © 
TH  -1  Ol  Ol  01   l- 
©  -4  *  Ol   TH   -t 

siqduiaj^ 

CO  ©  «  OJ  IC  1- 

Ti  OJ  CO  1-  in  OJ 

•Tjl  00  ©  CO  t~  00 

OJ  t-  LO  ©  00  « 
©  ©©  1-1  -*  00 
00-*  I- 00  1- © 

©  rt  ©  X  ^  lO 

©  Ol  CO  X  CO  lo 

1-  ^  ©  I-  ©  OI_ 

It  »  1-1  ©  1-1  lO 
IC  l~  X  IC  rt  IC 

1-1_«_©  TH  ©  t- 

i-Ti-T     1-1 

t-  OJ  CO  OJ  OJ  OJ 

IC  ©  ©  1-  TH  t- 

©  ©  L-  X  X  X 

TH 

IC  X  ©  CO  Ol  TH 

TH   ©    CO   ©    LC   © 

IC  X_CO  ©  ©  -* 

l-T 

LC    TH   X   ©    ^   © 

®  X  Ol  -f  OJ  -t 
OJ  ■*  ®  00  ©  CO 

OI  ©  CO  CO  Ol  1- 

CO  1  — r  o  1  -  © 

-t  LC  Ol  '!!  CO  Ol 

•BjsnSny 

S^ggS  1 

0»  1-  00  ©  00  ® 
-*  OJ  I-  lO  OJ  © 

i-i©  IC  t-  00  Iffl 
IH 

IC  LO  CO  X  LO  X 
OJ  ^  ©  1-  X  © 

©  Tt  OI  I-  -<t  ■* 

1-1 

■*  ■*  O  OJ  ©  OJ 

I-  OS  r-  X  ©  © 

i-_©  CO  -*  OJ  OJ 
1-1 

OJ  IC  CO  m  op  © 
CO  iffli-iaS-*ic 

TH          t-5»® -* 

t-  X  t-  X  IC  TH 

©©  ©  ©  l-l- 

l-  IC  LC  TH  CO  CO 

X©    TH    -t    T-    CO 
1-   T-   1-   CO   1-   © 

TH  -*  CO            TH   tH 

•JSI    jdag 

3DUIS 

psjcaddy 

8,350,835 

© 

© 
•* 
oo' 

CO 

I- 

© 

Ol' 

s. 

w' 

CO 

© 
It 
©- 
© 
I- 

x' 

1-1 

© 

CO 

t-" 

tH 

© 
oo" 

i 

tH 

o 

•* 

r-l 

00 

..-apiuojio,. 

1-1 

1-1 

TH 

CO 

to 
■* 

T-H 

1 

© 

OJ 

1-1 

OS 

00 

t-" 

-* 
1-t 

t- 

CO 

s 

1- 

Ol 

©. 

TH 

o 

rH 

■]U3lU3A0in 
UOIJKJUEIJ 

© 

00 
OJ 
Oj" 

© 
© 

© 

t-' 

1-1 
l-l 

© 
© 

B 

1-1 

© 
■* 

© 

© 

eo' 

© 

CO 
IC 

LC 

t- 

® 

•5(33,«  SIIJJ 

1-1 

00 

© 

OJ 
OJ 

1-1 

X 
1—1 
1—1 

©" 

1—1 
1—1 

CO 

l-l 

CO 
lO 

oo" 

1-* 
1-t 

116,460 

OJ 

l- 

£- 

to 

l-l 
tH 

■  g 

•I^jox 

9  262 
11.390 
14,906 
16.901 
12.931 
13,993 

©-*©  lO©-* 
©  ©  1-1  ©  -<t  CO 
1-1  CO  OJ  LO_©  © 

oj'  ©'  ©'  oo' t-  ©" 

1-1  OJ  OJ  1-1  OJ  1-1 

CO  rl  -*©  IC  © 
©X  r-^  X  X  t- 
©^OJit  ©  1-10* 

©■"•rl'x'lC©-* 

OJ  OJ  OJ  1-1  Tl  1-1 

IC  I-  IC  ©  X  t- 
-<t  ©  t-  OJ  IC  I- 

TH  IC  OJ©   IC  -* 

©"x'-^'co'x'x' 

Tl  OJ  Ol  OJ  1-1  TH 

12,772 
23  028 
20,845 
17,402 
16,191 
19,440 

16,419 
17.967 
24,901 
15.445 
20,196 
17.667 

®  X  OJ  t-  OJ  CO 

CO  TH  -*  ©  -*  ® 

©X  ©_©COCO_ 
CO  x'  ©'  ©'  LC  ©' 

OJ   TH   TH  TH   TH   TH 

13312 
15,314 
26  233 
8,081 
11862 
10,717 

'aojso{x 

*3JOUIUlBg 

©  ©  CO  00  1-  © 

1-1  ©  ©  ■*  OJ  © 

COUOLO  ©  T-i  I- 

tH  1-1          1-i* 

OJ  (-  OJ  OJ  lO  t- 

OJ  ©  OJ  -*  00  OJ 
OJLO  I-  LO©  t- 

eo'io-t-"-*'©* 

-*  ©  —  CO  IC  © 

XX  *   ©   —  -H 
©_©  r-1  OJ  l-  OJ 

Oj'i-i'oi  0J'L0'0J- 

IC  1-1  IC  ©  OJ  OJ 
-t  CO  ©  LO  X  OJ 
1-1  LC  X -*  LO_^CO 

oi-^iHOoT  IC-*' 

Gi  a  Oi  ^  y—*  "^ 
©  T^  LC  t-  ©  TH 
©  OJ  OJ   TH  00  © 

THOj'eooj      OJ 

1.598 
1.634 
8.925 
3,752 
1.809 
3,845 

t--*  ©  COX  TH 
1-  IC  X  CO  ©  It 
®  X  t-  ©  co_  t.-_ 

ic'co'oj'ej'io'o* 

©  OJ  CO  X  CO  OJ 

O   T-  -J.  I-  X  © 

eo  ©  ©  -*  T-  t- 

y-i  T-'  OJ  th'  ®  ,-.' 

•juioj  JSSAV 

21] 

1,482 

199 

147 

879 
642 

1.531 
491 
479 

1.217 

©  -f  ©  ©  »~  CO 
©  ©  LO  IC  ©  © 
©  ©  X  1-1        OJ 

©  ©  ©X  -H© 

©  -*  t-  IC  »c  © 
cot--*        IC  © 

©  CO  TH  ©  t-  © 
TH  OS  ©  ©  ©© 

©_co  aD_T^  -*x 

860 
375 
871 
449 
443 
1.030 

X  r-  LC  t-  X  © 

-*  O  LC  -*  ©  © 
OJ  ©  ■* -*  CO® 

470 
144 

1,836 

533 
1.094 

•5110JJ0N 

COCOOJ-*©OJ 
©©©  lO-f  © 

OJ   1-1   Tjl  ©   -^   T-l_ 

i-T 

696 

1.091 
1,616 
667 
1,168 
2,080 

©cox-*x-* 
©  OJ  LC  I-  X  ci 

-*  ©_X  l-_©_©_ 
n  OJ  1— 1  tH  OJ  1-1 

i-lO»  t-©x^ 

-*  ©  CO  X  t-  00 
X  OJ  CO  X  IC  ©_ 

l-l'  co'     oi  co" 

©  t-  t-©  IC  © 

OJ  COOJX  t-OJ 

t,_CO_©_TH   ©_X_ 

i-T  l-l'  i-T  oj'  th"  th' 

^-coxx©^- 

IC  OJ  -t  IC  IC  OJ 

t-OJ_X_C0  x_-* 
r-t  i—Ti-l  OJ  T~* 

-*tH  IC  CO  t-© 
©  -*  ©  CO  OJ  OJ 

©  CO  coxic  eo 

CO  X  ©  t— ©  CO 

TH  ®  OJ  eo  X  ® 

©_-*  X  -*  OI  X 

1-1 

•uo;3uiaiii^\ 

©  OJ  ©  ^  CO 

1-11.0  ©  •*  © 

r-1              1-1 

OJ  LO  t-  -*  oo  OI 

LO  ©  ©  ©  lO  © 
©COrti-^T-. 

t-  LO  ©  -*  ©  -* 
OJ©X©-*  IC 
OJ  LO  OJ        CO  OJ 

1—1  ■*©■*©  TH 

•<t  OJ        -*  OJCO 

©«tH  ©  t-TH 

OS  CO  IC  CO  00  CO 
OJ©  ©OJ  ICIO 

CO  ■*  CO  it  Ol  1—1 

290 

1,798 

101 

144 

92 

81 

®  ©  IC     1   OJ  ■* 
X-*              X© 

•uojs3iJcq3 

©  1-1  ©COOO  OJ 
©  CO  OJ  OJ  00  ■* 
It  J>_CO  1-1  ©  lO 

1-1            1-1  1— 1  T-T 

t-  O  ©  t-  -t  OJ 

©  IC  o  ©  t-  -t 

OOCO  ©  ©  Tji  © 

oj"     ii'i-i'i-T 

©  1-1  -*  ©  t-  IC 
X  ©  X  ©  t—  © 
©  CO  ©_  •-_t-  CO 

l-l'  -*  l-l'  i-T 

CO©  TH  C-OJOJ 

X  CO  ©  CO  ©  TH 

IC  t-  LC  IC  ©  © 

Oj'       OJ  01  th" 

©    TH    OJ©    X© 

£^  i-H  ©  ©  t-  OJ 

CO  ©  ©  X  CO  OJ_ 

I-T 

©  t-®  THX© 

OJ  -*  ©  l-C  OJ  LC 

eo  -*  -*  CO  IC  th 

TH  ©  X  -*  IC  IC 
t-  CO  ©  LC  LC  © 

OJ  coco      OJ  OI 

ri 

t-  00  09  th  e-  OJ 

CO  O  00  ®  00  OJ 
00  00  lO  00  00  th 

•qBauBAcg 

t-  T-<  OC  00  O  l^ 
I-  t-  t-  OJ  -*  © 
OJ-*-*  ^  CO  OJ_ 

oi     OJ  T-i'i-i'i-T 

1-1  —  ©  OJ  i-H  © 
©  OJ  35  I-  00  —1 

-*  CO  ©  »  ©  © 

i-Tco-toj-ojooT 

OI  CO  ©  ©  f^  CO 
■r-  X  «  C  LO  © 
OJ  X  ©  ©  l-  ^ 

cji-rojoji-Toi" 

tH  ©  rt  i-  OJ  X 
-*©-*©  X  OJ 
t-_OJ_X_©_X_X_ 

TH  TH  OJ  tH  TH  TH 

rH -*©©©© 
tH©©icXOJ 

x©©icej© 
THCo'coToico' 

Oi  ao  a>  t~ -^  r-i 
oTTHCrs"      th  di* 

OtH©®  1(5  t- 

lO  t-  TH  TH  X  X 

00®  •*-*t--* 

Oj'T^'it'oj'       ^ 

-*®  ©©CO® 
Ol  X  X  ©  ©  T- 
t-  Ol  OI  t-  I-  co_ 

T-'  ,-■  Oj'  th'         i-T 

•aiiqoiM 

«©©  OJ©  f- 

00  t-©  ©-*-* 

-<t  lO  CO  CO        -t 

IH 

©  ©  LO  -*  ©  © 
lO  00  00  CO  CO© 
CO©        1-1        I- 

o»- 

1-1  ®  t-l-l«® 

T-    —    ©IC                1-1 

T-^  LO  OJ                 OJ 

1—1 

-*®   t-TH©   ^ 

LC  TH  t-  -t  X  CO 
OJ©X  iC  T-  OJ 

OJ    ©    «    ©    TH    © 

©  LC  ®  CO  X  -t 
©_«_      ©_      CO 

TH  TH            yi 

1,232 

1,441 

1,144 

571 

405 

261 

X  ©  X  th  CJ  CO 
t-  X  CO  T-  ©  ® 
CO  t-  ^  OJ        LC 

©  Ht  Ol  t-  ©  CO 

©   t-X    TH   ,-,    ^ 

I-            -*  »c  ® 

1 

1-  LO  CO  ©  OJ  © 
U-J-it  ©'t-'-*  CO- 

lO ■*  00  ©  LO  CO 
r-  00  I-  CO  LO  © 

©_  -*  1-1  ©  ^  1-1 

co'  oo'  OJ  Oj'  Lo'  co' 

1— I       1-1 

t-    ®    OJ    1-1    T-    1- 

t-  LO  C  ©  S  X 

x'©  ic"-*'-*'-* 

7.788 

11,558 

10.956 

11,279 

2,018 

3.897 

-*©OJ©OJCO 
OJ  •*  X  LO  X  © 

X  ©  OJ  LC  ©  © 

CO  oj't-'»'c-'©' 

IC  CO  t-x  t--* 
OJ  O  OJ  t-  -*  © 
TH  LC  t-X_^LC  -* 

©'x'®'-*  »'©' 

COth©  ,-.  ®  OJ 
-*  n  00  OJ  -*  LC 
®  LC  o  cot-  ©_ 

x'-*"  X'®'-*' l-l' 

1— 1 

2,3371       5,333 
1,233        9,816 
2.225      15.503 
1.426       3,232 
2  590          498 
2,174       2.626 

•UOJSaAfEQ 

OO  1-1®  00  OJ  lO 

S(  ^_oo__ao-<t  ©_ 

oof  i-H -*■-*'->* 

00  ©  00  00  COOO 
5<  LO  ©  CO  •*  t- 

co'fr-'oj'oj'oj'oj 

®  ■*  t~  ■*  OJ  -<t 

eoic  -^iMxt- 
oj  X  ©  ©  1-1 « 
co'oi  ojoi'i-Ti-T 

1-1  ©  X  ©  ©  TH 

00  IC  ©  CO  ©  X 
©  t-  OJ  l-  LC  CO 

ojic'co'co'co'th' 

©©©2«© 

CO_X,TH_©   OI    t-_ 

l-T  l-l'  Oj'  r^  co'  th" 

®  CO  CO®  X-* 
IC  ©  ©X^i  t- 
T-  ©  t-l-OO© 

Co'th  OJ-th'oJ-th" 

®   ®   ©   ®   T-    ® 

co'oj'     co'co'th- 

U5 

a 

00 

Satunhiy,       "     23.., 
Monday,         "     25... 
Tuesday,         "    26... 
Wednesday,  "     27... 
Thursday,      *■'    28... 
Friday,           "     29.. 

Saturday,  Feb.  16.. 
Monday,         "    18.. 
Tuesday,        "    19.. 
Wednesday,  "    20.. 
Thursday,      "    21.. 
Friday,           "    22.. 

Saturday.       "    23.. 
Monday,         "     25.. 
Tuesday.        "    26.. 
Wednesday,  "    27.. 
Thursday,      "     28.. 
Friday,      March  1.. 

Saturday.       "      2.. 
Monilay,         "      4.. 
Tuesday.         "       5.. 
Wedne.sday,  "       6.. 
Thursday,      "      7.. 
Friday,           "      8.. 

Saturday,       "      9.. 
Monday,         "     11.. 
Tuesday,        "     12.. 
Wednesday,  "     13.. 
Thursday,      "     14.. 
Friday,           "     15.. 

Saturday,       "     16.. 
Monday,         "     18.. 
Tuesday,         "     19.. 
Wednesday,  "    20.. 
Thursday,      "     21.. 
P>iday,           "    22. 

Saturday,       "     80., 
Monihiv,      April  1.. 
Tuesday.         "       2.. 
Wechiesday,  "       8., 
Tluirsday,       "       4.. 
Friday,            "       5,. 

Saturday,       "       6.. 
I^londav,          "       8.. 
Tuesday.         "       9.. 
Weihicsday.  '      .'0.. 
Thursday,             11.. 
Friday,           "     12.. 

•a 

V 

3 
C 

c 
o 


a 

00 

u 

> 

u 
es 
•o 

c 

"3 
o 

o 


c 
E 

> 
O 

c 
o 

'*' 
o 


4> 


•a 
c 


•a 

u 

o 
u 
u 

« 

3 
C 
C 
< 

■  k 

o 
>■ 

^ 

u 

Z 

u 
<u 
^ 

o 

u 
03 

•a 
c 

«) 

i. 

c 
ca 
03 

c 


o 
O 

a 


siqj  pajBaddy 


5(33M  siqj 


•uojsnojj 


smoi  'jg 


C5  ■*  •>#  CO  CO  r-l 

00  t^  CO  «C  CO  oo 
eO  rH  <?J  Ol        T-i 


siqduiaj^ 


_  1— Ot-CQ05 

o-*eoo5  cooo 

W  £-  CO        T-t  rH 


•Eisn3ny 


•jsi  -jdag 

3DU1S 

psjGsddy 


U01JEJUE[(£ 


■I':>0X 


*uojsog 

'SJOUIIllEa 


-^  CO  30  c>>  t-  c^^ 

50  CO  -H  o  W"* 

00  00  t-  o}  o  eo 


•JUIO J  JS3A\ 


•51IOJJOJJ 


■uojaaiuii;^ 


■uojs3iiBq3 


■IJBUUEAEg 


•anqoiM 


saE3[J0  *3N 


•uoisaAiEQ 


1-1  lo  Tji  CO  e*  Tj( 

■^  I-  ^  CD  i-  00 

C-  rH  OOOO  O5  00 


O   O   T-I   T-I   -^  «> 

CO  00  OS  00  o  o 
r-Teo  T-i 


CS  -*  OCO  Ift  00 

T^    i  -    ^    t-   T-    ^ 

c»  CO  o}  00  ir:  (35 


00  CO  M  f-  o  io 
ei  CD  CO  o  ic  o 

■>*  O  CO  -*  Tt  OJ 


00  (»  CO  CO  Ift  CO 
(M  00  T-i  ^  O  T-I 
O  1N00O5  -^CD 


oioceosw  t- 

l~  T-I  Tji  oj  OS  (M 
rH  CO  CO  OJ  (M  00 


iffl  OS  t-  <N  00  r- 

CO  O  00  OS  t-  OS 
OJ  I-  »  CO  CO 


t- O  •*  t~- CO  Oi 
T-I  CO  OS  0>  OS  CO 

CO   T— I   CO   T— I  T— I 


TiOO  O  T-HD  CO 


OS  00  eoQcooj 

(TJ  OJ  CO  CO  Oi  O 
(M  W  Ol  i-l 


»0  I-  00  1.0  •<*  o 

OJ-*  00  — I  ooo 
T-(        CQCO  i-iCO 


oiseoiTjoso* 
o-*ao      OS  r-i 

T-I  T-H  ©*« 


CO    I  CO-*  t-o 
CO     I    OlO  T-I  Tf 

I     T-I  T— I  I-l 


T—  -+■  t- OS  00  « 
O  IC  CD-*  thO 

r^  CO  T^  T-1  T-I  T-1 


-*  o^o  t-io«o 
OS  00  OS  -*  r~  t- 

T-H  T-I  T-I  W  T-I 


CO  00  T-^  C}  T— I  CO 
OS  0«  OS  O  OS  lO 
COtHt-1 


OOJOOCOCOOO 
CJIO  T-I  COO-* 

T-I  01     Tl 


CO«Ot*COO»00 
lO  00  W  1-1  CD  Ti 


T-1     NO* 


T-I  OO  IC  0>>  00  CO 

CO  OS  -*  no  t-  t- 


CO  IC  CD  OS  O  O 
T^  CO  CO  O -r-  T-I 

1-1    T-I  oje» 


T-I 

eo 


CD 

r- 


CO 

-* 


-* 

OS* 


o» 


LO 

CO 

t» 

C(f 

r-i 

os" 


CO 
OS 

eo 


00 

o 


OS 

t- 

eo 


o 

OS 

OS 


eo 
at 


eo 
eo 

00 


■* 


o 


OS 
00 

t- 


o 

T— I 

o 
©" 


CO 

ce 

o 


rH  lO  CDO  -*  O 
O  O  O  -qi  ■>»<  -* 

-*  CD  -<t  00  OS  lO 


-*  00  OS  (-CO  OS 
CO  OS  CD  OJ  o  ■* 
CO  CD  »-0  LO  ^^  cs 


I-  O  00  OS  OS  o 
-f  CD  OS  OS  00  OS 

-4  CO  M  --I  X  CO 


T-I  CO  Ol  OS  CO  00 

in  CD  00  OS  o  rt 
m  XI  CO  ^  ^  oo 


00  >ra  IS  I-  ^  lo 
T-  CO  cs  CO  -*  lo 

X  IC  CO  0»  CO  •* 


CO  O  O  X  T  00 
-*  T-  CO  LO  X  o 
00  CO  OS  OS  I-  OS 


■*  OS  lA  osA  es 

00  O  t-X  CO  o 
-Tji  00  CO  CO  C- X 


cDt-T-iXT-iT-i      o>osi-coiat-      eoooo-*Ti<co      oOLOOicoeo-*      eoiooocoeoe*      (M-<tTj<(Meoco      i-icOt-icdt-ico 


t-  ■*  CO  •*  00  t- 

-*  CO  00  m  CO  t- 

CO  00  -*  OS  I-  OS 


L-s  -^  (M  OS  -H  eo 

OS  r-<  O  O  LO  OS 

T-I  OS  OS  t-  T—  lo 


oo-^oeo®  lo 
LO  CO  oj  CD  o  in 

c-  OS  t-  00  o  eo 


00  CO  •*  OS  0»  1!5 

O  IC  CO  OS  OJ  OJ 
-*  LO  t-  O  CO  CO 


OSOOO(M  t-CO 
T*  CO  cj  eo  O  CD 
09 -"iti  eo  <M  lO  OJ 


T-ICJO1C0W-*         t-i01COC}t-iOJ        OJC*t-C}i-iT-i        O^T-iCO        T-ie»        IOt-i        T-ii-lOJ 


TIC*  1-1  1-1 


CO-*  eo  ■*  -^oo 

CD  00  -*  CO  I-  T-I 

OS  CO  CO  ^  CO  1"^ 

1-i       Ci        il' 


X'*  cot- 00 
WCDCOi-i-* 
t-  ©  -*  <M  (N 


lO  I-  CO     I   CO  CO 

CJ  Tjl  ■*  -HO 

«0  coco        (NCO 


00©  IC 

T-I   t-  t- 

eo  CO  CO 


©  no 
©X 
OJ  LO 


X©l-T-iCJ«5 

iffl  ij"  eo  00  •«*< 

•Oil 


CO  r-  •*  o  X 

1-1  ©  CD  —CO 
■»»l        CO  1-1 


II 


CO  ©  OJ  I-  ©  -* 

t-  eo  X  T-I  —  -H 
LO  oj  cj  eo  eo 


CO  CO  —  —  lO  CO 

©  -f  eo-jix  ■* 

JO©©  lO  1-1 


LO  CJ  ©  CO  T-I  © 
©  CJ  -*<  X  OJ  X 
CO  ©  CO  ^  ^  d 


©  X  CO  -^CJ© 
O  CO  OJ  T-I  ©  © 

1-1  eo  oj  1-H  eo 


©  O}  Iffl  ©  CO  I— 

CO  eo  iH  iji  ©  t- 
OJ  1-1  c* 


1-1  t-X  Tfl©® 

CO  ©  ©  t—  CO  ^ 
C*  1-1  tH 


coco©  -*©  ■ 

«Xt-I    T-I    ■ 

OHO  ( 


1-1  W  rl 


t- OJ  OJ  ■*  OJ  ■* 

T*  i-ilO  lO  © 


t-©  w<i<ioeo 


(M        I      T-I   1-1 


•*  CO  X  lO  1*1  X        ©  LO  -^ 
©  CD -*  CO  CO  ©         ©CO-* 

■*iaicwT-ix     ci©-* 


©  LO  •*  CO  (M  © 
OS  CO  -*  OJ  lO  O) 

cj  CO -*  la  lo  T-1 


T-  CO  •*  t-  o>  -* 
>  ©  cox  -*© 

--     -    T* 


<M  IN  ©  CO  ■ 


©©©«o©x      iOi-i©c»coeo 

«©Wt-t-eO         -Tjli-I  -rl 


LO  ©  T-I  X  t- 

lo  CO  OS  ^  1JI 
eo  T-H  CO  T-< 


t-   t-  t-  T-I  O}  •* 

X  in      t-hx  1-1 
eo  c*(M 


-*  ©  ©  lO  w 
Iffl  OJ©        Oi 


t-  T-I  lO  ©  T-I  T-I 
iOTl<©T-lO}    © 

©  CO  ^  CO  C^  T-H 


^  OS  ©  ©  ©  t— 

lo  t~  ©  J-  «  r- 

©C0©lO  X  » 


1-COOt-h©©        l-©05>»t-© 

co(rj©»iot-      <M©t-t-eo© 
oi  ■*  CO -*  c»  <?»      ©T-iTjii-i      eo 


t-io  t-»i-l 


X  «  OJ  t-  ©  © 
©  CO  CO  ©  I-  Ol 
f.  X  lO  OJ  o  t- 


0}  IC  •*  ©  ©  rH 
X  X  •*   T-H  •*  © 

eo  1-H  ■*  o*  •^  eo 


I-  -rH  ©  1-H  OS  (M 

T-iX(M  OJ  1-hX 

■*  ■* 


CO  T-H  lO  CO©© 

lO   T-H  1-H  •*  T-H  © 
t-  TH  CO 


T-H-*©  CO  ^  t- 

1-H  ©  T-H  CO  CO  © 

■*  T-I   T-I   ■* 


t-T-H  ©OJQOiH 
d  IH  T-1  t- CO  « 

■*  tH 


s; 


xco©x©© 
i-H  ic  eo  ©  I-  T-H 

CO  t-  ©  TH  •*  -* 


t--*OS  -HO  t- 

CO  T-H   T-H  I-  t-  X 
■*  tH  ©  ©  CO  © 


t-coeo  CO  T-H  X 
eo  ©  T-H  ic  o>  © 
o  X  coco  X  OJ 


IC  ©  rl  ©  ©  ■* 

©  -H  ©  ■*  ©  00 
OJ  ©  O  T-H  OJ  X 


©  «  ©  eo  t-hth 
eo  X  *i  ic  <o  LO 

(M  ©  CO  LO  CO  © 


t-  r-  X  CO  X  i- 

•*  X  -*•©  J-CO 
I-  I-  lO  lit  LO  © 


cox-*T-ieoci      i-Ht-ioo}-*to      Loc*©! 


(MeO-*T-lCJC<J        OJCJr-i        t-itH        i-hcc*        t-i 


CJ  •*  X  ©  O  CO 

LO  oj  -*  It  CO  l- 
eo  ©  ©  T-H  CO  ©_ 

l-To*  i-h'i-h't-h  tH 


©  ©  t-  T-H  CO  OJ 

1-H  X  t-  •*  T-H  © 

xco  t--*x 


©  ©  IC  CO  I-  l- 

LO  X  --  OJ  -*  X 

LO^  T-H  T-H  CJ  -*  lO_ 

r-T  ta  co"  eo'  t-T  i-T 


OJO  ©  OJX© 

X   ©   TH   ©   -*   OJ 

©  ©_C-  T-i^©  co_ 

eo  1-H  T-H  1-H 


t-X  0J»O 

©X©  tH 
©  OJ-*  £- 


X  ©©■*■*  X 

©   T-H  ■*  ,-.  CO  OJ 

(MX        £-•*  © 


LO   lO  t-  ©  t-  T-H 

O  lO  O*  ©  ©  © 

eo  1-H  Ti  X  CO  (M 


T-H  IC  IN  tH  t—  ■* 

lO  t-  CO  T-I  -*  1-H 

TH  CO  coco      OJ 


00  ©  T-I  ©  -*  lO 

00  T-H  ©  CO        X 

IN  rH  IN        LO 


CO  lO  ©  t-x® 


03     - 

TO   L-d      3   ?>   «      (-1 


©  IN  CO  ■*  IC  © 
(N  IN  <N<N  <MO* 

l-©©  TH  (NCO 
(N(NCO   ^ 

:::|:: 

Saturday, 

Monday, 

Tuesday, 

Wednesday, 

Thursday, 

Friday, 

Saturday, 

Monday, 

Tuesday, 

Wechiesday, 

Thursday, 

Friday, 

■<t  ®  c-x©© 


<  CO  -*io  ©  l- 


tH        rH  t-1  tH  t-h  t-i  i-h        tHIN(NO»(N( 


£  ~  i  S  -  .s 

cs  ^  3  ►>  -2  ,t< 
CC  r^  H  1>  H  fe 


cs  tT.bSiH  .- 


*  k: 

S*  ;^  bl  i?  K.- 
t.-^  ^  c  £  * 
5  S  £ S  s2 

cS  ^   S  >  p!  .(^ 


02  i==i  H  F*  Eh  (*< 


i-ieOTjuo®  t- 


^   - 
ce  t^  b  s  4  ^- 

1«  ^  3  >  £  ,i^ 


4 


>■ 

Q 

Ji 

r-i 
Oi 
O 
a, 
u 
as 
'^ 

o 

H 

■uoisnoji 

«0  lO  »C  *J  il*  t- 

«««  1-1  T-l 

X  I'  CO  lO  Cfi  o> 

eocoxwo  t- 
« 1-1      1-1 

0»  OS  OS  CO  »  o> 

OS  OS -^  OJ  Tp  1-1 

1-1 

oa  T-t  00  ^  ^  00 

§i;ssgsg;t 

00  1(  -H  ^  IC  CD 
OJ  »  OJ  Tj<  CO  1-1 

1H                                    1-1 

TH  eo  CO  ©  OJ  -t 
OJ  t-  OJ  TH  th  a6 

O  CO  CO  OS  X 

TH  lO  OJ   TH    0« 

eo 

•s.noq  js 

Tjt  W  »  CO  -Ji  1-1 

O  l«  CO  CO  1-1  t- 
O  X  t-  11       c« 
1-1 

I   OS  -t  If?  ©  X 
1   ri  0>  1-1  tH  tH 

rH  00  tH 

t-«®  t-ee-* 

^S5|§ 

t-  OS  X  op  CO  OJ 

eOOJ  TH-*  TH 

2  JS^'-S 

smdui3)\[ 

OT  OS  ®  rH  m  o 
If  CO  IM  O        CO 

CO  t~  t-OJ'^CO 
£-•  1-1  1-1  1-t  rH 

Tl"  0»  rH  CO  CO  C© 
CO        lO 

-s^g-^s 

10  0*IOt-10  0» 
l-l         TH         1-1 

W  OJ  OJ  04  irH  Tjl 

coceeoojxeo 

CD                         04 

■<i<  OJ  OS  OJ  t-  ce 

l-t            T-l 

'cisnSny 

CO  O  t-  <M  IC  CJ 
1-1  1-1                     Ci 

CO  T-  1-1  t-xeo 

lO                     1-1 

OS-*thOSOI  t- 

S^ig'^^S 

OSOCOCOCDX 
1-1  tH               rH 

oseocoojiceo 
•ri<          coco 

ooojeoco'*  TH 

iO  TH  rH  OS  TH  t^ 
TH                     TH  CO 

■JSI  -jdog 

3311  IS 

00 

o 

Ol" 

x" 

CO 
os" 

I- 

CO 

os" 

OS- 
SI 

e»' 

tH 
lO 

i 

1-1 

„"3piaojq3„ 
sii{)  psicsddy 

o 

X 

X 

CO 

co_ 
I-T 

1-* 

1 

lO 
1-H 

X 

!§ 

Oj" 

TH 

1 

i 

CO 
tH 

fr-' 

•ja»ui3A0in 

UOI)E)UC[J 

1—1 

T-t 

OS 

1-1 

0» 

OS 

3 

1 

X 
04 

1 

-^33M  siqj 
Sldl333^  JJOJ 

CO 

o 
cs 

CO 
X 

o_ 

1H 

OS 

OS 

CO 

lO" 

i 

eo" 

X 

CO 
04" 

OS 

of 

CD 
r-i 

(M  C5  OJ  CJ  O  t- 

«0  O  -*  C5  Tf  LO 
tH  IC  05  'Tt*  r-t  ^ 

"IBiox        eo'in' of  rn' CO  T-T 

t-  X  CO  CO  r-  C5 

—  t-  Tl  1.-  X  -ii 

O  O  O  CO  C5  o 

r-ioioiai      i-T 

ic  ic  CD  r-  o}  '^ 

-H  1-1  1-  t~  CO  1-1 

CO_^CO_OS  T-i_l-  Ol 
1-1 1-1       1-1 

t-  X  X  X  X  -t 
OJ  OS  CO  OS  -^  CO 

1*1  CO  X  T-l  1-1  i^ 
th" 

O  lO  CO  X  c-  -* 
X  t-  ■*  lit  ©  CO 
CO_^OJ  lO  CO  OS  CO 

oj'i-T 

OJ  OJ  CO  -»<  X  -*< 
OS  OJ  CO  CO  CO  © 

Tji  X  •*  eo  CO  OJ 

—  ©  ©  CS  LO   X 

©  r-  CO  i!5  ©  X 

lO  ©  LO  OJ  LO  T-l 

t-  t-  X  ©  CO  lO 
I-  OJ  I-  Ol  t~  © 

thx        tH        CO 

'uojsog 

'1-«>A  •«=« 
*3jomiJlBa 

O  C-J  •*  —  CO  o 
t-  CC  t'  -*  'i-  X 
Ti<  1- I-  CD  i-i?}^ 

1-1            1-11—1 

943 

483 
2,447 
441 
473 
377 

X  07  ©  X  ©  OJ 

CO  Tf  t-  ©  -.*  o> 

©_t-  LO  X  oi  1-1 

rH 

co©co  ©      t- 

CD  IC  Tf  CO        CO 
CO  1-1                     CO 

OS  CO  OJ  ©  1-  1(5 
OS  X  l.O  I-  LO  t- 

^           CO  TH  -rH  OJ 

of 

j>  r-  -H  cj  -*<  © 
©  -t  t— iio  CO  .H 

eo  -4  iH  OJ  1-1  iH 

CO  -H  /j>  CO  ■*  LO 

X   »    —    I-    TH   OJ 

T-l          IC  r-1  ^ 

—  —        ©©CU 
•*  CO        t-Tl<IO 

•JUIOJ  JS3A^ 

i-lli 

X  1.-;    1  CO    1 

I-  1-1         CJ 

1                        1- 

©     1      1   X 
lO              CO 

-  1    1 

1         i     iS 

1      1      1    CO  ©     1 

1         1         |0JTH       j 

•:j1Iojjon 

CD  1-1  CD  ■*  t- -^ 
CO  OO-^  1-1 

cooxmxi- 
in              1-1 

C*                     i-i 

1   ©CDOJISCO 

1-       «- 

COOJIOC-IO 

1-1 

C-t-lO  iHCOOS 

CO  t- tH  CO  ■*  iH 
OJ          tH 

X  eo  111  OJ  lO  r- 

TH                     OJ 

TH     1   ©©XtJI 
tH        tH  tH  t-i 

'ao)Suiui[i^ 

1                OSi-1  lO 

»0    1         1-1        M< 

1 

s  r 

-*iox    1    1  o 

OJ  CD  1-1  Ttl           1 

.COOJ,      p 

OJ     1    OJ        X 

^  1 

T-0404     1 
OJ         1 

•aojs3]JEq3 

05X10  OSOJ  lO 

1-1 

-*      eoi-ii- 

04 

CO  i-iOJ        IC  1-1 
1-1        CD 
1-1 

I-  I-        ©     1   04 

1H  THt-                     1-1 

X  1-1  lot- IH© 

i«    1  eo  CO  Ol   ] 
OJ   1                1 

©        OJ        © 

■ijEuaEAEg 

O  ^  X  C>  X  X 

X  ?i  CO  X  --  ^ 
t-  CO  CO  -^Ji  o_ci 
1-1 

t-  X  O  OI  -rt  05 
C  OJ  C5  CO  CD  lO 
CO        CO  t- 

IS  C5  CO  CO  i-  CO 
CO  CO  t-x 
1-1        Ol 

CO  coco  t-    1  lO 

OSLO 

TH                    1 

LO  -*  X  ©  LO  OS 

TH           Tj(i-I           OJ 

1-1  X  CO  OS  CS  tr- 
t-CO 

LO  -H  t-  rH  X  X 

CO 

TH 

OOS©  TH    IX 
TH        04           j   CD 

•siiqoiv 

C<J  05  CO  CO  lO  ■<1< 

O            T-1  W 

1— 1 

i-T 

t-  o}  CO  la  o  CO 

0<  OJ                     T-l 

oj  X  CO  X      a 

T-t                      1-1 

XlH-*  C-          tH 
CO 

OJ  TH  CO  C-        CO 

iH  iH  CO           1 

OJ        04        1-tH 

1.0  tH  rH                 CO 

1-1                   eo 

•SUB3|JO  *3N 

^  O  05  CD  O  1-1 

CJ  1.0  CS  —  X  1-1 

lO  r-_i-i  Tt  tH 

1-1 

O  CO  CO  OS  OS  OS 

^  1-1  l-<  X  in  Ttl 

Ml  >C  1-1  o_co  w 

T-l 

CO  OJ        1-1 

CO  CO  ^  OS  OS  1—1 

xco-^  oseoco 

^        CD        tH 

OS00  05C0  10  t- 

OJ  t-  Tjl  CO  CD  TH 

TH            T-H  CO 

Tl 

©  LO  OS     1    OJ  © 

OS  eo  ■*      -*  OJ 

CO  1-1    1 

^|gi^|s 

coio  -*eocox 

Xtht* 

■UOJS3AIBJ) 

1-1               1^ 

OS     1   O  CO  OJCO 

r;    1.1.-5  10  10  0 

Oi     1                      1-1 

t-  t-it        CO     1 
CO-*-*        X 

CO  ox        OJ    1 

eo  eo  © 

1-1            TH                         1 

OJ     1   CO     1   © 
^     |CD     JCD 

1-1     1   CD     1          lO 
X     |04     1          TH 

s^  jt-    1 

»o             1     1 
1    1 

10 

e 

Saturday,  June   8... 
Monday,         "     10... 
Tuesday,        "     11... 
Wednesday,  "    12... 
Thursday,       "     13... 
Friday,           "    14... 

Saturday,       "    15... 
Monday",         "     17... 
Tuesday.         "     18... 
Wednesday,  "    19... 
Tlunsday,       "    20... 
Friday,           "    21... 

Saturday,       "     22... 
ISIonday,         "    24... 
Tuesday,         "    25... 
Wednesday,  "    26... 
Tluirsday,       "    27... 
Friday,           "     28... 

Saturday,       "    29... 
Monday,     July     1... 
Tuesday,         "       2... 
Wednesday,  "      8... 
Thursday,       "      4... 
Friday,            "      5... 

Saturday,       "      6... 
Monday',         "      8... 
Tuesday,         "      9... 
Wediu'sday,  "    10... 
Thursday,       "     11... 
Friday,           "     12... 

Saturday,       "    18... 
Monday,         "     15... 
Tuestlay,         "     16... 
Wednesday,  "     17... 
Thursday,       "     18... 
Friday,            "     19... 

Saturday,       "    20... 
Monday,         "    22... 
Tu<-s(hiy,         "    23... 
Wednesday,  "    24... 
Thursday,      "    25... 
P'riday,           "    26... 

Saturday,       "    27... 
Monday,         «'    29... 
Tuesday,         '*    80... 
Wednesday,  "     81... 
Thursday,   Aug.  1... 
Friday,          "      3... 

?? 


3 
C 

4-1 
C 

o 


lA 

QO 

u 
a 

4) 

U 

•o 
c 

s 
u 

u 
o 


c 
a> 

E 

4> 

> 
O 

e 
o 

•♦< 
o 


•a 
c 


o 
u 

lU 

Of 

« 

3 

e 
c 
< 

© 
> 

Z 

u 
u 
,:^ 

o 
u 

CQ 

•o 
c 

2 
« 

c 

cj 
CQ 

c 

Q. 

E 
o 
o 

Ci. 

o. 
a 


> 

J 

< 

Q 

Q 
W 
H 
Pi 
O 

Oh 

« 

o 

■aojsnoH 

*}  0  (M  10  0  ■* 
!D  (TJ  ■>*  CO        10 

OS  CO  10  -^  to  0 

T)4  ->1<  IC  C>}  <^  IM 
1-1        1-1        OiOi 

t-©CO©  1-1-^ 

i-<  ©  OS  1-1  ©  CJ 

i-il-  OJ  00  1-1 

I-  LC  t^  ©  O:  CO 
CJ  ©  ic  i-  OS  ■<* 

10  -*•  ^_IC  ©  CO 

1-1               y-* 

©  ^  LC  CO   —  © 

CO  ©  C)  ©  I-  00 
^_CD_0O_£.-_i-i_©_ 

1-1  1—1  CO  1-1  CO  1-1 

—  e  ©  LC  t-  CO 
©  •*  LC  1-  0  c- 

©  ©_LC  O0_r-_r-l 

i-ioj'LCTt  cj'co' 

eo  It  ©  ©  CO  CO 

00  00  LC  ©  CJ  CJ 

CO  X  -f  t-  rH  rH 

Ort  ©  IC  l-^©' 

TH 

It  I-  ?t  ©  LC  LC 
C>  ©  X  X  ©  CJ 

It  LC  t  ©  ©_  © 

IC  IC  IC  X  ©'  © 
1-1 

■sinoq  -js 

2     1*        g 

CO  OS  00  ■>*  IC  00 

LO      ci-^ 

rJlODCDOOCJ 

1-1 

^              «S« 

•<*  t- 1*1 1- OJ  •* 

1-1 

1-1©  t-         ©rH 

rHCO  rH         COCO 

S'^iSgggB 

siqdmapj 

COOi-IOSOO-* 

1-1 

1-1  CJ  i-t  rH  rH  1-1 

CO  iO  LC  CO  CO  CJ 

1-1           Tf© 

1-1 

CJ  ©  CJ  1-1  1-1  t- 
1-1 

«  t-ICi-lCJ  © 

1-1      10 

00  ©  CJ  ©  CJ  LC 
CJi-iCOCJ  t- 

CrX  00  rH  ©  LC 

IC  t  CO  LC  rH  |^( 

CO  TH  rH  rH  -*l 

®  t-lt  rH  CO  © 

It  it  ■*  ©  LC  © 

CJ  X  CO  X  t-  1- 

1-1                     rH 

X  X  LC  rH  t-  l~ 

CJ  ■*  ©  ©  CJ  © 
IC  CO  ©_r-  ©X 
rH  Cj'  rH  TH  T-i  rr' 

•EjsnSny 

0  Ci  l~  05  i-H  0 

1— t            1— t       1-i 

TH 

«        «  ©  OS  ■* 

Ci             c-  CO  t- 

■*CO  1-1 

CO  1-1  t-  ■>*<  1-1  IC 
»o  COCJ 

It  CJ  •>!<  ©  ^  00 
CO  ^        OCJ  CJ 

00  CJ  1-1 1-1  CO  CO 

I-  CO  ■*  CO  ©  T-< 

CJ              1-1  00 

©  LC  CD  CO  CJ  It 
t-  ©  ©  ©  LC  CJ 
It  IC  IC  IC  IO  CO 

©  X  IC  CJCO  CJ 

©  X  t-  t-  LC   rH 
t- t-rH  ©_l:-©_ 

TH  rH           T-t 

•jsi  -jdag 

aouis 
psiEsddy 

T-l 

OS* 

i 

OS 

c» 
l- 

10 

1-1 
t- 
os" 

g 

00 

© 
IH 

IC 
CO 

s 

tH 

00_ 

CO 
© 
CO_ 
y-i 

siqj  pajEaddy 

0 
a 

0 

th 
1—1 

o" 

i 

00 

1 

?2 

IC 

TH 

© 
® 

•5n3iii3Aom 

UOIJBJUEU 

1 

1 

.  CO 

i 

i 

1 
Cj' 
t- 

TH 

5]d!333^  JJOJ 

CO 

I- 

eo 

CO* 

1—1 

TH 

LC 

§ 

tH 

X 
© 
t- 

lt 

y-t 

■IBJOX 

0©  r-(M  ■ditt- 
os 000  1-1  10  05 
Ti  Tj.  <N  i-i  « 

10  OS  CO  CQ  OS  CJ 
'Stf  CO  CO  ■*  £-  -* 
!-•  I-  CI  ^  1-1  -^ 

t-  CO  ^  IC  CJ  OS 
CO  IC  IC  CJ  ©  CO 

1-1  OS  CO  ^  0  CO 

COIC  —  IC  ©1* 

r^  IC  CO  CO  ©  09 

OS  t-  c-  eo  t-  © 

09 

^00  ©  1-iooeo 
©  CO  CO  t-  1-  © 
CJ©00_«CJ1C 

i-TcJCj"     -i*co' 

CO  0  Od  00  ©  00 

It  i-lrHCD  IC  «_ 
CD"0D'«'t-'co'00' 

©  «  LC  ©  IC  CO 

rHCO  rH  Tt  ©  CJ 

CO_»  ©  t-_lC  LC 

i-TcD  ©'Lc'cj't-' 

1— 1  rH  1—1  rH  rH  rH 

CO  ©  LC  it  ©  It 
IC  00  ©  CO  X  t- 
t-_CJ_CJ©  I-  CJ 
rH  rn"©'©  CO  IC 
CJ  CO  CJ  T-  CJ  CJ 

'UOJS03 
'ajouiijiBg 

CO  ■*  05        I- 

IC  0  iC         i-< 

rH 

OSOS©     1   CO 
©        OJ        CO 

■*            1  c» 

10  10  t- "4 

IH  t-Tl<lO 

1-t 

iC^©        il<CO 

i-i«)0»        CJ© 

CJ                     CJ 

iH  CJ  1-1 10  TH  00 

©  00  CO©©  © 
CO  It  It  IC  I-  CO 
CJ  CJ  «        rH  CJ 

©  —  ©  IC  0  IC 
It  ©  ©  ©  ©  CJ 
CJ  I-  CO  iH 

©  ©  t-CJ  t-  © 

©  X  IC  X  C   r- 
CJ  ■*  rH_CJ  CO  r- 
rH 

■jnioj  IS'M 

1 

1-  i 

1      1 

§  1 

1  1 

Xit  CI 
CJ                 1 

©©      t- 

•51I0JJ0M 

00  -t  ^  C  OS  CO 

•>*  CO  1-1  r-i 

CJ  CO  t- -*<  Tl*  OS 
r-t 

CD'^COl^© 

1-1          eo  -^ 

t-  t^  ■*  CJ  i-l 

rtCJ 

1   CO  1-1  1-1  1*1  It 

1-1                     -*l 

TH©  rH  ©  IC  T- 

c-  It  t-  CJ  ©  CJ 

TH  IC  ©It  ©It 

rHit  itXiHCJ 

CJ  rH  ©  X  ©  © 

CO  CJ  ®  CO  ©X 

•uoj3uiuiiIjYy 

-1       1 

CO              1— t  1^  1^ 

■*05              CJ 

C)    1  icco    1 

1    ^^^^ 

ICCO  rH  rH  ©  CO 

CO  ©  I-  00  00  CO 

CJ  rH 

©  ©  IC  ©  1-1  X 

It  ©  it  LC  ©  © 

•^  CJ  CO  ©  X  It 

1-i 

CO  ©  rH  LC  ©  X 
CO  rH  CJ  ©  LC  © 
CO_LC_©_X  X_rH_ 
rHrHTH         th"  cj" 

•UOJS314E113 

1"  r 

cjce  1-icj   1 

OS     Tjtcjeoeo 

CJ 

CJ  T(<  IC  1-1  eo  Tj< 

•*  1-1  CO  00©  © 
rH  C-  IC  It  CO  CJ 

1-1  CO 

CD  0D©»IOrH 

rH  00  -H  f~  t-lC 

©  00  IC  ©  00  CO_ 

iH* 

©0S©©05© 
X^£_©it  CJ  co_ 

THrH*        iHrHCj" 

©  IC  ©it  COCJ 

rH  CO  0©  ©  rH 
©  CJ  ©  I-  It  rH 

CJ'CO  Cj'rHCj'it 

•qBUUEAEg 

rH  CO  1-1  CO  ^  (?} 
t-  1-1        COr-1 

CJ  1-1 1- 1-    10 

CO                 |CJ 

t—  CO  t—  CO  CD 
CJ  OS  1-1  t-  CD 
1-1              CJ 

■*  1-1  CO  CO  t- CD 

CJ  1-1  CJW*© 

1-1  1-1 

rH  ©CO  1-1  CO© 

CD  CJ  t-  IC  CO  © 

1-1  CJ  IC  i-l  ©  co_ 

i-T 

©  CO  -t  ©  CJ  t- 
CO  r-  CJ  r<  It  rH 

CJ  th  00 1-  eo  It 

rH'cj"rH'cj'rH'03" 

©  ©  0©  X© 

It  CO  ©  CO  X© 
LC  CO  IC -*  t-_x_ 
co'co  ICit  1*  co' 

©  ©  X  f>-  LC  © 
CJ  rH  IC  CO  ©  © 
CJrHX__rH  t-Cl_ 
LCrt  xTlOi*''!©' 

•aiiqojAi 

t-  0  1—  rH  1-1     1 
T-150 

OS  rl  M<  CO  CO  IC 
1-1  1-1 
1-1 

C- CO  »0  CO  1-1  1-1 

JO  ©  1-1   •^  Tjl  1-1 

CJ  1-1              CJ 

S§^S5'-| 

rHiCQOIC  t-CO 
©  t-  CJ  00  CJ  CJ 

i-llCrHCJ  rHCO 

t-  ©  ©   IC  rH  CO 

CO  ^  it  *—  CO  CO 
CJ  CO  ©  CO  CJ  ©_ 

iH 

©it  rH©lt  CJ 
CJ  IC  XCOIC  rH 

rH  TH  ©  ©_^x  a> 

rn'cj"        rH- 

•SUE3[JO -WSN 

(M  00  TjH  OS  C«  <M 

-^  1-1  IC  CJ  1-1  t- 
IC  LC  CO  CO  CJ  CJ 

1— t            1— 1 1-( 

C-  IC  ©  CJ  IC  CD 
COODCO        CO-^ 

t-ic  coco-*© 

CO  1—  CO  LC  I-  © 

00  CO  ■*              CJ 

Cj" 

t-  l~  LC  t-  »  © 

r-  CO  ©  t-  1-1  © 

CD  t-  rt        CO  CO 

i-T     cj'i-T 

©  ©  CO  It  t~  IC 
CO  LC  CJ  CO  00  00 
-*00_©__it  ©_CJ_ 
CO'  rn'it  i-T  i-i  y-i 

X  IC  ©  It  CO  rH 
t-  X  rH  CJ  I~  © 
CJ  ©   TH  I-  CJ  I- 

CJ'lc'CJeo'rH'05 

CO  ©  0  X  —  IC 
©  ©  -H  ©  CJ  LC 

©  LC  CJ  -HH  CO  D" 

COX  ©'it  Lc'-*' 

•U01S3AIE3 

§g     1                g 
rt  1-1     1 

CO  00  ©  CO  t-  t- 
«>  CO  CJ  CO  Tjt  Tj< 

©CO  t-CO-*"  © 

CD  ^CO  CJ©-* 

CO              Ti  1-1 

©  CJ  CJ  CJ  «  t- 

©©CD  1-11*' 00 
1-1       IC  ii<  00 

©eo©it  00  1- 

t-©©CO  CO  1* 
It  ffl® -^OO  1-1 

00«00IO©IC 

IC  CO  LC  rH  00  CO 

t-  CJ  ©  It  co^^oo 

Cj'rHCj'cj'rH 

x»eo©it » 

©X  rHCO  t-CO 

CO  ©_©©  ©  rH 

d'co'LCHt'co'it 

©  t-X  £-IC  © 

rH©  CO®  COrH 

CJ  X  LC  ©  CJ  It 
l>©'it  ©  C-'l>' 

00 

Saturday,  Aug.    3... 
Slondav,         "      5... 
Tuesday,         "       6... 
Wednesday,  "      7... 
Thiu-sday,      "      8... 
Friday,           "       9... 

Saturday,       "     10... 
Monday,         "     12... 
Tuesday,        "     13... 
Wednesday,  "     14... 
Thursday,      "     15... 
Friday,           "     16... 

Saturday,       "     17... 
Monday,         "     19... 
Tuesday,         "     20... 
Wednesday,  "    21... 
Thursday,      "    23... 
Friday,           "     23... 

Saturday,       "     24... 
Monday,         "     26... 
Tuesday.         "     27... 
Wednesday.  "     28... 
Thursday,      "     29... 
Friday,           "     30... 

Saturday,       "     31... 
Monday,     Sept.    2... 
Tuesday.          '      3... 
Wednesday,  "      4... 
Thursday,      "       5... 
Friday,           "      6... 

Saturday,       "      7... 
Monday,         "      9... 
Tuesday.        "    10... 
Wednesday,  "     11... 
Thursday,      "     12... 
Friday,           "     13... 

Saturday,       "     14... 
Monday,        "     16... 
Tuesday,         "     17... 
Wednesday,  "     18... 
Thursday,      "     19... 
Friday,           "    20... 

Satin-day,       "     21... 
Monday,         "     23... 
Tuesday,         "     24... 
Wednesday,  "     25... 
Tluirsday,      "    26... 
Friday,           "    27... 

c 

C. 

E 

o 
u 


a 
a. 

O 


>■ 

Q 
Q 

H 

a: 

o 

0. 

u 

si 

tn 

o 

H 

-aojsno^ 

11,311 

9,606 
20,404 
11,127 

9.980 
12,264 

10.151 
13.118 
19.402 
10.091 
12,330 
10.391 

7  530 
9.610 
19,451 
7,480 
7.191 
9,805 

X  TH  0  ©  CI  -t 
©  tH  CO  CO  ©  CO 

©_©    t-    T-    ©    CI 

©"©'l- t-"l-'©' 

I-  CJ  CO  ©  I-  © 
©  CI  -f  ©  t-  © 
1  -_  CO  -+  ©  t  ©_ 
©'  ©  't  -*'  M<  "*' 

T-I 

Iff  ©  ©  1-  Iff  © 

©  TH  1-  CO  CO  X 

CO  Cl  Iff    TH   ®  Cl 

cbco'i-'co'Tjt'iff' 

-1<  l.ff   ©   TH  CJ  Iff 

1-     T-    Cl    -f    1  -    © 

CO  ©  T-  GC  ©  p 

I-    ©'   ©    l-i  Iff    © 

©_  ©  ©  X  T-  -i" 
»«'  -t  ci  Iff  Iff'  © 

■s-tioi   IS 

©  t~op-H5po» 

■»«<  CO  •»?  OS  00  w 

©ejo  TH      r- 

©X  thCO        CO 
CJ  CJ  ©  ©       co_ 

t-  CJ  C?l  t-  th  10 

©  ©©TH  Iff  CO 

X  -^  CI  I-  ©  t- 

CO  CO  CO  Iff  ©  CI 

TH  X  CI    TH  lff_  t- 
Cj"           TH   T-H   T-i  T-i 

CI   Ht   Iff    Tj<   ©   © 

CCth'th'th'th'tH 

©  TH  X  X  Iff  ^ 

©  ©  ©  t-  CI  © 

Iff  Iff  ©  rt<  Iff  0 

1,527 
1.487 
2.053 
1.263 
1,300 
1.341 

Iff  ©  CO   TH  OS® 

©  X  ©  ©^  X  10 

Y-i  T-i  T^            tH 

Sll{dui3]^ 

Iff  X  ©  ©  ^  CO 

©  Iff  S  i-ciff  s 

rHeiSNcjeiw" 

©  X  ©  •<1<  CJ  CJ 

TH   10   ©   t-   CJ   CJ 

©  «>©_©  ©_^©_ 

CO  ©  CO  0  CO  CO 

CJ  ©  f-  ©  ©  <- 

TH   00   Iff   ©   ©    T-I 
TH   TH   t-©   CO_©_ 

iff't-'Tt<"co'io"-*' 

©  CI  ©  ©  t-  CJ 
©  ©CO©  T.  CO 

X  TH©J.-X© 

©'©"cocooTco' 

T-i 

©©X  tH  COX 
TH  Lff.X  CO  ©  « 
XCICO©_^IOCO 

iff'©'-^'co"co"eo 

T-i 

©  Cl  tH  ©  t-  J- 

CI  Iff  -^  Iff  ©  X 
t-_  It  ti^  ©_  ©  ©_ 

■^  X  "^  CO  CO  CO 

I-    CO    ©    T-    1-    H* 

©    ©     TH    CO    ©    © 

CO  -1<CI_TH  Iff  CO_ 

•>t  t-eo"co'Ht'«o' 

thX  t-CI  Cl  ^ 
Cl  I-  X  CO  ©  © 

njiiffl'cico'oici 

■BjsnSnv 

©   ©    T-l   -^   Iff    I- 

©  I-  r-i  ©  l.ff  CO 
©_X_©  ■*  OS  r»i 

oi  ci  oi  y-i  T-<  oi 

TH    Tt    t-   CO   J-   © 

Iff  CO  CJ  X  X  t- 
CO  ©  0  ■!?  ©__© 
NtHCO'tH  th"c»' 

©  CJ  Iff  Iff  ©  © 
CO  CI  CI  ©  X  CO 
CJ  ©  "*  ©  CI  Ht< 

otr-i-^y-iaioi 

©  CJ©  CO  -f* 
I-  X  Tj<  Iff  CI  © 
thX©  ©  l-_©_ 

CJ  T-i  CI  T^  th'  tH 

©  TH  ©  ©  r-© 

X  ©  3  CI  ©  X 
CI  -^^  CO  ©_©_■*_ 

T-i  T-1  T^  T-i  Oi  T-i 

Iff  ©   TH  Cl  CI  Til 

TH  X  I-  CO  CO  Iff 
CO  © -*_T- co_-^_ 

©  X  -t  ©  Iff  X 
Cl  ©  c£)  ©  CO  © 

r-l  T-i  T-i 

©    Iff   X   ©    -H    — 

.Iff  ©  ©  X  CO  10 
©  l-  ©  ©  Iff  00 

T-i 

•jsi  -jdas 

3DUIS 

542,894 
737,914 

i 

00' 

tH 

y-t 

CO 
CI 

0 

1~1 

©" 

TJ< 

©_ 

T-* 

COX 

Iff  s^ 

cico_ 
cicj' 

CO 

T-I 

tH 

o»" 

CO 

S5 
iff_ 

CO 
OS* 
CO 

,,-apiaojio„ 
J3(f  )|n,->A\ 

1-H 

CO 
CO 

© 

CI 

0 
co' 

CJ 

CO 
CJ 

Iff 

©" 
Iff 

CO 

co" 

0 

T-t 

y-t 

CO 

Iff 
09 

■lusuiSAOia 

UOIIEJUCU 

© 

CO 
CO 

X 

© 
© 
Iff" 

CI 
X 

c* 

Iff 

CO 

© 
Iff 
©" 
at 
a 

CJ 

T-i_ 

04 

eo 
00 

'^33M  siqi 
Sldl333^   JJOJ 

© 

i 

■<ll 

Cj" 

CJ 

© 

tH 

© 

CJ 

-rti 
tH 

©* 
Iff 
CI 

© 

© 

i 

1©  X  CO  OJ  ©  © 

Iff  t-  t-  ©  ^  .-1 

|X  Iff  X  ■*  X  CO 

'lEIOX             X'lff'tos"^'© 

M  CO  CO  CI  (M  ■.* 

TH    CJ    Iff    CO    TH    t- 

©  t-  ©  X  CJ  Iff 

CJ_TH©CO  CJ-* 

l.ff"  Cj't-'t).' Lff'©' 
CO  ©  Iff  ■*  M  -* 

44.576 
59.368 
51.445 
37.245 
36.445 
34,568 

tH  CO  ©  CJ  ©  © 

TH  I-  CO  CI  Iff  X 
TH   ©  X  Iff  ©  ■* 

5  ©  Iff  S  CO  CO 

J-  (-  ©  ©  Lff  tH 

CJ  ©  CO  -I-  T  Lff 

co_eo  ©  I- ©_©_ 
t-"©  ci  >-i  St-! 

H*  ©  H^  CO  CJ  CO 

©     CJ     ©     Iff     I-     T-I 

CI  ©  Tji  Iff  X  © 

t-  Cl   ©  ©_  Cl   TH 

TJ<'X"C0  l.ff'©  Lff' 
CI  CO  CO  CO  Cl  CO 

CO  t-  Lff  ©  I—  T* 

TH   .^    CJ   ©   «   Cl 
©X_Lff    TH   ©_C1_ 

t-'  x"co  ci  Iff'  ■*" 

d  CO  "I"  CO  Cl  CO 

27.942 
44.983 
38..540 
36.322 
26.011 
33,491 

1          -eUMd 
'uoisog 
'5|JOA  .«aN 
'9jouiu[cg 

Iff  ©  t~-*  £-  © 

•^  -*  1--  1-1  l.ff  © 
•^  t-.^  ©  CO  ir 

X   ©   TH  -f   Iff    X 

Iff  rf  ©  I-  I-  ':)< 
CJ  CJ  TH  CO  CO  l~ 

Iff  ©  ©  X  t-  © 

X  CO  f-  CO  X  © 

t-    TH    X    HT    ©    © 

Cj'       T-i        th' 

©  X  CO  CJ  CJ  © 

T-   ©    -*   ©    T-    OS 
©   I-  ©   T-H   t-   Lff 

y-h'  CO  ci  T-i  ci  ci 

00  ©  CI  ©  t-  CJ 

T*  Iff  X  i.-  CI  Lff 
•4  Iff  X  !.-  CO  © 

.     T-l-^   T^l^T^Oi 

©  CJ  Lff  Tt<  ©  © 
©  ^  CJ  ©  CO  Lff 

■*  ci  CO  ©_^iff_© 

th'         th'  -rtT-i-^ 

©  -r  ©  X  ©  3; 

Iff  C!  X  ©  -*  00 
T-  CO  CI  X  Lff  © 

th't-»'co"th'        co" 

©  —  ©  CO  £-  CO 

CO   CI    X    CI    TH   l- 

©  CI  Iff  •*  ©  t- 

Iff'           T-i  T-I  co" 

•juiod  JSSA^ 

©  t-  t-  rt  X 

»-l  CO  ©  Lff  f- 
©  r-l_CO  CO  Tl*^ 

i-T             rn' 

©  CO  ©  ©  ©  © 

T-    (-    CI     ^    Iff     TH 

©  ©  Ci  ©  1-  ©_ 

TH  ci                     th" 

©  t-  X  Iff  CJ  ■* 

-*  ©  i-  ©  ©  © 

CJ_CO©_       CJ© 

T-I   TH  CJ            J-(  J-^ 

t-  CO  ©  Tt<  tH  CO 
©  CI  l.ff  Iff  CO  X 
CO  t-  ©  Lff  X  Lff 

T-I  T-I  T-i  a  T-l  T^ 

Lff   TJ"  -.i<  X   0  Tt< 
l-H  Lff   0?   t-  Iff   Iff 

©  Lff  eo__©  ©  x_ 

CJ  CT                    TH 

CJ  (-  CO  ©  c-  © 

©  X  t-  Tji  CO  CI 

CO^  T-   X   Cl   TH   ©_ 
T^  T-I            a  T-I  T-I 

T^    l.ff    l.ff    Cl    ©    Iff 

■*  CJ  -t  0  ©  © 
tT  Lff  CO  CI  ■*  X 

T-i  ci  CJ   th'  th'  TH 

T-    -^    T.    0    ®    Lff 

CO  ©  -r  Lff  ©  © 

t-©  X  ©  CO  l- 

th'cJ  CO'th'cJth' 

'Iioj-'ON 

X  ©  lO  CO  W  X 

X  C*  C  X  ^  X 
r-  ©  Lff  ©  ©  T}< 

Iff  tH  -^ff  CO  ©  © 

^    ©    TH    TH    CO    CO 
©    CO    ®    ©    Iff    © 

■*©  T-C»©CO 

X  Iff  ©  ©  ©  CJ 

©   Iff    TH   0   ©    TH 

co'  cj'  cj  cj  cj" 

TH   Tt   Iff   ©   X   © 
X  tH  Iff  T«<©CO 
©  I-  ©  -*  TH   t- 

TH'co'Hji'cico'ci 

t-  ©  CJ  t-  ©  CI 

X  CJ  ©  ©  Iff  X 

©  ©_l- -^^co  co_ 
CO  -^i'"  TH  cj'cj  ci 

1,628 
1  809 
1  .553 
3.431 
3  044 
2,384 

T)<    CO    ©    —    TH    CJ 

I-  ©  T-  CO  Iff  Iff 

CJ  CI  X_  Tj-   CI   T)<_ 

Cl  ci  ci  T-.'  th'  th" 

©  X  Lff  ©  Iff  tH 
X  CO  Hi"  ®  X  00 
©  Cl  S  -t  Cl  ■"!< 

TH   ciciTHT-l'TH' 

.-1  CI            TH   ^  CJ 

T^  CO  CO   TH    TH   TH 

uojSniuiii^YY 

Iff  Iff  X  X  CO  CJ 

TH  Iff  Irt  Iff  ©  Iff 

CO  ©  Iff  Iff  -q.  t- 

X  ©  ©  ©  X  © 

©  CJ  CJ  -H  CO  0 

©    I-   X    ©    T-    TH 

©  X  t-  .ff  X  CJ 
©  CO  ©  X  TJ.  CI 
©  X  H*  X  Iff  X 

-H  ©  "*  CJ  CJ  CJ 

T-  l-  05  Lff  ©  T)< 
©   Iff    ©  ©CO  TH 

©  CO  Cl  CJ  ©  Iff 
©XX  ©X© 
I-  CO  Lff_^CJ_©_^©_ 

Tf©  t~Cl©X 
OU  ©  I-  t- ■.- CO 

CO  Iff  ©  CO  TH  CO 

Th'tH  THTH'ci 

TH  oi©x©eo 

I-    CO    ©    —    TH    CJ 

CO  Iff  Hj<  Cl  ©  CI 

TH  r-^   TH  TH            T-I 

©  eo  I- 1-  CJ  © 

CO  ©  CI  t-  ■*  Lff 

X  CO_iff_CJ  ©® 

C»  CJ  CJ  TH         CJ 

TH   CJ   CJ   tH    T-<    CJ 

TH   C.5    TH   CJ    TH   CO 

CI  CO  tH                   T-i 

•uojssi«ij3 

TH  OS  31  CO  cox 

l.ff   ^    X    TH   ^   X 
OS_  TH   t-  CO  £-  TH 

2,867 
4.437 
1,734 
5,142 
3.083 
4,0.50 

£-©XCO©  Iff 

Iff  ©  ©  Iff  Iff  t- 

<X  l-_  t-  X  ©  t- 

CO  Iff  TH  TH  tH  tH 

CO  CI  H^  -^  Iff  © 

CO  CO  Tjt  t-_»ff  t-_ 

CO'CjTHTHTH'ci 

©  0  ©  ©  Lff  Iff 
©  ©  Lff  l.ff  ©  © 
t-_t-_X©_®_lff_ 

T-I   T-I              T-I   T^   T-I 

CO  ©  T-  ©  X  © 

OS  ©  ©©  ©  Iff 

CJ  l~  CI  LffX  f_ 

TH  C*  TH  tH  tH  1—1 

H*   X   ■*   CO   tr   -* 

CJt-t-  XtJ"  © 

xcooo©  ©  ■* 
t-Th^i  ,-i  0*      ci 

Cl  ©  l.ff  CJ  ©  01 

Lff  Lff  ©  CO  CO  10 

eoi-©  ci_^ff_x__ 

CIth'tH  t-Tth'cj" 

•ijBuireAES 

CO  T--^©X© 
OS  T*  06©  Iff  © 

c«  ei  co_iff  ©  © 
-*«"©'■©' Iff' t-" 

TH 

X  t-X©  CJ© 
Tt<  ©  X  ©  Iff  © 
-*  ©  ©  ©  CO  © 
©'t-cj'x  t-l> 

TH 

©    CJ    l.ff    T-    Iff    © 

©  t~  ©  Tf  "*   t- 
©    C    X  ©   T-  l~ 

0'©'©'©"t-'lff" 

©  ©  CI  ©  ■*  Iff 

t-  T-  OS  ©  ©  CO 

Lff  ■*  ©  I-  T(<  Lff 

t- 1-'®' t-'t-lff' 

Ht    ©    T-    CO    T-    t- 

©  X  ■*  Iff  CO  Hfi 

t-  x_o  x_o_i- 

©  t-'X  Lff"co"Lff' 

CO  -*  Tf  Tf  t- © 
t-  ©  ©  -^  ©  Cl 

CO  ©  CJ  -^  CO  TH 

■.*<'  H^'  1^'  Lff'  CO  t-" 

t-l-©®  Xlff 
M*'  CO  ©  CO  ■*  •<1< 

I-  ©  n"  ©  X  Iff 

X   T-    CO   ©    TH   CO 

©  Lff  CI  -*  CO  TH 

iff'cj  Iff' Lff' ci  Iff" 

•'uqow 

t-CJCJO  Tt  CO 
OS  C-  ©  ©  ©  Iff 

I:-  TH  d  X  t-  © 

OfT-'CjTH' 

1,962 
3,365 

857 
2,141 
1.594 

984 

1.704 
3,172 
699 
4,050 
1.378 
1,649 

CO  ©  M  l.ff  Hj.  CO 

©  ©  '^  ©  X  {- 

©  Tf  ©  TH   TJ.  ■<»< 
Cicj'TH'cjTH' 

I-  Tj<  ©   X  Iff  •* 
©  CJ  ©  TH   X  t- 
TH  0  ©  TH  H^  CD 

CI  eicici" 

CO  ©  T-  ©  CI  © 

©  CO  CJ  t-  -»•  t- 

CO    tT    X    TH_  ©    CJ 

Cl'       0* 

©  ©  ©  Iff  CJ  Cl 

t-  ©  -t  Lff  Lff  Lff 

T"_-^^0>    Lff_H^    ©_ 
TH  TH            TH            T-i 

l.ff  t-  CJ  ©  ©  OS 

CO  CJ  -*  ®  T-  X 
©  t-  Lff_^'9'  CO  -Hi 

Oi  <Si  T-i  Tl  T^ 

•suEaiJO  *3N 

Iff  £-  TH  X  CO  -* 
©  Iff  ^  CO  CJ  CJ 
©_^X_^©  TT  Tf  CO 

t-'x'x'®  ©"co" 

TH                           TH 

10.067 
19,. 570 
20,894 
15,194 
1.5.194 
13,900 

'^  CI  ©  CI  t-  © 

CO  CI  ©  ©  ©  © 
©  0_X  -7CJ_CO 
£- ©'©  ©  Cl"©' 

TH   TH   CJ    T-I    rH   TH 

14.690 
21,113 
28,898 
13,6.54 
12,072 
11.558 

21  246 
19.319 
16,556 
15,003 
10,583 
8,025 

©   TH   Lff    X  ©    — • 

CI  X  Tt  X  J-  © 

r-  ©   ©   ©  X   X 

©'co'x'— '-*'x' 

Iff  ©  CO  ®  CJ  © 
CO  CO  f-  CO  ©  1- 

©  -r  -Tt-  Cl  CO 
i-'cix'ci©'ci 

©  CO  ©  X  Iff  l- 

©   ©    CO   X   —    TH 

T-  Cl  X  00  T-  OQ 

£-'  l.ff'  |T  -r  ©'  ©* 

•uojsaAiBO 

C>  Iff  Lff  l>  Iff  X 

X  t>  X  CJ  CO  Ht 
X  ©  ©  CO  Iff  © 

©'co'x't-'iff  •.-" 

t-  ©  CO  X  T-  TJ< 
CJ  t-  ©  t-  Iff  CJ 
X  C-lff  ©  CJ  CO 

x'x  ©'x'x'x' 

X©  X  »  CO  CO 
©  1-  t-  X  (-  © 

X_CO  ©  I- 1*  co_ 

©"  V  -^  1-'  t-^  ©' 

I-  Lff  tH  Lff  CI  X 

Tf  X  COX  ©  ■* 

Lff   X   X  ©  ©   TH 

x't-iff'x'x't-" 

Lff   T-  -*  CO  T*  t~ 
HJH   ®   ©  ©   -*   Lff 
Lff  -*  X  ©  CJ  -# 

Os't-'©' ©''5'  ©' 

T- 

Iff  t-  ©  ©  Lff  Cl 
©  X  =5  Lff  Cl  CO 
©  X  ©  0  l-  Cl 

Hj<'  X  ci  co'  Cl  Lff' 

©  ©  Cl  X  CI  © 
X  CO  (-  ©  ©  CO 

I-  -r  CJ  T-  CO  © 
©'  ©'  ©'  ©' «'  HiH" 

®  Cl  X  CO  ©  Iff 
—  CO  Iff  ®  X  » 

©    X    Cl   Lff    ©    TH 

©'  — '  co'  X  Lff'  © 

1805. 

xg^cjw^- 

Iff'   t>   X'   ©■  ©'   T^ 
TH  l-\ 

CJ  ■*  Iff  «  J>  x' 

1-^  T-t  T-t  r^  t-i  1-t 

OS    TH    ^    CO    -*    Iff 

TH  CJ  CJ  CJ  CJ  CI 

©■  X'  ©'  ©  th'  —■ 
CICJ  CI  CO  CO 

cJ  -**  Lff'  ©■  t-'  00 

©  th"  cj'  CO  H*  Lff' 
TH  T-I  TH  TH  1-1 

CO  06  OS  ©■  —  c» 

TH  TH  TH  Cl  Cl  0» 

Saturday.   Se] 
Moiidav, 
Tuesday.      0( 
Wednesday,  ' 
Thursday,       ' 
Friday,           ' 

Saturday,       ' 
Monday,         ' 
Tuesday,         ' 
Wednesday,  ' 
Thursday,       ' 
Friday,           ' 

Saturday,       ' 
Monday,         ' 
Tuesday.        ' 
Wednesday,  ' 
Thursday,      ' 
P'riday,           ' 

Saturday,       ' 
]\Ionday.         ' 
Tuesday.         ' 
Wednesdav,  ' 
Thursday,"     ' 
Friday,            ' 

Saturday,       ' 
Jlondav,         ' 
Tuesday. 
Wednesdav,  ' 
Thur.sdav,"     ' 
Friday.  "     No 

Saturday, 
Jlonday,          ' 
Tuesday.         ' 
Wednesday,  ' 
Thursday,       ' 
Fridiiy,            ' 

Saturday,       ' 
Monday,          ' 
TuesdaV.         ' 
Wednesdav,  ' 
Thursday,"     ' 
Friday.            ' 

Saturda.v, 
Mondav.         ' 
Tuesday. 
Wednesdav,  ' 
Thursday."     ' 
Friday,  ' 

II 


3 
C 

'■S 

c 
o 

o 


00 

mm 

U 

> 

u 
c« 

c 

9) 

O 

O 


c 
E 

> 

e 


4> 


■O 

c 

9t 


0} 

Q 


3 
S 
C 
< 

o 

z 

O 
u 

OQ 

•o 
c 
ctt 

(A 

la 

9) 

C 
C8 
02 

>i 

c 

a 

E 

o 

a 
a 

c3 


> 

►J 

< 

0 

Q 
W 
H 

■uojsnoH 
■sitioi  IS 

CD  ■>*<  CQ  IC  OS  •«*( 

T-i  OS  »  -^  in  o 
«o_-*  Tji  eo  ^  cj 

®'t-"cj  CO  t-'-*' 

CO  CO  CD-*  CO  lO 

LO  CO  Ti  OO  O  lO 
OS->t  «D«>-*  00 

Tj<'«D  i-r»oao'os" 

tH 

CO -^  o  CO  coo 

■r-  -^  OOOS  OS  O 

■^'oo'lOrirco'c-' 
tH 

CO  le  OS  M*  CO  ^ 

00  O  ■*  CO  OS  lO 
00  00  1-  I-  CO  o 

co'co'Ttoo'eo  t-' 
1— t 

rH  -^  rH  I-  O  OJ 

co'oo'co'io'coco' 

Or-CO-*  O  OO 

I-  OS  W  00  tH  o 
■*  OS  OS  X  CO  C>J 
C-'t)i'co'C0  Oj'V 

t-  TH   t-  -^  (M  t- 

«DOS  ©  ^00  lO 
T-<_t-.OJ  IC  CC_OT 

1— I            t-i  T-<  T-l  iO 

CO  OOOTt<0 
O  0-*  O  <MO 

(M_t-o_co_o_ao 

l-H           T-H  TH  rH 

O5  0OOJ  CO  ooco 
CO  OJ  OS  CO  1-H  lO 
O  CO  00  00  OS  i-H 

i-Ti-T              «' 

897 

1,164 

1,544 

1,349 

562 

896 

903 
1,549 
1,223 

1.268 
1,696 

00O5  t^        O  00 
COOOJ        CO  CO 
CO  lO  ■*        ■*  CO 

2 

z 
o 

siqdmaj^ 

1-1  T#  t- 00  OS  OS 
to  «0  <?}  lO  O  OS 
10-*  00  5O  t-OS 

« »o  <J»  cq'thcq 

•rH  00  CO  e»  £- Iffl 
CO  00  00  10  05  CO 
O  CO -*  CTCD_10_ 

co'c-'co'-^'co-co" 

O  O  »-l -r-l  CO  lO 
■rt  Ol  OS  CO  CO.  lO 

lo  o  OS  o  OS  OS 

W"t-'(M' ■*'(?»' CO' 

CO  lO  OOO  CO  o_ 

cj  lo'co'cj  CJ  co' 

COS*  00  CO  I- CO 

J>  CO  <?}  CO  (?»  CO 
OS  d  CO  CO  CO  t-__ 
CO -^'iN  «  rH  rn" 

00  rn  lO  CO  t-  CO 

•EjsnSnv 

i-HlO  WW        £- 
^00  I- t-        i-H 
50  0_OS  lO        --J*^ 
tH  r- (                     th" 

lo  I- -^ cocoas 

(M  ose»cocoos 

CO  lO  CO  -^CJCO 

TH -^  00  •*  lO  OS 
QOO  CO  CO  lO  lO 
00  t-00  t-iooo 

COCOtCOOOOS 
g  O  «  CO  lO  o 

tH  rH  rH  1-1  CO 

1.679 
1,839 
1,056 

592 
1,080 

OOOOCO        lOO 
lO  ■*  CO       t-  ■<* 

lO  i>  t-                   TH 

•jsi  'idsg 

93UIS 

psjEsddy 


'3|Diuojq3 


•jnauiaAoui 

UOIIBJUEU 


S)d!333^  »JOJ 


•IBJOX 


■BUMd 

*3JOU11111!^ 


CO 
CO 

CO 


CO 

CO 

lO" 
00 
lO 


o 
o 

CO 

o 

CO 
00 


»o 

CO 


00 


CO 
CO 


CO 

CO 

lO 

o' 
o 

o 


00 
CO 

CO 


a 

eo 


00 
00 

00 

W 


OS 


OS 

lO 


iO 
CO 


00 
lO 
CO 


00 


03 
CO 


t-OO-^OrHCO 
CO  00  CO  OS  t-00 

eo  C'j  Tf  lO  o  OS 


lOOCOOOOlO 

l.O  CO  rH  rH  r-  lO 

O  C'J  C-}  C}  lO  o 


O  CO  OO'^rH© 
CO  O  IC  lit  OS  t- 

t-  Tt  JC   Tj"  I-  M* 


eo  OS  CO  OS  CO  lo 

O  lO  —  £  CO  ^ 


I-  -4  t-  lO  CO  rH 

OS   rH  rH  t   r-  O 


l-C»10  00-*CO 
I  CO  rH  CO  (M  CO 

>  OS  ■*  ■*  lO  rH 


^l 


I-  OS  CO  ej  I*  IO 

coo  00  00  CO  CO 
t-t-  rH  t-t-OS 


O  C&  00  rH  OS  CO 

OS  OS  00  r~  •<i'  rH 

»0  00  rHOOS  so 


CO  o  cooo  CO  r~ 

rH  OS  •*  O  CO  rH 

eo  rH  sib  OS  CO  00 


t-COC»  05C0  IO 

IO  ©  lO  I-  rH  OJ 

OS  00  t-  00  00  t~ 


Tf  lO  t- 00  t- CO 
■^  CD  rH  lO  C-  lO 

OS  CO  OS  CO  00  eo 


t~0(n  rnOS  CJ 

CO  OS  lO  CO  CO  o 
■>*  OS  OS  OS_C0_  rH_ 

eo  rH  lO  rH  Tji  th" 


O  t-CO(N  rH  t- 

eo  CO  lo  CO  rH  ■«< 

CO  t-  O  I-  lO  ■* 
•juiojjsaAV  wrn'      rn'rH*" 


•HIOJiON 


eooo  t-  r-  t-co 
CO  oocsoo  t~eo 
t-©aococoeo 


©  eo  CD  ©  CO  CD 

rH  ©  CO  to  ©  CO 

IO  t-OS  rH  C» -"J*^ 

rH  CI  rH  rH 


OSCO  t~rH  ©CO 

CO  C-  ■>*  -If  to  CO 
rH  IO  rHCO  CO© 


OS  CO  IO  t-  rH  IO 
■"#  OJ  CO  t-  CO  o* 

to  oi  ©_■>*  co_co_ 

r-in        rn'rn' 


OS  t-  eo  coosoo 
rH  eo  to  I-  to  OS 

to  rl<  ■*  CO  d  rH 


eo  S  to  ©  5  ^ 

00  to  -*  t-  ©  eo 


to  00  ej  o>  ©  OS 

to  CO  ©  00  ©  rH 
©  I-  OS  rH  CJ  CO 


■"*  ©  to  ©  CJ  rH 

©  rH  I-  O  00  to 
rnOOCO  OS         TT 


rHOT         rHCO         rHrHeOrHrH<>J         COOJ-*  rH 


■r*i  OS  CO  t-  I-  to 

to  LO  ©  rH  CD  CO 
©  O  00  t-  rH  IO 


e*rHi-;c*r-i     eo  eo  CO  CO  eo  i-i     e«eoeoc*coo»     ooeocoeococo 


rH  CO  CO  to  CO  rH 
©  t_  ©  H*  ©  00 

oooo_to_co_rHaD 

W  i-T'^  i-T  rH  rH 


CI  rH  t-  00  rH  00 
LO  t-  ©  OS  -^  OS 
■»1<  rH  OS  ©  rHOO_ 

r-TrH    r-T  rH  00 


•uoj3uiui[i^ 


00  t-00  IO  ©  OS 

IO  to  CO  OS  cj  LO 

©  T^  OS  00  OS  CD 


•uojsaiJB43 


CO  t-  CO  CO  IO  rH 

JO  OS  OS  t-  eo  rH 
00  CO  M<^  ©  •>*<  Cl_ 

rHeOrHr-r        CO" 


•qruutiAeg 


CI  ■*  rH  rH  CO  IO 

CO  to  rH  Q0©00 

IO  CO  ©■*  rH  CO 


Tjico-^eococo      t--'iicD-<i<co->*i      •<iH-*©iOTj<eo      eo-<*-*co-<i<-*      ■"j'co-^rH 


■siiqojM 


saB3|J0  *SN 


•UOJS3A1BQ 


to  CJ  t-  rH  rH  to 

©  O  to  ©  rH  IO 

in  (-  CO  rH  ©  oo 


rH  rH  00  t-©  OO 
LO  ©  t~  ©  LO  CJ 

rH  OS  r-  00  to  OO 


©  X  ©  eo  rH  IO 

©  CI  -^  -T  I-  C} 

rH  ©  rH  t-  OS  © 


OS  5^  ^ 


©  i  c>    i  «  I- 

rHOOX     I    ■*  ■* 


■<t  {H'ODCOCOCO 

CO  ©  rH  m  to  t- 

TH  CO  rH  CO 


t-©CO©  lOCO 


CO  t~©e4©co 

i~  i~  eo  ■<*  to  © 

to  ©  IO  I-  CO  rH 


00  t"  t™  CD  l>  CO 

t-©«©X  CJ 

CO  eo  eo  to -It  CO 


T-H  rH         a  ■r-<  T^ 


thCICOCJCJCO         tHt-htH         CJCO         ClCOrHrHrHrH         THrH 


CJ  ©  IO  CO  CO  rH 

CO  X  ©  eo  CJ  © 
eo  I-  CO  t-  X  © 


H*  CO  ©  ©  CO  to 

©  ©  t~-  X  t-  eo 

CO  ©  X  ©  CJ  © 


eo  £-  TH  ©  -*  CO 

CO  I-  ©  ©  rH  © 

to  T*  eo  ©  CJ  rH 


©  X  ©  ©  ©  rH 

t-  CO  ©  IO  ©  © 
I-  C-  ©  CO  TH  IO 


©  X  -^CO  CJ  t- 

©  LO  CJ  a>  eo  © 

eo  ©_  X  co_  ^_ 

©'  co'  to  eo'  CO 


I  rH  CO  CO  ©•* 
<  rH  T*  ©  -.*  X 

)©  CO©  -^  © 


t-X-*  ©  CO  ■* 

X  ©  1—  X  (--  CO 
©  T-H  LO  CO  £-  CO 


©  tn  ■>*  eo  ■*  © 

CO  r-  CJ  CO  t-  © 

©  CJ  ©  H*  ©  ©_ 

th'  cj"  i-T  co' 


O  X  ©  ©  t-  X 

IH  rH  ©  O  ©  © 

CO  CO  CJ  X  t-  TH 


©  rH  in  eo  in  ■* 

O  ©  CJ  to  ©  t~ 
©  ©  CO  CO  co__x 

co"  rH  eo'    rn' 


©  I-  IO  ©  in  CO 

X  m  rH  Tt  ©  -* 

CJ  to  CJ  rH  eo  i- 


co©co«  ©© 
eo  to  rH  ©  I- 1- 

CO  OS^-*  rH  TH© 

OS  to  CD  I-  1-'  ©" 


rH  ■■*  ©  X  tn  to 

«-  CO  ©  rH  CJ  -* 

t-  ■*  CO  t-  ©  © 


If  ©  -^  rH  CJ  © 

i-H  00  t-  CJ  CO  •* 

X  rH  ©  LO  CO  ©_ 

l-'©'©'  t -'©"©' 


t- t- H*!  CJ  rH  LO_ 
Cj'  Tji'  t~  CO"^  rn'  co' 


^  ©  X  -f  cox 
X  ©  ©  r:  IO  ■>«< 
X  (-  in  X  ©  TH 


©©©©©© 

CO  ©  to  l~  CI  l~ 

X  t-  CO  CO  ©  © 


CJ©©t-CJX        COCJ©IOO»OS 


Tj<  ©  ©  T)<  CJ  © 
CJ  -f  ©  ©  T*  rH 

t-  ©  in  ©  CO  CO 

lo' -*' CO  l-^  CJ  CO 


©  m  CJ  ©  I-  rH 

CJ  ■*  CO  X  rH  1-. 

©  eo  ©  rH  COCO 


LO  ©  ©  ©  Tf  t~ 

©  CJ  ■<*  o  t-  eo 
00  eo  rH  CJ  I-  © 


T*  ©  X  ©  m  © 

CD  CO  CJ  I-  ©  J- 

©  ©  TH  OS  CO  t- 


tn  CO  I-  r-  ©  © 

LO  ©  i-  ©  CO  X 

CO  ©  ©  TH  I-  CJ 


t-©-^XlO-*       C-©tO©©X        X— ©LOLOIO       ©co©x 


-*  ©  CJ  ©  LO  CO 

t-'cj  co'-i^'co  Cj' 


5  fl  '' 
ocSh 


CS  ,- 


eo  . 

p 


t-©©  rH  CJ  CO 


OS  ,- 
CS  ^  S  ;>  ^a  ,.iH 


eg    U.  t**  TO    CS      ^ 


00©  r-  rH  00  CO 

CJ  CO  CO      . 

s 

.    .    »     eS  -    - 
•   -   -  i-s  -   - 

k,    '  ,  "^  £" 

-stills 


XSSa^SS-S      .CSO'CbS.S      -mS£»2-s; 
^l5^P£     c^S^^^S     c^l^^HtS 


00 

eo 

00 


CJ 

8 


CJ 

o 


©X  t-  eOi-1© 

CJ   —   ©  •*   r-  © 
t-  LO  t-  T-  CJ  t- 

co'lo  X  t-  t-"cj" 

r-  LO   CO   TH   CJ  © 

CO  ©  ©  I-  in  X 
t-'x'©'©'t-'© 


OS  ©  —  00  CO  4' 
X  ©  ©  ©  ©  © 

X  X  X  X  XX 


10Tt<COrHloeOt-CO 

■>*  eo  LO  CJ  TH  CO  ©  X 

00  CJ  ©  ©  CJ_©_iH  ©_ 

i.o"  cj'  -"t  ©"  ©  co"  t-"  lo' 

CO  ©  T-  ©  LO  TH  T-  CO 

-^  ©  I-  ©  to  in  ©_  ©_ 
to'  ©'  to'  to  ®"  ©'  t-  ©" 


CJ  eo  ■>*  to  CO  t-  op  © 
I  I  1  I  1  i  I  I 

rHcocoiiiincDi-x 

xxxooxxxx 
xxxxxxxx 


X  rH  X'  CO   LO   T-  t-  © 
X  ©  X  CJ  ©  Tt  ©  CJ 

CO  ©__CJ  Tf  Ci  lO_C0_CC^ 

©  cj"  ©  in  T-'  CO  I-  © 

t-  CO  ©  X  r-  t-  LO  X 
rH  X  ©  Hi"  X  ©_  l-_tO_ 

Tt  eo'  •*'  -<t"-*'  Lo'  to"® 


CO  tJ"  to  CD  t-  X  ©  © 
I-  t-  t-  t~  I—  I-  t-  X 

xxxxxxxx 


t-rHLO©©t-rHgD 
Xt-©CO'*T-<LO© 

©  00  X  ©  ©  ec_  co_  io_ 

X"  ©'  X"  ©'  -"t  CJ  -"t  o 

CJ  m  ©  eo  tn  m  t-  CO 
CJ  ©  ^  ■^  TH  eo  ©_05_ 

co'  oj"  co"  CO*  eo'  ■^'  cj'eo" 


©t-op©i-rHej(eo 

incDt~oo©®rHco 

©©©©©t—t— t-" 

xxxxxxxx 


©   LO   ©  CJ  rH   ©   ©    "3 

ecTtrHoxj-x  V. 
CO  eo  m  ©  -t  t-  ©  o 
c>"  in  ©'  X*  -*'  eo  ©  V 

CO  -*  LO  CO  ©  CJ  00  ■- 
©  ©  ©  CJ  ©_x_x_  o 

cj'  eo'  eo'  so'  co'  ■*'  co"  ;z; 


IO  ®  t-  op  OS  CD  TH  CO 
■4<IOCDt-00©©TH 


©eo©©t~H©ejt-» 

J-  TH  ©  ©  lO  CJ  X  CJ 
-rfi  tH  LO  C-  CJ_^©_X_©_ 

©"  ■^"  x'  T-H  Lo"  ©'  cj"  lo' 

©  CJ  ©  I-  TH  ©  m  eo 

X  ■^  X  rH  T^  o  cc_  ©_^ 

T-T  cj"  cj  cj'  cj'  co"  eo'  co" 


©t—  oo©©rHCjeo 
1*  T*  -^H  ^  in  in  LO  LO 

ooxxxxxxx 


CO  ©  CO  IO  CO  ©  CJ  I- 

©  Tt  in  I-  ©  J-  ©  CO 

^  I-  CO  ©  CJ  LO  ©  lO_ 

eo'  th"  os'  x"Tt"x'  -^i  © 

©XCOX©©0pt— 

CO  TH  ©  ©  eo  TH  Tj<_rH 

th"  cj"  th'  ^  cj"  cj"  cj'  cj' 


.    SrHOeO'^l 

00  ©  ©  th  CJ  ep  • 


"? 


COCO-^Tf^-*^;^ 

xxooxoooooox 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Wii'Lh/    /iccci/if.t  (if  (\tttini  tit  2S   Intcrlnr    'I'oinit^.  ^ 

Brcnliani  Dallfts,  Shrevpport,  Little  Hock,  Heleniv,  Virksburn,  Columbus,  Miss.,  Natchez,  Mcmiiliis,  Nnshville,  Sehiia,  .Monttfomerj',  Kiifnnla, 
Colunihus,  O.i.,  .\;iicou,  Albany,  Atlai'ta,  Itouio,  Autu^la,  Culuuibiu,  Newberry,  CUarlottu,  ISaleiKli,  St.  Louis,  llousloii,  .Meridian,  Ciu- 
ciunati,  Vazoo  City. 


Wei-k 
( Ufa  rest 

»  1S90-0 

*  1894-5 

*1 893.4 

1S03-3 

1891  2 

1890  1 

1830-00 

1838-0 

1887-S 

1886-7 

1885  6 

1S84  S 

(late.) 

{1st)  11,475 

(2,1)    .'5,883 

(4tb  115.732 

.. 

(2<n  11.742 

(:W)  3.9J)0 

(4tb)  8,524 

Sej)t.   6 

2:u:« 

3f.',i69 

21,217 

15.101 

33498 

(.5th):U  118 

(6tli)18"l47 

(7tlO  7.921 

29,.5.53 

9.279 

15.901 

(.5tlO  .5.180 

41,15:} 

74,114 

38,181 

•.iT-'Hi) 

40(i81 

:t8782 

33.044 

12,298 

52,400 

18,44.3 

31  101 

1.3.480 

"     2l( 

"7,710 

107,719 

72,5:« 

40.«!)8 

72.7!)5 

51.112 

43.991 

28.18.5 

80.402 

33.171 

50.138 

24.8.50 

"     27 

111,247 

140,291 

12:<,'.I91 

48  057 

!Hi.88(i 

()8.390 

.50  919 

54.505 

102.205 

02.711 

00.923 

43.447 

Oet.     4 

179,75(1 

189,918 

146,0(i5 

7S.174 

1324.54 

83  888 

79  929 

87.718 

118.370 

97,578 

79,-.'08 

02.0.50 

"      11 

20O,3;}7 

223,ti0<> 

1 18,.570 

!):!(il7 

158  050 

88449 

108,580 

115,923 

127,2.59 

115.730 

91.902 

84.201 

"      18   • 

205,747 

201,574 

ISO,  1 13 

iM)r>ii5 

158.497 

113.2118 

117,100 

119,040 

13.3,188 

129.171 

120.700 

103.235 

"     25 

L"02,:«)9 

272,151 

212,!l.Si; 

101. 'rr. 

140.181 

127.208 

125,003 

112..518 

131,949 

140.915 

123.613 

118.107 

Nov.    1 

l,T)i,875 

278,(H(; 

l.SSI,!l<;9 

lii:t,H!U 

14i;.<»77 

143.111 

120,815 

118.328 

139,311 

145.927 

129.558 

120.4fil 

"       8 

l."ai&"> 

2.>7,(KI5 

175.117 

7I)..5()7 

137..531 

141  548 

120,744 

103.14<{ 

142,120 

130.86.3 

114,777 

119.725 

"     15 

i.>l,4:« 

:M8,118 

193,!»84 

S1407 

142..i90 

140.072 

119,078 

112.447 

140.010 

117.924 

120.478 

117.773 

"     2:2 

140,741 

22t>,'>02 

173,042 

!):!.541 

114.1-.'5 

11.3.819 

108.020 

119.805 

122,3.33 

112.:«1 

125.900 

\X\.hX\ 

"     29 

1.54.370 

212,009 

l«7,ir)7 

l()(;.tiS5 

11!)..3.50 

12().290 

99.,SfiO 

109.008 

110,984 

131.088 

125.000 

l:H,051 

Deo.    6 

159,872 

2t)2,(Kt9 

l^l^^72 

i)l,-.>i:t 

118.081 

139,2.39 

112,002 

119.819 

100.279 

81.912 

123.789 

139.832 

"     13 

I40,<>10 

207,0.'>7 

lt!(i,();i5 

7(i..5<i7 

118.278 

130,481 

l;M.028 

123.2(>8 

101,224 

105.899 

110.927 
112.<i8;i 

128.770 

"     ''0 

140,01k 
113,519 

242,2;  !8 

UH,!H!1 

71.1!)4 

104.512 

135.13.3 

137.109 

12«i.087 

99.988 

11.3.007 

109.(i03 

"     27 

187, 8(« 

ll(l,.597 

43,404 

00,272 

119.464 

113,059 

104.011 

58,553 

71,016 

64,or>8 

71,313 

Jan.    ?> 

59.037 

l(H)."r>4 

60,472 

:i7.089 

44.308 

69.7.32 

73.626 

52.075 

:J4,5.5-4 

34.832 

:!0.801 

.30,3«i6 

"      10 

45,774 

8!',(l.57 

51,115 

28.183 

.32.1.52 

.58.434 

41.390 

40.(!45 

35,027 

3.3,073 

22,518 

32.171 

"      17 

47,295 

S!;,l.'>2 

69,876 

:.'4.(>i5 

18.038 

52.288 

53,0.58 

.53.730 

19.204 

40.130 

27.898 

40.023 

"     24 

41,:.'H1 

107,548 

.59.155 

;.".'  581 

35.728 

57.835 

41,710 

.54,013 

20.103 

45.<Hil 

32.048 

20.009 

"     31 

48  ti-29 

90,,')01 

11,1173 

:.'5.5:i-i 

50.024 

,59,421 

40,.501 

40.291 

27.085 

42..505 

.34.147 

22,095 

Feb.     7 

40,579 

K.',.SJ3 

:i6,167 

;.'•,'.!)  4t> 

40, 144 

40.549 

35.708 

40,0.59 

28.022 

32,197 

29.805 

.30.817 

"     U 

39,!I49 

44,1(»3 

28,151 

;n..5(>7 

42.051 

41.371 

22.923 

45,492 

2(!.l(i8 

.31,271 

:55.30l 

24.3(i8 

"     21 

41,428 
3;{,715 

43,779 

29,740 

17.0(>.l 

33..500 

.35,978 

22.870 

31..374 

24.383 

25,097 

.30.242 

17.092 

"     28 

67,211 

2:^,191 

l(i.8!)4 

30.270 

33,428 

15,898 

32.458 

21.803 

19.8.54 

27.882 

1.5.511 

Mar.   6 

;W,.357 
22.t>14 

6!',i»27 

26,510 

15.474 

25,277 

.30.:«)3 

10,303  . 

23.939 

19.341 

17.482 

22.2.50 

18.018 

"     13 

59,736 

26,580 

i:t.(i7:t 

22.046 

*'2,472 

9..390 

21,338 

14.005 

18.408 

18.010 

13.912 

"      20 

24,973 

5.5,749 

18,344 
23,160 
22,773 

ii.om 

l'..0.59 

2.3!446 

7.890 

10.700 

12,.504 

12,940 

15.0()-2 

12.547 

"     27 

.5.3,9.30 
40,397 
32  739 

13.071 

10.004 

22.264 

8.218 

12,280 

8.481 

10,773 

11.430 

9.7.38 

April  3 
'•      10 

9..50(i 

13.8.55 

22,023 

5.708 

11.792 

9.4.50 

8.187 

14.770 

7..3.'5 

.... 

23,789 

9.241 

10.902 

18.!>00 

5.301 

7.725 

7.094 

5.942 

11.702 

6.088 

"      17 

.... 

29,18.5 
27 ,5 16 

21,436 

7.204 

9.802 

15,879 

5.806 

7,788 

7.292 

3,738 

l'.],52 

5..364 

"     24 

• . . . 

16,085 

C.1!I2 

10.431 

15,848 

5,.5.52 

5..598 

0.483 

4.200 

8.()50 

4.135 

May    1 

"       8 

'   .. 

19,185 

13,020 

4.103 

9..540 

13.006 

3.814 

4,474 

6.828 

3.839 
3.112 

9.380 

4.210 

17,580 

11,511 

.5.444 

7,2.30 

12,881 

3.233 

4.003 

6.745 

7.935 

3.806 

"     15 

.... 

12,912 

12,572 

3.8.57 

7,396 

10,810 

2,392 

3.248 

5,.543 

2.022 

0.289 

2.979 

"      22 

.... 

10,090 
8  540 

7,625 

3.4.52 

7,181 

8,026 

2,138 

3,238 

5,221 

2,027 

6.(!.52 

2,944 

"      29 

.... 

8,295 

3.505 

5,192 

7.521 

1.730 

1,694 

4,912 

2.617 

4,210 

3,206 

iTun6   5 

.... 

4;4:« 

3,lr24 

11,324 

3.0U4 

6.443 

5.979 

1.021 

1,110 

4,141 

1.281 

5.910 

2.103 

"      12 

7,851 

1.0(i8 

4.767 

6.078 

958 

1,.530 

l.!)09 

827 

2.997 

2.504 

"     19 

3,;«3 

2,604 

7  377 

2.330 

3,595 

4.376 

967 

1,001 

2.:!42 

938 

2..572 

1.998 

"     26 

.... 

6,599 
2,6.34 
3,751 

2.147 

2,894 

3.836 

551 

1,032 

1,766 

864 

2.187 

945 

July    3 
"      10 

.... 

2^8.59 
1,322 

2.4:!9 

2.624 

2,609 

662 

646 

1.947 

1.280 

1.149 

1.249 

.... 

2.813 

2,384 

2,621 

ei'J 

.■589 

1.947 

590 

1.442 

1.C80 

"     17 
"     24 

i;.5.30 
921 

4.447 
3  -'20 

1.3(>(5 

2.407 

2,139 

769 

599 

2.2.33 

742 

2.018 

815 

.... 

1.20G 

1.530 

2,.328 

1,0.52 

312 

2.283 

591 

2.4.55 

1.014 

"      31 

.... 

1,716 

3,726 

1.70' 

1,820 

2.760 

294 

795 

1.648 

692 

2.343 

708 

*ug.    7 
"     14 

1,079 

2.778 

5,S69 

1,047 

2,176 

2.317 

225 

520 

2,.537 

1.500 

l.(i48 

1.255 

7,751 

1.974 

2.893 

2.501 

1.214 

400 

1,920 

1,869 

1.734 

1,120 

"     21 

3,005 

18,965 

3,000 

3,480 

5,186 

4  222 

1,251 

2,972 

3,755 

4,356 

3.277 

"     28 

•••• 

8,;U2 

29,278 

•• 

•• 

8,862 

13;931 

7,530 

4,846 

•• 

•• 

3,399 

4,637,340 

3^13,542 

1,583.003 

2,452,312 

2,560,450 

2,129,852 

2,174,988 

2,224,263 

2,036,119 

2,082,704 

1,891,746 

Total  1 
crop  1  ■  ■ 

9,892,766 

7,527,2U 

6,717,142 

9,038,707 

8,655,518 

7.313,726 

6,935.082 

7,017,707 

6.513.623 

6..550,2i5 

5.669.021 

*  Fotir  towns  added. 

Jliqh  and  Low  Prices  for  Spot  Cotton  in  New  York  for  calendar  years  named  {from  Cotton  Facts). 


fear. 

Highest. 

Lowest. 

Year. 

Highest. 

Lowest. 

Year, 

HighestiOwest. 

"^ear. 

Highest. 

Lowest. 

Year. 

Highest. 

Lowest.  " 

1826 

14 

9 

1840 

10 

8 

1R54 

10           8 

1868 

% 

16 

1882 

13  1-16 

10>4 

18>7 

12 

8 

1841 

11 

9 

1855 

12           8 

1869 

35 

25 

188:J 

im 

10* 

1828 

13 

9 

1842 

» 

7 

18.56 

13           9 

1870 

2.594 
2m 
2;^ 

15 

1884 

11  15-16 

m 

1820 

11 

8 

184:} 

8 

5 

1857 

1574       9 

1871 

1885 

IIH 

93-lG 

18:10 

19 

8 

1844 

9 

5 

18.58 

13W        8% 

1872 

18^ 

1886 

9  9-16 

8  1:3  16 

18:}! 

11 

7 

1845 

896 

5 

18.59 

ik4     10 

1873 

2\H 

13^ 

18S7 

11  T-io 

9  7  I'j 

18:t3 

13 

7 

1.S46 

10 

6 

18()0 

1874 

185| 

14»j 

1888 

V^ 

'J^ 

18;i3 

17 

9 

1817 

12 

7 

18<)1 

38          U]4 

1875 

13  1-16 

1889 

11^ 

!»->t 

11*14 

16 

10 

1848 

8 

5 

If^Vi 

6nJ4      20 

1876 

l*M 

10% 

1890 

^9^ 

9  116 

1835 

20 

15 

1(^9 

11 

6 

18»V3 

93         51 

1877 

13  5-16 

10  i:M6 

1891 

7?i 

1836 

80 

12 

1850 

14 

11 

ISIJl 

1.90         72 

1878 

12  3-16 

813-16 

1892 

10 

6  11-16 

1337 

17 

7 

ia5i 

14 

8 

\^-5 

1.20          35 

1879 

im 

9M 

1893 

915-16 

fa 

ISW 

12 

9 

1.S52 

10 

8 

18<;6 

52          32 

1880 

vm 

10  15-lG 

1894 

8  .5-16 

5  9-lC 

1839 

16 

11 

1853 

U 

10 

1807 

36          15% 

1881 

1.3* 

10  7-16 

1895 

m 

5  9-16 

FOR.II    OF    CONTRACT    USED    BV    NEW    YORK    COTTON    EXCIIAXIJE.    (CONTRACT    A.) 

AV Oj?ife  of. Ne-M  York, i8q 

In   Consideration   of   one   dollar   in   hand   paid,    receipt  of  which   is   hereby  acknowledged have   this  day 

SOLD   to   (or   BOUGHT  of) 50,000   lbs.    in   about   One    Hundred    Square    Bales 

of  Cotton,  growth  of  the  United  States,  deliverable  from  licensed  warehouse,  in  the  Port  of  Kew  York,  between  tlie  first  and  last  days 

of  ne.xt,  inclusive.     The  delivery  within  such  time  to  be  at  seller's  option  in  one  warehouse,  upon 

five  days'  notice  to  buyer.     The  cotton  to  be  of  any  grade  from  Strict  Ordinary  to  Fair,  inclusive,  and  if  stained,  not  below  Strict  Good 

Ordinary  [New  York  Cotton  Exchange  Inspection  and  classification]  at  the  price  of 

[  ]  cents  per  pound  for  Midtlling,  with  additions  or  deductions  for  other  grades,  according  to  the  rates  of  the  New  York  Cotton 

E.\change,  existing  on  the  afternoon  of  the  day  previous  to  the  date  of  the  Transferable  Notice  of  delivery. 

Either  party  to  have  the  right  to  call  for  a  margin,  as  the  variations  of  the  market  for  like  deliveries  may  warrant,  and  which  margin 
shall  be  kept  good. 

This  contract  is  made  in  view  of,  and  in  all  respects  subject  to,  the  rules  and  conditions  established  by  the  New  York  Cotton  Ex- 
change, and  in  full  accordance  with  Article  II,  Title  IV,  Chapter  Second  of  the  By-Laws. 

Respectfully, 


285 


ClAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

World's  Frodicction,  Distribution,  Consumption  and  Yearly  IMce  of  Cotton. 


"CHRONICLE 

••    ESTIMATES. 

1 

WORLD'S   YEAELY  CONStJMPTlON,  IN  BALES  OF  400  POUNDS.                     ] 

Europe. 

United  States. 

Total 
Europe 
and  U.S. 

India. 

Total. 

Year. 

Great 
Britain. 

Conti- 
nent. 

Total 
Europe. 

North. 

South. 

Total 
U.S. 

•1878-79. 

2,843,000 

2,596,000 

5,439,000 

1,615,000 

169,000 

1,784,000 

7,223,000 

262,2.30 

7,485,2.30 

1879-80. 

3,360,000 

2,750,000 

6,100,000 

1,779,000 

202,000 

1,981,000 

8,081,000 

301,480 

8,382,480 

3880-81. 

3,S72,000 

2,956,000 

6,528,000 

1,884,000 

834,000 

2,118,000 

8,046,000 

371,400 

9,017,400 

1881-82. 

3,640,000 

3,198,000 

6,838,000 

1,931,000 

266,000 

2,197,000 

9,03.5,000 

389,600 

9,424,600 

1883-&3. 

3,744,000 

3,380,000 

7,124,000 

1,99.3,000 

382,000 

2,.375,000 

9,499,000 

447,400 

9,946,400 

1883-84. 

3,666,000 

3,380.000 

7,046,000 

1,865,000 

379,000 

2,244,000 

9,290,000 

520,700 

9,810.700 

1884  85. 

3,433,000 

3,2.55,000 

6,888,000 

1,608,000 

301,000 

l,009,0t)0 

8,597,000 

5^1,800 

9,181,800 

1885-86. 

3,628.000 

3,465,000 

7,093.000 

1,890,000 

388,000 

2.278,000 

9,371,000 

630,300 

10,001,.300 

18'66-87. 

3.694,000 

3,640,000 

7,334,000 

1,972.000 

451,000 

2,4i3,000 

9,757,000 

711,800 

10,468,800 

1887  88. 

3,841,000 

3,796,000 

7,637,000 

2,030,000 

500,600 

2,550,000 

10,167,000 

ni,670 

10,938,670 

1888-89. 

3,770,000 

4,009,000 

7,839,000 

2,130,000 

555,000 

2,Ga5,000 

10,524,000 

870,880 

11,894.8S0 

1889  90. 

4,034,000 

4,290.000 

8,.324,000 

2,102.000 

629,000 

2,731,000 

11,055,000 

988,203 

12,043,293 

1890-91, 

4,230,000 

4,538.000 

8.768,000 

2,262,000 

696.000 

2,9.58,000 
3:220,(100 

11,726,000 

1,155,328 

12,871,328 

1891.93. 

4,020.000 

4,.576,00O 

8,.596,000 

2,4.30,000 

790,000 

11,810,000 

1,142,619 

12,9.58,619 

189'i.9a. 

8,700,000 

4.576,000 

8,2S2.(I00     2.340,000 

649J1O0 

S.lS'.t.OOO 

11,471,000 

1.170.000 

12.641. onn 

189,3-94.  1  4,100,OWJ  1  4,784,000  I  8,884,000  1  1,991,000  1 

839,000  1  2,8.30,000  111,714,000 

1,155,000112,^69,000 

1894-95. 1 

4,264,000  1 

5,096,000  1 

9,360,000  1 

2.215,000  1 

1,0W,000  1 

3,219,000  11 

2.579,000  1  1,260.000 

13,839,000 

Amount  consumed  in  Mexico  and  Canada  not  included. 


World's  Production  from  Cotton 
FiCTS— Bales  400  Lbs. 

1801. 

1834. 

United  States 

Bales. 

105,000 
90,000 
25.000 

400,01)0 

400,000 

140,000 

38,000 

Bales. 
1,211,000 
75,(K)() 
20,000 
62,000 
85,000 
463,000 
275  (XKI 

Brazil ',',',', 

West  Indies 

Egypt ■■■■ 

Rest  of  Africa ['.'. 

India 

Rest  of  Asia , 

Mexico  and  South  America,  except  Brazil 
Elsewhere 

88,000 
32,000 

Total 

1,310,000  1       2,311,000 

Production  of  the  world  in  1893— bales  of  400  lbs. 
Bales. 

United  States 8,92.5,000 

India 3,(K)0,ikki 

China  and  Korea ■.    l,()00,i)(K» 

Turkey  and  Persia....       300,(K)0 

Asiatic  Russia 300,000 

Egypt 1,220,(KK) 

Africa,  except  Egypt.       125,000 


Brazil, 

Peru  and  West  Indies 

.Japan 

Mexico 

Greece 


Bales. 

3,000,000 

» 1,(100 

100,0(10 

60,(KK) 

10,000 


Total 15,870,000 


Over  55  per  cent,  is  grown  in  the  U.  S. 


WORLD'S   SUPPLY   AND   DISTRIBUTION   OF   COTTON. 


1866-67. 
1867-68. 
1868-69. 
1669-70 
1870-71. 
1871-72. 

Ave'ge. 

1872-73. 
1878-74. 
1874^75. 
1875-76. 
1876-77. 
1877-78. 

Ave'ge. 

1978-79. 
1879-80. 
1880-81. 
1881-82. 
1882  83. 
1883-84. 

Ave'ge. 

1884-85. 
1885-80. 
1880  87. 
1887-88. 
1888-89. 
1889-90. 

Ave'ge. 

1890-91. 
1891-92. 
1892  93. 
1893-94. 
1894-95. 


Visible 

and 
Invisible 
begin'ng 

of  year. 


2,349,000 
1,619,000 
1,338,000 
1,520,000 
1,725,000 
2,578,000 


2,453,000 
2,320,000 
2:525,000 
2,324,000 
2,846,000 
1,961,000 


1,540,000 
1,267,000 
1,548,000 
2,168,000 
1,610,000 
2,405,000 


1,939,000 
1,679,000 
1,800,000 
1,841,000 
1,614,000 
1,499,000 


1,434,000 

2.266.000 
3,610,000 
2,885,000 
2,707,000 


Crops. 


United 
States. 


2,2.30,000 
2,718,000 
2,652,000 
3,431,000 
4,733,000 
3,241,000 


3,167,000 

4,283,000 
4,597,000 
4,216,000 
5,171,000 
4,933,000 
5,425,000 


4,771,000 

5,637,000 
0,556,000 
7,519,000 
6,073,000 
8,058,000 
6,485,000 


6,721,000 

6,420,000 
7,480,000 
7,4.50,000 
8,000,000 
8,079,000 
8,525,000 


7,6,59,000 

10,170,000 
10,800,000 

8,044,000 
8,920,000 

12,0,50,000 


Supply 
of  other 
countr's. 


2,178,000 
2,107,000 
2,564,000 
2,113,000 
2,025,000 
3,036,000 


2,.337,000 

2,0»>,000 
2,:i20,000 
2,309,000 
2,018,000 
1,897,000 
1,506,000 


2,022,000 

1,398.000 
1,894,000 
1,8:^7,000 
2,510,000 
2,450,000 
2,434,000 


2,071,000 

2,007,000 
2,100,000 
2,478,000 
2,100,000 
2,-350,000 
2,580.000 


2,269,000 

2.488,000 
2,3<.H),000 
2,600,000 
2,',K)0,000 
2,000,000 


Total 
Crop. 


4,408,000 
4,825,000 
5,216,000 
5,544,000 
6,7,58,000 
6,277,000 


5,.504,000 

6,366,000 
6,917.000 
6,525,000 
7,189,000 
6,830,000 
6,931,000 


6,793,000 

7,035,000 
8,450,000 
9,,356,000 
8,58:j,000 
10,408,000 
8,919,000 


8,792,000 

8.427,000 
9,580,000 
9,928,000 
10,100,000 
10,429,000 
11,105,000 


9,938,000 

12,658,000 
13,190,000 
10,644,000 
ll,a20,000 
14,050,000 


Total 

Actual 

Con- 

simipt'n. 


5,OA5,000 
5,058,000 
4,979,000 
5,259,000 
5,820,000 
6,312,000 


5,419,000 

6,425,000 
6,632,000 
6,656,000 
7,082,000 
7,140,000 
T,272,000 


6,868,000 

7,223,000 
8,081,000 
8.646,000 
9,035,000 
9,499,000 
9,290,000 


8,629,000 

8,597,000 
9,371,000 
9,787,000 
10,167.000 
10,524,000 
11,055.000 


9,912,000 

11,728,000 
11,816.000 
11,470,000 
11,714,000 
12,579,000 


Balance  of  Year's  Supply. 


End  of  Year. 


Visible. 


1,400,000 
1,280,000 
1,260.000 
1,3.50,000 
1,696,000 
1,785,000 


1,591,000 
1,682,000 
1,619,000 
1,732,000 
1,318,000 
1,214,000 


1,068.000 
1,499,000 
1,922,000 
1,362,000 
1,704,000 
1,505,000 


1,2.30,000 
1,210,000 
1,248,000 
96.5,000 
902,000 
1,120,000 


1,706,000 
2,9.3.3,0(X) 
2.400,000 
2,2.53,000 
2,700,000 


In- 
visible, 


219,000 
58,000 
260,000 
375,000 
882,000 
668,000 


729,000 
843,000 
705,000 
614,000 
643,000 
326,000 


199,000 
49,000 
2-»6,000 
254,000 
701,000 
434,000 


449,000 
590,000 
593,000 
649,000 
597,000 
314,000 


560,000 
007,000 
263,000 
528,000 
1253,000 


Burnt, 
etc. 


53,000 
48,000 
55,000 
80,000 
a5,000 
90,000 


56,000 

74,000 
80,000 
70,000 
85,000 
75,000 
80,000 


77,000 

85,000 
88,000 
90,000 
100,000 
120,000 
95,000 


90,000 

90,000 
88,000 
130,000 
160,000 
120,000 
11.5,000 


117,000 

100.000 
100.000 
,50.000 
125,000 
225,000 


ESTIMATED  NUMBER  OF  SPINDLES  IN  EUROPE,  AMERICA  AND  IND/4. 


Great  Britain 

Continent 

United  States 

East  Indies 


Total. 


1895. 


4.5,400,000 
28,2.50,000 
16,1.33,(K)0 
3,810,000 


1894. 

45,270,000 
27,3.50,000 
15,70{),000 
3,650,000 


1893. 


1892. 


1891. 


93,.593,000/  91,970,000 


45,270,000 

2t;,8.50,000 

15,(H  1,000 

3,o76,fKX) 


4.5,.35O,0O0  44,7.50,000 

26,105,(K)0  2G,035,(K)O 

15,278,000  14,781, 0(H) 

3,102,000  3,351,000 

90.435,000 88,917,000^ 

DELIVERIES  OF  COTTON  FOR  PAST  SIX  SEASONS  AND  WEIGHT  IN  LBS. 
(Cotton  taken  from  the  Visible  is  counted  as  delivered  to  consumers.) 

GREAT  BfilTAIN. 


91,3.37.000 


Ameri- 
can. 


East 
India. 


Brazil. 


Epyp- 
tiun. 


Sun- 
dries. 


1891-ft5.[2,9:i7,7(K) 
1893-94.1  2,678,:j;J0 
If  92  as.!  2,'295,000 
l-91-!»2.i  2,081,000 
1(90-91.  2,882,000 
188<)-90.,  2,770,000 
1888-89.1  2,6a5,000 


32,9.50 
52,770 
fr«,0()0 
97,000 

23:j,ooo 

.304,(X)0 
255.000 


:«,090 
245,850 
182,000 

76,000 
lt0,(KI0 
110,000 
153,000 


273,6  .'0 
310,.560 
311,000 
311,000 
282,000 
212,000 
2,35,000 


3;t,570 
30,510 
41,000 
45,000 
40,000 
27,000 
40,000 


Total. 


3,310,930 
3,3;!(»,020 
2,893,000 
3,213,000 
3,.577,000 
3,4,53,000 
3.288,000 


Av'ge        Total 
W'ght.|W'Kht,lbs. 

1,618,813,000 

i,.5;ri,(i7!i,(/it(i 

1,II1,S9C.,0IH1 

i,.'>7ii,9(;i;,i)(io 
i,:o9,6i:<,(»(i) 

l,(!2(),17li,(l(l0 
1..')(I9,297,(KI0 


498 
479 
488 
489 
478 
471 
459 


CONTINENT. 


1894-95.13,260,640  I 

1893-94.1  2.,570,(K)0 

1892-93.  2,249,000 

1891-92.  2,4a5,<KJO 

1890-91.  2,417,(K)0 

1889-90.  2,i;ii,(KI0 

1888-89.1  2,077  ,<*)0 


793,170 
1,132,000 
1,085,000 
1,035,000 
1,200,(K)0 
1,439,000 
1,294,000 


,52,100  I  319,720  |    7li,610  |  4,.502,240  | 


149,000 
107,<H)0 
71,000 
73,000 
70,000 
149,000 


321,000 

:«7,ooo 

256,000 
270,OflO 
183,000 
KW.CXJO 


84,000 
107,000 
86,000 
06,(K)0 

as.ooo 

97,000 


4,2,56,000 
3,885,(KK) 
3,943,000 
4,086,000 
3,908,(K)0 
3,780,(K)0 


475 
4,58 
4(>3 
460 
453 
441 
433 


|2,13V)6I,000 
l,!l,5(l,0()0,(HK) 
l,7'.'8,912,OO0 
1,814,1.52,(«K) 
1,850,741, (KK) 
1,72  ,46t<,0()0 
1,644,530,000 


ALL  EUUOPE. 


18^»4-95.|  6,1<HI,(K)I)  I 


1893-91 
l»l2-93. 
18!)l-92. 
1890-91. 
1889-90. 
1888-89. 


5,266,000 
4,,>(4,()0() 
5,176,(K)0 
5,2!)!),IIO0 
4,903,(X)0 
4,682,000 


h26,i)0() 
1,192,000 
1,U9,(K10 
1,132,(01 
1,492,000 
1,713,000 
1,549,000 


,s5,0()0  I  ,5>.I3,(KK)  I 


.396,000 
289,(100 
147,000 
213,000 
180,000 
302,000 


610,000 
618,000 
570,(KK) 
,)52,000 
425,000 
389,000 


110,000  I  7,813,000  I 
121,000  I  7,015,000 


148,()(K) 
131,000 
106,000 
110,000 
137,000 


0,778,000 
7,1,56,000 
7,662,000 
7,361,000 
7,059,000 


484.7 
407.2 
473.() 
.473.0 
461.6 
451.4 
44C.1 


I3,7^'7,407,(I(X) 
3,.591),iiO().(K«( 
3,210J8iiS,(i(IO 
3,;i8.5,ll,S,(IU0 
3,.'>00,;iS4,0(H) 
3,341,017,000 
3,I53,a36,000 


Ellison  &  O.'s  (Liverpool)  Annual  Review  of  the  Cotton  Trade.    Conducted  by  Thomas  Ellison. 


U.  S.  Fort  Heceipts  and  £!xports  of  Cotton,  including  Distribution  and  Stock  on  Hand,  Average  Weight  by  States  and 

Total  Marketed  for  current  season  to  March  1st,  1896,  in  bales. 


Movement  from 
Sept.  1, 1895.  to 
March  1, 1896. 

Receipts 

since 

Sept.  1, 

1895. 

Receipts 

since 

Sept.  1, 

1894. 

K.XPORTS  SIKCK  SBPT.  1,  1895,  TO— 

Stocks 
Feb.  29. 

Number  of 
Bales. 

Weight 

n 

Average 

Average 

Average 

Great 
Britain' 

France. 

Conti- 
nent. 

Total. 

Pounds. 

Weight. 

Weight. 

Weight. 

Texas 

910,774 
1,515,2(12 
178,820 
778,691 
310,074 
419,019 
1.5,5,661 
1,.306,2SI5 

482,3.33,137 
773,662,141 

89,;J:?4,174 
370,:«i4,721 
152,:i53,989 
20.3,1,57,172 

76,104,220 
683,147,500 

.526.12 
,510.60 
499.00 
483.33 

482.02 
484.81 
488.91 
500.00 

5.34.40 
513„52 

so-^.oo 

491.00 
489.17 
494,12 
491. .57 
499.00 

521.51 

Galveston 

822,897 

93,877 

1,515,202 

17X,826 
24,969 

648,159 

1(15,56:! 

257,649 
58,425 

1M,918 
743 

265,435 

137,433 
16,151 
43,527 
78,472 
44,1)46 
30,606 

1,515,941 

,54.967 

2,169.4S6 

214,415 

18,9.58 
825,600 
140,459 
as4,llll 
131. ,345 
221,774 
893 
394,061 
252,518 

3I,9T2 
110,878 

59,630 
100,592 

87,748 

337,268 
29,590 

490,471 
51,241 
9,414 
35,386 
46,328 
27,((59 
52,313 
35,903 

29,426 
9,930 
8,384 
196.347 
164,()a3 
44,607 
4,219 

93,014 

4,3.50 

252,198 

26,349 
*i',770 

l%ii9 

"■956 

144.568 

30.737 
4(*I,5S9 
29,1117 

222',57i 
20.4,51 

144,294 
4,899 
90,708 

10.363 

164',i97 
2,128 
46.080 
25,rx,0 

574,8.50 

61,677 
1,143,258 

84,1S8 

9.414 

284,306 

66,774 
171,3,53 

57,212 
128,381 

39^794 

9,930 

8.384 

382,663 

166,211 

91.(U!8 

•  29,769 

83,1,58 

8,447 

305.778 

29,335 

2,282 
3U,002 

'8,471 

33',46;? 
2,150 
2,082 
187,212 
20,000 
15,591 
9,179 

Louisiana 

Alabama 

Georgia* 

South  Carolina 

Virginia 

North  Carolina 
Tennessee,  &c.. 

Total 

490.07 

499.00 

485.60 

Mobile 

481.94 

Florida 

486  ,58 

Savannah 

Brunswick,  &c 

Charleston 

4>0.29 
495.90 

Port  Royal,  &c 

Wilmington 

5.646.542 

2,836,357,054 

502.14 

508.27 

496.28 

Washington,  &c. .. . 
Norfolk '. 

*  Including  Florida. 

West  Point 

Newport  News,  &c... 
New  York 

Boston 

1895-96. 

1891-95. 

1893-94. 

Philadelphia,  &c 

Total  1895-96 

4,476,898 

1,574,964 

400,750 

1,337,088 

3,312,802 

824,246 

Total  marketed,  as  above bales. 

Interior  Stocks  m  excess  of  Sept.  1 

5,610,.542 
376,500 

8,165,8.39 
348,000 

6,301  ,,527 

Total  1894-93. 

6,718.243 

2.650,839 

&14,263 

1,821,933 

3,117,035 

995,839 

27:),OO0 

Total  1893  94 

5,218,723 

2,3.33.233 

519,185 

1,178,001 

4,030,424 

931,464 

Total  in  sigh 

t 

....bales. 

6,023,042 

8,51.3,839 

6,576,527 

*  Qreftt  Britain  exports  include  to  the  CbanneL 


8g8 


mil 


|Wll',!!,ii| 


■■^^ 


NEW    ORLEANS    COTTON    EXCHANGE. 


The  New  Orleans  Cotton  Exchange  was  the  outgrowth  of  a  preliminary  organization  in  1870  which  became  organized  January  24, 
1S71,  chartered  February,  1872.  They  own  the  ground,  building  and  furnishings,  which  were  completed  (inside  of  estimated  cost)  at 
an  expense  of  $450,000  May,  18S3.  It  is  a  five-story  structure  of  Indiana  drab  oolitic  limestone,  with  a  base  of  granite.  Seventy-eight 
feet  fronts  south  on  Carondelet  Street,  where  the  main  entrance  is  ;  120  feet  fronts  Gravier  Street.  A  fine  view  of  the  city  can  be  had 
from  the  roof.  The  main  hall  is  100  feet  long,  50  feet  wide  and  30  feet  high,  containing  the  most  complete  facilities  for  furnishing 
cotton  news  of  any  in  the  United  States.  It  is  artistically  decorated  and  has  many  historical  paintings.  There  are  377  members. 
Initiation  fee  requires  ownership  of  one  share  of  stock  and  payment  of  Sioo  annual  dues.    Transfer  certificates  sell  at  about  $140  or  $150. 


CLAPP    &   COMPANY,  BANKERS  &  BROKERS,  NEW  YORK,  ANNUAL  RECORD, 

Sales  on  New  Orleans  Cotton  Exchange  for  months  and  years  named,   as   reported  hy  tJi^e 

Secretary.     For  Kew  Orleans  Port  Receipts  and  Exports 

season  to  date,   see  page  236. 


SALES 

1895. 

1894. 

1893. 

1892. 

1891. 

1890. 

1889. 

1888. 

1887. 

1886. 

1883.        1884. 

1883. 

During 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

Baies. 

Bales. 

Bales. 

Bales. 

Bales. 

Bales. 

September 

October 

November 

December 

January 

February  

March 

April 

May 

June 

July 

August 

2,240.800 
■i.i&.Wf) 
1,736.4110 
1,291,700 

1896. 

897.!'00 
1,018,100 

827.S00 
l,4',e,9(IO 
1,629,200 

826,2U) 

1895. 

744.200 
6;J6.100 
1,775,100 
1,903.400 
1.612.0(0 
l,189.4ai 
667.6110 
1,338.VOO 

1.100.,500 
1..347.100 
1.430.900 
1,570,900 

1894. 

I,!i0:i,200 
l..t2:i.200 
•.(6.5.300 
1.012,800 
S,s;!,300 
412,.800 
3SI2.400 
398,100 

8.31.600 
1.8t>4.:«X) 
2..vt3.40(> 
2,147,300 

1893. 

1.412,800 

l.lvJI.lflO 

1,393,700 

1.4.52.200 

779,300 

8;t8.300 

3S2.200 

810,,500 

l.OOI.OOO 
1. 019.000 
1.252.600 
1,024,100 

1892. 

1.308.200 

i.otri.tioo 

1.086.400 

1.140.200 

8.57,IKX) 

l.l.54.,>(00 

6.32.100 

5o6.,S00 

648.100 

818.800 

1,002.000 

619.30C 

1891. 

962,200 
il2«..H00 
549.900 
743.t«)0 
39.5.!K)0 
691.600 
.509.700 
687,400 

449.300 
881.700 
838.900 
390,000 

1890. 

1,191..500 
469.400 
,520,700 
.52S.200 
440,;KX) 
400.800 
2<9.800 
380.800 

501.000 
6.52.700 
716.400 
513,200 

1889. 

615.900 
514,700 
508.300 
8:t5.700 
784.700 
2:fi..500 
2.^5.900 
456,600 

627.300 

866.100 

1.704.  NOO 

1.09-1,500 

ISSS. 

!153,'K» 
73;i.900 
1,3.«.400 
.5;«.200 
;H2.70C 
343.100 
309.6(10 
215,000 

392,700 

685.200 

738.000 

1.077.700 

1887. 

6(M.200 
.527,100 
1.270.100 
l.:i43.200 
1,481.600 
1.48,5,200 
1.090.100 
531.900 

576,-2C0 

a58.900 
700,200 
750,000 

1886. 

66.5.900 
!r23.500 
921.000 
425.,300 
481,600 
301.700 
399.900 
364.700 

582,200 

733.000 

9:i5.700 

l,ia5,800 

1885. 
S2.5,«O0 
5.^7,900 
69,5.400 
800,800 
521,600 
52:t.200 
486.300 
489,400 

1,027,400 
936.700 
843.000 
931,000 

1884. 

780.200 
6.52.90O 
1.040.900 
1.141,100 
711.700 
7IW.WI0 
270.:iOO 
489,500 

Total  

11,756,100 

14  618  JOO     -^  — ->  ■="'■ 

16,516,700 

12,131,400 
1,228,050 

8.555,300 
1,154.300 

6,782,000 

6,570,600 

9,(M9,.500 

11,227,000 

7,475,900 

8,037,100 

9,588,300 

Spot  Sales* 

1,128,(00 

926.930 

866,300 

1,034,417 

863,060 

961,011 

806.925 

1,072,300 

972,720 

1,161,475 

•  Includes  sal 

es  to  arrive 

For  Daily  Receipts  of  Cotton  at  New  Orleans  in  1895  see  Clapp  &  Company's  Record  on  pages  278  tP  284, 

2<7 


INTERIOR  OF  NEW  ORLEANS  COTTON  EXCHANGE. 

CLAPP  &  COMPANY   BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Cotton  in  sight  monthly,  per  cent  marketed,  per  '■'■Chronicle^''  to  1889-90,  and  since  by  N'.  O.  C.  Ex. 


September 

I'ercentageof  Crop., 


October 

For  Season  to  Date. . . 
Percentage  of  Crop. . . 


November 

For  Season  to  Date., 
Percentage  of  t^rop.. 


Deceml)er 

For  Season  to  Date. . 
Percentage  of  Crop.. 


•January 

For  .Season  to  Date. 
Percentage  of  Crop. 


February 

For  Season  to  Date., 
Percentage  of  Crop., 


March 

For  Season  to  Date. 
Percentage  of  Crop., 


April 

For  Season  to  Date. 
Percentage  of  Crop., 


May 

For  Season  to  Date 

Percentage  of  Crop — 


June 

For  Season  to  Date. 
Percentage  of  Crop. 


July  and  August . 


Total  Crops. 


1895-96. 


1894-95. 


534,645 


1,7.'«,.t02 
2,270,147 


l,:iOti,ft>4 
3,577,101 


670,.-)3; 
G.775 


2,140,990 

2,811,,i;« 

28.4(K 


2,190,79.=) 

5,(K>>,;C8 

oO..->2« 


l,a>4,769  l,992,a45 
4,931,870,  e.994,673 
70.1H^ 


618,729    1,019,797 
5,.550,.599'  8,014,470 
80.94^ 


.572,442 

8,586,912 

86.73* 


I     608,015 

9,194,!»27 

I       9287* 


342,728 

9,537,6.55 

96.a3* 


l.-i9,G15 

9,697,270 

97.94* 


79,73,5 

9,777,005 

98.75* 


m,246 


9,901,251 


1893-94. 


5a5,249 
6.69* 

1,617,369 

2,152,618 

28.51* 


1892-93. 


.536,278 

8* 


1891-92. 


832,317 
9.21* 


1,462,798  2,0.30,612 

1,999,076  2,862,!)60 

29.84*1       31.69* 


1890-91. 


856,4.38 
9.90* 


1,743,287 

2,.5il9,725 

80.U.5* 


1,675,041,  1,482,928    1,919,272 

3,827,659,  3,482,001   4,782.2;« 

.50.70*1       51.97*        52.93* 


1,6:«,43;5   1,.308,1.51 

5,406,092,  4,790.4.55 

72.40*1       71..50* 


788,080      .565,7.52 

6,2.51,172  5,:J56,207 

82.84*        79.91* 


362,4.36      418,136      748,.529 

6,616,608  5,774,;M3  7,956,9.51 

87.64*        86.18*1       88.06* 


1,66.3,854 

6,446,086 

71.:t4* 


762,.3.39 

,208,425 

79.78* 


300,313      2*5,762 

6,916,951   6,070,105! 

91.62*        90.59*1 


437,.3;i5 

;,394,289 

92.90* 


249,450      202,437 

r,166,401   6,272,.>12 

94.92*        93.61* 


271,576 

5,665,865 

95.91* 


l,618,6r 
4,21H,:{4- 

48,7,5 


l,aT6,2;>6 

5,874,.5it8 

67.8!)* 


1889-90. 


668,988 
9.L5* 


1888-89. 


424,209 
6.11* 


1.6:«,219  1.493,289 

2,:«KI,207    1,917,498 

31.46*        27.(>1* 


1.602,312 
3,902,519 

.t;{.:«* 

1,624,694 

5,.527,213 

7.5.60* 


!t6»),8:e      766,989 

6,841,4:iO  6,291,202 

79.07*        86.09* 


618,8.5:1      4.V),88' 

7,460,28:1  0,74.5,089 

86.22*1       92.26* 


1,515.20' 

3,4:«,705 

49..50* 


1887-88. 


824,.3G9 
11.74* 


1886-87. 


4.34,8.38 
6.68* 


188.5-86.    1884-85. 


485,.5.52, 

7.41*1 


1883-84. 


41.3,&36 

7.3* 


450.047 

7.88* 


1,.588.766  l,3:«,90l!  1,360,870  1,309,111    1,. 32.5,716 

2,4i;i,i:i5i  1,767,7391  1,816.4221  1,722,!M7    1,77.5,763 

34..38*;       27.14*1       28.19*|       30.:!9*        3I.08< 

l,a39.!M)6   1..579,.5.39!  1,44.3,4:131  1,:W0,!H)2   1,317,773 

4,0.5:{,0411  3,:«7.278:  3,2X9,8;V>  3,113,K19|  3,093,.5:i6 

57.75*1       51.:fi)*l       50.2:i*  54.9*]       54.14* 


l,.527,a37|  1,340,8711  1,440,487   1,488,582 


1.7 


■8,437 
•2.95* 


4,960,642  .5,:«3.912   4,787,765 
^1.52*1       76.81*;       7.3.51* 


791,8171      510,271      662,651      ,511,79:1 

5,7.52,489  5,9:M.18:i  5,4.50,419  5,.320,23f) 

82.94*1       81..5.5*:       8:1.68*1       81.23* 


1,:160,404   1,261,816 

4,474,2;5:i|  4,358,:«2 

78.92*1       76.27* 


5l:l,l.'-7|     45:1,985 

4,987,440  4,812,:n7 

87.97*1       84.22* 


462,7.58  211,166      .342,4.511     242,454 

7,92:1,041  6,9.56,25.5  6,614,5131  6,.546.250 

91.57*  a5.14*        95.37*;       93.27* 

314,626  119..509I      129,666      125,127 

3,237,667  7,07.5,764  6,744,209  6,671,.377 

95.20*  96.;8,?   97.24*1   95.06* 


519,603   .369.613   4.50.285   479,591   291,7.5:1!  370,337 

6,272,092  6,:i03,796  5,900,704  5,799,821  5,279,1!)3  5,182,674 

90.44*   89.82*   90.60*i   88..54*|   9:1.12*   90.70* 

2,5.5,494      .301,156,     192,903      262,772 

6,156.498  6,100,977  5,472,096  5,445,446 

94.52*        93.15*        96.52*        95.:i0* 


140,834       148,65;>, 

7,307,235  6,421,197 

96.79*       95.83*1 


195,.^53 
S,861,218i 

98.07* 


197,.52.5        67,845 

;,435,192   7,143,609 

97.49*       97.71* 


.58,483      112,144 

6.802,692  6,783,.521 

98.09«i       96.66* 


81,774        86,694 

7,392,009  6,.507,S<)1 

97.91*       97.12* 


107,.377 

I,968,.5!I5 

99.27* 


157,808      1^,474        66,784 


■,.549,817  6,700,3&5;  9,a35,379 


108,251        :i4,011 

1,543,443  7,177,620 

98.74*        98.18* 


109.154      1.^3,702 
8,&52..597  7,311. .322 


.32.995        70,993 

6,835,687  6,8.54  ..51 4 

98.56*1       97.67* 

99,.395      163,193 


6,93.5,082  7.017.707 


98,590 

6,2.54,788 

96.03* 


18o,.597 

6,286,574 

95.98* 


83,911 
5,556,007 


_  107,1.53 

.5,5.52,.599 

97.18* 


.53,419 

6,308,207 

96.85* 


36,918 

i,34.5,li5 

97.41* 


113,822        33,973,       57,292 

6,400,:J96  5,589,980,  6,609,891 

97.7-2*         98.6*       98.18* 


46,222        10.189 

3,446,618  5,600,169 

98.42*;       98.78* 


168,138      ia3,597        68,8,52 


6..513.263  6,.5.50,215  .5.669.021 


29,187 

5,639,078 

98.69* 

74,974 


8.714.052 


For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 


AUGUSTA  COTTON  AND  GRAIN  EXCHANGE. 

The  Augusta  (Ga.)  Cotton  and  Grain  Exchange  own  their  building,  built  in  1887  at  a  cost  of  $20,000.     The  main  hall  is  45  by  55 
feet,  l6  feet  high.     Tliere  are  100  members.     Annual  dues  $40.     Little  trading  is  done  but  much  information  is  furnished. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 


MEMPHIS    COTTON    EXCHANGE. 


Organized   in    December,    1873.     There  are  175    members.     Initiation  fee,   $500.      Transfer  valuation,  $200.     The    E.^change 
erected  and  owns  the  controlling  interest  in  the  building,  which  cost  $205,000.     The  trading  hall  is  40x66  feet  and  26  feet  high. 

For  Laily  Receipts  of  Cotton  at  Memphis  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

291 


;5  ':Vf^^^ 


fl 


Tvi 


I  i^  liPilriw 


MOBILE    COTTON    EXCHANGE. 

MOBILE,  Al>A. — Pi>|"Lii  ii  4o,ocx>.  i  l)c  Mobile  Cotton  Exchange 
was  intoiporatcd  Nov.  17,  1871,  and  w.is  third  in  order  of  the  kind  in  the 
United  States.     Mobile  is  a  large  reieiving  and  export  cotti.n  market.     In- 


spection  is  under  State  l.iw. 

Thtir  buildini;  was  occupied  March  i.  1886. 

Cotton  Movement  as  Reported  by  Secretary  of  the  Exchange. 

Receipts. 

EXPOUTS. 

1894-95    

2.i3,187 
215,116 

182.884 

122,995 

1893-94 

34,660 

1892-93 

36,486 

HOUSTON    COTTON     EXCHANGE    AND 
BOARD    OF    TRADE. 

HOUSTON,  TEXAS.— Has  population  of  27,557 and  is  the  largest 
receiver  of  Cotton  from  first  hands  in  the  United  States.  Hfceiviiig  in  yeai 
ending  Sept.  i,  1895,  1,803,592  bales,  and  from  Sept.  1,  1895.  to  March  i, 
1896  (6  months),  936,923  bales. 


"^«>^^^^5b_ 


«P^ 


■  n  ■      n  R  ■      P  n  n 


n  n 


SR 


n  H  n 
n  n  n 


nn  H, 


1 

R  n  *     n  n  n 

HUH       H  M  n 

■  ft  ■  ■  n  p 
i  N  H     N  n  n 

^  f  n      fi  n  n 

1 N  i     nan 

-,  -■"■•-1      -]-T-l 

p  H  R     H  n  n 

n  R  N    n  n  n 

^.' 


n  n  H 
n  n  n 


^^^m^^ 


CHARLESTON    COTTON    EXCHANGE. 

CHARLESTON,  S.  C— Population  60,000.  Does  large  cotton 
business  and  is  the  center  of  the  phosphate  and  fertilizer  trade.  The 
Charleston  Cotton  Exchange  was  organized  in  May,  1872.  Present  mem- 
bership, 47.     Initiation  fee,  $25.00.     Annual  dues,  $70.00. 


Cotton  Movement  Reported  by  Secretary  Cotton  Exchange. 

Receipts— Bales. 

Shipments— B  a  les. 

1895 

425,539 
407,391 
306,449 

422,8!»7 

1894 

1893 

4fti,631 
293.507 

NASHVILLE    CHAMBER    OF    COMMERCE. 

NASHVILLE,  TENN.— Population  100,000.  Has  4  cotton  mills. 
Received  In  1894-95,  Cotton,  54,960  bales.  Nashville  bought  Wheat,  1,998,053 
bushels;  Corn,  347,163  bushels;  Oats,  229,187  bushels;  Flour,  10,098  bbs. 
in  1894-95  ^^^  distributed  large  quantity  of  CoSee,  Sugar,  Bacon,  bulk  Meats 
and  other  merchandise. 


GALVESTON,  TEXAS. — Population,  29,084.     The  Galveston  Cotton  Exchange  was  chartered  in  1872.     They  dedicated  the  Exchange  building  in  1S77  at 
a  cost  of  $85,000;  the  land  was  donated.     The  Exchange  Hall  is  65  by  80  feet  and  45  feet  high.     Membership  140  ;  initiation  fee  or  transfer  valuation  about  $50. 

WILMINGTOM,  N.  C. — Population  20,056.     Has  an  Exchange.     Large  cotton  transfer  point  to  ocean  steamers. 

WEST  POINT,  VA. — Population  2,018.     Important  railway  and  cotton  transfer  point. 

For  Daily  Receipts  of  Cotton  at  "Wilmington,  "West  Point,  Charleston,  Mobile,  Galveston,  Nashville,  Houston  and  all 

other  points  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

For  all  Fort  Beceipts  and  Exports  from  September  to  March  1,  see  page  286. 

293 


a- 


SAVANNAH  COTTON  EXCHANGE.  NORFOLK  AND  PORTSMOUTH  COTTON  EXCHANGE. 

Organized  in  1874.     38  MeuibLrs.     Initiation  fee,  $100.     TransK  r,  $65. 

Organized  in  1872  witli  40  tuenibeis  ;  now  has  150  ;  125  being  active  members,  who  each  must  be  an  owner  of  one  share  of  capital 
stock,  at  par  value,  ,$200.  Present  value,  $100.  In  1886  the  present  building  was  erected  of  stone,  terra  cotta  and  iron  at  a  cost  (exclu- 
sive of  the  ground)  of  $45,000.     The  main  hall  is  45  x  50  feet  ;  25  feet  high.     Business,  coltun. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
IxeccJjjts,  Exports   ajid   Spot    Sales,  for   years   named,   as  furnished  us   bij   the    Secretary. 

RECEIPTS. 


IS'JJ.        1894. 

1893. 

1892. 

1891. 

1890.   1    1889. 

1888. 

1887. 

1886. 

188,5. 

1884. 

1883. 

1882. 

Sea 

md  Cotton 

Island  Cottof..        .... 

881,!)67 
64,305 

163,364 

915,171 
54,2,59 

755,724 
.3,5.487 

984,604 
42,019 

1,093,9.30 
45,630 

924,282 

798,177 
29,:  91 

869,413 
22.975 

777.671 
26,741 

780,291 
23,068 

708,7.30 
l'.»,:«7 

646,445 
9.301 

80,5,711 
ll.a59 

719,827 
17,229 

Spo 

t  Sales  L'pUmd 

198,344    209.815 

275,&36 

271,365  1  2.59.089 

294,344 

304,347 

270,0,39 

309,849 

305,005 

320,421 

446,477 

449.602 

EXPORTS. 


Upland  Cotton 

Sea  Island  Cotton.. 


884,919 
64,727 


918,268 
54  846 


7,56,388 
36,162 


9SS,fl88     1,095,296 
42,100  I       43,782 


921,467  I  797,146  '  874,669    778,555    785,045    7ft'<,344 
32,881 1     29,;«2  ;   24,033      27,939      22,790      19,083 


658,8,36    815,143     7,^3,6,56 
9.-255      12,0,55       17,5!1 


THE    NEW    ORLEANS    PRODUCE    EXCHANGE. 
The   New   Orleans   Produce   Exchange   was   organized   October   30,  1S93,  by  29  business  men;  chartered  October  30,  1S93;  has  a 
capital  stock  of  $5,000,  divided  into  200  shares  of  $25  each.     Membership  limited  to  200.     Initiation  fee  §25,  and  enforces  each  member 
to  own  one  share  of  stock  and  be  a  produce  merchant, 

CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Jieceipts  and  Exports  of  Flour  and  Grain  at  and  from  the  Port  of  New   Orleans  for  years  named. 

RECEIPTS.  EXPORTS. 


1805. 

1894. 

1893. 

1892. 

1895. 

1894. 

♦1893. 

1892. 

Flour,  Barrels 

Wheat,  Busdels 

Corn,  Bushels 

Oats,  Bushels 

6.55,291 

868,!I44 

9.937,676 

3.018,241 

756,068 
2,390,353 
4,381,173 
2,204,820 

76,5,2,52 
13,181,944 
7,611,6(17 
3,496,630 

842.064 

14,a52.1,56 

7,.501,128 

4,4,59,495 

148,481 

8,36,202 

8,629,046 

253,240 

133,075 

2,925.541 

5,441,448 

12,712 

117,878 

12.!596,7:!4 

6,5<!6,:«3 

122,533 

384,363 

11,.3,35,409 

6,924,403 

99,18,5 

♦Corrected  from  Government  Beports. 

For  Daily  Receipts  of  Cotton  at  Savannah,  Norfolk  and  Portsmouth  in  1895,  see  Clapp  &  Company's 

Record  on  pages  278  to  284. 


i 


The  Number  of  Sheep  and  Nuniher  of  Founds  in  the  Clip  for  States  and  years  named,  compiled  from   The 
Commercial  Bulletin,  The  Wool  Book,  Ilehnuth,  S'chwartze  S  Co.,  and  Government  Reports. 


THE    AMERICAN    FLOCK   AND    CLIP. 


States  and  Territories. 


Maine . 

New  Hampshire 

Vermont 

Massachusetts 

Rhode  Island 

Conneetlout 

New  York 

New  Jersey 

Pennsylvania 

Delaware 

Maryland 

VlrRlnla 

North  Carolina 

South  Carolina 

Georgia 

Florida 

Alabama 

Mississippi 

Loulslnnu 

Texas 

Arkansas 

Tennessee 

West  Virginia 

Kentucky  

Ohio 

Michigan 

Indiana 

Illinois 

Wisconsin 

Minnesota 

Iowa 

Missouri 

Kansas 

Nebraska  

California   

Oregon 

Nevada 

Colorado 

Arizona 

North  Dakota 

South  Dakota 

Idaho 

Montana 

kew  Mexico 

Utah 

Washington 

Wyoming 

Oklahoma 


Total 

Average  value  of  a  sheep. 
Pulled  Wool 

Total  product 


Number  of  Sheep, 

Jan.  1. 

Clip  in  Pound 

^• 

1893. 

1894. 

1893. 

1895. 

1894. 

1893. 

284,435 

326,937 

398,704 

1,637.116 

1,8.89,040 

2,.392,224 

1116,233 

115,471 

135,848 

719,8;i« 

768,691 

950,9:!6 

2.'fi.938 

280,170 

329.612 

1,632,462 

2,036,138 

2,472,090 

49.383 

51,441 

53.032 

233,038 

303,708 

318,192 

11,2T9 

11,279 

12.260 

65,508 

64,224 

73,560 

37.934 

39,930 

4;,479 

21.3,.t38 

232,152 

212,395 

l,09l>..'>tHJ 

1,388,031 

1.492,528 

6,230,392 

8,432,413 

9,328,:«)0 

50.662 

57,571 

61.246 

243,453 

274,9(Xl 

:)06,230 

l,n8,7U5 

1,473,494 

1,637.216 

5,899.867 

8,664,114 

9,823,296 

12,8;3 

12,873 

13.551 

70.801 

68,8.88 

74,5:11 

l.SS,174 

145,116 

151,506 

661,163 

699,593 

681,777 

449.;i57 

4S8,132 

498,400 

1,952,455 

2,361,.370 

2,492,000 

357,494 

376,30'.P 

396,115 

1,662,320 

1,802.5-20 

1,980,575 

78.:»» 

78,384 

78,384 

362,135 

377.023 

:i9 1,920 

4I(.',916 

411,169 

4:«.809 

1,491,126 

l,772..3.3(l 

1,947,641 

1111,627 

112,8.S5 

106,493 

485,655 

539,025 

.332,473 

:li6.tM(i 

31.3.832 

3.>S,158 

1,253,280 

1.483,808 

1,611,711 

39ii.9((4 

415,855 

477,156 

1,663,295 

1,932,440 

1,862,936 

178,74.-1 

184,274 

191,951 

(W),il70 

876,220 

959,753 

3,7:«,117 

3,814,405 

4,331,551 

22,669,h(i;i 

23,529,155 

30.:il  1,8.37 

2I2,32S 

228,310 

240,:H6 

1,198,806 

1,2*1, 108 

1,441,956 

493,782 

519,770 

541,4-.i7 

2,a33,1.3(] 

2,440,;W) 

2,977,849 

6:«..5:i3 

765,705 

841,434 

2,149,393 

4,(Mt.290 

4,627,887 

1,046,788 

1,16.3.098 

1.237,338 

5,272,312 

6,OS9,980 

«,805,3.39 

3,577,419 

3,763,70) 

4,378,725 

18,.3:i4.610 

20.09O,o:il 

21,893.625 

1,961,946 

2,392.617 

2,318.544 

12,140,724 

15,194.316 

16,.370„3.36 

8.3(i,217 

972,:i43 

l,aso..383 

4m01,210 

5,5'-9,042 

6,482,298 

S57,:OT 

1,032.976 

1,1S7,.-J-J9 

5,271,9<i8 

6,463.914 

7,717,638 

895,756 

1,066,376 

1,198,173 

5,202,552 

6.199,908 

7,189,050 

489,192 

514,939 

499.941 

2,841,228 

3.015.480 

2,999.646 

627.930 

773,222 

791.043 

4,219,691 

5,247,480 

5..3:i7,301 

860,820 

l,(XIO,'.«i 

1,099.»48 

4,906,674 

5,8:il,.3.30 

6,.399,688 

274,&S3 

ff2:i.392 

3->9.f,27 

2.296,785 

2.5.35,472 

:!,  117,016 

18:^,448 

277,952 

2T2,.502 

1,475,1(« 

2,421,522 

2,452,518 

3,.526,:«1 

3,918,157 

4,124,:r76 

23,153,956 

26,275,158 

26,808,444 

2,529,759 

2,529,759 

2,456,077 

19,610,688 

19,853.552 

19,648,616 

.544,077 

544,077 

5,35,181 

4, $52,616 

4,047,936 

4,441,448 

1..3i)5,9S9 

1,293,058 

l,2:il.l81 

8,2:!3,609 

8.861, .328 

9.236.  l.» 

7l6,M6 

691,21(1 

5so,87:i 

6.678,603 

6.-221,214 

.3,227.911 

32:i,482 

37o.s,s<i 

390.400 

2,097.2S2 

2,243.825 

2,440,000 

367,171 

;)36,960 

324,1100 

1.869,078 

I,916,6is 

l,994,a)0 

919,86:-) 

779,547 

764,262 

6,747,210 

5,788,140 

6,114,096 

2.808.717 

2,780,908 

2,.528  098 

19,031,866 

17,642,079 

17,696,686 

.S,0(B,834 

2,921,188 

2,710,082 

13,948,907 

13,:«9,9»4 

12,285,3t;9 

2,039,226 

1,905,819 

2,117,-377 

11,391,114 

11,756,04:! 

U,823,tS9 

748,857 

832,063 

82:!,8-25 

S.  158,125 

5,6.3.3,531 

5,766,775 

l,222..53.s 

1,198,.=;67 

1,198,567 

9,74,, 300 

9,861,811 

10,187,820 

^2.7;8 

18,222 

153,141 

127,551 

42,294.064 

45.048,017 

47,273,553 

•254,-296,726 

278,210,712 

:»1,538,133 

•  1.58 

«1.98 

S2.66 

40,000,000 
294,296,7^; 

47,000,000 

47,COO,000 

325,210.712 

:!48..5:i8,13s 

s  s  s 


s  s 


S    8 


o  o  o  o 
S  5  5^  S 
c>     S     ^ 


■a  i. 


«  g  * 


2    S 


S    '^ 


00        O        W        '—        ■— 


—     -T     ei 


S    t 


8    S 


i  ? 


§    5 


55    i? 


I     ? 


%     I 


s  s 


IS    O 


•s   <   Si   <   o 


The  Ihtal  Number  of  Sheep  in  the  United  States  and  Total  Wool  Clip,  Importations,  Boston  and  London 

Sales  for  years  named. 


The  Amerlran  flock,  January  1 

The  total  .\nu'ricaii  clip  of  wool  in  ll)S 

The  total  foreign  wool  unuorted,  lbs 

Boston  receipts,  domestic  uags 

"  •'  foreign  bales 

Boston  sales,  domestic  lbs 

'■  "      foreign  lbs 

London  sales — Colonial  wool  In  bales 

Value  of  foreign  wool  goods  Imported  Into  United  States. 


1895. 


1894. 


42.291.0W 

294.29fi,7'26 

218.989.217 

577.377 

323,984 

15t,:«9,773 

76,4l0,0l« 

), 463,000 

$60,319,:<01 


45,048,017 

334,9l4,a32 

tl  19,765,721 

581,304 

102,366 

138.640,284 

27.281,500 

1,^37,0110 

<17,336,161 


1893. 


47,273,-353 

348,.3:!8,138 

172,433,838 

504,319 

1-20,893 

107,317.000 

25.574.900 

1. -236.000 

$.30,-238,506 


189-2. 


44.938, 
3:H,0I8, 
148,67>i, 
6-29, 
191, 
137,749, 
42,697, 


$37,57.3,4*5 


1891. 

4:1.431,136 
.3r  0,401. -307 
129,303,548 
545,230 
16.3,116 
115,827.1.39 
32,328,300 


1890. 


44,.3S6.00O 
309,474,R36 
105.431,-283 
51-2.069 
111,66-2 
120.541.546 
26,9if2,7(r2 


1889. 


42.599,ra 
293,779,479 
126,487,729 
410,7a 
161. 1S2 
98.078..363 
32,4%,-2l*) 


1888. 


4;!,.'v34,753 

3223' 1.000 

113,5-38.753 

854,9-25 

103,1-22 


•166,512,108 


287 


I 


THE  N.  Y.  PRODUCE  EXCHANGE. 
The  Produce  Exchange  is  the  consolidation  of  the  Corn  Exchange,  which  was  incorporated  April  19th,  1862,  which  charter  was 
amended  February  13th,  1868,  creating  the  New  York  Produce  Exchange.  The  building  cost  $3,190,752.40,  and  has  a  debt  of 
$1,000,000.  Fronts  Bowling  Green  on  Broadway,  Whitehall,  Beaver  and  Stone  Streets  ;  is  120  feet  high,  with  a  tower  220  feet  high. 
Built  of  granite,  red  brick  and  terra  cotta  trimmings,  on  which  every  State  in  the  Union  is  represented,  the  word  "  Equity  "  being  in  the 
corner  stone  in  bronze.  The  Exchange  hall  is  144  by  220  feet,  with  a  skylight  60  feet  high.  The  membership  is  limited  to  3,000.  The 
cost  of  nijembership  certificates  is  now  about  $550. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Transactions  on  the  Neio   York  Produce  Exchange,  with  High  and  Lovo  and  Average  Prices  monthly  for 

years  named. 


Calendar 
Year. 


1895 

1894.  ..  . 

189:( 

1892 

1891 

1890 

1889 

1888 

1887 

1886 

1885 

1884 

1883 

1882 


Flour. 


Barrels. 

5,556,400 
4,998,625 
5,600,335 
4,526,770 
4,718,875 
4,240,975 
2,917,(KW 
3,2:i5,897 
3,426,813 
3,410,374 
3,373,.t61 
3,.t60,093 
4,646.985 
5,166,465 


No.  2  Red  Wheat. 


No.  2  Mixed  Corn. 


Bushels. 

1,665,232 
1,2.51,(«1,000 
1,0.»,2'.)9,(X)0 
1,161,4(H;,(>00 
l,693,3.i:i,("Kl 

i.2:«,4;ii,ii(Ni 
I,l2:i,l4,s,iiii() 

l,.">4!l,7l!l,:iil(l 

i,7:is,i(M;,4iw 

l,5.il»,614,3(K) 
1,403,951,.500 
1,16;V342,500 
1,.524,74.5,(X)0 
616,170,500 


High. 


85 


<l      7 


68:j4 
8:i 

in'/8 

10IJ6 
118 
104 
97 

1051^ 
114>^ 
124 
151^ 


Low. 

Av. 
Price 

57 

68^ 

53^ 

61% 

65% 

rm 

74 

90% 
109->| 

941^ 

85  7-16 
7994 

98H 
88M 

89 

78^ 

88  J6 

8;i 

88).^ 

89 

96-}6 

82 

109 
104J^ 

;;:: 

Bushels. 
147,785,000 
1.32,436,000 
176,216,000 
295,388,000 
403,011,000 
431,126,000 
253,i:«,800 
.331,431,300 
256,.i8o,800 
249,409,500 
334,513,(J00 
355,312,100 
623,668,000 
445,172,200 


High. 

619i 
66 
.57 
67 
85 
66 
48 
69^ 
65 
52 

59^ 
73 
71 
1091^ 


Low. 
34><j' 
41!^ 
43^ 

52>^ 

•mi' 

38^ 

46 

47M 

44^ 

49^ 

50 

5.514 

66 


Av. 
Price. 
47% 
50  15-16 
49  15-16 
54 

70% 
48  1-16 
43 

57  .5-16 
50% 
47  5-16 
53  3-16 


No.  2  Mixed  Oats. 


Rye. 


Bushels.    Higli.Low.' 

57,666,000 

69,;V)3,000 

80,284,.50() 
10o,8I4,IKK) 
107.597,000 
129,520,000 

90,1(J8,000 

&5,.52!l,000 

92,486,(X10 

72,880,100 
125,6.5.5,500 
123,.519,900 
241,202,800 
152,637,000 


Av. 
Price. 

28« 
37^ 
35% 

36  5-16 
46 

37  J6 

28  i:«6 
35i<; 

34  5-16 
35 

37% 


Bushels.  I 
3.600  I 


Higli.    Low. 
Ave.  50  cents. 


9,350 

4.58,;JOO 

1,376,6(J0 

79  11-16 

77  1-16 

1,. 576, 100 

94% 

91)4 
63)1 

646,.500 

a5  .5-16 

82:5, 100 

67^ 

;'>.5% 

16,300 

5^911 

315,900 

60% 

314,5(10 

62  9-16 

?;ii 

445,600 

ri% 

2,623,100 

4,632,100 

— 

• 

Calendar 
Year. 


Pork. 


Lard. 


1895.... 
1894.... 
1893.... 
1892.... 
1891.... 
1890.... 
1889... 
1888.... 
1887.... 
K86. . . . 
1885.... 


Barrels. 

79,300 
66,950 
63,650 
70,800 
87,235 
85,515 
73,060 
72,9.50 
87,775 
77,332 
78,215 


High.  Lo.v. 


S14.75 
S16.00 
22.50 
16.50 
14.50 
14.50 
14.50 
17.00 
17.00 
12.75 
14.25 


$8.75 
S12.00 
13.75 
9.(X) 
9.(J0 
9.75 
10.00 
13.50 
12.00 
9.00; 
9.00 


Tierces. 

144,.-i29 

123,688 

133,227 

504,365 

1,255,263 

1,008,448 

1,029,855 

1,630,779 

3,444,405 

3,572,a53 

3,188,750 


High.    Low. 

$7.42)4  So  45 
S9.40  $6.95 
13..35      7.00 


10.90 
7.42 
6.90 
8.00 

11.25 
8.15 
7.75 
7.40 


6.40 
5.87 
595 
6.05 
7.00 
6.75 
5.90 
6.15 


O.  W.  CLAPP,  DWIGHT  O.  CLAPP, 

COMMISSION     MERCHANTS, 


MILLS    BUILDING, 


Members  Ne-ui  York  Produce  Exchange. 


NEW  YORK. 


For  Daily  Receipts  of  Cotton  at  Boston,  New  York,  Philadelphia  and  Baltimore  in  1895,  see  Clapp  &  Company's 

Record  on  pages  278  to  284. 


299 


CLAPP  &  COMPANY   BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
liecelpts  (ind  A'xportfi  oj  Flour  and  Gram  at  New  Yorkjur  months  and  yearn  named. 

RECEIPTii. 


Hontbs. 

Flour,  Barrels. 

Wheat,  Bushelfl. 

Corn,  DushelR. 

Oats,  Bushels. 

Rye,  Bushels. 

Barley,  Bushels. 

Peas,  Bushels. 

Com  Meal, 
Barrels. 

Jiiiiiiary 

Ki-liruary 

M  n  roll 

Aiiiil 

332,089 
a»7.290 
570,618 
tl2.r.29 
5ii8.!U5 
4-'6.255 
445.6;B 
467.(*1 
491.741 
674.190 
765.589 
882.094 

114,8.10 

4r.s.M)0 

495,904 

561.200 

4.060,575 

391.000 

617.525 

2.1115.950 

3.930,H.'>0 

3.245,ri(IO 

7.5.57,398 

5,262..375 

37(1.050 

3:«,-228 

552.31X1 

401,050 

2,314,975 

2,160,6.50 

2.7(4.775 

3.:!:}7.6>5 

3.61.1.825 

3,858.050 

3,121,575 

2.858,875 

775.9-.() 
67S.:jiO 
1,558.200 
1,754.550 
2,a59,200 
2,942.a)0 
1,311.900 
2.6!14.,'i(0 
2.318.7i'0 
3,198,(0) 
S,3I13,20J 
1,752,400 

3,350 

"s'.iio 

IS.5.56 
4.975 
I.3.6,-.0 
40.525 
23.400 
1,510 
51.675 

2!)6,fi50 
230,250 
240,  l.W 
52,700 
31,200 

2!,)'l.i6 
51.808 
51/7.9110 
798.825 
l,258,-,75 

27,500 
45.100 
37.4'  0 
21,750 

:3:).5-o 
28.(r.0 
84.450 
14,:i(iO 
26.1110 
6il,0(X) 
7:l,l.-0 
69,8.50 

.35.0:19 
46.1(15 
1(1,157 
41.771 

M.iy 

30,625 

4:(.272 

July                 

41.519 

31.4:17 

40.957 

OctnlltT         

47,268 

87,693 

Dei'<*ml>er 

47,501) 

Totals,  18<»5 

I8<M    

6.404.036 
7.741.461 
8,190.495 
7.769,637 
6,122.4.19 
5,635,384 

28.9H.427 
30.775,426 
4S.777.9S5 
6:i..%s-2.2tlO 
•  I11.(«I6.851 
15,791,857 

2.5,711.978 
19,999.411 
19,4:16,(110 
27.370.321 
24,312.1  94 
84,261,466 

25,207.100 
26.(157.514 
29.597.902 
30.600.177 
27.737.7.50 
33,744,000 

1(11.035 

250.1-45 

516.178 

2.310.9r2 

5.S0l.ltt-> 

1,228,393 

3.491.208 
3.80«.0.'.l 
3.8(N1,195 
4,254.r41 
4.»17,540 
4,295,(HO 

480,500 

517. iro 

5T2.rK80 
692,300 
9:iii.5:(0 

619,014 

48:i,l09 
490.6.54 

"      18;« 

•'      1892 

■■      18<H 

488.749 
505.9(12 
475,320 

IS'IO 

421,132 

Also  lu  1895-3,921,700  bushels  of  malt. 


EXPORTS. 


4r4.1W7 
296.843 
3I5.9!10 
41.5,806 
427,323 
3(r2.:i45 
252.616 
249.612 
3211,750 
46:1,207 
359.598 
495,193 

2,690,.%a4 
1,594.952 
2.013.815 
2.870.217 
1,868.013 
1.191.8,83 
8110.116 
878.620 
2.U7.7:!0 
2,271,728 
2.072.479 
3.270.212 

686.607 

.S:i5.4(13 

313,267 

165.410 

I,a86.540 

1.4.87.200 

2.413,949 

2,407.714 

3,0',I3,144 

:i.:i9l.fil2 

2.0(l:t.8',i9 

1,777,042 

33.895 
20,408 
25.:;46 
2I.lf.7 

:si.8r)5 

19,331 
2!I5.4,50 
478.8:12 
175.'2.39 
222.979 
121. .527 

49.668 

2,376 
19.!.95 
1,200 

■■■■26 
']9.72(') 
6.5.831 

19.979 
20.187 
37.2.50 
19.999 
1(1,2.>7 
22.117 
19.918 
21.991 
20.9:« 
32.637 
31.9:12 
27.032 

14,314 

F«"liruary 

I1.2H2 

Maivh 

-Apiil 

Mav 

11.020 
14.468 
11.947 
9.+I2 

Jnlv 

13,509 

8,289 

11.804 

17.6(10 

10,172 

1.5,7*4 

Totals,  1895 

'•      1S!»4 

4.399.:?.t0 
5,987.478 
6.0:)2.!:03 
5.683.2:16 
3.978.076 
3,417399 

24,239,799 
•25.142,294 
:^S.017.9:a 
49,789.40:1 
46.514.096 
12,519,946 

19..581,S47 
10.58.5,771 
12.H02.1I39 
18.279..578 
12.8I9.9U 
24,550,165 

1,497..587 
382,805 
5.197.0117 
3,742,812 
3.205.41* 
9,301,016 

29.025 

439.459 

3,261  ,.508 

4,44S.(.75 

1.351,726 

12S6"0 
21.619 
2.57.914 
T.18.0.-.9 
l,8fi9.5IK) 
275,313 

290.242 
.36.5.013 
473.796 
686.S|.i 
668  0(19 
371,814 

147,631 
1.58.238 
1.59,149 

ill 

159..598 
160..5.33 
M6,432 

New  York  Storage  Rates  on  Grain. 

Receivitifj;,  Weighing   and  Discharging   on  all   sound   Grain,  inchidiiig    first  ten  days*  storage  or  part    thereof, 

iiiciudin<j  guarantee ^c.  per  bushel. 

Every  succeeding  ten  days  or  part  thereof  on  all  sound  drain ^c.  " 

(All  Grain  guaranteed  only  so  long  as  it  remains  in  good  order.) 

Transferring  and  Screening  in  Store ^c.  " 

Screening  and  Blowing  on  receipt  or  delivery ^c.  " 

Mixing  Grain  on  receipt  or  delivery ^c.  " 

Transferring  and  Mi.xing  Grain  in  Store i^c.  " 

Trimming  from  Canal  Boat Si. 50  per  1,000  bush. 

Turning  for  Preservation 2.00  " 

Bagging.  Holding,  Tying  and  Loading  (eacli)   j^'c.  per  bushel. 

Bagging,  Specific  Weight  in  each  Bag ^c.  " 

Delivering  on  board  Ocean  Vessels,  Trimming  in  bulk  or  bags  and  Extra  Storage $7.00  per  1,000  bush. 

Delivering  on  board  Coastwise  Vessels,  including  Trimming 2.00  " 

The  present  rules  provide  that  when  any  damage  is  done  to  grain  an  assessment  shall  be  made  on  all  certificates   outstanding, 
whether  the  grain  represented  be  in  the  elevators  or  afloat  in  canal  boats,  only  on  contract  wheat. 

Total  elevator  and  other  storage  capacity  for  grain  is  29,225,000  bushels. 

The  inspection  of  grain  in  New  York  is  under  the  control  of  the  New  York  Produce  Exchange. 


Average  Cash  Price  of  Grain  and  Pork  on  N.  Y.  Produce  Exchange  for  month  or  year  named. 


No.  2  Red  Winter  Wheat.               ( 

No.  2  Mixed  Corn. 

No.  2  Mixed  Oats. 

Mess  Pork. 

1 

1 

1895. 

189».»  1  1S93.» 

1S92.» 

1891.* 

i;,95. 

1894.*      1S93.» 

1892.*  1   1891.» 

1895. 

U  1-8 
31  1.5-16 

1S94. 

189:J. 

189^2. 

1891. 

51  1-4 
531-4 

IR9.5. 

61  1-2 
.58  1-2 

67  11-16  ,80  7-8 

1.0114 
1  06  1-4 

1.07  3-8 
1.12  :}-8 

51  3-4 
19  3-8 

4.17  16     53  7  16 
43  5  16     51 

51  5-8      61  7-8 
50  7-16     frl7  8 

.S3  5-8 
36  18 

:ai-i 

3S 

:« .V16 
3(1 18 

12.69 

February 

64  7-lfi 

80  5-8 

11  59 

March 

61  9-16 

63  9  16 

76  3  4 

\M  7-S 

1.15  1-2 

51 

45  5  16     53  11-16 

49  3  16     74  14 

33  1-2 

:S5  15  16  38  13  16 

35  14 

58  116 

13.r.5 

April 

64  3-S 

64  5-8 

7713-16 

99  13-16 

1.21  12     ! 

57 

45  316     517.16 

513  8      817  8 

32  3  4 

3s  3-16 

:«7  8 

:)5  1-16 

60  7-16 

13.79 

May 

73  11-16 

59  11-16 

78  5-8 

97  11  16 

1.14  7-8     1 

8  3-8 

4:)  15  16 

51  11-16 

.56  78    i75 

:e  7-16 

:)9  34 

-X!  116 

:»9-16 

56  1-8 

13.75 

Juue 

79  3-16 

613  4 

731-8 

9478 

l.W  13  16 

49  15-16 

45  1^ 

49 

;-.9  3l6     6715-16 

31  13-16 

49  3  16 

:i7  1-16 

37  18 

41  516 

13.90 

Jiilv 

71  »-16 

.58  9  16 

72  5-16 

87  7  8 

1.01  116 

46  15-16[  <8  5  8 

49 

.57  1316  74  3  8 

•28  S-10 

16  1  16 

ai  3  8 

:5614 

41  13  16 

12.89 

AURIlSt 

63  7-8 

58  14 

69 

S3 

1.07  3  8     ■■ 

:i9  9-16 

61  9  16 

475-8 

62  11-16  76  12 

•25  13-16 

:«3  8 

3134 

38:1-4 

38  1-2 

11.4(1 

September 

69  1.V16 

58  18 

T2M6 

79  12 

1.04  5  8 

.■«  3-4 

62  1-4 

49  7  8 

55  11-16  68  11-16 

•>4  1-8 

:'3 11-16 

33  7-8 

37  3-8 

33  11-K 

10.25 

October 

69  .VKl 

56  5  16 

69  9  16 

78  5-8 

1.05  1-2 

:*7  1~1 

57 

47  3  4 

51316     65  1-16 

t\  5-8 

32 

»ll-16 

35  1-8 

M  131)1 

10. 12 

November 

TO  13-16 

59  5  16 

67  3  8 

76 :!  4 

1.07  1  16 

:i5  9-16 

59 

46  14 

51  18       -1  3.4 

21  11-16 

33  316 

.14  7-16 

.36 

38  151( 

9.85 

December 

619  16 

68  3  16 

77  9  16 

l.(/7 
1.09  S-S 

56  1-8    1  45  1-2 

51            62 1.5-16 

a  1.V16 
28  7-S 

SI  3  16 

.'53  5  8 

36  7-16 

4113-4 
45 

'.<  20 

Annual  Average 

68  1-8 

61  IS 

7378 

90  3-4 

47  3-4 

5015  16  4915-16 

54            703  8 

3714 

35  7  8 

36  5^16 

(Average  ' 

Range  for  year: 

for  year. 

High 

70  14 

8314 

1.11  18 

1.3012 

61  1-1 

67            57 

67            85 

35  1-2 

531-2 

40 

41 

6312 

1 

Low 

57 

54  3^8 

65  .%8 

74 

94  12 

31  1-2 

42  1-4       43  14      46  1-2      52  1  2    1 

22  1-2 

31            29 1-2 

33  1-2 

31  .l^ 

1895....     $14.13 

•Afloat  and  delivere 

d. 

•Afloat  and  delivered. 

■ 

19M....      14  13 
1893  ...      18.35 

Wheat  N'o.  2  Rt 

d  in  store: 

Corn— No.  2  mixed  in  elevator. 

Oats— No.  2  mixed  in  elevator. 

1892  ...       11. .52 

Highest 

June  11 

84c. 

HiKliest,  Mav  23 60140. 

Highest.  Febni.nry  12.. 'W^. 

1891....      11. :S 

Lowest, 

February  IS     

55HC. 

Lowest,  December  16 S!J<.c. 

Lowest,  December  16.  .22><.-c 

1890....      12.13 

aoi 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Wheat  and  Flour  on  Passage,  and  Shipments  Wheat  to  Europe  from  Black  Sea,  South  America  and 

Australia  and  from  India  Weekly. 


Wheat  and  Flour  on  Ocenn  Passnce. 


i^hipmcnts   of  KiiHBinn,    Diinubinn,    Austra- 
liau.  Chili  and  Ai'Kcniiiie  Wheat- 


Date. 


December  29, 1894. . . 

January  5, 1895 

January  12 

January  19 

January  26 

February  2 

February  9 

February  16 

February  23 

March  2. 

March  9 

March  16 

March  23 

March  30 

April  6 

April  13  : 

April  20 

April  27 

M.iy  4 

May  11 

May  18 

May  25 

June  1..., 

Junes 

June  15 

June  22 

June  29 

Julys 

July  13 

July  20 

July  27 

AUKUstS 

AuKUstlO 

August  17 

August  24 

AugustSl 

September? 

September  14. 

September21 

September  28 

Octobers 

October  12 

October  19 

October  26 

Noveinber2 

November  9 

November  16 

November  2:! 

November  30 

December? 

December  14 

December  21 


160,000 
,610.IXJ0 
,0(X).000 
120.000 
320.0(«) 
9JO,000 

560,aio 
60,«.in 

,931.000 
,320,000 
1M,(00 
531.0011 
,040.01.10 
,320.000 
480,000 
,960,000 
760,0!  10 
,360.1  «K)' 
2l)(i.i<XI 
3<KI.O  0 
81X1.00) 
160,001 

r20,aii 

SOO.OIO 
,440,000 
,400,000 
,2S0,0iO 
560,1*0 
'.ICO.Oc 
840.1  iOO 
,880.(IIK) 
20.111(1 
.30 1,1  IN 
64' 1,01 « 

a*  1,10 

401,(101 
480,1  »I) 
,440,0111 
,01l>,000 
,800.000 
,.'i6ii.li«i 
,8  0.1 .00 
,240.CK.li 
561 1,1  M 
,200.000 
M  1,001 
040,0011 
,2^1,1100 
,6i.tl,(li« 

a<i,oiio 

,210,1  Nm 
720,000 


c  aa 


8,^20,(100 

7.600.0  0 
7,440,000 
7,iso,ii00 
6,:  6o,miO 
6,331,0111 
6,101,000 
6,3>0,a«l 
6,240,01111 
6,640,l«O 
7.2s0,n0i 
7,:j60,(lOO 

7,rco,ooi 

8,160,000 
9.361,00" 
10,160,000 
11,280,000 
ll,5yi,O0 
12,S0ii,iK0 

11,1K|I.IK»J 

i:i,  120,001 
13,360.11111 
13,20 1.1 «) 
14.0sil,iioO 
13,760,1 '00 
12,720,000 
12,240,1410 
11, '•41 1,1  00 
11,3611,000 
li).400,i»i0 
9,3i»,0(i0 
7  6*1,0110 
6,-i6il,ll(iO 

6.:«ii,l« 

e.oiH.i'i^i 

6.560.1  00 
6,40  1,1  >0 
7,:l(W,ilOii 
7,440,11110 

7,2S)I.HlO 

?,9J0.f<iii 

9,2~ii.i 

H.nn.lOll 

8,41«i.l"l, 

8.4K11KIO 

9,r31.(XIO 

9.5'JOliOO| 

8.140.000 

S,,5('>ll,l<H 

9,040,1  «iO 

8,640,000 


C  00 

n 


3il,SsO,000 

32,240,1100 

3:^,440,000 

34,4110,101 

Si,2Mi,0(iO 

32,240,111- 

32,96  1,1  HKi 

3I,1WJ.OO« 

:'4,16ii,000 

34.960.01  0 

36.4H),l< 

36,H,Sli,O0 

86,'.'6li,0< 

36,4SO,1KO 

37,S4l  1.000 

39.120.(.<K 

41.04ii.(W) 

41.0411.100 

42.0l>',0(<j 

4I.1I11.0* 

4:1,920  1110 

44.:»'.101 

4:;.92ii,0(k 

44.ssO.Oiii 

45.2O0.lO 

4.3.r2ii.U< 

41.52",0i< 

40,41  lO.OUl 

411.3211.(1.11 

:«,240.01O 

36.240.(«i 

32.4110.1  00 

29.9'20.iil(l 

l^.HO.lnO 

2s.:!ai.i  00 

27.ii4ii.(<i( 

25.iilii.(n 

23,aili.(X> 

2l.40O.(<( 

24.240,1  KK 

23.>^I0.0(Kj 

26. 720, in 

■25,.5'2liil(«l 

2). '.16(1.1110 

25  60 ',11 11 

25.3611.00(1 

26.1611.0(111 

26.801  l.OOli 

2(;.2lii.i«"i 

25.7i'<i.i«ii 

27,2Ml,l»>i 

27,360,000 


Date, 


Dec.  29,  1894,... 

Jan.  5  1816 

Jan.  12 

Jan.  19 

Jan. 26 

Feb.  2 

Feb.  9 

Feb.  16 

Feb.  23 

March  2 

March  9 

March  16 

March  2! 

March  30 

April  6 

April  13 

April  20 

April  27 

May  4 

May  11 

May  18 

May  25 

June  1 

Junes 

June  15 

June22 

June  29 

July  6 

July  13 

July  ao 

.luly  27 

Aug.  3 

Aug.  10 

Aug.  17 

Aug.  21 

Aug.31 

Sept. 7 

Sept.  U. 

Sept.  21 

Sept.  28 

Oct. 5 

Oct.  12 

Oct.  19 

Oct. 26 

Nov.  2 

Nov. 9 

Nov.  16 

Nov.23 

Nov.  30 , 

Dec. 7 , 

Dec.  14 , 

Dec.  21 


■e  c5 

V  c  o 

ill 

^5« 


1.920.0011 
2,2111,000 
l.am.O  0 
1,280,1  <10 
l,:Wo,(iiX) 
l.l-2ii,aiO 
l,2S(i,00i 
?20,0i« 
480,(X)0 
960,010 
T20,iO0 
560,010 
768,010 
400,1100 
64O,f«i0 
2,8-((i,uO 
2,4iiO,Hii 
2,176.0(«i 
2,140,000 
5.S64.KH) 
.5,21  N  1.00: 
4,4SO,000 
4,560.000 
6.4S0,iO0 
6.240,1  <« 
5,640.00 
4,320.000 
4,400,(«») 
3.920,(00 
3,280,(««l 
2,456,0(0 
2,480,(W 
2,160,001 
2,S8ii,00 
4,2S8.1«0 
1,864,0(1(1 
2,320.001 
2,si6.iOO 
2.6S0.0  0 
2,248,0  iO 
S.KM.Oai 
3  1.3i;.O0 
4,:«J.0<i 
2,766.100 
3.656.1100 
3.696.11(0 
3. 1.52.0  o 
2,760.000 
3,32ii.0O) 
2,H%,0O) 
3,160,0  0 
3,024,000 


-a 
ccq 


2,160.001 

2.8'M).000 

2.7211.10 

2.240.1110 

2.l>^0.l)0 

2,3-20.100 

l,-mi,UO 

],3«0,0(« 

1,131.(00 

1,201.1  <0 

1,760,1<10 

1,131,100 

1,8411,11(0 

1,840,0  0 

2,4(0,1 

2,ii96,iK10 

2,4S0,lO0 

4..576.K0 

3.531.00 

1,176.101 

1.312.14H 

1,<18.0>I 

1,44m.1Mi 

92'<,lilO 

1,(»S,0  0 

712,010 

1,784,10 

528,00 

1,552,10' 

576.UO 

721  i.H' 

9"ii.0  0 

61ii.ii(Ki 

4S0OO 

:;6u.ooo 

1.360.1M 
l,60>.OO 
1.2(0.1  (0 
1,704.100 

H.8il,(K> 
l.SdS.OMI 
2,2.V,,IK«' 
1,472,1(0 
l,0(">4,Oi( 
l,3i8.0< 
1,016.00 
1,952.0:0 
l,440.O< 

76S.O)l 
1,1.411,1.0 
l.lCii.uO 

776,1 0 


n 


4,080,000 

5,120.010 

3,931,0(0 

3,5-20,0(0 

3.440,0,0 

3,440,0)0 

3.13i,WI(i 

2.(iSO,(XI0 

1,6(X),000 

2.160,000 

2,480.000 

1.68(1,0(0 

2,608,(00 

2.-21O,00O 

3,010,000 

5,576(00 

4,880,000 

6,752.(»0 

6,160,10) 

7,040,100 

6,512,11.0 

li,3*i.U0 

6.1101,00 

7.408,100 

7.".i-2'*.0Oi 

6,;«2.(i(ii 

6.1U4.00O 

4,928,011 

5,472,(XO 

3,S,56,ia 

3,176.00) 

3.440.0  0 

2,800.00 

3.:<60,iO0 

4.618.0)1 

S,-224.0OO 

3.',i28.0i( 

4  0I6.OO 

4..-<.84.i« 

3.128,100 

4.9r2.0(Xi 

5..1')2.O0O 

5.824.00 

3.8411 

4.S«.(X« 

4.712.0OI 

.5.1(U.(0i 

4.20l.fXX) 

4.1)88.000 

4.,5:«-..l)00 

4.:a),oo 
3.^0,110 


2,4ao.(X) 

2,401,00 
1,&0,000 


3.040.00 
3,440.00 
2,320,00 

2,»lil,(X0 

2,(K1,W)( 

2,4'O,(«0 

4,41111, 

2,:i-20,iXO 

2,7-20,1" 

l,680.OX) 

2,880,010 

4,080,0  0 

5,6S0,(XX1 

4,9611,(00 

5,531,011 

4,1180,1:01 

4,8811,000 

3,6011 

4,04li,UO 

5,S4<i,i<0 

2,64(1,(X* 

8,280.000 

2.880.0  * 

4.4<ii.lO0 

2,731.1111(1 

4.100.10 

2,560,00 


t^hipmenls  of  Wheat  from  Inilia. 


Date. 


2,560.00: 
s.tno.oo 
3,.5-.li.OK 
2.4S0.1O 

3.288.0)1 

3.4411.011 

3.'3»).(KO 

3.360.10 

2.'~'-0,O0, 

4  s,80.1lOO 

4,00,(XX) 

4.410,00 

4,641  i,axi 

5,1-20,00) 
4,,'«I1,100 
4,ll'O,0O) 
4,640,001 
5,-,iOI,00 
4,720,000 
3.680,000 


Dec  29, 1894. 
Jan.  5, 1895.. 

Jan.  12 

Jan.  19 

Jan.  36 

Feb.  2 

Feb.9». 

Feb.  16 

Feb.  23 

March  2 

March  9 

March  16.... 
March  23. . . . 
March  30.... 

April  6 

April  13.... „ 

April  20 

|Aprll27 

May  4 

May  11  

May  18 

M.-iy  23 

Junel 

June 8 

June  15 

June  22. 

June  29 

July6 

July  13 

July  20 

July  27 

Aug.3 

Aug.  10 

Aug.  17 

Aug.ai 

Aug.  31 

Sept.  7 

Sept.  14  

Sipt.21 , 

Sept.  28 

Oct. 5 

Oct.  12 

Oct.  19 , 

Oct.  26 

Nov.  2 

Nov.9 

Nov.  16 

Nov.23 

Nov.  30 

Dec.  7 

Dec. 14 

Dec.  21 


ill 


632.0a> 
88,010 
2(0,000 
524,000 
304,000 
224,000 
160,000 
256,000 
136,000 
24,000 
24.1100 
96.00 
416.00 
144.00 
48.000 
288,00 
192,000 
248.010 
KO.OlO 
331.00 
352,00 
610,00 
480,00 
3'3),00 
600,001 
840,000 
496.000 
912,00 
,048,00) 
4.80.00) 
464  .(O 
32S,(i(0 
,064,00 
5(M,(i(0 
296,000 
892,0(0 
S04.000 
80,00) 
248.000 
120,000 
8S8,0CO 
128,000 


48.000 
144,O0 
224,0)0 
104,010 

80,(00 
316,000 
160,001 

64,000 
248,000 


C  3 

c« 


loi.ooo 

200.000 
16,000 
8,000 


8,000 
32,000 
16,000 


80,000 
56.(00 
64,010 
88,000 


152,000 
80,(00, 
32,(XIC 

112,0X 

%,(0(I 

16(),0KI 
96,OC 
621,000 
216,00(1 
184.IOC 
4(O,10C 
328.0IC 
200,(0(1 
2('>4,(0( 
16,O0C 


2T2,()a 

200,«iC 

8,00C 

"l36',0IX 
88,00C 
24,0Oi 
16,00C 


8,000 
16,000 


8,000 


21,000 


■g,a 

« 


632.00) 
192.000 
200,000 
440.00) 
S12.O0 
224.000 
168.100 
288,O0 
152.0O 
24,000 
24.0a) 
176,OX) 
4T2,«0 
208,1100 
136,0 « I 
288.0O.I 
»14.l'(XI 
328.000 
112.0H1 
432,00 
448,00 
8(0,000 
576,(00 
944.O0 
816,IXO 

1,021.0X1 
896.O0 

l,240,(Xiii 

1.248,0X1 
744,100 
480,000 
328.(kO 

1,336.00 
704.00 
SO4.O0O 
392,00 
440  0(0 
168'00 
272'000 
136'0O 
S36'0O 
136'000 
16'(XX) 
4S'(X0 
141'OXI 
224-00 
104'00 
80.0  ») 
216.0X 
168,U0 
64.UO 
272,1  «0 


610.000 
440.000 
1,14(1.100 
280.000 
400,000 
440.010 
220,(00 
280.0)0 
ItO.OOO 
40.0)0 

3a),ofl 
2a),(xio 

180,00 
420,(XX) 
lOl.iiOO 
33),00 

80,100 
260,(XX) 
lC0,O0 
120,00 
180,000 
440,100 
600,000 
200,(100 
380,000 
1(0,00 
300,000 
280,000 
140,0)0 
928.(X)0 
440,OX) 
620.00 
440,000 
280.00 
640,000 
140,(00 
440,000 
200,IKO 
120,000 

40,010 
260,(00 
220,000 


20,000 
280.(00 

60.000 
841,000 


10t,(00 
512.(00 
136,000 
16,000 


Imports  into   United  Kingdom  for  months  and  years  named,  from  J.  E.  Beerhohms  London 

Corn  Trade  List. 


(QUANTITIES. 

VALUES. 

ARTICLES. 

MoNTB  Ended  Dec  31.      | 

12  Months  Ended  Dec.  31. 

Month  Ended  Dec.  31.      | 

12  Months  Ended  Dec  31. 

1893. 

CWTS. 

1894. 
CWTS. 

189,5. 

CWTS. 

1893. 

1894. 

1895. 

1893. 

1894. 

1895. 
£ 

1893. 

1894. 

1S95. 

Wheat. 

CWTS. 

CWTS. 

CWTS. 

£ 

£ 

£ 

£ 

£ 

Russia 

1,7.5().7S8 
15,51(1 

"2,738 
29.06i 

8.8:  J8 

1,989.826 
188,022 

'6,653 

""60 

1,14.3.(00 

T2,S(0 

loO 

12.5.3  lO 
744.-00 

10,"«1.988 
362  .(X6 
1.4.52 
ltt!.5.52 
89.272 
10.586 

16,775,881 

23.017.(05 

515,096 
5,31(1 
730 
8.472 
2.238 
2,-S8 

474,362 
53,816 

"l',763 

""14 

304,812 

21,277 

43 

31.628 

196,388 

3,095,501 

128,280 

132 

29,524 

27,013 

3,04,5 

4,284.862 

204.00 

1,171 

84.8.51 

28,678 

40 

6,04.3,929 

715,043        752.990 

214,094 

3,968 

339.577 

103,1189 

181 

2,9(^0 
l.3O).2:)0 
2,022,200 

2.50) 

601 

3:11.675 

537,756 

Egypt 

United  States,  Atlantic 

692 

775.T27 

1,174.882 

l,3;il.SO0 

21,165,660 

15,773.828 

14,006,43) 

236,897 

321.237 

.3S4..5.56 

6.864,315 

4,356.090 

3,9R4.<fiO 

"             Pacific 

661,697 

225.660 

9:!9.'-.iK) 

11.097,188 

8,884,417 

13.077,70C 

3I8.-297 

66.1)54 

279.469 

3,746.215 

2,498.:iOI 

3,1.6,917 

Chill 

524,828 

1.35.9S3 

27.0)0 

2,580,147 

1,7';4,413 

1.038,900 

156.::06 

36.740 

8.(10 

810,530 

483.1  tiS 

313.728 

Argentine  Republic 

302,751 

774.741 

12.5(0 

7.843,5>-7 

:!,2r2,152 

11,1(0.360 

86.763 

213.1131 

3.30 

2.432.674 

3.4i  0.954 

3,14-2,378 

British  India 

717,089 

341. -280 

361.800 

6,196,096 

5.3J9.056 

8,802,950 

210,(08 

90.447 

101.990 

1.951,816 

1,429.4.3:) 

2.342.1:Q 

Australia 

95,140 

85,560 

34.201 

2,589,588 

3.377.418 

.3,486,62C 

29.9(16 

25.101 

9,403 

90.-256 

1,097.57, 

British  North  America 

93,990 

152.850 

&5.901 

3,157,355 

2,8-28.515 

1,844,611(1 

Z8.812 

41.685 

21.06:1 

1,1123,905 

.  i3,9."i2 

556.920 

Sundries 

36,48:1 
5,II14.64:J 
3,596,498 

8,s;o 

39,500 

201,431 

433,691 

904,460 

10,812 

2,439 

10.724 

62,822 

117,352 

276,.552 

Total 

5.1183.837 

4,895.10) 

65,461,988   7ii,126,-i!2'  81,749,955 

1.499.667 
890,911 

1  326,678 
6(13.672 

1,371..5.53 
577.223 

21.()7O.0-28 

18.760.50". 

22.526,171 

Barley 

2,492,749 

2..331.S00 

22,844,.562'3I.241.38-' 

-23,61 3,s:)7 

5,776,0,33 

7.1i'.0.579 

5.5:'>8.4ii5 

Oats 

1,130,421 

1,312,819 

1,058.71  »l 

13.9.54.986 

14.'i79.2l4 

15,.528..-!10 

3-29.190 

318.712 

252.;)67 

4,-3.17,986 

Pease 

259,528 

2.52,0:« 

256.710 

2.80-2.443 

2.272.623 

2.4--'2,a51 

8(1.770 

70,S!(i 

74.1162 

729,-294 

647.1!)4 

693,828 

393,20-2 

482,785 

329.2-3) 

3,946,985 

5.2.59.895 

4.1:»..538 

106.708 

124,619 

89,754 

l,l•27,^59 

1.316.096 

1,079,780 

Maize 

3,064,762 

1,975,732 

3,05:{,2SO 

32,90-2,503 

35,365,01.5 

aj,941.35l) 

T3),.545 

499.059 

622,845 

7,892,629 

7,9:52.'2:« 

7.808.870 

9,135 

6,663 

18.260 

70,784 

87,120        164,209 

4.630 
36,214 

3.637 
42,892 

6,944 
61.470 

■xi:m.\ 

488,1X12 

487.876 

Other  Corn  and  Meal 

.593,-243 

Germany 

16,597 

24,410 

28.180 

116,164 

198,543 

213,870 

5.846 

8.706 

10,1141 

52.259 

76.218 

86,476 

France 

2.192 

70,124 

153.060 

52,355 

480,819 

1,125.9;k) 

1,415 

22.396 

57,888 

29.677 

165  -232 

414,-3)5 

Austrian  Territories 

144.5116 

112,859 

131.910 

1,099,614 

1,106,971 

l.:il5,760 

%.918 

64.300 

66.6.56 

74H,934 

667.''V0 

United  States 

1,124,013 
85.465 
11,210 

■1,304,'280 
73,101 
16,;;9! 

1,088,43) 

10:),:!OI 

9,830 

17,995,a)l 

1,080,986 

63,448 

15,9-25,486 

1,195,421 

227,365 

13,1. -SI  .830 

2,343.:iOi 

217,640 

5118.269 
39.015 
3,692 

512..549 
29,075 
4,027 

459.723 

41.:)8S, 
3.5911 

.  8,40).236 
50-1.144 
27.3i0 

6.5  0.-249 
481,0  5 
71.089 

5,:i84,658 

British  North  America 

1,0)3,779 

Sundries 

83,081 

Total 

1,384,283 

1,601,167 

1,503,690 

20,403,163 

19,134,606 

18,368.410 

6.55,185 

611,(B3 

6.19,:S60, 

9,761,510 

7,994,673 

7,679.017 

302 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS.  NEW  YORK,  ANNUAL  RECORD. 
A)nerictin    Ei/nivdlents  of  Foreiijti  Whent   ^fluctuations ;   /ft't/h,    fyom  and  Ycdrli/    .Iro-o;//'  I'riccK  of  lior  Silmr  hi 
London;  Jjcyal  Welyhts  and  Measures;  First  Arrivals  of  Winter  Wheat  in  Chicai/o;   First  Seeding/  in   ihree 
Americas ;   Location  of  3fone)/s   of  Tin  lied  States;    Coinage,    Oionership    and    Circulation  of  Silver  J)oUars; 
Amount  of  Gold  and  Silver  Refined  to  Date. 


AMKItK'AN  nilKAT  EQriTALEKTS  OF  FOBEIGN  MEASURES  AND  COINS. 

See  Fagf  348,  Official  Coin  Values,  alto  third  page  Our  IVorM'i  Crop  Letters. 


Bkklin 

Quotes'  values   per   1,(XX) 

kilo,  equal  to  30.74  bu. 

Cents, 

ptr  1)U. 

12K>  pfennings O.fts 

•.'.")  "  O.IG 

37^^  "  U.iJ 

50  "         o:« 

7.5  "  0.48 

1    mark  (23.So.) O.W 

Wi    "     O.'.iO 

•Z       "     1.28 

•iM    "    i.a) 

3        "     l.'.KJ 

3!^    "     2.24 

\      "    2..'><; 

4^  "    2.8S 

;■)        "     3.10 

■>^    "     3..52 

t;      "    3.H4 

6K>  "  4.1(5 

7  "  4.48 

1%  "  4.80 

8  "  5.12 


.'i  centimes 

10 

20         " 

2.5 

37'^      " 

50 

73         "        .... 

1  franc  (19.3c.). 

1!4  "      


-•V6" 

3  " 
3^  •' 

4  " 

^^;; 

5y^" 
()    " 

7      " 


AXTWKHP 

Quotes     values     of     100 
kilo,  equal  to  3.G7  bu. 
Cents, 
per  bu. 


.  0.26 

.  0.52 

.  1.05 

.  1.31 

.  Lit-  I 

.  3.04 
.  5.25 
.  7.88 

10..'i0 
.13.15 
.  1.5.75 
.18.37 

21.(i0 
.23.(i3 
.26.25 
.28.88 
.31  ..10 
.34.13 
.36.75 


Paris 

Quotes  valves  of  1   hec- 
tolitre, equal  2.83  bu. 
Cents, 
per  bu. 

5  centimes 0.34 

10         ••        0.(58 

20         "        1.36 

2.5         "        1.70 

37"^     "        2..55 

50         "        3.40 

7.5         "        5.10 

1  franc  (10.3c.) 6.80 

1)^  "      10.20 

2  "       13.60 

2^  "       17.00 

3  "      20.40 

3)^  '•      23.80 

4  "      27.20 

4)^"      .30.(10 

5  "      .34.00 

X^Yi  "       37.40 

6  "      40.80 

61^"        44.20 

7  "       47.60 


Tiiverpool  quotations  are  percental,  100  iiounds;  London  quotations  are  In 
quarters. 


HIGHEST,  LOWEST  AND  AVKKAGK  IMtlTE  OF  BAR-SILVEK  IX  LO.MtON. 

I'er  (iovernnicnt  Itt'iwirtH. 

[Per  oanco  nritlsh  stAndard  (n.92.V),  sim-e  JKCl,  and  e<|iiiviitcnt  in  ITnitt-d  stjtteH  Kold  coin  of 

an  ounce  lUOO  tine,  taken  at  the  average  |irice,  yearn  ending  June  3U.T 


Tears. 

Lowest 

Highest 

Av'ge 

AVge 

Years. 

Lowest 

Hlgh'st 
Pence 

AVge  1 

AVge 

Pence 

Pence 

Pence 

Pence 

Pence 

1895 

29.417 

28.(581 

29.010 

♦0.63.5 

ISftl 

(50.(525 

G2..500 

61. .375 

1.345 

1891 

31.7.50 

27.000 

28.937 

0.681 

1863 

61  .(HK) 

61.7.50 

61  ..375 

1..345 

1893 

3(J.,500 

.38,7.50 

3.5.(5-2.5 

0.780 

18(52 

6I.(X»0 

6-2. 1 -i5 

61.4:« 

i.:m6 

1892 

37.875 

43.7.50 

39.813 

0.876 

1861 

60.1-2.5 

61  ..375 

60.813 

1.3.33 

1891 

43..5()0 

48.7.50 

45.0(5;! 

0.988 

18(50 

61.-2.50 

62.375 

01.(588 

i.:r.2 

18!)0 

43.(5-2.5 

&I. (5-2.5 

47.7.50 

1.1H6 

18^59 

61.7.50 

62.7.50 

62.06.3 

\:.m) 

1889 

42.(K)0 

41.375 

42.088 

0.a')6 

18^58 

60.7.50 

61.875 

61.313 

i.:«4 

1888 

41.(525 

44..5(5;} 

42.875 

0.910 

1857 

61.000 

62.375 

61.7.50 

i.:i53 

1887 

43.2.V) 

47.1-25 

44.0-25 

0.978 

18.56 

00..500 

62.-i50 

61.313 

i.:iU 

1886 

42.IKK) 

47.0(K) 

45.375 

0.995 

18.55 

60.(H)0 

61.(5-2.5 

61.:?13 

i.:mi 

1885 

46.875 

50.(KK) 

48..5(53 

1.065 

1854 

60.875 

61.875 

6I..5(W 

1.318 

1884 

49..5(K) 

51.375 

50.7.50 

1.113 

18.53 

60.(5-2.5 

61.875 

61..5(W 

l.:!48 

1S,S3 

.VUKK) 

51.188 

50.625 

LllO 

1852 

59.875 

61.875 

60..V)0 

1.:5-26 

1882 

50.000 

52.375 

51.813 

1.1.36 

1851 

60.000 

61.(5-i5 

61.000 

l.:5:57 

1881 

50.875 

5-2.875 

51.9.38 

1.138 

18;50 

59..500 

61..5(K) 

61.06:! 

1.316 

1880 

51.625 

52.875 

52.-2.50 

1.115 

1819 

59.-)00 

60.(»(H) 

.':9.7.50 

l.:509 

1879 

48.875 

53.750 

51.2,50 

1.1-23 

1818 

58..500 

60.0(K) 

59..VI0 

i.:504 

1878 

49..5(K) 

55.2.50 

52..5f)3 

1.1.52 

1817 

68.875 

60.375 

59.(588 

i.:!08 

1877 

53.2.50 

58.2.50 

54.813 

1.'201 

1816 

59.(X»0 

60.1-25 

59.313 

1..300 

1876 

46.7.50 

58..500 

52.7.50 

M.56 

1815 

68.875 

59.875 

69.2.50 

1.298 

1875 

5.5..5I)0 

57.6-25 

56.875 

1.246 

1814 

59.250 

59.7;50 

59..500 

l.:504 

1874 

57.2.50 

59..500 

58.313 

1.278 

1843 

59.(W0 

59.(5-25 

59.188 

1.-2'.»7 

1873 

57.875 

59.938 

69.2.50 

1.-298 

1812 

59.-2.50 

60.0(X) 

69.4:58 

l.:503 

1872 

59.2.50 

61.125 

60.313 

1.3-22 

1811 

59.7.50 

60.375 

60.063 

1.316 

1871 

60.188 

61.000 

60..50() 

1..S-26 

1840 

60.1-25 

6((.7:50 

60..S75 

l.:5-23 

1870 

60.2.50 

60.7.50 

60.  .5(5.3 

1.328 

18:59 

60.(KK) 

60.(5-2.5 

60.375 

l.:523 

18(59 

60.(J00 

61.000 

60.438 

1.3-25 

18:58 

59..500 

60.125 

59..5(X) 

i.:5(>4 

1868 

60.125 

61.125 

60..5(M 

1.3-26 

1837 

69.(100 

60.375 

59..563 

l.:505 

1867 

60.375 

61.'2,50 

60..5(53 

1.3-28 

18;« 

59.6-25 

60.375 

60.000 

1..315 

1866 

60.375 

62.-2.50 

61.1-25 

1.339 

I8:i5 

59-2.50 

60.000 

69.688 

1..308 

1865 

60.500 

61.(525 

61.l«3 

1.338 

18:14 

59.7.50 

60.750 

59.938 

1.313 

•To  July  1, 1>93. 


LEGAL  WEIGHTS  AND  MEASURES  (For  States  named).— Pounds  per  Bushel. 


AUTICLES. 


Apples,  dried . 
.•\pples,  Kreen. 


Brii 


Harley 

Heiins,  white 

Heans,  castor 

Buckwheat 

Bri lom  Corn  Seed — 

Heets 

Cari-ots 

Charcoal 

Coal,  stone 

Coke 

Corn,  shelled 

Corn, ear 

Corn  Meal 

Cranberries 

Dried  Peaches 

do.  pared. 

Flax  ."^eed '. 

(jrass  Seed,  blue 

do.       Clover 


do. 
do. 
do. 
do. 


Huntrarian. 

Millet 

Orchard 

Red  Top.... 


22 

26 

48 
(50 
s6  ;  46 


22 


48  50 
..40 
28  28 
28  ,  28 
.56  56 
14  14 
CO  60 
48  50 
50  \  50 
..  14 
14  '  14 


25 


22 


>■     .2 

?;  t  o 


22 

22 

20 

26 

48 

48  , 

62 

60 

46 

46 

48 

.50 

46 

:50 

56 

.50 

»2 

80 

40 

.56 

.5<) 

70 

(5.S 

50 

.50 

32 

:53 

5.5 

.5(5 

15 

10 

60 

60 

48 

50 

, 

50 

14 

14 

14 

14 

Articles. 


(xi-ass  .Seed  Timothy.. 


German  Lupine 60 

Hemp  .^-'eed 44 

Hickory  Nuts i;0 

Malt,  Barley :!8 

ivHneral  C0.1I 40 

Middlings,  fine 40 

Middlings,  coarse 30 

Oats :52 

Onions .57 

Onions,  tops 28 

Onions,  sets 32 

Osage  Orange 33 

Parsnips 55 

Potatoes 60 

Potatoes,  sweet 50 

Peas,  dried 60 

Peas,  in  pods 32 

Pop  Corn 70 

Quick  Lime SO 

Kye .56 

Salt,  coarse 50 

Salt,  fine I  55 

Turnips,  Rutabaga...^  55 

Turnips,  white ... 

Wheat 60 


45 


32 


60 


60 


.38 


44 


FIRST  ARRIVALS  OF  WKNTER  WHEAT. 

The  following  table  shows  the  f^rst  ar- 
rivals of  Winter  Wheat  at  Chicago  dur- 
ing the  past  ten  years,  and  the  States 
from  whence  received : 

Years.  States.  Date. 

1895 Illinois .June  '28. 

1894 lUinois July  11. 

1893 Kentucky July  7. 

1892 Kansas June  29. 

1891 June  :50. 

1890 Illinois July  7. 

1889 Missouri July  6. 

1888 lUinois July  12. 

1887 Illinois July  1. 

1886 Illinois June  29. 

1885 Missouri June  .30. 

1884 Kansas July  7. 

1883 Kansas July  6. 

1882 Tennessee June  20. 

1881 Texas June  14. 

The  first  wheat  sown  in  America  was 
sown  on  the  Island  of  Isabella,  Jan.,  1494. 

The  first  wheat  in  Mexico  was  from 
three  grains  brought  there  by  a  slave  of 
Cortez. 

South  America's  first  wheat  was  sown 
by  a  monk  in  a  convent  garden  at  Quito. 

Peru  fii^t  began  eating  wheaten  bread 
in  16.58. 


LOCATIOX  OF  THE  MOSEYS  OF  THE  UNITED  STATES. 


Moneys. 


Mitallic. 

GoldBtiUion 

Silver  Bullion 

(iold  coin 

Silver  dollars 

Subsidiary  coin 

Total 

Paper. 
Legal  tender  notes,  old  issue. . 
I.eg'l  t'nd'r  notes, act  July  14,'90 

Gold  certificates 

Sih  cr  cirtificates 

National  Bank  Notes 

Currency  certificates....; 

Total 


NOVF.MBEII  1,  l.s!l,5. 


In 
Treasury. 


Outside  of 
Treasury. 


?.5.3,94.5,-262  , 
124,S21,.500| 

88,951,327 
364,935,217 

13,426,421 


TotaL 


$53,945,202 

S157,ias     l-25,078,(iOS 

47.5,181,.593     ,564,1:52,9-20 

58,.3.54,092'    423,289,30'. 

63,8.32,7.591      77,2.5',t,180 


646,179,727    597,525,.552, 1.24a  705,279 


107,694,7.36 

26,.56.5,611 

168,2:50 

8,<».53.2«8 

6, .523,602 

275,000 


238,986,280 

11  l,.5-2t5.6t5!i 

50.417,t).59' 

.3:5;i,4.5(i.-.':!ii 

-207,:5<54,lt.>Sl 
56,740,000 


.346,681, 
141,092, 

.50,.5,S5 
,342.i(l<), 
213,S'«7 

57,015 


,016 
-2S0 

,889 
„5l« 
,15.30 
,000 


150,180,447  1,001,490,87211,115,671.319 


KoVEMBER  1,  1894. 


In  Outside  of 

Treasury.    Treasury. 


$45,034,237 
127,779,988 

81,416,461 
365,:!:52,738 

1,5,424,113 


634,987,5.37 

66,206,311 

28,42,5,172 

,5t),-28(i 

6,.5(  59,-20:5 

4,970,1,S8 

-28i),ii00 


$112,043 

500,181  ,.380 

56,443,670 

60,-242,999 


Total. 


84,5,a34,237 
1-27,892,031 
.581,,597,841 
4-21,773,408 
7.5,(5(57,112 


COINAGE,  OWNERSHIP  A>D  (IRCULATIOX  OF 
SILVER  DOLLARS. 


616,980,092  1, -251, 967,6-29 


280,474,70.5 
122,71.5,:«)S 

61,-2.52,1169 
331,143,:inl 
-202,.V.M,;)02 

54,045,000, 


.346,681,016 
151,140,.568 

64,:5n8,:«9 

,3:57,712,.5(>4 
•207  ,.5(5,5,090 
54,:e5,000 


Nov. 
Nov. 
Nov. 
Nov. 
Nov. 
Nov. 
Nov. 
Nov. 
Nov. 
Nov. 


1, 189.5 
1,  1S94 
1,  18a3 
1,  18!»2 
1,  1S91 
1,  1890, 
1,  18,S9 
1,  1888 
1,  1887 
1,1886 


Total 
Coinage. 


$423,289,3001 
421,77(5,408] 
419,:5:{2,.5,50; 
416,41-2,8:5,51 
409,47o,:5()8 
380,9S,S,4(K5 
.34;i,i5.i'<,iKil 
.3ii9,7.5o,S<(0 
277.110,1.17 

244,4:5:i,:is5 


Held  for 
payment 
of  certifi- 
cates out- 
standing. 


$342 

3;si, 

32.5 
324, 
.321, 
,30-*, 
-277 
•>-29i 
160, 
100, 


4C9.,504 
14:J.301 
717,2:521 
.V)2„5:?2l 
1)2,(^21 

:51!t,'.l44 
783,1.52 
713,957; 

:5«)6,800| 


Held  in 
excess  of 
certifi- 
cates 
out- 
standing. 


S22,.52.5,713 
34,189,437 
34,SS9,.500 
30,187,848 
26,197  ,-2a5 
7,i>72,725 
6,219,.577 
20,19(5,288 
53,461,.575 
82,624 ,4:« 


In  circu- 
lation. 


55,S.V>4,093 
56,443,670 
,^^,7-2,5,818 
61,(572,4,55 
6-2,i:i5,461 
6,5,70tl,,564 
60,0'I8,480 
,59,771,4.50 
62,!«4,62,5 
61,50-2,155 


106,507,1541,055,225,37311,161,732,527 


Gold  and  silver  coinage  at.United  States  mints  from 
their  organization  to  the  close  of  the  fiscal  year  1894 : 
Gold.  Silver.  Total. 

$1,711,880,288         $675,954,221.30       $2,414,082,6-26.63 
l,8a5—    43,933,475  9,7S2,0(i5.62  ,5:{,715,,549.(52 


303 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Crop  Reports,  Measures,  Lnport  Duties  and  Freiffht  Rates. 


VIENNA  CONGRESS. 

ESTIMATE  EUROPEAN  WHEAT 

1X95. 

Austria 1()2 

Hungary 100 

Prussia  — Winter 97 

Spring .  92 

Saxony 105 

B:vvaria— Upper  &  Lower.  85 

Pfalz  and  Wetterau 90 

Baden 8,3 

Wurtemburg— Winter 93 

Spring 95 

Mec^klenburg 95 

Denmark 95 

Sweden 100 

Italy 75 

."Switzerland 90 

Holland 95 

Belgium 100 

France 98 

United  Kingdom 70 

Russia — Podolia 75 

Bessarabia 115 

Poland 851 

Central  

Kherson  and  Ekater— 

Summer , 

Winter 

Courland  and  Litbuania 
Roumania— Wallacbia. .. 

Moldavia 

Servia 


CROP. 

1894. 
100 
99 

•  99 
110 
ISO 
100 
95 
102 
'.« 
95 
105 
95 
81 
100 
87 
102 
120 
107 
87 
50 

110  f  93 

125  92 

70  100 

120  67 

90  87 

95  85 


1893. 
99 
98 

94 

99 

a5 

8.5 
88 
84 
103 
100 

100 
80 
87 
87 
83 
90 
90 

(75 

J  150 

1100 

120 

111 

80 


MONTHLY   CROP  REPORTS  OF  THE  DE- 
PARTMENT or  AGRICULTURE. 

yunuary  and  February — Number  and  value  of 
farm  animals  in  the  United  States  ;  jjencral  iniscel- 
laiiecms  crop  reports  ;  farm  animals  of  the  world. 

March — Supplies  of  Wlitat,  Corn  and  Oats  in 
farmers*  handSf  and  the  <iualities  of  the  crops.  Also, 
an  esiimale  of  the  Wheat  crop  of  tlic  world. 

April — NumScr  of  farm  animals  and  losses  from 
dis(  ase. 

J/aj/— Condition  of  Winter  Wheat,  Rye  and  liar- 
ley;  condition  of  Meadows  and  Spring  Pastures;  Cot- 
ton area  and  planting;  spring  plowinjf. 

June — Acreage  and  condition  of  Winter  Wheat, 
Spring  Wheat,  Rye,  Barky,  Oats,  Clover,  Cotton  and 
Rice,  and  avera^^e  condition  of  Spring  Pa.«tures, 
Apples  and  Peaches. 

July — Acreage  and  condition  of  Corn ;  avcrace 
ci  nilition  of  Winter  Wheat  and  Spring  Whe.Tt,  and 
comhined  condition  of  the  two;  averat;e  condition  of 
Winier  and  Spring  Kye ;  average  condition  of  Oats 
and  B.irley ;  acreage  and  condition  of  Poiatois, 
Brans,  Sorghum  and  Tobacco  ;  average  condition  ot 
Cotion,  Rice,  Clover,  Timothy,  Pa-.tures,  Apples, 
I 'caches  and  Grapes,  and  average  weight  of  Wool 
flieces. 

August — Average  condition  of  Corn,  Spring  Wheat, 
Spiing  Rye,  Oats,  Barley,  Tobacco,  P^istures,  Cot- 
ton, Sorghum,  Suyar  Ciine,  Rice,  Apple';,  Peaches, 
Grapes  :  acreage  and  condition  of  Bucliwheat,  Pota- 
toes ana  Hay. 

September ~Kvtx&%t  condition  of  Corn,  Buck- 
wheat, Potatoes,  Tobacco,  Cotton,  Sorghum,  Sugar 
Cane,  Rice,  Apples,  Peaches,  Grapes;  acreage  and 
condition  of  Clover;  average  condition  of  Winter 
Wheat,  Winier  Rye,  Oats,  and  Barley  when  har- 
vtstcd  ;  number  and  condition  of  Stock  Hogs. 

October — Average  yield  per  acre  of  Wlieal,  Rye, 
Oats  and  Harlejj;  average  condition  of  Buckwheat, 
Corn,  Potatoes,  Tobacco,  Sorghum,  Sugar  Cane,  Cot- 
ton and  Rice. 

November — Average  yields  of  Corn,  Potatoes,  Hay, 
Tobacco,  Buckwheat,  Cotton,  Sorghum  per  acre,  anil 
of  Suuar  Cane,  Apples,  Pears  and  Grapes  compared 
with  the  year  previous. 

Decembei — Area  and  product  Wheat,  Corn,  Oats, 
Rye,  Barley,  Potatoes,  Hay,  Tobacco;  farm  prices 
Agricultural  Products  on  December  i ;  area  and  con- 
dition Winter  Wheat  and  Rye. 

PRICE  OF  WHEAT  SINCE  1640. 

By  London  Westminster  Gazette. 


Year. 

into , . 

16:0 . . 
ItiliO  . . 
1G70  . . 
1680  . . 
1690  . 
1700  . . 
1710 . . 
1720  . . 
1730 . . 
1740 . . 


Av.  iirice. 
. . .  57s  Id 
...  688 
...  509 
...  37s 
...  40s 
...  .30s 
..  32s 


Id 

2d 

Od 

Od 

9d 

6d 

4d 

.  35s  lOd 

.  329    5d 

.  45s    Id 

Yir.O 28s  lOd 

17G0 32s    .5d 

The  highest  average  in  the  century  was  in 
1812,  when  it  rose  to  126s  fid  per  qr.,  lowest  21s  7d 
per  (jr.  The  year  1010  shows  great  tluotuations 
in  \\  heat  prices,  ranging  from  2s  per  qr.  in 
1243  to  S.b  4s  in  1597. 


Year  Av.  price. 

1770 4.3s    6d 

1780 3.59    8d 

1790 .54s    9d 

1800 n.3s  \^H 

1810 106s    5d 

1820 67s  lOd 

18.30 64s    .3d 

1840 66s    4d 

1850 40s    4d 

1860 5.3s    .3(1 

1870  46s  lid 

lt<80 44s    4d 

1890 28s    6d 


MEASURES  IN  UNITED  STATES. 


The  standard  U.  S.  Bu'^hel  is  the  " WinchestPi," 
in  cylinder  form,  i8}^  inches  diameter,  8  inches  deep, 
containing  2i5o4.cubic  inches. 

QIANTITV  OF  CKAIN  IN  Bt^  ANY  BIN  WILL  HOLD. 

Multiply  the  height,  length  and  breadth  together, 
in  inches,  and  divide  by  3150.4. 

Multiply  length,  breadth,  and  height,  in  feet,  to- 
gether. Multiply  this  by  45,3  d  divide  product  by 
56  ;  or  multiply  by  4  and  di>  ide  by  5. 

(JUA.NTITV    OF    GRAIN    IN    BU.  HEAPED  ON    FLOOR    IN    A 
CONE. 

Squiire  the  depth  and  square  the  slant  he-glit,  in 
inches.  Take  their  difference  and  multiply  by  depth, 
and  this  product  by  .0005. 


The  *'  Quarter  "  in  England  consists  in  :  Lbs. 
American  Atlantic  Coast  business  in  all  United 

Kingdom  markets 4(^0 

Russian  wheal  in  London 492 

California  wheat  in  all  United   Kingdom  mar- 
kets   600 

English  home-grown  wheal  in  all  United  King- 
dom markets 604 

English  and  Scotch  barley  in  all  United  King- 
dom markets 418 

Russian  barley  in  London 420 

Russian  Oats  in  London 304 

Prince  Edward's  l.-land  oats  in  Liverpool  and 

London 320 

English  and  Scotch  oats  in  all  .United  Kingdom 

markets 336 

Other  measures  in   diHerent  countries  equal 

in:  Bu. 

One  hundred  kilos  Wheat 3.67 

One  hundred  kilos  t'orn 3.93 

One  hundred  kilos  Oats 6.87 

One  hundred  kilos  Rye .  3  93 

One  hundred  kilos  Barley 4.58 

One  hictolitrc  Wheat 2.8:1 

One  centner,  Austria,  Whe.it 2  0.) 

One  faniga,  Argentina,  Wheat 1..59 

One  cahiz,  Argentina,  Wheat I!t.l7 

One  chetwerk,  Ru-si.m,  Wheat 5.92 

One  pood,  Russian,  Whe.it 0.(10 

One  candy,  Binval,  Wheal 9.22 

One  candy,  Bombay,  Wheat 9.:!:$ 

One  candy,  Madras,  Whe.it 8.32 

One  candy,  Mysore,  Wheat 9.;CJ 


FREIGHT  PER  BUSHEL  AT  ANY  GIVEN 
RATE  PER  100  LBS. 


I, 

K 

a 

.:      X 

a 

-!r 

d 

a 

«     S. 

a 

:i< 

•a 

S     f» 

ti 

■a 

»£10 

!C 

v 

^a 

3    1^ 

ec 

t 

0,— 

%i 

liH 

«B 

I*'-' 

%i^iUU 

2.3 

.c  — 

C"" 

fi— 

^t 

f -2  5^ 

«5 
>• 

OK 

a. 

*3  >.s 

c 

OS 

f 

11 

fr< 

« 

H 

is 

-1 

01 

01 

Cts. 

u 

a 

Cts. 

p 

n 

1 

A 

.6 

.5 

.5 

3 

■B 

17.4  16  2 

13.9 

13.1 

9  3 

2 

1  2 

1.1 

1.(1 

.9 

.6 

m 

18.0  16s  14.4 

13.5 

9  6 

?^ 

1  5 

1.4 

1.2 

1.1 

.8 

31 

18.6  17'3!l4.9 

14.(1 

9.!) 

1  8 

1.7 

1.4 

1.4 

1.0 

:« 

19.2  I7'q  15.4 

14.4 

10.2 

4 

2  4 

2.2 

1.9 

1.8 

1.3 

321^ 

19.5  18.,  15.6  14.6 

10.4 

5 

SO 

2.8 

2.4 

2.3 

1.6 

:« 

19.8  18  5  15.8  14.9 

111.6 

6 

s« 

S.4 

2.9 

2.7 

1.9 

•M 

20.4  19'nl6  315  3 

10.9 

7 

4  2 

.S.!» 

3.4 

3.2 

2.2 

:« 

21.0  IH'e  16.8;  15.8 

Il.-.> 

7M 

s 

4  .*) 

4.2 

3.6 

3.4 

2.4 

:<6 

21.6  20"2;  17.3, 16.2 

11.5 

4  S 

4.5 

3.8 

3.6 

2.6 

.37 

22.2  20'j  17.8 

16.7 

11.8 

g 

■i  4 

5,(1 

4. a 

4.1 

2  9 

r.y^ 

2;.5  21.ol1S.O 

16.9 

12,0 

lU 

6  0 

5.6 

4.8 

4.5 

3  2 

:« 

22.8  21.3 

18.2 

!V.1 

12.2 

11 

6  fi 

6.2 

5.3    5.0 

3  5 

:!9 

2i.4  21.8 

18. V 

1..6 

12.5 

12 

7  ? 

6.7 

5.8    5.4 

3  8 

40 

24.0  22  4 

19.2 

18.0 

12  8 

13 

7  r. 

7." 

6.0    5.6 

4,0 

41 

24.6  2i  0 

19.7 

18.5 

13.1 

7  s 

7  3 

6.2    5.9 

4,2 

42 

2-.2  23  r,l2'J.2 

18.9 

13.1 

14 

8  4 

7.8 

6.7    6.3 

4  5 

42U 

25.5  23  8120.4  19.1 

13.6 

15 

to 

8.4 

7.2    6.S 

4.8 

43 

25.s!24'i  120.6 

19.4 

13.8 

16 

<)  6 

9.1 

7.7    7.2 

S.I 

44 

2ti.4i24.(;|2l.1 

19. s 

14,1 

17 

10  2 

9.5 

8.2    7.7 

5.4 

45 

27.0 

25  2121.6 

•20.3 

14.4 

17!^ 

10  5 

9,8 

8  4    7.9 

5.6 

16 

2.  .6 

25.8  22.1 

21.7 

14.7 

IH 

U). 8  10.1 

8.6   8.1 

5.8 

47 

28.2 

26..3;22.6 

21.2 

15.0 

19 

11.4iUl.fi 

9.1    8.(1 

6,1 

17U 

•.W.5 

26.6  '22.8 

21.4 

15.2 

20 

i2.()lii.a 

9.6   9.(1 

6.4 

48 

28.8 

■26.9  23.0 

21.6 

15.4 

21 

1'.'  fi 

11  s 

10.1    9.5 

6.7 

19 

29.4 

2J.4  23.5 

■22.1 

15.7 

7:1 

1.12 

1?  S 

10.6    9.9 

7.0 

50 

3u.O 

28.(124.0 

22.5 

16.0 

MV; 

l.S..') 

12  6 

10.8  10.1 

52W 

31.5 

29.4125.2 

■2:!.  6 

16.8 

?» 

13  H 

12  d 

11.0  10.4 

7,4 

55 

:i!.o 

«. 8126.1 

24.8 

17  6 

24 

14.4 

13  4 

11.5  10.8 

7  ~i 

57U 

34.5 

32.2(27.6 

25.9 

18.4 

ffi 

15.(1 

14,11 

12.0  11.3 

8.11 

60 

36.0 

.3:<.6!28.8 

2iMi 

19,2 

2« 

15.6  14.6 

12.5  11.7 

8.3  162^ 

3, .5 

J"). 0  30.0  28.1 

20  0 

27 

16.2  15.1 

13.0  12.2 

8.6  ,65 

39.0 

36.4,31.2  29.3 

20  8 

TM 

16.5  15.4 

13.2  12.4 

8.8  |67W 

40.5 

37.8  32.4,30.4 

21  6 

28 

16.8 

15.7 

13.4 

12.6 

9.0 

1711 

42.U 

39.2 

33  6 

31.5 

22.4 

IMPORT  DUTIES. 


AUSTRIA-HUNGARY. 

Articles.  Duty. 

Flour,  per  brl $1  61 

Wheat,  per  bu 10  5 

Corn,  per  bu 06.1 

Oats,  per  bu 05  1 

Rye,  per  bu 18.3 

Barley,  per  bu 07 . 8 

.Meats  of  all  kinds  per  100  pounds 1  30 

Lard,  per  100  lbs 3  45 

American  pork  prohibited. 

FRANCE. 

Flour  per  brl Jl  88 

Wheat,  per  bu ,36.8 

Oais,perbu OH  4 

Rye.  per  bu 14.7 

Barley,  per  bu 12  5 

Corn,  per  bu 14 . 7 

GERMANY. 

Wheat,  per  bu.  with  countries  having  special 

commercial  tre.tties {  22.7 

Wheat,  per  bu.,  other  countries 32  3 

Flour,  per  brl   with  countries  having  special 

commercial  treaties 1  64 

Flour,  per  brl.,  other  countries 2  22 

Oats.perbu 9  7 

Rye,  per  bi 21  2 

Rarley,  per  bu 10.0 

Corn 9.7 

Butter,  per  100  lbs 1  80 

Meat,  per  IO.1  lbs 1  62 

Pork,  per  100  lbs 1  f2 

Live  hogs,  per  head 1  19 

ITALY. 

Flotir.per  brl $1  97  3 

Wheat,  perbu 36  8 

Corn,  perbu 05.6 

Oats,  per  bu 11.2 

Rye,  per  bu 20.0 

B.-irley,  per  bu 04.8 

Meats,  salted  and  smoked,  per  lb 02.1 

Lard,  per  lb ^ 

American  pork  prohibited. 

PORTUGAL — WHRN    ALLOWED. 

Flour,  per  brl $2.02 

Wheat,  per  bu 68.7 

Corn,  per  bu 49  3 

Oats,  per  bu 26.8 

Rye,  per  bu 43.8 

Lard,  per  lb 05 

RUSSIA. 

Flour,  per  brl 83  8 

GREECE. 

Wheat,  per  bu.   with  countries  having  com- 
mercial treaties  with  Greece 16.8 

Sl'AIN. 

Flour,  wheat,  per  brl $2  26 

Flour,  other,  per  brl 1  24.2 

Wheat,  per  bu 42 

Coin.pcrbu 21.8 

Oats,  per  bii 12  3 

Rye,  prr  bu 21.5 

Pork,  lard,  bacon  and  hams,  per  lb 04.3 

Salted  and  dried  meats,  per  lb 01 

SWEDEN. 

Flour,  per  brl $1  40 

W  heat,  per  bu 25 . 5 

C"rn,  pir  bu 23.1 

Oats,  per  bu Free. 

Rye,  per  bu 23 

Harley,  per  bu 18 

Lard,  per  lb 01.2 

Me.-its,  per  lb 00.4 

NORWAY. 

Flour,  Wheat,  per  brl «  20. 78 

Wheat,  per  bu 1  •> 

Corn,  per  bu l** 

<  )ats,  per  bu Free. 

Rye,  per  bu 1-5 

I'.arley,  per  bu 1-5 

•njRKEY   AND    BULGARIA. 

The  tariff  rate  is  8  per  cent,  ad  valorem.  American 
pork  prohibited. 

Switzerland  .abolished  its  import  duties  on  corn  and 
oats  May  20,  1893. 

UNITED   STATES. 

(Passed  by  Congress,  1894.) 

Per  cent. 

ad  valor.  Cents. 

Wheat  Flour 20 

Rye  Flour 20 

Wheat.   211 

Corn 20 

Oats 20 

Rye 20 

Harley 30 

Barley  Malt 40 

Buckwheat 20 


304 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Acreage  ami  Values  oj  Grain,  Hay,  Potatoes,  'Tobacco  and  Cotton  Crops  for  years  named,  compiled  from 

Government  and  other  reports. 


lO    <'ROPS. 


WHEAT, 

Yearly  acreaeo 

Averace  yield  bushels  per  acre 

Total  bushels  grown 

Shipped  out  of  county  where 

grown  prior  to  Mch.  l...p.  c. 

Farm  value  per  bushel 

Value  per  acre  at  farm 

Farm  value  of  crop 

Amount    in    farmers"    hands 

March  1 p. 

CORN. 

Yearly  acreage 

Average  yieldbushels  per  acre 

Total  bushels  grown 

Shipped  out  of  county  where 

grown  prior  to  Mch.  l...p.  c. 

Farm  value  per  bushel 

Value  per  acre  at  farm 

Farm  value  of  crop 

Amount    in    farmers'   hands; 

March  1 p.  c. 


1S93. 


OATS. 

Yearly  acreage.... 

Average  yield  bushels  peracrt 

Total  bushels  grown 

Farm  value  per  bushel 

Value  per  acre  at  far»i 

Ferm  value  of  crop 

RYE. 

Yearly  acreage 

Average  yield  bushels  per  acre 

Total  bushels  grown 

Farm  value  per  bushel 

Value  per  acre  at  farm 

Farm  value  of  crop 


BARLEY. 

Yearly  acreage 

Average  yield  bushels  per  acre 

Total  bushels  grown 

Farm  value  per  bushel 

Value  per  acre  at  farm 

Farm  value  of  crop 

BUCKWBEAT. 

Yearly  acreage 

Average  yield  bushels  peracrt 

Total  bushels  grown 

Farm  value  per  bushel 

Value  per  acre  at  farm. 

Farm  value  of  crop 


TOBACCO. 

Yearly  acreage 

Production pounds 

Values , 


POTATOES. 

Yearly  acreage 

Average  yield  bushels  per  acre 

Total  bushels  grown 

Farm  value  per  bushel 

Value  per  acre  at  f arin 

Farm  value  of  crop 


HAY. 

Yearly  acreage 

Average  yield  tons  per  acre. . 

Total  yield  in  tons 

Farm  value  per  ton 

Value  per  acre  at  farm 

Farm  value  of  crop 


COTTON. 


Yearly  acreage 

Average  yield  lbs.  per  acre. . . 

1  Total  yield  in  bales 

Plantation  value  per  lb 

Value  per  acre  at  plantation. 
Plantation  value  of  crop 


1894. 


34,04",:i32 

1U.7 
1G7,102,!U7 

i")S.5 

50.9 

SO.iW 

$237,938,998 


82,075,830 

2li.:; 

•2,151,13><,5S0 

21.9 

»1.4 

80.91 

$.')G7,50!l,10G 


27,878,100 

■M.G 

821,l4:?,.-)37 

19.9 

$5.87 

$163,055,068 


1,800,345 
14.4 
27.210,070 
44. 
$0.33 
$11,904,826 


3,299,973 
•>7  a 
87"072,744 
33.7 
$9.16 
$29,312,413 


763,277 

20.1 
15,341,399 

45.02 

89.t)0 
$6,930,325 


6.33,a50 
491,541,000 
$38,574,000 


2,964,952 

100 

297,237,370 

20.6 

;  20.f;0 
$78,984,901 


44,200,453 

1.00 
47.078,.>tl 

$s.:« 

$8.  So 
?393, 185,615 


34,t;82,l3(; 

13.2 
160,:.'67,IUi 

01.1 
49.1 
6.48 
225,902,025 

28.8 


62,.'i82,r:uU 
22  7 
1,212,7'70,05.-.' 

45.7 
8.86 
551,719,162 

36.2 


B  20.182,133 

ISl 
II  7,2;JO,000 

7.6 

Sl.3.75 

ll$255,500.000 


Total  acreage  leading  crops, 
Total  value  leading  crops... , 


1893. 


34,629,413 

11.4 
396.131.735 

57.1 

0.538 

6.16 

213.171,381 

26.2 


1892 


38.554.000 

13.4 
515.949.000 

55.2 
0.624 
8.35 
322.111.881 

28.2 


72,036,465      70,626,658 
22  5  23  1 

I,619.4b6,131  1,628.464,000 


i7,'i2;!..T53 

31.5 

O0.",036,928 

32.4 

7.95 

214,816,920 


1,914,780 

13.7 

26,727,61 

0..503 

0.89 

13,395,176 


3,170,002 

19.03 
61,400,  lft5 

0.449 

8.. 55 
27,134.12 


789,2.32 
16.05 
12,608,200 
0..5.57 
8.92 
7,040,238 


523,l(tt 
406,678,:«,5 
27,760,739 


2,737,973 

62.3 

170,787,338 

.33.(;6 
91,526,787 


,.8,.fil,272 

1.13 
54,871,408 

&.,54 

9.;>6 
468,57!;  ,3il 


19.737,641 

191.7 

9,75(I,0(X' 

4.6 

8.t<l 

223,650,000, 


19.6 

39.3 

9.00 

612,146.630 

41.8 


27.063,835 

24.4 
661.0:}5.000 

0.317 

7.73 
209,253,611 


1891. 


17 

86.5 

8  21 

591.625,627 


27.273,033 

23.4 

638.854.850 

0.294 

6.88 

187,576.092 


2.038.'«6 
i3.o:s 

26.555.446 
0.513 
6.66 

13,612,222 


3,220,371 

21.7 
69,869,495 

0.411 
t8.91 
28,729.386 


815.614 
14.7 
12.132,211 
0.583 
8  57 
7.074.450 


702,952 

48.3.023.903 

39.1.55,442 


2,605,186        a.411,500 

72.2  r-:2.2 

183.034,203  JljO.OOO.OOO 

0.59  0.673 

42.59       \     t41.86 

108,661,801;    100.950,000 


t42,735,042 
1.17 

toO.OOO.OOO 

6.73 

t7.87 

336,500,000 


18.362,000 

167 
6,717.142 

8.4 

Xli.O-i 

246,542,901 


39.916,897 

15.3 
611,780.000 

47.9 

0.a39 

12.86 

513.472.711 

28.2 


76.204.515 
27.(1 
2,060.154,000 

12.6 

40.6 

10.96 

836.439.228 

30.4 


25,581,861 

28.9 

738,394,000 

0.315 

9.08 

/  232,312.26^ 


t30,000,000 
0.548 

16,440,000 


t70.000.000 
0.472 

33.010,000 


Jll.OOO.OOO 
0.534 

5.874.000 


49.613,469 

1.32 

65,766,158 

8.68 

11.65 

570,882,872 


19.701,385 
182.76 

7,527,211 

6.99 
10.40 
251.689.801 


1890. 


36,087,15-1 
11.1 
399.262.000 

51.9 

0.838 

9.28 

334,773.078 

31.9 


703 


•33,000,000 
0.774 

25.542,000 


175,000.000 
0.54 

46,'5bb,ooo 


tl2.000.000 
0.579 

6.948,000 


t225,000,000 
0.371 

83,475,000 


t41. 525.423 

1.18 
t49,000,000 

8.39 
t9.f>0 
411.110.000 


20.838,000 

203 
9.038,707 

7.3 

tI4.81 

297.377,014 


71.970, 
20.7 
,489.970  000j2, 

18.2 

50.6 

10.48 

751,4;J3,451 

45.9 


26.431,369 

19.8 
523.621,000 

0.424 

8.40 
222,018,486 


1889. 


82,12.3,800 
12.9 
490.500.000 

51.4 

0.098 

8.98 

»4i.491.700 

26.9 


78.319.051 

27.0 
112.892,000 

18.7 

28.3 

7.63 

597,918.829 

39.6 


1888. 


37.3.36.100 

11.1 
415.868,000 

56.1 
0.936 
10.37 
385,248,000 

28.9      . 


1887. 


37.641.800 

12.1 
456,329.000 

57.6 

0  681 

8.25 

310.612.900 


27.463,316 

27.4 

751,51.5,000 

0.229 

6.26 

171,781,008 


♦28,000,000    *30,000.000 
0.457 


0.629 
17.6l'2,000 


t63.000,000 
61.8 

40,824.000 


tl 1.000,000 
0.577 

6,347.000 


tiai.OOO.OOO 
0.777 

104.895,000 


t40,000,000 

1.20 
t48,000.000 

7.74 
t9.28 
371,520.000 


20.910,000 

194 
8.65.5,518 

8.6 

tl6.08 

326,959,124 


13.710,000 


3.220,795 

24.3 

78.3:31.492 

0.427 

10.37 

31.544,754 


837,200 

12.1l'3.040 
0.578 

6.!27"4,554 


692.990 
488,255,896 
34,844,449 


tl90.000.000 
0.403 

76,'57b,000 


t48,000.000 
7.88 

378,240,000 


20.173,000 

169 
7.313.726 

8.3 

tl402 

273,761,731 


75.672.763 
26.3 
1,987,790.000  i 

11.7 
34.1 

M  Q5 

677.561,680 
34.9 


26,998,282 

26.0 
701,735,000 
0.278 
7.24 
195,424.240 


2,364.800 

12.0 
28.415.000 

0.588 

7.07 
16,721,900 


2.996,400 
21.3 
63.884,000 
0.59 
12.57 
37,6?2,000 


912,600 

13.2 

12,050,000 

0.633 

8.36 

7,267,600 


747.326 

565.795,000 

43,666.665 


2.533,280 
79.8 
202.365,000 
0.402 
t32.07 
81,413,589 


88.591.903 

46.643,094 
8.75 

408,499,565 


19,845.000 

162 
6,935.082 

8.5 

tl3.77 

257,798.645 


72.392,720 

20.1 

,456,161.000 

17.3 
44.4 
8.93 
646,106.770 

86.2 


25.920,906 

25.4 
659.618,000 

0.304 

7.74 
200,699,790 


2.053,400 

10.1 

20,693.000 

0.545 

5.50 

11,283.100 


2.902,000 

19.6 

56.812.000 

0.519 

10.15 

29,464,400 


206,908,054 


1886. 


36,806,200 

12.4 
457,218,000 

58 

0.687 

8.54 

314,226.000 

30.1 


75,694,208 

22.0 

1,665,441,000 

17 
36.6 
8.06 
610.311,000 

40 


23,658,474 

26.4 

624,134,000 

0.298 

7.87 

186,137,900 


2,129.900 

11.5 

24,489,000 

0.5.38 

6.19 

13,181.300 


2.652,900 

22.4 

59.428.000 

0.536 

12.00 

31.840,500 


910.500 
11.9 
10.884.000 
0  655 
6.72 
6,122,300 


558.620 
886,210.000 
40,977,259 


2,357.322 

134,103.000 
0.682 

91,'5b6,:40 


87.664,789 

41.454,458 
9.34 

413,440,283 


19.466.000 

165 
7.017,707 

8.7 

tl4.35 

269,199,525 


917.900 
12  9 
11,869.000 
0.545 
7.04 
6.465,100 


750.210 
532.537.000 
39,468,218 


2,287,136 

168,051,000 
0.466 

78,'44'l,940 


36.501,688 

41,7*96,409 
8.45 

853.'4a7.699 


18.994.000 

157 
6,513,623 


2Ol.908.0O7l  200,932,616 


..I  217.9(2,6,51  2<ll,712,,S»ll'  212,636,378  199,75.3,035  20J,0G6..3%  395,390.280  162,829,, o.:  .«aj,3jo,u;«  -vi.^w.w.i  *w..-,>.,v.« 
..ll,7.>>3,561,252  1,851,12:!,795  2.01 2.179.077,1,912,859,033  2,147,176.230  2,1 79,412, 73;»  1,937,137,025  2,111,273,884  2,019,41.S.067.1,6;«.509,657 

_J I : i_ ] I I L  I  '  -      - 


••Cincinnati  Price  Current  estimate, 
t  Computations  based  on  Uovcrnment  or  Cbrouicle  figures 


+  Based  on  Government  value  and  per  cent,  yield. 
S  No  Government  report  for  the  year.  I  Clapp's  estimate 


305 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Production   and  Ilome    Value    of  Articles  2)>'oduced   in    United  IStatea,  q>er  Governiue-nt  Jieports,  other    authorities,  and 

our  estimates. 


1895. 


Buckwheat. .  .bushels. 

Barley " 

♦Cotton bales. 

Corn bushels. 

tCoal  and  Coke. .tons. 

Copper lbs. 

tChemicals 

Cattle  and  cows.  .No. 

Dairy  products,         / 
eggs,  honey,  etc. .  ) 

Furs  and  Fisheries . . . 

Fruits  and  forests,  I 
(;')()0,000,000  acres),    f 

Gold oz. 

Gas,  natural 

Hogs No. 

Horses  and  mules .  No. 

Hops lbs. 

Hay tons. 

Iron,  pig ...tons. 

Iron  and  Steel   in-  ( 

dustries I 

tLime,  flux  and        j 

cement . .  .barrels.  ) 

tLead tons. 

Marble 

Molasses gals. 

♦Mineral,  non-met- 1. 
allic,  scattering  ..  I 

♦Oleomargarine ...  lbs. 
Oats bushels. 

♦Oranges boxes. 

Petroleum  <^il  (bar-  / 
rels,  4.!-Ballon) ) 

Potatoes bushels. 

♦PhosphateRock.  tons 

Poultry lbs. 

Rye bushels. 

*Rice  (cleaned) .. .lbs. 
Ships  (all)... tonnage. 
Silver oz. 

Steel metric  tons. 

♦Stone,   slate,   clay  I. 
and  proilucts. .   ..  I 

♦Seeds,  flax.. bushels. 
♦Seeds,  cotton. .  .tons. 
♦Seeds,  other,  bushels. 

♦Salt barrels. 

Sugar lbs. 

Sheep No. 

Tobacco lbs.  i 

(659,073  acres) ) 

♦Textile  Manufacl'res 

♦Vegetables 

Wool lbs. 

■\Vheat bushels. 

♦Other  industries. . 


Quantity.  ^-^--'^ 


15,341,399 
87,072,744 
6,668,507 
2,151,138,580 
190,000,000 
355,044,000 


48,222,995 


2,273,580 


42,842,759 
17,403,003 
45,(IOl),(KK) 
47,078,.>41 
9,387,000 


75,000,000 
201,992 


30,000,000 


80,000,000 

821,443,537 

9,000,000 

2<;,2S4,02,5 

297,237,370 

1,000,000 


27,210,070 

216,600,000 

125,2t)' 

4(i,000,0(X) 

3,500,000 

20,000,000 
3,000,000 

25,000,000 

10,000,000 
729,392,561 

38,298,783 
491,544,000 


309,748,000 
467,102,94 


$0,936,32.5 

29,312,413 

255,500,000 

544,985  534 


28,238,238 
178,000,000 
872,883,961 
800,000,000 

50,000,000 
1,642,000,000 

47,000,000 

15,000,000 
186,-529,745 
603,344,643 


393,185,615 
450,000,000 


14,000,000 
3,000,000 
6,000,000 

40,000,000 

7,000,000 

163,65.^,068 

8,000,000 

■56,000,000 

78,984,901 

3,500,000 

300,000,000 

11,961,826 
3,015,000 

37,000,000 

35,274,777 


100,000,000 


15,000,000 

10,000,000 

4,000,000 


65,167,735 

35,.574,000 

730,000,000 

1,000,000,000 


237,9as,9".i8 
7,000,000.000 


1894. 


Quantity.    ^-^--'^ 


12,668,200 

61,400,465 

9,750,000 

1,212,770,052 

180,000,000 

330,000,000 


50.868,815 


2,080,129 


44,1&5,716 
18,226,426 


&4,874,408 
0,657,388 


75,750,000 
250,000 


26,908,721) 


69,622,246 

tj«2,036,928 

8,2tlO,000 

.30,ft')2,989 
170,787,334 


20,r27,615 

122,865,160 

131,195 

48,000,000 

3,215,686 


15,,500,000 
4,.->00,000 

25,000,000 

10.000,000 
610,825,618 

42,294,064 
406,678,:S85 


298,067,384 
460,267,416 


§7,040,238 

27.134,127 

238,875,000 


1893. 


Quantity,  ^-^u^cer's 


12,132,311 

69,869,495 

7,250,000 


5.54,719,162  1,619,496,131 


200,000,000 

30,000,000 

178,000,000 

84.5,600,858 

800,000,000 

50,00f),000 

700,000,000 

45,892,668 

1.5,000,000 

219,501,267 

687,658,414 


468,578,321 


400,0(10,000 
43,-500,000 
23,(ibO,C00 


5,000,000 
40,000,000 
6,000,(100 
211,810,93(1 
8,000,000 


91,526,78; 


300,000,000 

13,395,476 

4,300,280 

40,000,000 

28,721,014 


100,000,000 
12,000,000 
15,700,000 
10,000,000 
4,000,000 
22,000,000 
66,685,76: 
27,760,739 

730,000,000 
1,000,000,000 

225,902,025 
♦6,000,000,000 


171,274,035 
322,585.500 


52,378,283 


1,693,111 


46,094,80' 
18,537,930 


65,776,1.58 
7,124,502 


71,849,916 
193,938,000 


29,000,000 


80,000,000 
6:i8,8.>l,8.5() 
7,000,001  ■ 
.'50,349,22.>- 
183,024,20;: 
981,340 


26,555,440 

135,000,000 

211,639 

§55,000,000 

3,173,813 


12,500,000 
3.700,000 

25,000.000 

11,435,48' 
481,269,000 

47,253,553 
483,023,963 


§7,074,450 

28,729,386 

213,171,381 


1892. 


Quantity.  Producer's 


♦11,000,000 

*70,00O,00O 

6,717,142 


591,625,627  1,628,464,000 


226,375,999 
»1,677,940 
178,000,000 
905.181,909 
800,000,000 
50,000,000 
700,000,000 

;{5,ooo,ooo 

14,000,000 

2U,),426,492 

1,1.56,988,936 


-570,882,872 
93,888,309 

480,000,000 
38,583,ta6 
14,467,029 


5,800,000 

30,545,429 

8,000,000 

187,-570,092 

7,000,000 

30,223,'.K)5 

108,661,800 

3,4.34.690 

300,000,000 

13,612,222 

2,868.750 

55,000,000 

838,491,521 


.364,000,000 
396,131,725 


100,000,000 

10,000,0(H) 

14,500,000 

10,000,000 

,5,717,743 

20,000,000 

125,907,261 

39,155,442 

730,000,000 

l,(KX),000,000 

72,000,000 

213,171,381 

7,500,000,000 


173,081  .XiS 
325,500,000 


&1,067,.590 


1,590,375 


52,.398,019 
17,812,839 


$5,874,000 
*33,040,000 
246,542,901 
642,146,600 
237,379.631 

36,716,400 
178,000,000 
922,127,287 
800,(X)0,000 

50,000,000 
700,0(K),000 

3:j,ooo,ooo 

14,800,000 

241,031,415 

1,182,475,406 


♦12,000,000 
*75,0OO,0OO 
9,038,707 
2,060,154,000 
151,378,-525 
297,600,000 


50,000,000 
9,157,000 


83.318,621 
205,630 


20,629,800 


81,000,000 

6iil,oa5,000 

5,450,000 

50,512,136 

150,000,000 

902,723 


*30,000,000 

237,546,900 

199,633 

8.58,000,000 

4,235,541 


12,191,000 
3,400,000 
25,000,0(KJ 
11,784,954 
378,114,307 
44,9.38,365 


336,.500,000 

134,668,035 

480,000,000 

47,750,000 

16,450,400 

3,705,000 

4,120,000 

35.999,973 

8,000,000 

209,253,611 

10,000,000 

30,229,128 

84,800,000 

3,332,021 

300,000,000 

10,440,000 

3,81)0,137 

45,000,000 

883,980,000 


100,000,000 
12,000,000 
13,000,000 
10,000,000 
5,900,000 
18,000,000 

116,121,270 


♦500,000,000,    ♦iO.OOO.OOO 

730,000,000 

1,(K)0,000,000 

64,000,000 

322,111,881 

7,000,000,000 


291,000,000 
515,949,000 


1891. 


Quantity.  P^^^ucer's 


52,895,239 


1,604,840 


50,625,106 
16,353,282 


49,000,000 
8,279,870 


73,222,992 
202,000 


29,200,000 


80,000,000 

738,3!M,000 

4,750,000 

.54,291,980 

225,000,000 

587,988 


value. 


$0,918,000 

4o,r)Oi),ooo 
297,377,014 
836,439,22.« 
194,883,661 

38,522,500 
178,000,000 
890,-525,808 
800,000,000 

50,000,000 
700,000,000 

33,175,000 

15,500,084 

210,19;j,923 

1,120,670,592 


♦33,000,000 

155,865,000 

369,000 

58,300,000 

3,968,000 


16,000,000 

4,500,000 

2-5.000,000 

10,2i3,701 

497,169,8-56 

44,431,136 

♦-500,000,000 


285,000,000 
611,780,000 


411,110,000 

140,757,790 

480,000,000 

44,180,951 

17,574,000 

3,610,000 

5,800,000 

28,476,925 

8,000.000 

232,312,26 

14,000,000 

34,214,935 

83,475,000 

3.651,150 

300,000,000 

25,542,000 

3,-502,476 

70,000,000 

75,416,-585 


100,000,000 

15,21X1,000 

12,-500,000 

10,000,000 

5,6^,0,S3 

23,000,000 

108,:fi)7,44' 

♦40,000,000 

730,000,000 

1,000,000,000 

513,472,711 

7,000,000,000 


1890. 


Quantity,  ^"^i;^'^ 


*11,000,IM)U 

6:1,000,001) 

8,655,518 

1,489,970,1KI0 

139,;«1,438 

265,878,000 


52,801,90; 


1,588,880 

51,602,780 
16,544,864 


48,000,000 
9,202,702 


73,521,623 
161,754 


22,831,988 


80,000,000 

623,<>21,(XK) 

2,760,000 

45,S22,672 

13,5,IKX),001) 

510,499 


♦28,000,000 

136,750,000 

294,000 

54,500,000 

4,346,932 


13.250,000 

4,325,000 

25,000,000 

8,776,951 

305,766,271 

44,336,072 

♦500,000,000 


$6,317,000 

40,.'<2 1,000 

366,8J3,738 

7.>1,I3;!,451 

175,103,772 

30,aiO,800 

178,<)00,(X)0 

913,777,230 

800,000,000 

.50,000,000 

700,(K)0,IX)0 

32,8-15,(KK) 

18,742,725 

243,418,336 

1,160,960,661 


371,520,1X10 

151,200,410 

478,687.519 

43,760,811 

14,206,703 


4,170,000 

28,671,-505 

8,1HKI.000 

222,048,486 

13,000,000 

35,265,135 

104,895,OOC 

3,213,795 

300,1)(X),IXX) 

17,612,000 

3,-589,687 

6f),or)o,noo 

70,165,000 


276,000,000 
399,262,000 


1011,00(1,000 

13,000,0(X) 

n,.VK),0(M) 

10,(XK),000 

4,752,286 

18,000,1)00 

11K),6.')!),761 

♦  11),0(K),(XX) 

6.«,048,703 

,000,000,000 


334,773,678 

l,000,(K)0,000 


♦  Dan  Talmage's  Sons,  N.  Y.  t  (Chronicle  bales  and  Government.  ,.     i  . 

♦  Clapp's  estimate,  based  on  Government  figures  of  census  1890,  and  other  Government  Bureaus  and  Trade  authorities. 
§  "  Mineral  Industry,"  correcting  mint  error  1893  value,  estimate  previous  value  based  on  Government  Reports. 

306 


^t&t 


THE  CHICAGO  BOARD  OF  TRADE. 
The  Chicago  Board  of  Trade  was  organized  in  1848;  chartered  April,  1859.  '!  he  present  system  of  grain  inspection  was  then 
commenced.  'I'he  Board  occupy  their  fiftli  building,  and  own  it  and  the  realty  and  furnishings,  at  a  cost  of  $1,840,000;  it  is  bonded  for 
$1,500,000;  occupied  in  1SS5;  built  of  Maine  granite.  Fronts  the  south  end  of  LaSalle  Street  and  Jackson  Street  north,  Sherman  Street  is 
on  the  west,  Tacilic  Avenue  on  the  east  and  the  Hoard  of  Trade  court  on  the  south.  Has  a  tower  332  feet  above  the  sidewalk.  The 
Exchange  Hall  is  144  by  161  feet,  and  80  feet  high  to  the  skylight.  There  are  1,909  members.  The  membership  fee  is  $10,000  ;  present 
valuation  of  transfer  membership,  $650.     The  Board  has  a  Clearing  House  and  ample  telegraph  facilities  in  the  centre  of  the  Exchange  Hall. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Jieceipts  and  Shipments  of  Flour,  Grain,  Provisions  and  Live  Stock  at  Chicago. 

RECEIPTS. 


Flour 
Chic  o 


Flour.     Wheat.      Com. 


Oats. 


Eye. 


Barley. 


1879. 
1880. 
1881. 
1882. 
1883. 
1884. 
1885. 
1886. 
1887. 
1888. 
1889. 
1890. 
1891. 
1892. 

\m^. 

1.S1I4. 
1895 


285,904 
196.041 
238,200 
300,;)o8 
294,720 

575,16,'j 
4iM.7S!) 
514.870; 
4:ii,110: 
4:^1,000' 

4;«),(;o9 

57s.  180' 
542,000; 
4.5.5,4091 
444,0IK) 
751,501 


3.360.9.58 
3.215.389 
4,815,2.39 
4.179.912 
4.295,515 
4,960,8.30 
5,3,S.5,772 
4.139,105 
6.873,.544l 
e.i:a.  61181 
4.410.5351 
4.3.58.058; 
4.51(;.017l 
.5.919,343, 
4,fyVI,424| 
4,2-.'3,l.-<2| 
3,516.000 


34,100,109| 
23,541,607 
14,S-J4.9!)Oi 
2;5,0O8,.596l 
20,364,1.55 
26,397,.587 
18,909.717 
16.771,743 
21.848.251 
13,1.38,069 
18.762.646 
14,248,770 
42,931,25S 
50,2.14.5.56 
:i5..'!.5.5,101 
25,66.5,91  r2 
20,637,642 


64,;339,:H1 
97,272,844 
78,393,315 
49,061,7.55 
74,412,319 
59.580.445 
62.930,897 
62.861,594; 
51.578,410 
74.208.9081 
79,920.6911 
91.:«7.7.54l 
72.770.304! 
78.510.385] 
!'1,2.V.,15(1 
61,'.i51.sl5i 
,59,.527,718 


16,660,428 
2;i.490,915 

24,Ktil,.5:M 
26.802.872 
36.  .502. 2,8.3 
40.082.362 
37.678,7.53 
39.976.215 
45.750.&12 
52.ltM.878 
49,901.942 
75.1.50,249 
74.402,413 
79.827.985 
81,289.8861 
63,144,88.51 
79,890,792 


2.497,.340 
1,869.218 
1,363,552 
1,984,516 
5.484,259 
3,3-27,516 
1,892.760 
9.56,247 
852.720 
2.767,571 
2.605.984 
3..520,508 
9.164,198 
3.6;33,30«| 
1,707,072 
1,:B6.1.57 
1,6.57,216 


4,9.36.162 
5,211,.5.36 

5,695.358 

6,488,140 

8,831.899 

7,849,820 

10,760,127 

12,740,953 

12,476,54 

12,:«7,520 

12..524..5:M| 

111.401.489 

12,2-,'8.4S0 

16.US9.278i 

13,37.5,8151 

13,418,3911 

14,194,881 


Tot.   r'c"tS| 
Flour    re-|  _    , 
ducedto    Pork. 
Wheat, 


137.704,571 
165.855,370 
146,807,329 
126,155.48:1 
164.924.7.32 
159..561,474 
1.56,408.228 
151.932.995 
163.437.724 
182.5,«8.1B8 
1>3..563.208 
223,320.031 
2:11.821,430 
255.8:12.556 
246.942,966 
187,-57 1,469 
192,814,573 


64,:i89 
39,091 
52,298 
78,895 
5:1.636 
56.247 
36,6:18 
44,907 
76.15.5 
54,451 
54.608 
77.9K5 
13,970 
16.9:14 
6,.527 
6,999 
9,67-2 


Other 
Meats. 


Lard. 


Butter. 


151,131,76' 

164,4;17,2'25 

1.38.787,745 

106,165,0:i8 

139,971.94-.: 

127,006.4.58 

162.106.310 

ll>4.8-23,5.57 

213.813,140 

14'  ,728.592 

279.317.936 

300,198.241 

206,898,9.58 

179,965,3271 

198,437,984 

137,906,9.56 

172,2n3,.523 


75.754,1171 

68,387,2041 
61,403,671 
40,096. ;i,H4 
72,010,072 
6:i,146..3.34 
64. -291. .566 
88.454,118 
84.:i90.1.56 
70.855.797 
99.9.52.687 
147,475.2t;7 
74.021.9-15 
66.371.502, 
[  47,741,'.K)1 
I  62,846,:n;9 
53,936,.324 


54.623,223 
67,:i37,044 
66,270,785 
60,954,045 
75,a33.082 
83,410.144 
92.474,784 
108.122,119 
105,209,.502 
105.402.121 
156.31.5.-.;45 
140..548.850 
127.765.048 
134,196,828 
'1:U,8I3,632 
!U4,.S(;-<,216 
18.5,4.52,991 


Hogs. 


Cattle. 


6,448,.3C0 

7.059,4351 

6,474.844 

5.817.504 

5.M0.625! 

5.3.51,967 

6.937.535 

6.718.761 

5.470.852 

4,921,712 

5,998,526 

7.663.828 

8,600,805 

7,714,435 

6,(ie2,778 

7,483,->28| 

7,88.5,2s;! 


1, -21.5. 7.32 
],.3H2.477 
1.-198..5.50 
15s2.5:l0 
1.H78.I'44 
1.817.6'.»7 
1.905.518 
1,Mk1.900 
■2.382.0O8 
2.611. .548 
3.02:1,281 
8.48-I--280 
8.2.50.359 
«.571.7!il 
3,1-29,02/ 
2,974,363 
2,-588,.5.58 


SHIPMENTS. 


Totals., 

Other 

Flour.      Wheat.      Corn. 

1 

Oats. 

Eye. 

Barley. 

Flour 
reduced. 

Pork. 

Meats. 

Lard. 

Butter. 

Hogs. 

Cattle. 

1879 

3,090..540l  31.006,789  61.299,376  13.514.020 

2,234.363;    3.566.401;  l-25..5-28.:179 

a54.2.55  S15,629,540 

251,020.295i    51,26'2,151 

1,692.361 

726,908 

1880 

2.862.737;  22.79t).-288l  93,5?2.9:14l  20.649.427 

1,.365.165'    3.110.9^5   154.:i7V-n5 

.367.-324  9.58,0:16.113 

3:13.539.138'    59,970.601 

1.394.990 

886.614 

1881 

4.499.743  17.1-27..540  75.463.213  23.2.50.-297 

1,104.452 

3.113.251|  140.307. .597 

319.999,  782.993.729 

278.531.7:«:    56.109,762 

1,'289.679 

938.712 

1882 

3.M3.067  19,767,8»4  49.07:1.609  23,658,2:19 

1.77:1.148 

3.298--252I  114.8(hl-93:i 

4:1.5.625  615.8-22.951 

•2:15.473.5-20     59.927,879 
-255.-226.0:19     76.5.54.902 

1,747.722 

9-21.009 

1883 

3,999,43ll  11,728.754  71,666,508  :il,845.993 

3.a-i8.554 

4.643.011    141.7-20.-i59 

340.:i07  643.991. 2»a 

1.319.392 

966,';58 

1884 

4.808,884  21.046,.577   5:i.-274.050,  i4.-2:i0.'293 

4,:ir..5.7.57 

4.O95..5OO!  1.38.6.5-2.1.55 

290.512  549.674.0:14 

219.017.4.36     90.660.379 

l.:i92.615 

791.8*4 

188.5 

5.-240.199;  13.975.0:12   58.805..5671  :12.4-26.462 

1,216.%! 

5-583.00:11  1:15.587.921 

3y3.:i64;  705.944.059 

•254.171.019     96.693.890 

1,797.446 

744.093 

1886 

3.778.-227  15.7.50.1-29    i6,;i76.476 

32.364.208 

817.5.5:^ 

7..326.190  1-29.6:16.078 

370.';  .52'  745.0-25.6-23 

310.039.6:l<i  102.6.58.';-27 

2,090.784 

704.075 

1887 

6.:191,.36«  26.a50.750;  50.467.814 

37.6ti3.:i.30 

700.780'    7.214.394]  151.6.58.-2-24 

3-27,9-24.  <.72.:i07.117 

•287.865.767   102.087.869 

1.81-2.001 

971.463 

1888 

5.492.100  12.009.209,  69-.5-22-.5&5 

40.896.971 

1.744.380;    7.772.3511  156.659.980 

378..500  5S8.8.52.-240 

30<l.409.915  116.185.-27:- 

1.751.8-29 

968.365 

1889 

3.916.4,54:  16.1.38.8-25  83.861.818 

60,471.836 

2.801.366     8.138.109  179.0:i5.997 

4-24. ri!!  7:18.915.0:18 

:i95.ai8.7:17   1.57.425.TO5 

1.786.6.59 

1,2.59.971 

1890 

4.1.31..586  11.975,276  90,574.:179 

70,768.222 

3.280.4:1:1     9.470.971   -201.674.918 

392.786^  8-2:1.801.460 

471.910.128  156.ti88.ai7 

1.9a5.700 

1.-260.:109 

1891 

4.048.1-29  38.990.169  66..578,30<; 

68.771.614 

7.57-2.991     7.a58.108  207.987.762 

•278..553  751.684.862 

362.109.099  140.737.6-2( 

2.962.514 

1.006.^2I4 

1892 

5,710,0-20  43,8:1.3,795  66,104,220]  67.332,:12a 

2.775.600  10.4:18.-281   316.182,008 

294.781   743.869..\5^ 

.398.iil5..5.58  140.494.1.55 

2.9-20-145 

1.121.675 

1893 

4.105.117  24  715.73f  1  78.919.781  ]  67.129.118 

1.320-013     8.-233.-268  198.791.216    -210.092  675.584.-267 

367.894.172  149.142.492 

■    2.151.740 

901.259 

1894 

3.714,007 ;  18,21.3,443  54,528,4821.50,376,089 

l,10O,.5581  7,707,2181  148,ft38,821|  207,244i  .560,766,7441  .S90,l<kS,291|*1.5.5,(V)2,Oo;l 

2,4f).5,a>S 

a5<i,7:i8 

1895 

2,.5:i2,W)0 '  -22,775,780  59,964,265 '  66,839,596 

1,168.-2.52   9,322,-244!  171,464,1371  300,029  698,210,341  387,4:17.6991  176.816,168 

2,100,613 

7a5,092 

Flour  and  pork,  barrels ;  grain  and  flour  reduced  to  wheat,  bushels ;  meats,  lard  and  butter,  pounds ;  hogs  and  cattle,  number. 
*  Butter  1891  includes  Butterins. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

307 


i 


INTERIOR    CHICAGO    BOARD    OF    TRADE. 

The  Chicago  Board  of  Trade  was  the  outgrowth  of  a  meeting  of  merchants  and  business  men  March 
3rd,  1848. 

Thomas  Dyer  was  then  elected  president.  A  constitution  was  adopted  April  15th,  1849  ;  an  act  of  in- 
corporation was  granted — May  2nd,  1850,  it  was  adopted. 

Meetings  were  held  in  various  rented  quarters  for  several  years  and  members  called  together  by  a  free 
spread  of  "crackers  and  cheese"  until  about  1858,  when  more  interest  was  manifested  and  permanent  quarters 
secured  in  "  Steel's  Block,"  third  floor,  northwest  corner  South  Water  and  La  Salle  Sts.  May  25th,  1858,  a 
grain  inspection  committee  was  appointed,  the  directors  concurring  and  inspectors  appointed.  (The  inspec- 
tion system  was  continued  under  control  of  the  Board  of  Trade  until  1872,  when  it  was  turned  over  to  the  State 
authorities,  and  is  similar  to  that  in  effect  June  15th,  1858).  William  Wallace  Mitchell  was  the  secretary,  and 
authorized  to  keep  correct  records  of  receipts  and  shipments  of  merchandise,  etc. 

About  June,  1858,  the  record  said  :  "  Few  institutions  have  more  members  or  transact  more  business  on 
'Change'  than  the  Chicago  Board  of  Trade."  No  yearly  reports  have  ever  been  published  of  its  proceedings. 
At  the  commencement  of  the  year  books  were  kept  and  accurate  accounts  will  hereafter  be  kept.  I  find  Oct. 
73rd,  1858,  No.  2.  Spring  wheat  sold  at  56  cents,  and  that  the  grain  trade  suffered  for  want  of  a  foreign  demand 
and  low  prices. 

Julian  S.  Rumsey  was  then  president.     Of  the  535  members  of  the  Board  in  1858,  but  32,  aside  from  the 
writer,  are  now  living  members.     Only  about  24  besides  myself  have  been  continuous  members, 
follow  : 

GEO.  W.  HIGGINS, 

A.  J.  HOAGLAND, 

B.  P.  HUTCHINSON, 
R.  S.  JENNINGS, 
SIDNEY  A.  KENT, 
ORINGTON  LUNT, 
JNO.  B.  LYON, 
WM.  H.  LOW. 
CHAS.  E.  LAKE, 
R.  M.  MITCHELL, 
LEMUEL  D.  NORTON, 

March  7th,  1859,  the  Board  secured  an  act  of  incorporation  granting  more  power, 
hold  property  was  granted  in  1865  and  1882. 

President  Wm.  T.  Baker  is  the  only  member  elected  for  a  fourth  term.  He  was  a  member  of  the  Board's 
first  arbitration  committee,  elected  in  1859,  and  is  the  only  living  member  of  all  the  officials  elected  that  year. 

Respectfully, 
March,  1896.  O.  W.  CLAPB. 


Their  names 


J.  Q.  ADAMS, 
HENRY  BOTTSFORD, 
M.  S.  BACON, 
O.  W.  CLAPP, 
JAMES  H.  DOLE, 
JNO.  H.  DWIGHT, 
W.  M.  EGAN, 
N.  K.  FAIRBANK, 
W.  C.  C.  GILLESPIE, 
ALLEN  HOWES, 
JAS.  B.  HOBBS, 


MURRY  NELSON, 
ALBERT  E.  NEELY, 
S.  H.  NORTON, 
CHAS.  A.  ROGERS, 
GEO.  A.  SEAVERNS, 
S.  H.  STEVENS, 
J.  P.  SMITH, 
HENRY  A.  TOWNER, 
P.  L.  UNDERWOOD, 
N.  T.  WRIGHT. 


Further  power  to 


309 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Monthly  Receipts  of  Wheat  at  2)ru/iari/  jMijUs^J'rom  June  30,  1886,  to  Uecunher  Ijl,  18'J5,  in,  qumitities  nearest 

to  even  millions  of  bushels. 


July 

AiiKU.st 

Sepic  nber  .. 

()ci.il>er 

November... 
I)eci.inl)er  ... 

.laiinary 

February 

March 

Ai>ril 

May 

June 


1895-6 


6.000,000 
17,000,000 
.50,000,(HX) 
81,000,000 
114,000,000 
139,(MX),000 
H8,(XK),000 
156,000,000 


1894-5 


15,000,000 
39,0(K),000 
6.|,0(K),(KK) 
8.5,(K*I,0()0 
104,000,000 
119,(X)0.000 
12,3,000,000 
121,(KX»,000 
i:£.',0(JO,000 
139,000,0(X) 
145,(XJO,000 

15:1,000,000 


1S93-4 


14,(KX),000 
28,0(K1,(HK) 
,5.3,01  Kl,(  KM) 
81,(KX),(K)0 
1(H,(XN),(KH) 
119,(KXI,000 
128,(MM),(K)0 

i:r),(Hxi,(HK) 

M5,IXKI,IMK) 
1.53,(11)11,1X10 
100,(XK),(XW 
165,000,000 


lSO.3-2^ 


20,000,000 
.50,000.000 
94.(100,(X)0 
137.()()(),0<X) 
lOlJ.ODO.OOO 
101.000,000 
208.(X)0,000 
210,1100.000 
2'!I.()(KI.0O0 

2n. (10(1,01)0 

2"j5,UI)0.(J00 
205.000.000 


1891- 


18,000,000 
48,000,000 
82.000.(X)0 
116.(KXJ,(jOO 
150,000,000 
172,000,000 
185,000,000 
197,000,000 
213,000,000 
224,000,000 
233,000,000 
248,000,000 


1890-1 


8,000,000 
21,000,000 
82,000.000 
49,00fi,000 
66,000,0(50 
78,000,000 
85,000,000 
OI,000,fX)0 

ioo,0(X),oyo 

lfl8.(K)0,000 
115.000,000 
124.000,000 


1889-90 


8,000,000 

2I,0(JO,000 

30,(MX),0(X) 

57.0(K).0<X) 

78.0(10.O(JO 

90.000.000 

95.000,000 

100,000.000 

l(Ki.(X)0.000 

1 12.0*10,000 

120,(X)0,.000 

124,000.000 


1888-9 


8,000,000 
23,fKX),iXX) 

;)7,ooo.«x) 

52.(XX).0OO 
62.(XX),()00 
70,000,000 
73.000,000 
77,000,000 
81,000,OW 
R5.0(J0,(X)0 
80,00f),000 
92,000,000 


1887-8 


12,000,000 

2:<,0fX),wx) 

.3G,fJ0O,0fX) 
52,fXX),0(XJ 
70,0(X).(X)0 
82.WX).(X)0 
SO.OOO.fXX) 
91,000.(XX) 
97,OflO,0<X) 
10.1,000,000 
109,000,000 
U.5,000,000 


I88A-7 


1.3,000,000 
27,fXX),(XX) 
44,0<XJ.(XX» 
59,(XX).(XX) 
73,(XXj,rxX) 
84,000,(XX) 
92,(XXJ,fXW 
97,(XX),000 
104,0fX).000 
109,(XX),0fX) 
II  8.000,  (X)0 
128,000,000 


Exports  of  Wlieat  and  Flour  for  ten  years,  compiled  from  Government  Reports. 


1895-6 

1894-5       1S93-4 

1892-3 

1895-2 

1890-1 

1889-90 

1888-9 

1887-8 

1886-7 

June  .30  to  July  31 

June  :io  to  August  31 

June  .3u  to  September  30 

June  .30  to  October  31 

June  :1()  to  November  30 

June  .30  to  December  31 

June  30  to  January  31 

June  30  to  February  28 

June  :»  to  March  31 

June  '=0  to  April  :!() 

June  :iO  to  Slay  31 

June  30  to  June  30 

9,(XX),(KX) 
18,(XN),(HX) 
28.1XX),0(!0 
3.t,000,(XK) 
5.5,(XX).(X)0 
66,1XX  1,000 
80.000,000 
91,000,000 

11,863.078 
26,146,280 
38,887,813 
r),3,'.XM,719 
6,5,90  ,!K)0 
77,712.1,52 
91,510,1181 
1(KI,0(IO,000 
112,000,000 
121,000,000 

i:i:j,ooo,ooo 

146,000,000 

18,78(i,127 
41,l!t,8,76t) 
60,171,107 
7:f,8<L',t>72 
8ti,091,2ll 
97,414,(i54 
110,097,527 
120,210,7.38 
i:i2,769,317 
144,199,:U3 
1.50,618,:«>4 
165,1)22,233 

13,720,1.54 
:i3,2.5.3.:iS5 
51.279.8r0 
71.907,4:35 
SO.753,,547 
I07,277,.5S0 
121.:32O.004 
1:54.308.415 
148.,S00,6:i3 
101.140,2'.l8 
17.5.780.005 
192.453,818 

13.604,899 

40.004,481 
05,801, .500 
K5.471.612 
100.170,9:52 
129,2(;0,:500 
149,4  IS,.S:34 
164,7ij4,&58 
180.:5:30.31.0 
10i,00."^,4.56 
210  8:57,,5:58 
2>5,76o,812 

7,802,5.32 
]7,:320,647 
22,7:58,732 
.30,310,414 
37,488.:555 
47,102,007 
56,257,655 
64,049,270 
74,045,478 
85,518,427 
9.5,7.58„546 
106,181,316 

7,111,501 
18,731,251 
20.023,400 
.10.280.9:!5 
44,005.890 
56,:523.402 
64.320,756 
73.097,519 
83.77.5.173 
93,088,088 
102,.573,:374 
109,4:30,517 

7,010,.509 
18, 051, ,5.55 
28.080,914 
;35,8:39,914 
41,18.3,950 
48,247,4fX) 
,54,,504,.504 
59,090,724 
04,942,177 
70,7.52.908 
77,58:3,0:30 
8:3.9:38,329 

10..387.092 
:35.451.0:!3 
40,4,58,407 
,54,4(X).(H4 
0:!.fXHJ..5(J3 
72.407.081 
79.987.941 
80..3f».791 
98,874,520 
100,1.31,742 

112,146,:30:3 
118,388^922 

10,91,5,113 
20,074,0:37 
40,9:34.214 
52,008.004 
0-l.:3:38.9.5« 
70,.505,798 
89,449,05,5 
99,7,53,232 
113„'M0.940 
13;3,:372.671 

i:35,(;<B,o<;i 

151,785,441 

Qovernment  corrected  totals. . . 

145,935,021 

1&5,622,233 

101.916,0:55 

225,606,311 

106,181,316. 

109,430,100 

83,001,000 

119,625,344 

253,804,870 

'World'' s    Visible    Wheat   Supply  monthly  for  years  named. 


1896. 

U.  .S.  and 
Canada. 

Afloat. 

Europe. 

World's 
Visible. 

Jan . . . 

134,997,,500 

29,700,000 

60,100,000 

224,797  ,.500 

Feb.... 

129,0:32,  :300 

25,800,000 

48,000,000 

202,8.32,300 

Mar... 

118,387,000 

38,400,000 

45,100,000 

191,887,000 

Apr... 

May... 

June.. 

July.. 

Aug... 

Sept... 



Oct.... 

Nov. . . 

Dec  . . . 

1895. 

1894. 

C.  S.  and 
Canada. 

Afloat. 

Europe. 

World's 
Visible. 

U.  S.  and 
Canada. 

Afloat. 

Europe. 

World's 
Visible. 

149,475,000 

139,396,000 

129,:546,:i00 

118,510.700 

105,022,500 

8o,669,.300 

71,931,100 

71,243,400 

73,3ft-<,?00 

87,637,6(K) 

116,657,700 

129,387,100 

33,000,000 
35,000,000 
37,l(X),(i(K) 
.38,!i00,000 
40,400.(XK) 
18,700  000 
42,800,000 
36,:50O,0O0 
27,400,000 
26.600.(K)0 
2G,800,0(X) 
27,200,000 

45.500,000 
49,l(X),0O0 
40,100,000 
40,tOO,0(K) 
35,100,000 
36,800,000 
15,0tK),O()O 
.50,.-00,1100 
51,500,000 
62,100,000 
60,400,000 
62,200.000 

227,975,000 
22:5,496.000 
2L2.440,,300 
198,240,700 
l.'<7,.522,500 
171,109,.300 
130,.331,100 
1.58,043,400 
1.53,268„300 
176,&37,eOO 
209,857,700 
218,787,100 

131),1&5,2(K) 
128,278,21X1 
121,1<XI,!XX) 
11(),645,(XXJ 
i  107,413,,S()0 
97,2u;i,(XX) 
8G,512,(XJ0 
92,,5.51  ,G(X) 
U2.84y,(XX) 
127,911,(XK) 
143,888,:500 
148,957,000 

33,(XX),(XX) 
31,(XX),(XK) 
3(),:3(X),(XX) 
39,.5(X),(XHJ 
45,(i(X),(XX) 
48,(XX(,(XXJ 
38,:3(X),(XX) 
■  34,:31X),1XX) 
30,8(X),1XX) 
2C,140,(XX) 
27,6<X),1XX) 
30,200,000 

68,900,WX) 
73,0<X),(XX) 
70,!XXI,(XK) 
60,4IXJ,(XX) 
53,9(X),(XX) 
,50,,V)0,IXXI 
48,2(X),(XX) 
47,610,(XX1 
45,9(X».1XX) 
oO,SIX»,(XX) 
49,:5O0,(XX) 
39,700,000 

2.32,06,5,200 
232,878,200 
222,:i90,!K» 
210,5I.5,(XK) 
2(Xi,913,800 
195,7(13,(XK) 
1.5:5,012,(XX) 
174,191.6(X) 
188,.>19,000 
2()5,151,(XX) 
220,788.:i()0 
218,857,000 

Corn   Exiiorted  for  10  years,  compiled  from   Government  Re^Jorts. 


June  30  to 
June  :30  to 
June  -30  to 
June  .50  to 
June  :5()  to 
June  :30  to 
June  :30  to 
June  :30  to 
Juue  30  to 
June  30  'o 
June  30  to 
Jane  30  to 


July  .31 

AiiKust  31 

September  30. 

October  31 

November  .30. 
December  31  . 
January  31  ... 
February  28 . . 

March  31 

April  .30 

M.-iy31 

June:30   


Corrected  final  report  by  Gov't. 


1895-6 


1894-5 

l,(IO(i,9:58 

1,7U721 

2,172,940 

2.873,240 

:5,603,!'0<) 

5,iX)4,025 

9,0.56,428 

ll,.500,000 

15,000.000 

17.000.000 

2:3,000,000 

26,500.000 


25,507,753 


1S93-4. 


1892-3 


5,910,930 
13,077,472 
16,924  ,:3:34 
20.091  >,26:j 
24,:3:5,5,015 
20,12';,S17 
37,718,703 
43,1.33.888 
49,9.52,186 
.57,(HI1,.5:50 
00,693,413 
63,1^5,655 


63,425,655 


2.703.251 
5.749.:324 
8.40;-.044 
12.090.9.59 
17.400,201 
2(1.004,8:54 
23,r51,:383 
27,31Vl,',XJt; 
31,214.8.55 
35.4.55.386 
41.081,2,86 
40,0:59,006 


46,0:34,904 


1891-2 


3,121.648 
4,.323.956 
7,163.872 
10,583,400 
12,008„528 
18,28:3,0.35 
:32,415,0:35 
4.5,144.025 
.50.479.893 
04.001.031 
70.0:3:3.340 
74.111.170 


75,451,849 


1890-1 


6.817.713 
,9,740.071 
13,2.53,295 
15,8:3:3,316 
17,107.:308 
18,720,000 
20.072,257 
21,41:3,:322 
24.200.88:5 
2.5,7:30,307 
27,7:50,121 
30,7:35,413 


30,768,213 


1889-90 


6,420,429 
11.432,014 
M,:54:3,.340 
22.002.7:34 
2r.:322.1.50 
:33.8i.Xi.:340 
42.:507.620 
5.5.8:54.8:59 
60.712.428 
83.610,043 
93,039,758 
101,061,700 


101,973,717 


1888-9 


2,ig0,071 
5,058,548 
8,514,.518 
12,017,007 
15,093,748 
31,264,856 
30,607.027 
.38,177,411 
46,:581.802 
54,761,334 
62,004„520 
68,085.4.32 


69,592,929 


1887-8 


1.6.55,738 

3,401,9.53 

5,3:35,074 

7,835,309 

10,400,017 

12,044,990 

14,294,0.58 

16..548,030 

18,064,286 

20,1:34,024 

22.495.:305 

24,170,345 


24,278,417 


188«-I 


3,382,953 
4,718,070 
7,531,194 
10,82:5.756 
13,8:37,:345 
17,1.57,570 
21  ,.3:38,094 
25,2*3.789 
30,03.5,919 
34.605,4.37 
37,0a5,888 
39,799,888 


40,307,252 


Horses,  Mules,   Cmcs,   Cattle,  Sheep  atid  Sioiyie  in   U.  S,    Yearly,  January  \,  and  Exports  for  years  nam^d. 


Jan. 


Horses. 


Mules. 


I 


187S.... 

....10.339,700 

l,6-57..5O0 

1879.... 

....10,9:38,700 

1,71:3.100 

1880.... 

....11  301,800 

1.729.,500 

18K1.   .. 

....11.439.036 

1.730,731 

1862.... 

....10„531,554 

1,8:55,106 

1883.   .. 

10,8:38,111 

1,871,079 

18W.... 

....ll.lti9,68:3 

1.914,136 

1885.... 

11„V>4,.572 

l.',>73.,5<;9 

188*;.... 

13,077.().57 

3,0.52..593 

1887.... 

....13,490,744 

2,117,141 

18&S.... 

....1.3.172.9:16 

3,191,727 

1889.... 

....1:5.()6.3,3<I| 

2.2,57,574 

1890. . . . 

.■...14.2i:5.'<57 

2.:«1.037 

1891.... 

...   14,050,750 

2,396.533 

i«e.... 

....15.498.140 

2.31'4.099 

IS93.... 

....16,206,802 

2,331,128 

1891... 

...15,893,318 

2,333,108 

1895... 

15,124,057 

2,278,W6 

Cows. 
11.300,100 
11.826,400 
12.027.0<X) 
12,:568,6.53 
12.611.6:32 
13,125,685 
i;5..501.206 
1:5.901.722 
U.2:l.5.:388 
14.,522,083 
14,8.50,414 
14,298.625 
15,9.53.88.3 
10,019,591 
16,418,:i51 
16.424,087 
16,504.629 
16,137,586 


Cattle. 

19,233,.30O 

21,408,100 

21.3:51,000 

20,057,702 

2:5,380.3:58 

28,040.077 

29.010.101 

29.800..573 

31,275,342 

3:5,511.7,50 

34.378.:3«>:3 

■3.5.0:33.417 

.30.M9.i)24 

3ti.875,(>48 

37,a51,2:39 

3.5.9,>4,196 

34,364,216 

32,085,409 


Total 
Cattle. 
30..523.400 
3:3.334  500 
33,358,000 
33,:5(X;,:385 
3.5,891:870 
41,171.702 
42.547.:507 
4:3.771.295 
45,510.0:30 
48,033,833 
49,354.777 
50,:5:51,043 
52,,S0I.!X)r 
53,895,2:19 
54,007,500 
52,378.283 
50.868,845 
18,222,995 


Sheep. 
3.5.740500 
,38,13:5,  KOO 
40.76,5,000 
43,.576,80'3 
45,016.334 
49.3:57.391 
50.636,630 
,50.3i;o.343 
48.:533.351 
44,750.314 
43,544,7.55 
4J..500.O;O 
44.:«0,iK3 
4:5,431,156 
44,0:38.305 
47.2t.3,,553 
42,294,064 
38,298,783 

311 


Swine. 
32,203..50O 
.34.700.200 
.34.0:34.100 
30.337.603 
44.1-32.200 
43.370  086 
44,3(XI.893 
4,5.143.(W 
40.093.043 
44,G13,,8:36 
44.:540.525 
.5(),:301„592 
51.003,780 
.50,025,100 
.53.398.019 
46,004,807 
44,165.716 
42342,750 


Total 
Number. 
98,5-26,400 
100,134,.500 
108,058,000 
11:3,110,887 
125.0:50,2<>4 
1.3:5,079,. :59 
i:37.:374.826 
139.2T4.195 
139.935.004 
1:57,405.98:3 
1:57.136,037 
14:3.331,713 
1 18.740.7.59 
140,a5I,481 
1.51.403.974 
164,264,573 
155,555,051 
146,767,.>40 


Exports 

1878 

1879 

1880 

1881 

1882 

188:3 

1884 

1885 

1886 

1887 

1888...   , 

1889 

1890 

1891 

1R92 

1893..  . 
1894.... 
1895 


FOR  Years 
Cattle. 
....  80.040 
....130.730 
....183.7.56 
....185,707 
....108,110 
....104,444 
....190,518 
....1:3,5,890 
....110,065 
....100,459 
....140,208 
. . .  .205,780 
.....394.8:5() 
....374,079 
....394.007 
,...287,0M 
...  359,011 
...331,7K' 


Endino 
Hogs. 
29.284 
75.139 
83,434 
77,456 
36,368 
16,129 
46,382 
55,025 
74,187 
75,383 
23,755 
4,5,128 
91.143 
95,0M 
31,9&3 
27..375 
1,.>45 
7,130 


JUNB  30. 

Sheep. 
184,a59 
215,681 
209,480 
179.019 
1.39,676 
a37,251 
273,874 
234,509 
177,594 
121,701 
143,817 
128,858 
07..521I 
60,941» 
40.9fiO 
37,260 
128,601 
4«6,748 


CLAPP  &  COMPAFy,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Heceipts,  Weight  and  Packing  of  Hogs  at  Chicago  brj  monttis  and  years  named. 


Mths. 


Jan... 

Feb... 

March. 

April 

^ay.... 

June  .. 

July.... 

Aug.... 

Sept... 

Oct.... 

Nov . . . 

Dec... 


Receipts. 


1895 


878,11.5 
786,r)86 
715,48tj 
48.5,526 
674.8«1 
.556,401) 
.S82,398 
379,2-'9 
448,281 
859,941 
937,479 
"80,9G<J 


1894 


787,381 
557,478 
625,055 
559,9.% 
573,187 
663,565 
379,483 
624,371 
411,915 
629,879 
9:«;,896 
735,082 


1893 

1893 

1891 

1890 

695,312 

977,334 

1,068,260 

807,798 

395,477 

675,568 

9.3:1,873 

563,836 

408.778 

6:12,594 

861,902 

534,086 

411,182 

557,931 

523.528 

467,599 

463.897 

737.239 

560,115 

5:17,977 

516,148 

701.963 

571,421 

601,076 

619.507 

488,820 

468,497    612,.355 

609,929 

515.741 

394.499    574,207 

648.871 

568,798 

456,584    518,-3:17 

604,746 

547,496 

6*4,999    746,344 

657,397 

646.313 

1,008,865    878,992 

6<!6.i)34 

664.639  iUmMi  1 

821.a2J  1 

1889 


483,687 
559,489 
429,550 
358,192 
496,250 
515,653 
414,696 
337,626 
42I,.394 
591,763 
698,095 
6R131 


Ateraoe  Weigh': 


I'll!. 

1895  1894  1893, 1892'l891  1890  1889  1888  1887  1886 


251'  217 
2:14  814 
2as:  220 
226  22.51 
227:  225! 
2:«:  2.33 
226  237, 
224'  250: 
2:12  268! 
2:12  267 
2:i5  262 
229  255 


235|  2.33 

219  208 

215  20:) 

216  204 
212i  208 
214!  214 
210I  216 
^4!  218 
237;  22.5 
2:10  227 
235  l;32 
^1  242 


241 1  254 

2:12  24 

227  231) 

222  2U 

2.31  2:1- 

235  24; 

2:i5  246 

24:3  2.5: 

211 1  26: 

2:1:1 1  25,8 

2321  249 

2321  251 


_ 

1 

818 

223 

232 

217 

20<» 

•2151  ;i 

210 

20H 

21(1 

217 

214 

212 

219 

222 

222 

225 

229 

220 

229 

2:10 

222 

2:i2 

231 

224 

238 

2:i5 

231) 

' 

213 

239 

2:iS 

2.52 

21,5 

246 

262 

235 

246 

Yeabs 


IS  14-95 

1893-94 
1892-93 
1891-93 
189il-91 
1889-90 
1888-89 
lS,S7-88 
1886-87 
188.5-86 
1884-85 
18S;i-81 
1883-83 


Winter  Packing. 


Avg.  I  Avg. 

No.  Hogs  Gross  Lard 

Wt.  [yield. 


ScMMER  Packing. 


No.  Hogs 


2,817,7:14 
2,.523,507 
2,.'^25,()00 
2  498,7.51 
3,21 1,1 !4 
2,:i91,(i:.'7 
1,771,228 
2,0*HI,711 
3,r.81,7.52 

2,.'.:i5,(;78 

1,,-<.5'.I,9S8 
l,9iKI,4il« 
1,661,957 


Avg. 

Gross 

Wt. 


Avg. 
Lard 
yield. 


241. 9u 
•347.441 
222  42 
22i!:j4 
212.00 
•2.55-9 
•2:>3.13 
233.31 
221  C7 
•2:!9.82 
2:i3.C.'< 
;^214.8I 
222.02 


35 .  75 

■m.u 

31.66 
33.48 
3;5.92 
38.85 
30.72 
30,15 
31.92 
.35.10 
31.94 
.36.94 
39.58 


^[onthly  Stocks  in  Chicago  07i 

the  first  of  each  month  in  the 

)/t:ars  named. 

Mths. 

"CONTRACT"    PORK. 

"CONTRACT"    LARD. 

SHORT    RIB   SIDES. 

1896 

1895 

1894      n898 

1892 

1891 

1890 

1896 

1895 

1894 

1893 

1892 

1891 

1896 

189.5 

1894             isys             1H92 

Bbls. 

Bbls. 

Bbl^.      Bbls. 

Bbls. 

Bbls. 

Bbls. 

Tes. 

Tcs. 

Tcs. 

Tcs. 

Tcs. 

Tcs. 

Lbs. 

Lbs. 

Lbs.           Lbs.           Lbs. 

Jan.... 

97,670 

105,676 

27,614      64.474 

97,947 

204,782 

106,000 

40,5;» 

31,705 

2,111 

10.675 

00,750 

102.-295 

19,471,9:« 

27,737,.'>.S.5 

5,705,711  14,974,076  51,402,:567 

Feb.... 

1^20,716 

12:, 3:57 

69,819     77,369 

161,700 

245,566 

121,782 

72,703 

27,1)89 

5,473 

7.1.30 

88.218 

1.34,:i27 

18.4:15.0.-16 

:«,.510.49h 

ll,6ft5,:H:i5  15,l:14,.5C.(;  «0,7'.H).192 

Mar.... 

121,763 

121,665 

77,611     91,413 

186,776 

265,965 

137,089 

97,901 

30,3^22 

4,011 

.3,:^fil 

89.001 

13.5,7:18 

111.  807,016 

:H,474,9(i}< 

8,61»5,862  i:j,:Ml,5rO  57.7(i4.'.)92 

April.. 

1:15,450 

75,7.50     82,824 

185,011 

299.1.59 

147.791 

41,419 

1,450 

10.7:« 

66,-200 

152,299 

33,4;t.',7(i3 

8.618,:{3I|    9,776,081 

51,7(;9,008 

May.., 

r25,820 

70,196     75,527 

190,601 

3a5,690 

157,417 

46,181 

4,099 

9.40:l 

52.448 

146, 1:15 



29,.-K«).711 

6,792,679!    7,228,768 

44.H-2-2,:l72 

June... 

.... 

125,915 

&3,498     77,:i67 

186.217 

294,608 

150,645 

711,235 

17,314 

19,796 

57,068 

160.117 

3:1,701, (!99 

6,7;il,109  10,079,211 

:l(l,8<?9,308 

July.... 

.... 

1.30,.527 

57,W0     66,453 

185,775 

293,011 

156,648 

96,788 

28,.5()0 

85.693 

74,182 

169,723 

42.7S.),.')S  1 

16,-'81,155  14.487,114 

:li',0il7,842 

Aug.  .. 

126,717 

.53,.522  ;  88,425 

179,536 

295,.560 

158,454 

a5,932 

22,(W0 

86..546 

0:i,512 

161,467 

.38,8.59,(12.5 

14.787,9.58   17.4.5.5,74S 

:14,:177.:144 

Sept . . . 
Oct 

.... 

111,'204 

41,0'.»2     80,288 

163,844 

292.647 

154,726 

58,9.H4 

22,.538 

4.649 

:14.4.53 

144. .551 



31,980,^isi 

18,.5(!.5,72l     8.642.ts;il 

31,:wr.968 

92,:«»7 

24,.5,5S  1     1,280 

125,:i07 

280„5:« 

125,755 

■29,689 

9,038 

8,516 

20.457 

91. .5(19 



22,21 1,(IS:5 

ll,;i.38,:!:i6  11,60I,4!I6 

;l(  1,1 102, 4  62 

Nov.... 

72,3.50 

19,.388     11,372 

93,942 

242.417 

163,556 

15,571 

8,044 

1,878 

10,7t9 

32,.5H1 

.... 

I5,(i:{6,.'9(; 

7,4-2;5,.551     3,.S8S,(i()9 

15,.50',1,U65 

Dec... 

84,114 

71.409  i  X8.412 

75.265 

236.438 

252.156 

29.032 

13,'284 

^ml 

9,354 

'  24,308 

1 

13,(123,:..3(i 

17,996,7".)OI    3,461.400 

6.937. 74H 

Chicago  Stocks  of  Grain  in  store  and  afloat  about  the  first  of  months  and  years  named. 


WHEAT. 


Months. 


Jan 

Feb 

March. .. 

April 

May 

June 

July 

August . . 

Sept 

Oct 

Nov 

Dec 


1896 
Bushels. 
31,203,(KI0 
31,00:i,000 
20,251,000 


Jan 

Feb 

March. . 
Aoril ... 
May  . . . . 

June 

July. 
August.. 
Sept . . . . 
Oct...  . 

Nov 

Dec 


1,116.000 
6,206,600 
8,502,000 


1895 
Bushels. 
36.165,0(10 
37,(K)9,000 
20,(iO3,(K)0 
26,4.54.(X)0 
21,7:18,000 
18.881.000 
17,:i4S,(KM) 
15..V)9,0(I0 
14.-i3:i,(HH) 
14,603,000 
18.6;M,000 
31,751,000 


1894 
Bushels. 
20,603,000 
21,706,000 
22,070,000 
21,5&5,(XK) 
20.248,000 
19,.371iOOO 
18,1.59,000 
18,745,000 
25,:i42,000 
2.5,814,000 
25,309,000 
25,750,000 


1893 
Bushels. 
11,751,000 
14,254,000 
14,907,000 
16,128,000 
19,051,000 
80.662,000 
l«.?4:i,000 
19,1*5,000 
18,419.000 
19,237,000 
19,0.5.3,000 
19,368,000 


1892 
Bushels. 
9.097,507 
9,633,:i27 
10,185,289 
11,191,815 
7,947,:i39 
6,442,169 
4,951,791 
8,944,613 
6,291, ftl8 
7,494,6^23 
9,.529,4'25 
10,357,176 


1891 
Bushels. 
6,445,786 
6,498,097 
6,916,5:13 
7,299,207 
6,4-25,408 
3.1 9-2,405 
!H)5,283 
3,107.:i48 
2,8.53,-2:11 
8.2-28,9(i0 
6,081, 2:« 
7.548,080 


IfiflO 
Biisbel.s. 
5.101,-274 
5.:<75,480 
4.400,866 
4.9:i4.8l3 
4,027,001 
4,.521,9-28 
4.161,481 
4.--'-29,700 
4,4-2.5,412 
4,9<I2..5(-|1 
4.847,:i(;4 
5,271,789 


1R-i9 
Bii.-ihols, 
4.609.6S7 
4.4:W,:l-27 
4..5:i4,lK»l 
<.6i;9,70;i 
4,1:18,177 
8.211,914 
2.480,.501 
2.4IO.O:i5 
l,»4S,9a5 
2.040,780 
?..5!)9,6S7 
4,0.5.5.141 


1H88 

1887 

Bushels. 

Bushels. 

5.530,1.50 

13.026.Ci08 

5..505.1I9-' 

13..5SO,745 

5.4'<-l,08.5 

12,l)-2S.I<a 

5..504,(-.65 

12.747,:«3 

4,1)26,789 

14,()K!),1)09 

4,7.5:1,601 

15,-202,.521 

4,Sll,:i:30 

12,1):^7,7.50 

5.(Hi-2,9.52 

8,(iCi5,:150 

3.610,.-J2y 

5,1174,-209 

4.:187.170 

4,SI().i<90 

4.443,7.-18 

.3,8,5:1,311 

4..5S<).(W9 

4,.3:M.761 

1.388 
BukIk'Is. 
14,.5H.3.048 
14,608,572 
14,409,729 
14,197,610 

11,0:«,:182 

8,243,709 
7,(ilt2,-271 
8,-.'72,278 
7,911,015 
8,.5.50,180 
9..5:i7,6Il 
11.418.348 


188.5 
Biishi^Is. 
1:1,657,943 
14,8,51,051 
15,405.495 
16,104,985 
15,411,018 
14,2.50.116 
]4,i)5.5,8-,'2 
1 4,76.5,0-18 
1:1,68.5.947 
12,612,915 
13,l77,(mi 
14.078..5.54 


1884 

B'.i9tlL'lS. 

11,'^M,4!5 
12,711,941 
12,88<),975 
12,-249,649 
8,HK2,664 
7,0:13,.500 
4,.541,.597 
2,:S06,019 
3,:i04,676 
3.1(64,257 
6,674,199 
9.6ir,.782 


CORN. 


3,383,000  ■ 
5,604.000  1 
6,708,000 
7,387,000 
3,8:16,000 
5,401,000 
4,6:!9,000 
1,841.000 
1,430,(H)0 
1,9.53,000 
1,109,000 
944.000 


3,-294.000 
7,165,000 
11,865.000 
11,296.000 
5,003,000 
3,18(>,(KK) 
2,4;i3,(K)0 
1,4(K),(X)0 
1,4.51,000 
2,2.39,000 
1,210,000 
1,462.000 


5,019,000 
6,102,000 
6,570,000 
6,588,000 
2,622,000 
2,4.3.3.000 
2,.324,000 
1,9:1.5.000 
1,80-2,000 
3.961,000 
2,.567,0<X) 
1,398,000 


2,027,660 
1,.386,881 
1,886,762 
4,181,.579 
1,815,642 
1,614,733 
8,739,950 
4,012,125 
4,626,^05 
4,66:1,222 
6,851,502 
4,845,940 


217,6.52 

281,123 

200,794 

4.5.3,097 

1,19.5,494 

2,066,015 

1,41.5,2:10 

1,. 306,040 

8,877,9:18 

2,767,218 

1,215.9.59 

445,683 


1,771,188 
2,.551,727 
3,4,S9,.528 
10.451,162 
4,.581,.563 
4,623,.359 
6,.564.908 
4,1-24,0(19 
2,969,904 
2,726,411 
1,,568,191 
442.2:10 


1,7K2,U40 
2.472,665 
3.850.062 
5.8.-11,744 
8.990.603 
4,111,174 
],819,:102 
1,292.7.34 
8.9-22,0(-)l( 
3,878,8--'0 
1,569,092 
l,00fl.8)i2 


1,400,051 
2,172,826 
8,400,177 
4,9:15,828 
3.217,201 
5.094.0:16 
6.:K2,0:18 
2,514,.548 
2„566,450 
3,4,54,:j91 
4,141,266 
2,01)6..5K9 


4,722,1.-10 
6,976,092 
7.914,2:« 
lo,:l-28,181 
9,01-2,545 
5,.58:j,4:W 
3,723,o:i7 
2,0:«,784 
2,.>14,764 
1,946,046 
1,53.3,7.59 
l.Of.5.1.57 


2,504,9.50 
2.8.37.900 
3,.566,!H)1 
7,098,002 
4,:146,187 
2,1:18,421 
2,0N0,924 
2,411,712 
5,79)-.,4:i7 
4.931,028 
3,()27,365 
3,:l00,.3;i7 


1,824,7.55 

1,609,699 

2,155,5.56 

3,799,:i86 

3,900,2-J7 

1,1.5,5,282 

()8],092 

1,071,758 

1,191.7.-1:1 

871,808 

982.460 

614..549 


2,580,984 
5,:162,827 
6,9-20,1,57 
7.!I4(J,.595 
5,767,106 
;l,i:io,:iO0 
2,0.58,078 
898,009 
1,-272,259 
8,764,074 
l,II6:i,:155 
1,267.  .0{) 


1,676.000 

1,988.000 

2,062,000 

2,180.000 

1,, 519,000 

3,469,000 

2,020.000 

673,000 

611,000 

.507,000 

406.000 

606,000 


6S«,000 

997,000 

1.016,000 

8.36,000 

7()8,(H)0 

314,000 

96,000 

.^^6,000 

1,321,000 

1,489,000 

1,519,000 

1,664,000 


OATS. 

2,554,000 

886,006 

388,168 

1.707,633 

3,456,6:19 

1,035,945 

981,074 

270,.5.31 

486,.  i)2 

1,4S1,417 

2,468,000 

791,313 

424,899 

1,660,:171 

3,414,703 

9-20,900 

1,010,:321 

3:1:1,827 

494,6-23 

1,(578,507 

2,205,000 

901,781 

4:i7,:i98 

1,628,875 

8,838,.565 

985,480 

1,051, :i:i3 

411,981 

506,016 

1,709,047 

2,105,000 

1,045,760 

671,265 

1,69-2,173 

4.177,256 

l,103,-2.57 

1,0:J8,207 

496,411 

5:«,01;3 

1,494,144 

457,000 

757,229 

711,958 

880,089 

4,-285,848 

974,280 

1.41)5,866 

4.56,698 

4.-16,707 

906,558 

795,009 

1,154,346 

1.347,017 

2,207,217 

3.494,658 

2,:i63,505 

1,311,895 

388,.547 

261,152 

266,827 

366,000 

1,061.768 

1,006,234 

781,550 

1,976,915 

1,407,7.56 

899,6,55 

219,016 

469,11(18 

6-Jo,558 

177,000 

1,734,130 

727,463 

289,458 

1,261,6.58 

7^28,998 

5:M,651 

511,128 

391,867 

2-29,021 

9-28,000 

1,854,096 

1,2.35,519 

1,100,164 

2,917,287 

772.366 

1,667,6S5 

2,013,174 

4:i6,-2-13 

501,7.35 

801,000 

2,422,576 

1,446,031 

936,411 

2,709,019 

1,590,7:10 

1,4-28,6-24 

1,1. -10,903 

108,904 

100,504 

872,000 

2,5.37,739 

741,097 

778,165 

'     2,700,061 

2,924,817 

1,4-23,804 

981,049 

219,257 

519,7:19 

.    774.000 

2,661.406 

664.861 

273.^ 

l,641.iM8. 

2.926.634 

1.171.500 

972.851 

99.530 

382,250 

Chicago  Storage  Rates  on  Grain  and  Provisions. 

On  all  grain  and  flax  seed  received  in  bulk  and  inspected  in  good  condition,  three-quarters  (^)  of  one  (i) 
cent  per  bushel  for  the  first  ten  (lo)  days  or  part  thereof,  and  one-quarter  {%.)  of  one  (i)  cent  per  bushel  for 
each  additional  ten  (lo)  days  or  part  thereof,  so  long  as  it  remains  in  good  condition. 

On  grain  damp  or  liable  to  early  damage,  as  indicated  by  its  inspection  when  received,  two  (2)  cents  per 
bushel  f(jr  the  first  ten  (10)  days  or  part  thereof,  and  one-half  (>^)  of  one  (i)  cent  per  bushel  for  each  additional 
five  (5)  days  or  part  thereof. 

No  grain  will  be  received  in  store  until  it  has  been  inspected  and  graded  by  authorized  inspectors,  unless 
by  special  agreement. 

Total  regular  elevator  capacity,  30,325,000  bushels;  private,  estimated,  10,000,000  bushels. 

The  grain  inspection  in  Illinois  is  under  State  supervision.  The  Board  of  Trade  rules  conform  to  State 
regulations.  . 

Storage  on  pork  six  cents  per  barrel  per  month  ;  lard,  to  cents  per  tierce  per  month  ;  ribs,  10  cents  per  100 
pounds  for  first  month,  and  5  cents  for  each  succeeding  month. 

312 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 


OfflcM  Visible  Supply  of  Grain  in  United  Stales  and  Lard  in  the  World  on  the  first  of  the  month  for  months  and 

years  named. 


Jnn 

Kob.... 
March . 
April.. 
May.... 
June  .. 
.lul.v... 
Auk--- 
Si'pt-.- 
Oct-..- 
Nov.. .. 
Dec. . . . 


WHEAT. 


69,958.1100 
i;«,734,000 
61,1189,(100 


1893. 


1892. 


,i«)n  .''(i.'ji 

.i««i  77. 'i 
.l«»i  71.1 

,0:«)  ,58.' 
>m  .54 

,IKX)     r- 


iNm  - 
OUOi 


I  8-5. 


nOO  81,238.000  45.!108. 
,000  81.487.000  l:'..lls, 
(KHI  711. 1'^i.lXHl  11.111, 
,(H(|  7T.it'>l,ii(Ki|  ii,ii:;i;. 
,iHii;  T.'i.ir.T.iKKH  :t7,'.i:ir,, 
(MK)  7ii.l-">'.i,i»"i'  '.".i.-vj-j, 
000  ti'J.:i|ii.iK'ii'  ■1\:1K1. 
OOO  .5!i,:i  IM,(NH)i  ■iX.'.i'.fJ, 
IKKI  .5^,^.^l.UHli  :((;.-JI.O, 
,(i()0  (in.rcs.iKK)  17,9111, 
,IH)0,  6',l.:i27,(KH)  61,69 1, 
,0001  78,091,000]  72,580, 


<.nflo 
:.(Hio 


;.478 

1,.V12 

:!7iii,imi  -^7,111;, IK 


1889. 


■J2. l.'>:i,i»«i'  '3 
•jn,i;i,inK)  1. 
l,s,iin,(Hi(),  i: 


,(H)0 
,000 


■J. (Hill 
5,000! 


.:12I  ,600 

,,s7.'i.()i)n 

,IIIK1,(K1II 
,  IIIMHMI 
,(II(;,II(KI 

,'jiii;,iKiii 
,:iiii,iKi(i 
,i;;.'>,iio<i 
,:;v,,(KHi 
,s."i;i,iM«i 
.,71-,l«i(l 
,471,000 


),817.n0(l 
l,7(il.' JOO 
J,ii3S,i»l(i 


1895. 

l(),677,li( 
12.720,11(10 

I3.(Hl,IIIK 

l:t,l(i9.ii(l( 
9.:i.'i:!.(IOi 

10.787,110(1 
9.097.(1(10 
4.(170,1*10 
5.422,aKI 
5.421,00(1 
4,864.000 
5,522,(XJ() 


CORN. 


ISM. 


1893. 


1892. 


1891. 


11.151.000 
l-.'.'>:u.ono 

|,'.,i-.i:!,iiiii 

l.-,,:!|."),(KKI 

li,,'.:;'.i,ii(i(i 
5.627.000! 
8,(175.000 
8,(I20.(K)0! 
5,516.(100 
8,071.(KI<. 


7,081.000! 

7,:M;,(Kin! 
1(1, :'.s,">, 11(1(1 

ll,.'.l'^,IK.(l 
.',,'.),'ili,IHI(l 

:i.72l.(KKI 

7.HII.00O: 

7.(K)I.000 
K,  I71.(KI(I 
|ii.!i|.'.,ik;(i' 


9,174,0(1(1,  i:i.i'.i<i,"i«i 
7.104,000!  10,720,0001 


The  maximum  was  January  21,  1893, 82,227,000  bushels;  previous  to  1892  It  was  January  8, 1887,  63,345,000  bushels. 


1890. 


1889. 


2.1172, 
2,(i26, 


,000     8,097,0001  8,498, 

.(KIO    1I.919.(KK)  I3.:{77 

,(KKi  1 1. 1 l.'i.(Ki(i  l.'>.>:i:; 

.IKKl    '20,201,(100  16,h:;9. 

..KKi  1  i.;;:t.").i)(Ki  12..')2;t, 

,(KKI    12.6'-'i,(l(IO'  ll,6(l-<, 

,0(1(1  1  i,vj'j.iii«i  ;i.  iMi, 

,(iiHi!  j2,(ii'.i.(i<Ki'  7.15:1, 

.(KKl'l     1I,->I,(KI0  11.7" 

,t**y    M,6iii.(«Ki!  I2.'.i:i:i 

IKKIl     7,(117.(111(1', 

,000      3,lll,000|    6,201 


000 
,000 

\**\ 
,(MI0 
.(KIO 
,0110 
KK> 
nil 
,(I(K) 
:,II(I0 

000 


Jan 

Keb. . . . 
March. 
April.. 
May.... 
June  .. 
July... 
AUK-  .. 
Sept... 

Oct 

Nov 
Dec — 


OATS. 


6.41I8.1KX) 
6,443.0(10 

7,(i(K),aoo 


1895. 


8,827.00 1 
7.687.0110 
6.5S7.000 
5.815,0011 
5,8:M.(IOO 
8.639.0(«l 
6,287,1100 
3,761,00(1 
3,191,000 
8,4:!4.aiO 
5,(I01.(«I0 
6,012,UI0 


1894. 


3,770,000 
4,1.57,0(XI 
2,8:ii,o(K) 
2,713,(X10 
2,(«15,000 
2,847,000 
2,577.('(KI 
1,247,000 
7,204,000 
8,2:11,000 
9,22:t,000 
9,740,000 


1893. 


1892. 


6.311,000 

(i,707.000' 
5.H5.(l(Xl' 
4..5:i.s.(X)0; 
4.061. (MM)! 
4,636.000 
3,360,000 
1,6,89,000 
3,9:W,000 
3,877,000 
5,277,«0 
4,343,000 


3,8,S7,020 
3.570.698 
3.8,80.031 
:i.61IO.(IOO 
3.622,(XIO 
3,16(I.(XW 
4.971,(KX1, 
5,017,000 
5,0(W,000 
7,100,000 
8,4(M,000 
7,471,000 


,639,-544 
,422,-5:13 
,853.042 
,809,.563 
.8;!9,29( 
.2l;i,41l 
,1166,511 
,072,7 1- 
,147,()C3 
,a58,671 
,268,.548 
,137,368 


1890. 


3,720. 4:19 
5,156,736 
5,077,894 
4,-5:!6,3-52 
3.6<l.269 

(1,052.  i:w: 
5,(i.5(i.:ux): 
2,5:«i.ii8 

3,352,2ai 
4,123,392 
4,161,682 
3,369,-502 


3,-553,9-57 
8,074,797 
7,918,261 
7,187,479 
6,709.106 
6.:«5,443 
5,2111,601 
3,60:i,7:t0 
6,i:t0,213 
5,740,160 
7,005,(m 
5,116,675 


LARD— Tteboes. 


230,000 
a52.H84 


1895. 


180,8.36 
19S,39il 
241,786 
279,487 
276. 6S3 
295.710 
318.491; 
3-'i2,0:i8 
^81,287 
249,794 
217.936 
2as,026 


1894.        189-3. 


83,627' 
113,6971 
111,98)1 

I17,0'.r2i 
123,.5HI 
127,482, 
1(16.6.15^ 
1 -52.8871 
1.59,0.56 
11.5,451 
ia5,289 
111,510 


1892. 


111,400 

105..'ifl0 
80,1(X)' 
82.6(XI 
86,,')IHI 
1 15.(XXI 
l.H2,0(Xl 
i:!8.0(X) 
132,000 
91 ,000  i 
67,000' 
.59,000 


293,(XX)' 

:t2s.,vxi 

297.1KX1 
277.2IX) 
2I3.:!(»I 
2:W.I(XI, 
2:i7.1KXI 
231.1(Xli 
172,-'>CK) 
141.21X)! 
ill.lXX) 
102,I0O| 


1891. 

399.700! 
475,7(X), 
4HS,:tixl 
,5:f2,2IXI 
.5:i2.7(XI 
5M.'.KXI 
49i;,2IKI 
l.s(i.:t(Xi 
405.2(X1 
.344. (xxr 
217.2(X) 
240.:t0O 


18iX). 


1889. 


1-59,3)X) 
191.10(1 

202.1011 
192.8(»i 
20:!.S(HI 
251,  SI  II I 
27(1,  KXI 
:!2'<,;kXI 
391,:t(Xl! 
378,7(XI 
:i82.:f00 
377.2<X)| 


1888. 


136,600 

122,8(XI 
15S,.',(XI 

I  n,i(Ki 
ri'i.Mxi 

lis.MXI 
|IK1,7I«I 

isii,:iixi 
iiii.:kk) 
121..')(XI 
i:t3.iO(i 
108,700 


1887. 


14-5.400  211,000 

1.59,700  2-50,000 

li;:i.'.XX)  261.400 

|.-,7.("XI  243.400 

1 17.7110  2.32.100 

P^-SlXll  2.31,200 

i:i9,llKl|  217.400 

I  1(1.  IIXI  2:t9..8fl0 

l(»:!.(xxi|  2(r2,2rxi 

82.7(X)  i:i2.;xx) 

72,'.KX)  IO!l,.VIO 

77,600|  107,200 


Distribution  of  Wheat  and  Corn  in  bushels  and  Flour  in  Barrels  for  years  named,  ending  Dec.  31,  as  furnished 
by  the    United  States   Treasury  Department  at    Washington^  with  Percentage  Exported  of 

Wheat  and  Corn  Crops  grown. 


1893. 

18W. 

1893. 

1892. 

1891. 

1890. 

1889. 

1.S.88. 

1887. 

1886. 

1885. ■ 

FLOUR. 
England  (Gt  Britain  &  Ireland)  .... 

Germany 

France 

8,256,958 

207,463 

189 

635,021 

1,110,759 

48.064 

286.a57 

2T7.25S 

121,.579 

38.6.'7 

1,0110.204 

9,400,852 

252,268 

2,430 

1,2.38,824 

687,124 

.35,.580 

272,447 

548,:t09 

16:1,985 

44,715 

il42,916 

9,730,441 

310,626 

1,700 

■     1,. 546, 110 

.589,164 

50,698 

231,522 

587,475 

192,9.51 

.34,975 

904,760 

""928',5b0 

93,885 

477,599 

730,4.32 

16,216 

13,-329 

9,604,910 

.54.277 

210,402 

1,020,068 

515,617 

;S4,602 

2:i9,821 

366,175 

162,147 

29,231 

874,419 

"918,547 

69,830 

477,987 

592,896 

13,651 

12,189 

7,037,420 
8,8W 

70,134 
521,652 
447,648 

:i7,.584 
2'28,:i97 
114,447 
127,983 

38,431 

'i,Y86,833 
722,369 
.56,696 

4a7,.3:i7 

665,-320 
12,444 
11,540 

7,423,988 

6,575 

283 

714,825 

8.39,296 

31.101 

180,091 

2.35,820 

151,996 

31,675 

"i,226,8S8 

687,342 

51,420 

404,:«3 

„     636,827 

11,865 

17,280 

5,281,738 

13,009 

200 

179,457 

931,735 

.32,  If  4 

16:1,604 

243,133 

129,946 

.37,646 

i,"l71,V81 

678,972 
61,60:j 
327,.392 
516,802 
10,275 
1.3,4.36 

8,070,490 
4.3,912 
8,.328 
420,407 
572,161 
24,282 
164,889 
282,.348 
134,.549 
28,295 

'i,'l81,038 
584,670 
73,6.32 
319,628 
476,413 

"■92'4V0O7 

7,6.32,071 

43,499 

435 

"550V698 
23,218 
137,6S.3 
217,160 
108,.5a3 
29,649 

"977,609 
748,937 
74,875 
257,019 
.301,4-56 

4,914,782 

10,-5.35 

93 

"507V297 
18,780 
128,087 
198,464 
96,833 
37,021 

'i,'()25,721 
542,499 
&I.714 
274,861 
517,-509 

6,807,538 
32,398 
2,.30» 

lirlti.sh  North  America 

Mi-sico 

("1  .\m.  States  &  Br.  Uouduras 

81.5,970 

18.1ft5 

107,707 

1SM,2.30 

Porto  Kico         - - 

78,534 

29,014 

otlii-r  West  Indies  &  Bermmta 

962,1 14 

Hra/.il 

Ciiloiuhia ,... 

843,443 
107,797 
4.53,859 
1,097,1194 
29,460 
12,129 

9:i7,620 
i:i2,322 
466,080 
859,267 
19,316 
12,3.35 

674,2:10 
6I.:)60 

Other  countries  in  S.  America 

Asia  and  Oceaulca 

2!t3,(H2 
497,927 

Africa 

Total  Flour,  bbls 

WHEAT. 
I'nitert  Kingdom 

14,528,761 

49.785,056 

1.025.795 

912,63:! 

10,496,070 

3,754,732 

2,734 

6.3,216 

13,102 

31 

5,214 

16,056,390 

48,274,077 

2,-507,146 

2,973,881 

14,5.51,747 

4,070,976 

7,677 

76,866 

10,280 

90 

2,934 

""29',(»8 

18,619 

52 

16,440,603 

60,475,-569 

2,:j41,:i92 

1 1,440,-567 

2.8,154,772 

5,484,321 

9,:*68 

38,693 

18,0.52 

16,018 

5,858 

""11,743 
381,186 

15,196,769 

67,2!)3,960 
7,6:«,926 
42,i:i!l.488 
34,6I2,:<43 
5,219,086 

""58,:M)6 
10,700 

164,622 
6.5,862 

2:«),484 
29,922 

""20,136 

11,696,299 

29,820,6.30 
263,887 

13,(M3,.8.>4 
7,928,626 
2,593,093 

""5Y,896 
162,819 
580.127 
121,187 
701,314 
15,590 

""inVrei 

12,671,48.5 

38,240,.323 
8,786 
3,846,.3a3 
7,0!)8,744 
2,292,716 

""56.215 

3-5,102 

1,768,234 

99-5,101 

2,687,:{;« 
81,711 

"2,'M4',278 

9,791,463 

31,.568,-536 

9 

7,r«5,176 

3,867,471 

1,851,925 

""53,019 
23,648 
41-5,-507 
3!I8,314 
813,821 
574,686 

'i,'417V963 

13.308,449 

41,.3.32,400 
768,429 

4,212,947 
14,6I9,9<)0 

^  524,849 

""^3,113 
28,847 
149 
194,971 
19.5.120 
12,159 

"'274V(«3 

11,302,784 

.54,;i52,9I5 

888,857 
19,546,090 

'4,679,169 

""38',496 
2,-i43 
41,913 
88..304 
129,082 
135,077 

8,-347,196 

40,678,7-39 

3-36,:«2 

2,014,401 

""2-5V855 

.5,68.3 
4,995 
2,.376 
7,371 
301,934 

10,7^1,913 

56,.5.32,002 

0(>rniany 

France 

other  Europe 

745..361 
8,56.5,129 

British  North  America 

3,164,274 

CI  Am.  states  A  Br.  Honduras 

44.929 
1.8.31 

Hiazil 

otluT  South  America 

2:t.861 
3.:{72 

27,233 

Asia  and  Oceanica 

242.023 

504,037 

23 

66,804,686 

34,710.730 

7.823,1197 

2,425.853 

10,:f.2,'258 

4,9?2,6-25 

495.579 

96,847 

185,789 

100 

1,743 

""647  ,(134 
101,073 
20.653 
121,2;r? 

34,6.32 

Africa 

other  countries 

Total  Wheat,  bush 

CORN. 

United  KinRdom 

(t  ermany 

France 

01  her  Europe 

liriiish  North  America 

Mexico 

CI  Am.  States  &  Br.  Honduras.... 

72,523,389 

19,.323,213 

7,166,9!Ki 

1,-580,487 

7,749.601 

3,781, 3:» 

227,125 

:J46,090 

832,496 

15,590 

4,587 

""(i42,977 

116,204 

11,674 

8,333 

108,377,569 

19,9-59,438 

7.652,962 

1,790,650 

9,069,073 

U,.S.S3,353 

2,435,591 

186.234 

1,148,2.52 

17,989 

953 

"573,274 

398,243 

23,014 

4,892 

157,510,835 

36..503.6.53 

13.901 ,2:i9 

2,0:M,2.57 

17,1.32,028 

3,573,623 

754,M8 

127,004 

627,1- 

37,237 

2,104 

1,180,020 

51.3,502 

200,831 

""2'l,820 

56,259.968 

14,1.31,181 

3,745..574 

1.32.177 

5,640,851 

5,023,841 

6l5,3:e 

6,816 

357,341 

"9^Vra3 

";i«),;}77 
"ss.Vsi 

59,955,251 

.51,601,0-34 

l!,419,06:j 

8,481,129 

15,161,463 

9,694,169 

961,4.58 

82,0->4 

594,-542 

■i,'l93,«)7 
"'320V595 
""58,945 

48,640,095 

41,096,727 

4,608,481 

6,-364,9-52 

7,773,(J!tl 

8,074,990; 

434,!»7 

18,805 

145,525 

"■e20V263 
"345,' &4 
""54",389 

66,221,207 

14,2-59,487 

937,627 

l,i:«.861 

2.il04,266 

4,089.447 

216,468 

9.3,731 

151,669 

"516,'9&» 
"  '60V6-26 
""b'lVs«9 

61,909,.3-I6 

24,265,983 
2,6:«,167 
1,9-38,750 

'•i,'l(J9,2a> 
894,496 
39,693 
W4,815 

"713V861 
""64',526 
""2ti.5ftl 

46,035,491 

37,871,149 
4,.36-3,419 
7,776,4.'*2 

'5,'474V640 

1,26.3,9-33 

12,991 

203,9-59 

"■589,706 
""2.39,'830 
"    99V24S 

69,132,844 

.32,298,606 
4,371,471 
2,8s0..5:G 

'3,'48:!,703 

2,0>H.9:r7 

7,779 

108,565 

Puerto  Rico 

Santo  Domingo 

West  Indies 

Other  West  Indies  &  Bermuda 

South  Ameriea 

630,935 
"475,45.5 

-io,'426 

Total  Com,  bush 

61,956,«33 

41,806,711 

5-5,443,918 

1    76,631,869 

30,768,213 

'  102,-568.2,59 

1     69,2.^8,4.34 

24,4.30,183 

.15.056,036 

57,917,-377 

46,-%56,411 

1895. 

Wheat 31.68 

Corn 2.17 


1894. 
S0..30 
3.44 


Percentage  Exported  of  Wheat  and  Corn  Crops  Grown  for  Crop  Years  ending  June  30. 

1893.    18!r2.   1891.    18i«.    1889.    1888.    1887.   1886.    1885.    1884.    1883.    1882.    1881.  1880. 

37.20   36.88   26.59   22.31   21.30   26.26   33.62   26.45   25.84   26.54   29.44   32.17   37..39  40.28 

2.31    3.66    3.66    4.56    3.47    1.S7    2.36    3.35    2.99    1.94    2.59    3.77    5.41  6.45 

313 


1879.  1878.  1877. 
35.41  VtSA  19.85 
6.83         6.43  ""M 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Average  Farm   Values,  per  bushel,  ton  or  head,  as  per  Government  liepx^rts   for  years  named. 


1895. 

1894. 

1893. 

1893. 

18'J1. 

1      1S90. 

ISS'.).      \>     1K88. 

1887. 

18!f6. 

1885. 

1884. 

1883. 

1882. 

Wheat 

53.2 

49.1 

.52.1 

62.4 

83.9 

8.^.8 

60.8 

92.6 

68.1 

C8.7 

77.1 

61.5 

91.1 

88.2 

Corn 

27.6 

45.7 

.37.0 

39.4 

40  6 

50.6 

28.-! 

341 

44.4 

30  6 

32.8 

35.7 

42.4 

48.5 

Oats 

20.5 

.32.4 

28.8 

31.7 

31.  :> 

42.4 

22.9 

278 

30  4 

29  8 

fS  5 

27.7 
52.0 

32.7 
58  0 

37.5 
61.5 

Rye 

43.7 

.56.1 

51.8 

51.8 

77  4 

62.9 

45.7. 

59.1 

54.5 

5:}.3 

.58.0 

,   Parley 

a5.4 

44.2 

40.fi 

47.2 

54.0 

64.8 

42.7 

59  6 

51.9 

5-16 

56.0 

49.0 

58.7 

62.9 

1   Buckwheat . 

4SI.2 

55.6 

59.0 

53.4 

57.9 

57.7 

51  8 

636 

65.5 

51.5 

56.0 

59.0 

82.0 

7.3.0 

Potatoes.... 

28.8 

53.6 

6(J.O 

67.3 

37. 1 

vv.v 

40  3 

40.2 

682 

46.6 

41.0 

39.0 

42.2 

55.5 

Hay 

9.38 

8.54 

8.68 

8.49 

8..39 

7.74 

7.88 

8.75 

9.97 

8.45 

8.71 

8.21 

8  19 

9.70 

Horses 

33.07 

36.29 

61.22 

65.01 

67.00 

68  84 

71.89 

71.82 

7215 

71.27 

73.70 

74  64 

70.59 

58.52 

M.iles 

4.i.29 

47.5:> 

70.68 

75.55 

77.88 

78.25 

79.49 

7978 

78.91 

79.60 

82.38 

84.22 

79.49 

7135 

Milch  C"ws 

22..50 

21.97 

21.75 

21.40 

21.62 

2214 

2:^.94 

21.65 

20.08 

27.^0 

29.70 

31.37 

30.21 

25.89 

^Cattle 

15.^« 

14.06 

15.24 

15.16 

14.76 

1521 

17.05 

17.79 

19.79 

21.17 

23.25 

23..52 

21.80 

19.89 

Sheep  

].70 

1..58 

2.66 

2.58 

d.W 

2.27 

2.13 

2.05 

2.01 

1.91 

2.14 

2.37 

2.53 

2.37 

Swine 

4.35 

4.97 

6.il 

4.t:o 

4.15 

4.72 

5.79 

4  9-! 

4.18 

4.25 

5.02 

S.-'i? 

6.75 

5.98 

Chicago  Monthly  High  and  Low  Prices  Jor  Lard,  Short  liih  Sides,  Live  Jlogs  and  Rye,  for  years  named 

LARD. 


Months. 

1895. 

1894. 

1893. 

1892. 

1891. 

1890.   1    1SS9. 

1&88.  1    18.S7. 

1886. 

1885.  1  18.S4.   1  188:^. 

1882.   1  1881. 

1880. 

1879. 

1878. 

1877.' 

January...  j 

6.30 

7  50 

10  .50 

6  (a 

6  50 

5  05 

5  77^   6  75 

7  25       6  ;JQ. 

6  00 

6  07)4   8  00     10  12HJ10  90 

9  a:H 

7  25 

5  ;« 

7  15 

10  65 

6.95 

8.3;) 

U  80 

6  00 

5  97)4   7  .55 

7  87)4    6  62^ 

6  17^ 

7  00       9  17)4  10  95 

11  .30 

9  45 

7  65 

6  45 

740 

11  55 

Kibniary..  ■! 

6.30 

7  20 

11  20 

6  ;« 

5  47!^ 

5  70       6  .50 

7  52^.^ 

6  35 

5  95 

6  75       9  00 

11  05 

10  35 

9  20 

6  85 

6.32)4 

7  10 

9  50 

6.70 

7  65 

12  !)0 

6  57^ 

5  80 

5  a5       7  00 

7  87^ 

7  17)4 

6  15 

7  10     10  00 

11  50 

11  35 

10  30 

7  45 

6  90 

7  37^  11  12^ 

March ] 

6.37 

6  45 

10  42)^ 

6  15 

5  02U 

5  82)4   6  65 

7  45 

6  95 

5  85 

6  72)4   9  15 

11  00 

10  05 

9  S5 

6  85 

6  30 

6  80       8  95 

7.17 

7  35 

13  20 

6  4714 
6  12W 

6  87!^ 

6  20       7  10 

7  75 

7  85 

6  05 

6  97)41  9  62)411  45 

11  00 

10  70 

T  20 

6  72^ 

7  25       9  82)4 

A          1                    1 

6.70 

6  77^ 

9  40 

6  45 

6  07)4   6  77)4 

7  47)4 

6  85 

0  85 

6  72>s   8  15 

11  10 

11  00 

10  .50 

6  57H 

5  77^ 

6  75       9  30 

April ~. 

7.05 

8  0214 

10  .^5 

6  27^2 

6  90 

6  r,-i]4  7  02)4 

8  20 

7  47^ 

5  97)4 

7  10       9  20 

11  72Ji  11  40     11  50 

7  05 

6  47V6 

7  22)4  10  25 

n.                       ( 

6.,50 

6  70 

9  45 

6  U\4 

6  20 

6  00       6  05 

V   92H 

6  37)4 

5  82)4 

6  40       7  85 

11  .50 

11  17^  10  05 

6  52)4 

5  90 

6  37J4 

9  17.4 
9  87)4 

Miy ] 

6.75 

7  52^ 

10975^ 
9  35 

6  42^^ 

6  75 

6  40       6  95 

8  70 

6  924 

5  97)4 

6  87)4   8  <» 

12  10 

11  45      11  S5 

6  97^ 

6  .30 

7  00 

J""e ] 

6.42 

6  5iy, 
6  821^ 

6  :» 

5  95 

5  62)4    6  42)4'  8  02).^ 

6  20 

5  87^ 

6  ;«       7  07)4 

9  0) 

11  20     10  50 

6  35 

5  97^; 

6  37^ 

8  50 

6.62 

10  .^5 

6  95 

6  .30 

5  97)4    6  70       8  65 

6  70 

6  50 

6  05 

8  20 

11  70 

12  :»      11  .35 

6  90 

6  25 

6  95 

9  30 

T        1                                         I 

6.12 

6  67!^    9  20 

6  90 

6  07>^ 

5  62^,  6  00       7  95 

6  37)4 

6  37^ 

6  45 

0  95 

8  20 

12  00      11  40 

6  02^ 

5  55 

6  70 

8  45 

July ■) 

August..  ..  >. 

6  55 

7  00  " 

10  20 

7  35 

6  75 

6  15       0  47)4   9  10 

6  70 

690 

6  65 

7  .52Mi 

9.32^12  95      13  00 

730 

6  10 

7  15 

9  15 

5.80 

6  !K) 

6  00 

7  27^ 

6  40 

5  9714'  5  92)4;  8  00 

6  27U   6  42'<8   9  52^ 

P  35 

6  85 

6  10 

7  :» 

8  05 

12  12)4  n  15 

7  20 

5  30 

705 

8  10 

6.25 

8  371^ 
8  25 

9  50 

8  15 

6  65 

6  (» 

7  40 

6.55 

8  IK) 

8  75 

12  45     ;11  65 

825 

5  75 

7  80 

8  90 

1 

5.72 

7  95 

7  20 

6  57^ 

6  00 

5  92^   9  52)4 

6  :?0 

5  95 

6  02^   7  00 

7  75 

11  15     111  32)4 

7  75 

5  47^ 

6  20 

8  35 

September.  \ 

597 

9  fr'> 

10  00 

8  05 

7  05 

630 

6  20      10  92)^ 

6  62 

7  50 

6  30     1  7  65 

8  35 

12  77)4  12  25 

8  07)4 

6  25 

6  92)4 

9  05 

October...  j 
November,  -j 

5  72 

6  85 

9  30 

8  10 

5  85 

6  15 

6  00       8  12^ 

6  20 

5  57!4 

5  82)4   6  90 

7  15 

11  .30    ,11  35 

7  80 

5  65 

580 

8  15 

5  W 

8  5-'% 
6  80 

10  .TO 

8  90 

6  82^ 

6  45 

C  85     11  20 

6  60 

6  10 

6  15       7  75 

8  25 

13  10     12  25 

8  52H 

6  90 

6  35 

8  87)4 

5  37 

8  071^ 
10  00 

8  35 

5  85 

5  70 

5  87W   8  12)4 

6  80 

5  87^ 

585       680 

7  22)4 

10  62)4  10  70 

8  02V4 

6  12H 

5  67U 
5  87)4 

7  72ii 

5  62 

7a5 

10  ,50 

6  321^ 

6  32)4   6  20    1  8  55 

720 

6  07^ 

6  25       7  20 

8  47^ 

12  00    111  45 

8  75 

7  25 

8  l^s 

( 

5  15 

7  60 

9  25 

5  90 

5  50     1  5  75     1  7  60 

7  12V« 

,6  02H 

5  92)41  6  45 

8  10 

10  22)4  10  75 

820 

6  a5 

5  32^ 

7  65 

December  _  j 

5:37 

835 

10  GO 

6  17)4 

5  92)4 

■  6  00 

8  42>i 

7  92)4 

6  60 

6  07^4 

6  95 

9  00 

10  75 

11  20 

8  52'^j 

7  75 

5  65 

7  97>i 

SHORT    RIB    SIDES,    PER    100    UBS. 


Months. 

IblR. 

1894. 

1893. 

1892. 

1891. 

18110. 

1S89. 

1888. 

idfr. 

1886. 

1885. 

18IM. 

1883 

1882, 

1881. 

1880. 

1879. 

1878.  1    "87/. 

January...  ,j 

4.95 

6  45 

8  75 

5  10 

4  .50 

4  50 

0  05 

7  37V4 

5  85 

4  65 

5  70 

7  15    1 

8  .52W 

8  45 

6  45 

6  30 

3  40 

5  25 

8  37^ 

5.95 

7  tti     10  .55 

5  90 

5  25 

4  a-. 

7  00 

7  85 

6  37 

5  42)4 

6  80 

8  42V4 

8  90 

9  20 

7  32^ 

6  70 

4  45 

5  G2V4 

8  87)4 

February . . j 

5.00 

6  12)4   9  80 

5  65 

4  40 

4  65 

5  75 

7  12^ 

6  :» 

5  45 

6  05 

8  42)4 

8  95 

8  >M 

7  20 

5  90 

4  30 

5  37)4 

7  62)4 

5.25 

6  60 

10  .50 

5  92)4   4  80 

4'a5 

6  15 

7  05 

7  85 

5  75 

6  65 

9  70 

9  75 

9  40 

7  95 

6  50 

5  10 

5  80 

8  50 

March ] 

5.15 

5  55 

9  40 

5  4214 

4  60 

4  75 

5  Kj 

7  00 

7  60 

5  15 

5  90 

9  05 

9  .52)4 

8  70 

7  »i\^ 

6  10 

4  55 

4  50 

700 

6.30 

6  15 

10  6iU 

5  87)4 

6  10 

5  20 

6  87^ 

7  25 

8  65 

5  40 

6  35 

9  55 

9  90 

9  52)4 

7  9214 

6  50 

500 

5  121/, 

8  00 

April 3 

6.07 

5  77J4 

5  47)4 

5  80 

6  10 

5  85 

6  87^4 

7  45 

5  15 

5  75 

8  10 

9  75 

9  ,55 

7  .55 

5  72)/. 

4  27)4 

4  62)4 

725 

6.37 

6  8.5 

10  \2]4 

5  70 

.JB  55 

5  70 

6  25 

7.37HJ 

8  40 

5  37>4 

6  20 

9  25 

10  .50 

10  25 

8  75 

6  :v\ 

4  no 

4  87)4 

8  12U 

May ] 

5.95 

6  15 

9  .55 

5  65 

5  75 

5  15 

5  65 

7  20 

6  95 

5  20 

5  10 

8  00 

9  97)4 

10  15 

7  95 

6  00 

4  25 

4  12)4 

6  87)4 

6.45 

6  82)4  10  «S 

6  60 

6  85 

5  .50 

6  15 

7  77^ 

7  55 

5  40 

5  80 

8  50 

10  75 

11  20 

8  62)4 

8  25 

4  70 

4  62)4 

7  87)4 

J'""- -j 

6.10 

6  10 

8  .50 

6  20 

5  65 

4  85 

5  65 

7  .35 

7  00 

.5  20 

5  15 

7  20 

9  75 

10  90 

8  07)4 

6  20 

4  45 

4  25 

6  25 

6.45 

665 

•9  85 

7  40 

6  05 

5  20 

6  05 

7  70 

7  70 

5  97)4 

5  .50 

8  65 

9  90 

12  60 

8  40. 

6  85 

4  87)4 

5  25 

7  90 

J"iy ] 

5.a5 

6  55 

l\^ 

7  17^ 

5  90 

4  95 

5  .35 

7  37X 

7  45 

6  00 

525 

7  35 

6  75 

12  20 

8  .S5 

6  67)4 

3  97!/> 

5  25 

6  62)4 

6.40 

682^ 

7  85 

7  00 

5  .30 

6  00 

7  ,55 

8  20 

6  37^ 

snVi 

8  40 

8  20 

12  95 

9  10 

7  25 

4  80 

5  75 

7  25 

August ,j 

5..50 

6  75 

6  15 

7  55 

6  45 

5  05 

4  70 

7  85 

7  80 

6  10 

525 

8  32^4 

6  .32)4 

12  35 

9  07)4 

7  30 

4  02)4 

5  75 

6  37W 

7  12)| 
6  62)4 

6.15 

7  80 

9  15 

8  80 

6  95 

5  .50 

5  55 

8  55 

8  10 

6  3714 

585 

10  40 

7  l-iUj 

13  60 

9  35 

8.55 

4  .57)4 

6  75 

September .  < 

5.05 

7  20 

8  85 

7  37)4 

6  70 

5  20 

4  9a 

8  SM 

7  50 

6  40 

5  35 

9  50 

5  60 

10  62U; 

9  60 

8  05 

4  ,50 

5  12'/> 

5.70 

800 

10  45 

7  80 

7.37U 

5  .55 

5  30 

8  95 

895 

7  65 

5  97)4 

10  20 

6  12)/, 

12  05 

10  50 

8  ,50 

600 

6  12U, 

7  87)4 

October . . .  | 

5.05 

6  20 

8  65 

7  0;>W   5  65 

5  22)4 

5  00 

7  50 

6  25 

6  00 

4  62)4 

7  15 

5  85 

9  60 

8  70 

7  20 

4  85 

4  37V-., 

7  1**1!^ 

5.70 

7  .50 

9  .50 

7  85       7  30 

5  60 

5  40 

9  00 

7  87 

6  90 

5.-,0 

10  06 

7  12)4 

10  00' 

10  30 

8  00 

6  00 

5  12!^j 

7  87)4 

November.  / 

4.40 

6  00 

7  00 

7  35       5  50 

5  12)4 

4  90 

7  10 

6  25 

5  25 

4  60 

5  37)4 

5  62)/. 

8  80 

8  52)/. 

6  80 

5  00 

3  62K> 

6  12)4 

4.67 

6  75 

9  12U 

7  87)4   6  .50 

5  .50 

6  00 

7  70 

7  50 

6  00 

5  00 

7  75 

6  95 

9  75 

9  05 

,7  25 

5  95 

4  ,50 

7  12)4 

December.  ,j 

4.20 

5  65 

6  17^ 

7  80       5  00 

4  40 

4  GO 

680 

7  40 

5  40 

4  75 

5  40 

4  50 

8  60 

8  40 

6  .30 

6  20 

3  a5 

5  C2),4 

6  1214 

4.45 

6  15 

7  15 

8  50       5  70 

520 

525 

720 

780 

6  05 

5  00 

6  00 

7  40 

9  15 

8  85 

6  75 

6  70 

8  62)4 

LIVE    HOCS. 


RYE. 


Months, 

1895. 

1891. 

1893. 

1892. 

1891. 

1890. 

1889. 

1888. 

1887. 

1886. 

1885. 

1884.! 

January,.,  i 

3.70 

4  90 

6  50 

3  70 

3  20 

3  40 

4  60 

4  80 

3  75 

3  30 

4  10 

4  95, 

4.80 

5  a5 

8  40 

4  75 

3  85 

4  00 

5  35 

6  00 

5  15 

4  40 

5  05 

6  75 

February . . < 

3.60 

4  a5 

7  20 

4  10 

3  20 

3  70 

4  .35 

4  85 

4  40 

3  40 

3  85 

5  60 

4.65 

5  .50 

8  75 

5  05 

380 

4  15 

5  05 

5  80 

5i>5 

4  65 

5  35 

7  75 

Mirch          i 

3.85 

i  20 

6  55 

4  00 

3  25 

3  75 

4  .35 

4  95 

4  50 

3  60 

4  00 

5  40 

5.30 

525 

8  55 

5  10 

5  15 

4  45 

5  10 

5  65 

6  10 

4  65 

5  05 

7  60 

April \ 

4.40 

4  35 

6  15 

4  00 

4  10 

4  00 

4  40 

5  10 

5  00 

3  45 

4  20 

4  75 

5.42)4 

560 

7  90 

5  00 

5  .50 

4  ,50 

5  05 

5  90 

4  95 

4  55 

4a5 

7  10 

May j 

4.10 

4  40 

0  80 

4  00 

4  10 

3  70 

4  10. 

5  20 

3  60 

8  ,55 

3  50 

'4  90 

4.9714 

5  :« 

8  00 

5  10 

5  15 

4  .V71/. 

4  a5 

5  90 

5  .55 

4  40 

4  55 

6  20 

June -j 

4.20 

4  30 

5  80 

'"I  20 

4  10 

3  40 

4  05 

5  20 

3  70 

8  65 

3  65 

4  50 

5.10 

5  20 

7  45 

-5  75 

4  R5 

4cr^ 

4  65 

5  90 

5  .35 

4  70 

4  35 

5  90 

J"iy ] 

4.50 

4  00 

4  75 

5  20 

4  SO 

345 

4  00 

5  40 

4  80 

3  90 

3  80 

4  60 

5.70 

6  00 

6  45 

5  85 

4  05 

4  80 

6  75 

5  75 

5  25 

5  30 

5  85 

August. . . .  -j 

3.85 

4,'-)5 

3  80 

4  30 

3  15 

3  .50 

5  60 

4  00 

3  65 

3  75 

4  50 

5.40 

6  15 

6  .30 

6  20 

5  90 

4  40 

4  80 

6  75 

5  .55 

5  25 

5  35 

6  90 

September .  - 

3.55 

4  90 

4  95 

4  GO 

4  00 

3  70 

3  50 

5  .50 

4  35 

5  50 

3  40 

3  50 

i.m 

6  75 

7  05 

5  70 

5  75 

4  95 

4  85 

6  90 

5  60 

5  20 

4  80 

6  90  1 

October....  ■! 

3.20 

4  10 

5  75 

4  75 

345 

8  30 

8  65 

5  20 

4  10 

3  40 

d  20 

3  50 

4.50 

6  15 

7  00 

5  97^4 

5  50 

4  80 

4  K5 

6  90 

4  90 

4  80 

4  ,35 

5  90 

November,  -j 

3.20 

3  60 

4  90 

4  90 

3  25 

3  20 

3  40 

5  10 

4  15 

3  25 

3  00 

3  80 

3.85. 

505 

6  50 

G  07)4 

4  40 

4  35 

4  25 

6  80 

5  50 

4  20 

4  00 

505 

December .  ■! 

3.25 

3  75 

4  65 

5  2,5 

3  15 

2  90 

3  35 

4  90 

4  45 

3  45 

3  15 

3  80 

3.70 

4  90 

5  m 

7  00 

4  15 

3  90 

3  85 

5  ,50 

5  90    s  no 

4  10     4  60  1 

48 

50)4 

.50 

.53 

51 

54 

.54 

66 

62)4 

6r 

57^ 

70 

46 

.56 

39 

45 

37 

41 

37 

41 

37 
Xl 
36 


T88i7!ls95.   1894  |1893.  1892.    1891,   1890.1889.1888.1887.1886.1885 


40^  42 
51  I  48 
46 J4  41 
48  I  47 
46  42 
48  48 
46^  43)4 
48  I  4714 
48  45 
49M   48 


1892. 

1891, 

78 

65 

'r^ 

ir* 

88'.4 

87 

75 

84V4 

86 

95^4 

70 

82 

76V6 

95 

70 

a3 

79 

92 

74 

75 

80 

84 

65 

66 

75 

76)4 

57 

72)4 

67 

1  11 

55V. 

82 

58 

91 

4714 

a3 

56)4 

92)4 

49 

89 

51 

94)4 

46V4 

80 

52 

92 

61)^ 

6:J!/. 

59  ' 

62 

.58 

,59)4 

59)/, 

64  ' 

63 

70 

52 

64 

44)4 

58 

46)4 

,52 

,50 

55)4 

,54 

61 

52 

55)4 

,50 

52 


53 

54 

53 

,56)/; 

53 

51)4 

54)4 

57 

5414 

.56)4 

50  " 

5414 

43a 

50 

43)4 

45 

44)4 

48 

48 

52 

51)4 

56 

.56 

62)4 


57 


52^4 
64 


58 

62 

59 

64 

57 

62« 

.59 

63 

60^ 

62)4' 

62 

68 

58 

68 

60)4 

73 

55)/. 

61 

62 
52)4 

5^^ 

60 

61 

49 

.56 

.52)4 

58^ 

48 

56 

49 

59^ 

48 

59 

50 

02 

50 

00V4 

53)4 

62 

53 

58- 

55 

61 

314 


d 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD 

Jliijh  <tu<(   Loin   I'ricea  of  (ir<un  oinl  /'roui.'<ioiis    o/i.   ('/liciii/o     lloiiril    of  'I'riuli;  for  inoiilhs  iind 

years  named. 


NO.    2    SPRING    WHEAT,    PAST   22    YEARS. 


l.iu.... 

r.!b... 

M  ircli . 
April... 
May.... 
June... 
July... 
August 
Sept... 
Oct.... 
Nov  ... 
Doc -j 


1801. 

mi. 

(M 
54 
61 

()() 

57 

iVM 

■«% 

6l)'/i 

aM 

CiDK. 

51 U 

5SU 

50  " 

5fi 

501.4 

57*2 

M% 

61^ 

-9I      s'j^l 


ia«_! 

7:S>6 

7a   ■ 

70    I 

88 


1893.  I    1801.   I    1800.  I    1880.  1    18«.  ,    1887. 


7«y 
•il^S 
6!)  I 
51  I 
OiM 
55^? 

^m 

6:»  I 
6H<j 


8014 

74^! 


74;.^ 

91% 

78>^i  1  01 

74J4I      9.J 

77     1  wy± 

70!4       9i!4 
80j|i  1  0^}| 

77^1      80 

9;;!4!  1  01 

Wi 

77)4 

1  oil 

9.-)U 

84 

75>| 

93 

90 

8.-) 

77)4 

8992 

85 

7liJ4 

1  0r*!4 

79^ 

95j| 

75% 

1  04ij| 

%i 

90 

7~% 

1  OiM 

8S14 

8:j 

im 

1  01^       8-2  Wl 
8r)|'       7U>|| 

9-'i>| 

80J4I 

1880. 

1885. 

18S4. 

78vi! 

70 

88)ij 

81U 
74)4 

95)4 
90i^ 

H^H 

79)2 

96 

75 

7*>2 

fti 

8:'4 

7!4§ 

93% 

7-"^ 

77!* 
9lS 

8r42 

90>| 
84^ 

76 

7^^ 
79 

94)6 

85 
94% 

705^ 

ml 

78 

90 

%m 

r-U 

85)4 
90)1 

79 

81 

84 14 

7ti)| 

73-M 

78 

78^ 

89 

83 

7014 

70)4 
8(% 

7m 

69% 

84^ 

74% 

91  !4 

7m 

73 

83% 
90?| 

71)6 

7ti->6 

75l| 

74% 
69H 

70  U^ 

80 

70% 

I88;i. 


93% 
1  0.3% 
1  01 

1  im 

1  05 
1  09)6 

1  oa 

1 11% 

1  08 
1  13% 

98% 
1  13)6 

98  V6 

1  oa% 

99% 
1  03% 
93 
99)4 
90 
90Vi 
93)^ 
98  !i 
945^ 
90 '.i 


1883.  I    1881.  I   1880.  1    1879.  ,   1878. 


36 

99 

34 

97 

08 

93)4 

901^ 

91(4 

94)4 

91!^i 

04  li 


H'M 

77 

87% 

80 

84% 

81k 

84J6 


1  13% 
12  !j 


1895. 

No 

.    2 

CORN 

,    PAST   25    YEARS. 

MONTII.S. 

18iM. 

189.3. 

1893. 

1891 

1890. 

1889. 

1888. 

1887. 

18b6. 

1885. 

1884. 

1883. 

1883. 

1881. 

1880. 

1879. 

1878. 

1877. 

1876. 

1875. 

1874. 

1878. 

1872. 

Jan....| 

40 
46 

401^ 
43% 

m 

46 

45)6 

ii'^ 

37  )i 

47)6 

28% 

m 

4T4 

^ 

30 

34  )i 

51 

40  !i 

60V6 

30 

a5% 

20.% 

38% 

43 

40)4 

64 

49 

30 

39K 

44% 

30V6 

50 

29% 

3.5% 

49% 
45% 

37% 

40 

57Ji 

70 

6:^)6 

37% 

40% 

31)6 
31 K 

43% 

^ 

45 

70 

ei% 

31% 

41% 
3996 

Feb.... 

av% 

39 

50"^ 

27)6 

3:^^ 

33 

3() 

36 

.52 

54)6 

Bova 

3.5% 

35 

38 

3^% 

61% 

53 

30)6 

44% 

41  W 

54)6 

29 

.35'/, 

49 

37 

m^/> 

38)6 

55 

59 

6(J% 

384^ 

38^ 

34)4 

43V6 

43 

43 

65/4 

58% 

31% 

41)4 
3.5% 
.30  !i 

March  . 

34% 

41% 
30)1 

30'/, 

54 

38 

35% 

45K, 

33)^; 

36)6 

37 

40)6 

53% 

50  !i 

38 

33% 

31% 

41 

37% 

41% 

63>i 

53)6 

30% 

Si]4 

41% 

70 

30% 

35)6 

53)6 

40 

38)6 

41)(, 

5-1% 

.50  H 

6H)<i 

41% 

ma 

34% 

43% 

41% 

47% 

6o^ 

64!^ 

3.-^% 

April . . 

.56)6 

:«)6 
43)i 

05% 

39% 
33  Si 

3;5)| 

47X. 

.37 

36 

40-% 

44  K 

50-X 

?^ 

40% 

3H6 

30 14 

37)4 

38% 

44% 

68 

58W 

30)4 

37 -i 

4 

39)4 
36% 

42 

75V6 

35)4 

56).4 

»^{i 

37)6 

40 

56 

55)6 
53  )i 

44 

37 

34% 

43.% 

58 

48% 

74)4 

65% 

38% 

4;i% 

May... 

39)6 

40  S^ 

55 

33V, 

3;^% 

54 

36).. 

:«'/. 

443^ 

53k, 

69 

4I1..6 

33% 

SV4 

34  Ji 

43% 

44% 

60 

55 

37 

43'^ 

44)6 

1  00 

60)6 
54  !i 

35 

35:!6 

60 

39% 

36  X 

49 

57 

56% 

76% 

45 

36% 

36  V6 

41 

573/i 

49 

76)6 

65% 

43% 

48% 

June...  • 

4l>% 

i'"^ 

37)6 

46J4 

33% 

m 

46  Ji 

35)6 

33% 

44)6 

48)J 

5Hi 

50'^ 

68  V6 

43 

XV>(t 

35^ 

a5 

43)6 

43' 

63Ji 

56 

27 

41% 

6;% 

42)6 

42 

.55^ 

63 

34)6 

55% 

39 

35U, 

.56)6 

57% 

75 

48 

37'^ 

37 

37% 

47% 

46% 

71 

64% 

40  )i 

4fi)6 

July... 

41% 

40% 

35% 

47^ 

57 

:i3% 

:K 

45% 

35'4 

s-i^ 

45% 

40  (/J 

47% 

74% 
81)6 

45  Ji 

■i^M 

343.^ 

3.5% 

46V6 
49  Jj 

67 

58M 

;«)i 

89)1 

4()6 

46)4 

41)6 

5m 
49V? 

66 

46% 

37 

5()>/. 

:J8)<; 

45 

47% 

5(i% 

53 

50  V^. 

37% 

37)4 
31% 

41 

48 

76% 

6.5% 

38)6 

4:^51 

August  ] 

.36)4 
44)6 

31  >% 

58  5< 

45)4 

;« 

4:i% 

38)1 

40 

4:^ 

50  )J 

40  J^ 

74'^ 

49)6 

35  S 

37% 

41 

«M 

64^6 

82)6 

35 

.59)6 

40 

54  5« 

67% 

50 14 

37 

4T4 

42' 

44 

47'.^ 

5.5% 

53  J4 

79  K 

64)t 

40% 

34.% 

39^4 

48% 

47 

73)4 

80 

41V6 

Sopt...| 

31  !4 

48 

.i^ 

4.3% 

48)4 

44% 

31 

40)6 

409, 

36)6 

4.1% 

51  M 

47% 

57% 

60U 

39% 

33)6 

34% 

41 H. 

41% 

54^4 

66% 

33)6 

34% 

36% 

58 

42-% 

48% 

68^ 

50)!, 

34% 

45% 

43 

41  X 

45  ;i 

87 

53% 

75 

73)6 

41 

38% 

S7H 

46)4 

47)6 

63)6 

86 

43% 

30)2 

Oct....] 

31)4 

ml 

4.-^)6 

37  !4 
40M 

40  ^ 

53 

47% 

30)6 

397^ 

40'^ 

33)6 

40 

41)4 

40 

59 

59% 

3SH 

36 

•XiV, 

41% 
4.5% 
43:?! 

42 

514i 

69 

34 

20)1 

53)4 

44<4 

58)« 

53;>j 

.^3!^ 

46)*, 

i-i^ 

30>s 

44)6 

59'/j 

40)6 

71% 

76% 

40% 

49 

a5 

^^ 

59^ 

8:^% 

89% 

36!i 

Nov....- 

26)6 

47 

35 

40^6 

5;i 

49 

31)6 

3.5.>j; 

W-A 

.35 

40 

35)6 

47% 

64 

57l^ 

39  >4 

39 

30% 

49 

74)4 

32% 

30 

.30 

53 

39% 

43 

74 

53% 

61 

43U 

47% 

3V% 

4C,% 

45 

.57 

72U, 

63V6 

43% 

43 

34 

49 

46H 

451^ 

85)6 

47 

33 

Dec... 

25 

44% 

34)4 
36)1 

40 

39% 

47% 

39  !i 

33)r 

47 

35% 

36 

341/ 

54)4 

49'A 

58)6 

35% 

39 

29% 

41 J^ 

43  )i 

71% 

44)6 

30  Si 

26% 

4/)s 

43% 

59 

53 

35 

35-;;, 

51)6 

:« 

43% 

40 '4 

63)6 

61 

631X 

43 

4:i'A 

31)4 

50 

46% 

5;% 

a5 

54  )i 

31)6 

No 

.   2    OATS 

,    PAST    25    YEARS. 

MONTHS. 

1895. 

1894. 

1893. 

1892. 

1891. 

1890. 

1889. 

1888. 

1887. 

18S6. 

1885. 

1884. 

188:3. 

1883. 

1881. 

1880. 

1879. 

1878. 

1877. 

1876. 

1875. 

1874. 

1873. 

\Si-i. 

Jan....  < 

30)4 
28 
30% 
28% 

27 

27% 
29 

30 
3> 

28 

42% 

19% 

24% 

29 

25% 

28 

25Vi, 

31)4 

35 

42% 

30 

33 

19% 

23% 

83% 

29% 

52 

88 

24% 

31% 

29)6 

30)6 

45 

21 '/4 

25)4 
21% 

24 'i 

31% 

26)6 

35 

29 

33% 

38% 

45X, 

31% 

35 

20% 

25 

35% 

31% 

53 

44 

25% 

33% 

"FaH 

28)6 

44)4 

10)4 

27 

23% 
25.^ 
2:^)6 

2K% 

26;M 

32 

37 

401/ 

20)6 

31 

20 

2v'% 

3:3 

30% 

51'^ 

41)4 

25% 

32 

■'Q 

28% 
SI 

31 

48 

2H4 

30 

3(|i/, 

20 

3;^!4 

41% 

43'i 

'Ai]Z 

3;i)4 

23% 

2514 

36 

33)6 
31)1 

54% 

4:-.% 

27 

33% 

March  .  • 

31% 

30)4 

31 

32% 

36)4 

:« 

50 

28% 

48 

28% 

33 

27.% 

30% 

27% 

28% 
29% 
28% 
30)4 

27 

47 

20 

26^ 

29 

30% 

28% 

3096 

42 

31 

2.-.% 

21% 

•M% 

5314 

43% 

25 

:30 

26% 
2-.>)4 
29 

:e 

fi^ 
22% 
30)4 

22 
25 

2:% 

-9)4 

26 
28)4 

27)4 

28% 

30 

54)4 

331.6 

35;}i 

31!^ 

241/, 

30K 

31 

43)6 

45% 

3;j 

34 

2514 

24% 

33% 

3;3)6 

57 

45  X, 

27)4 
23^ 

80)1 

April.. 

28 

48-% 
57?5 

23X 

21  !i 

27  )i 

23% 

25% 

27)6 

26% 

30% 

45 

33 

25% 
31).% 

21 

23)4 
27^ 

30% 

30 

55 

41% 

30K 

25 

25  )i 

33% 

28% 

2!15| 

26  )i 

36% 

34)4 
30-^ 

43 

53)6 

37 

24-% 

42 

84)4 

6:3)4 

46% 

31)6 

a5% 

May... 

28  V6 

45 

25 

21% 

23% 

•A-ZV^ 

25% 

31.% 

38.% 
43% 

48 

36)4 

20% 

24% 

23U 

:37)4 

28% 

57)4 

44 

30 

34% 
42)2 

31 

33V. 

54  K 

20% 

37% 

27K 

29)6 

36 

3:i)i 

56% 

SOU, 

35 

31 

26% 

45% 

31)6 

My, 

48% 

34 

Juno...  • 

24% 

2S 

33 

31;% 

21% 

301/, 

24V6 

26)4 

■32 

30)4 

3:5a 

32 

48 

a^% 

23 

20% 

22% 

.3:3 

28)4 

■50% 

4-AV, 

25% 

i7 

31% 

;i5)6 

46 

2'.)i,6 

Z\ 

34% 

26).', 

28 

34% 

40% 

56 

30'/, 

33% 

35 

24)6 

38% 

81% 

6:3 

47  V4 

:31i.6 

43)4 

July... 

22)6 
2,5)1 

29)6 

27% 

27% 

21% 

2816 

24 

27 

26)4 

28% 

2.-)4 

53% 

36% 

23 

25 

2:«6 

28 

27 

48 

13)6 

27>i 

25 

34)4 
30)2 

38^ 

34- 

2;i 

24)4 

27 

33 

3;i 

32 

3614 

62 

45 

26 

34 

271^ 

3:3)4 

30)i 

55  « 

85 

30 

28 

August    • 

19 

27)4 
31% 
26)2 

;«!/, 

19 

24 

25% 

24% 

2456 

30)6 

2.5;(4 

37 

31)4 

22% 

21% 

20 

22 

30 

38)4 

■37)4 

2C.14 

26 

2:;% 
18)| 
20)1 
185? 

3l8 
34)6 

40% 

21% 

31 

261/ 
23-% 

«% 
2453 

29 

29 

59 

40 

27)1 

26 

24)6 

29)6 

32)6 

63 

50 

28% 

■32 

Sept ... 

.35 

18)6 

23)4 

24)6 

24)4 

34)6 

25 

301.6 

36)6 

27% 

21% 

19 

2:3 

30% 

34 

39)i 

26 

23 

30 

391/, 

19% 

26:^ 

2.5% 

26% 

261/ 

28 

36)6 
31^ 

46% 

34)6 

27)6 

20% 

24% 

35 

40^ 

51 

30?^ 

26% 

Oct.... 

26)4 

38)4 

17li 

23% 

25 

24% 

25)6 

26-% 

41% 

28 

26)4 

18 

22^4 

31)6 

31% 

45^ 

27 

20)4 
23)6 

20K 

32 

30% 

44^ 

20 

25)4 
24% 

26)6 

26 

26)6 

27% 

28^56 

a5% 

475i 

33)4 

32% 

I'.l^ 

24% 

34% 

:38% 

50% 

34 

Xnv 

18 

30 

30)6 

41)4 

18.% 
21)4 

25)4 

25)6 

26)4 

2.5i^ 

27% 
3l46 

'■Si^ 

41% 

28% 

31  ki 

19 

24)4 

1^ 

:30)4 

46)6 

26)4 

20)4 

.-.. 

19 

33)6 

34 

45 

27% 

30 

27 

32 

36  »a 

39 

46 

a3i/. 

34 

21 

2I!»6 

31% 

55)6 
51% 
54)2 

a5 

24% 

Dec ■ 

J-1^ 

30 

30% 

39% 

20 

25 

29 

25?i 

27 

2:j 

30)4 

34% 

43K, 

20% 

32% 

19% 

24)2 

31% 

20)6 

34 

2:3)6 

].?i 

31)6 

■SU 

44 

21V4 

27 

31% 

27)4 

'■!fM 

3.596 

*;!4 

41)6 

47 

33).', 

36% 

20% 

27 

34% 

30% 

40% 

25?i 

MESS    PORK, 

PAST 

20  YEARS. 

MONTHS. 

189i). 

1891.        l:-i93. 

1892. 

1891. 

18C0 

1889. 

1888. 

1887. 

1886. 

1885. 

18W. 

188:3. 

1883. 

1881. 

1880. 

1879. 

1878. 

1877. 

Jan....  ■ 

9.42 
11.75 
9.62 

12 .52%    16  25 

10  37% 

9  50 

9  10 

11  .50 

13  75 

11  60 

9  05 

11  30 

14  12% 

16  75 

10  00 

13  40 

12  20 

7  2716 

10  50 

16  40 

1.3  67)4 

1!)  »(>4 

17  87)4 

11  87)6 

10  75 

10  00 

13  ;371.6 

15  .37% 

13  60 

11  05 

13  45 

16  .35 

17  75 

18  40 

13  62% 

13  62% 

9  .57)6 

11  a5 

17  95 

Feb.... 

11  02)6 

9  35 

9  65 

10  87)6 

13  .55 

13  :37K> 

10  .50 

13  30 

16  :30 

17  75 

16  75 

14  00 

11   15 

9  40 

10  00 

14  35 

10..3i 

12  92)$ 

19  70 
16  92)4 
18  67)4 

11  87)1 

9  75 

9  '.tC 

11  631.6 

14  .50 

17  .50 

11  40 

13  35 

18  :37K- 

18  30 

18  63)6 

15  75 

12  60 

10  40 

10  70 

16  60 

March..  • 

10.15 

10  67)4 

9  85 

9  60 

6  80 

11  13)6 

13  13% 

18  35 

9  35 

11  70 

57  45 

17  !» 

16  00 

14  :37% 

10  :30 

S  M 

9  a5 

13  15 

12.82 

11  85 

11  27% 

12  631.!-, 

10  63% 

12  87-% 

14  10 

20  75 

10  .50 

12  75 

18  13)6 

18  :35 

17  37% 

15  75 

11  85 

10  25 

10  25 

14  80 

April.. 

11.87 

11  37)^ 

15  75 

9  25 

13  13)6 

IC  .50 

11  .35 

13  20 

20  .50 

8  87)6 

11  .55 

16  ■;ki 

17  90 

17  25 

15  .50 

9  37% 

9  30 

8  :30 

13  00 

12.60 

13  :3() 

19  a5 

10  .30 

13  00 

13  63% 

12  .50 

14  :30 

21  00 

9  45 

12  45 

1"  .55 

19  50 

18  40 

18  .50 

10  63% 

10  .50 

9  40 

16  75 

May... 

11.75 

11  70 

18  80 

9  a5 

10  .55 

11  75 

11  40 

13  60 

20  00 

8  30 

10  25 

17  00 

19  no 

IS  20 

16  ,10 

9  87% 

9  25 

7  .50 

13  .50 

12.87 

12  bi'A 

21  M) 

10  85 

13  00 

13  ;37% 

12  13)6 

14  50 

24  00 

9  10 

11  70 

19  .50 

30  15 

19  75 

17  62% 

10  .50 

9  80 

e  05 

16  00 

J'lne...  • 

11.70 

11  65 

18  75 

10  20 

9  75 

13  00 

11  ,50 

13  40 

14  00 

8  35 

ir.  15 

16  00 

15  87% 

19  45 

16  00 

IC  30 

S  45 

8  10 

12  .50 

i2.6.> 

12  61% 

21  62)6 

11  50 

10  63% 

13  25 

11  00 

14  15 

15  00 

9  80 

10  65 

19  50 

1&  25 

31  75 

10  75 

13  15 

10  05 

9.50 

13  85 

July... 

10.00 

12  37H 

18  -20 

11  15 

10  00 

11  00 

10  .50 

13  10 

14  00 

9  37% 

9  85 

15  .50 

13  35 

3C.  15 

10  35 

12  30 

8  40 

9  00 

12  90 

12.30 

12  87% 

19  77)4 

13  20 

11  6316 

13  .50 

11   75 

14  75 

17  00 

10  :;(: 

10  40 

18  OC 

15  .« 

23  :;0 

18  37% 

15  85 

9  87)6 

9  70 

13  90 

Ai'gust  < 

900 

12  7.1 

10  25 

10  05 

9  87)., 

10  10 

9  45 

13  30 

14  75 

9  40 

8  63% 

15  .5(. 

11  85 

20  50 

17  .50 

15  40 

7  77)6 

9  10 

12  00 

10.10 

14  00 

18  50 

13  35 

11  40 

13  00 

10  75 

14  87)6 

15  .50 

10  10 

10  15 

19  .50 

13  :37% 

22  00 

18  20 

17  00 

8  .57)6 

11  00 

13  50 

Sept.... 

8.00 
0.{KI 

13  00 

14  h-.\i 

15  00 
17  05 

9  95 
11  20 

9  80 
11   10 

9  25 
10  45 

10  25 

11  60 

14  00 

15  ;35 

15  (10 
15  .50 

0  35 
11  40 

8  :30 

9  00 

16  35 
19  00 

10  20 
12  10 

19  12% 
32  ;i5 

18  00 
2(1  00 

17  00 
•17  87% 

7  85 
9  80 

7  83% 
ft  431/, 

12  20 

13  75 

Oct....] 

8.00 

11  8-!4 

16  95 

10  75 

8  25 

9  .55 

9  .50 

14  .50 

13  00 

8  50 

800 

13  35 

10  20 

21  00 

16  25 

17  75 

b  75 

6  75 

13  75 

9.00 

13  62 1/4 

18  00 

12  35 

10  13)6 

10  50 

11  00 

16  00 

14  75 

9  :30 

8  50 

16  .50 

11  37% 

24  75 

19  50 

IS  00 

13  50 

8  (10 

15  00 

Mov 

1.1  ii 

1187J4 

12  75 

11  25 

8  20 

8  63% 

9  05 

13  37% 

12  75 

9  00 

8  00 

10  75 

10  25 

16  75 

15  .37)^ 

12  35 

9  30 

6  45 

11  85 

8.:t7 

12  75 

17  50 

13  87% 

8  80 

10  25 

10  00 

15  00 

14  5C 

10  :35 

10  25 

13  50 

13  10 

SI  50 

17  25 

14  00 

11  50 

8  40 

15  2S 

Doc... 

7..T0 

11  25 

12  50 

13  70 

7  45 

7  50 

8  a5 

13  90 

14  00 

10  40 

8  75 

10  55 

12  50 

17  00 

16  00 

11   12% 

11  25 

6  03)6 

7  822 

11  40 

8.12 

12  37)6    13  25 

15  05 

8  63% 

8  87%, 

9  60 

13  87)6 

15  10 

13  30 

10  00 

11  75 

14  87)^ 

17  62% 

17  25 

12  25 

13  75 

18  06 

:!  5 


CLAPP  &  COMPAFT,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
llog  racking,  Cos%  and  Distribution  of  Provisions,  compiled  by  the  "  Cincinnati  Price  Currenty 


Kclative  Cost  of  Hocr  Proclnct, 

It  is  impracticable  to  compile  a  table  indi- 
cating the  relative  value  of  leading  articles 
of  boK  product  on  tlie  basis  of  cost  of  Iioks, 
wJiich  would  be  a  permanent  guide  in  these 
[)articulars,owinK  to  the  cnanges  frequently 
uccurring  in  the  relation  of  these  values,  as 
well  as  some  variation  in  the  proportions  of 
product  made.  On  March  1,  1894,  Chicago 
pric^es  were  about  $fi.00  per  IIX)  pounds  for 
grccTi  sides,  $.i.()()  for  green  shoulders,  $8.50 
for  green  hams  and  $7.0.t  for  lard  in  tierces. 
On  this  basis,  calculating  sides  at  36  per 
cent.,  shoulders  10  per  cent.,  hams  11  per 
cent.,  and  lard  14  per  cent  of  live  weight  of 
hogs,  and  that  the  remainder  of  the  product, 
or  otfal,  covers  the  cost  of  manufacture, 
these  values  represent  S4.60  per  100  pounds 
for  hogs,  alive,  and  relatively  for  the  various 
prices  stated  for  hogs,  as  shown  in  the  fol- 
lowing compilation  by  the  Cincinnati  Price 
Current,  indicatitg  cost  of  green  sides, 
shoulders  and  hams,  lard  in  tierces,  per  100 
pounds,  and  mess  pork,  per  barrel: 

Hogs,   Sides,  Sh'ld'rs,  Hams,  Lard,   Pork, 
alive,  green,    green,     green,  tierces,  bbls. 


$3.00 

$3.91 

$3ft5 

$.5.54 

$4.70 

$8.13 

3.25 

4.24 

3.a5 

6.00 

5.07 

8.73 

3.50 

4.56 

4.26 

6.46 

5.44 

9..32 

3.75 

4.89 

4..56 

6.92 

5.81 

9.92 

4.00 

5.22 

4.87 

7.39 

6.17 

1051 

4.25 

5..55 

.5.17 

7.a5 

6..54 

11.11 

4.S0 

.5.87 

.5.48 

8.31 

6.90 

11.70 

4.75 

6.20 

,5.78 

8.77 

7.27 

I2..30 

5.00 

6..52 

6.08 

8.24 

7.63 

12.89 

5.25 

6.8.5 

0.39 

9.70 

8.00 

13.49 

5.50 

7.17 

0  09 

10.16 

8.37 

14.08 

5.75 

7..50 

7.00 

10.62 

8.74 

14.(i8 

6.00 

7.82 

7.30 

11.09 

9.10 

15.27 

6.25 

8.15 

7.61 

11..55 

9.47 

15.87 

6.50 

8.47 

791 

12.01 

9.84 

16.46 

6.75 

8.80 

8.22 

12  47 

10.21 

17.06 

7.00 

9.13 

8.52 

12.94 

10..57 

17.R5 

7.25 

9.45 

8.8:{ 

13.40 

10.94 

18.25 

7.50 

9  78 

9.13 

13.86 

11.31 

18.84 

7.75 

10.10 

9.43 

14.32 

11.68 

19.44 

8.00 

10.43 

9.73 

14.79 

12.04 

20.03 

8.25 

10.75 

10.04 

15.25 

12.41 

20.63 

8..W 

11.08 

10.34 

1.5.71 

12.78 

21.22 

8.75 

11.41 

10.65 

16.17 

13.14 

21.82 

9.00 

11.74 

10.95 

16.63 

13.50 

22.41 

To  illustrate  the  changes  through  varia- 
tion in  relative  values  of  ditferent  articles 
of  prcduct  tlie  following  is  presented,  as 
showing  figures  for  the  dates  mentioned,  on 
the  basis  of  $5.00  for  hogs : 

Sides.  .Sh'd's.  Hams.  Lard.  Pork. 
nec.20, 1886...6..59  5.30  10.24  7.24  1.3.12 
"lee.  20,  1887 . 

Ich.  1,  1889 

.tell.  1,  1890, 

.loll.  1,  1891 

.Ich.  1,  lHi»2 

rich.  1,  1893, 

rich.  1,  1891 
It  should  be  understood  that  the  above 
does  not  rein-esent  market  prices  on  the 
dates  stated,  but  the  equivalent  relatively, 
on  a  uniform  basis  (or  h  gs. 

Indicate  relative  value  of  hogs  at  a  stated 
price  for  mess  pork  and  green  sides,  on  the 
basis  of  values  in  Chicago  on  March  1, 18li4. 


Dec. 

20, 

1887. 

.6.98 

.5.38 

8.69 

7..'« 

13.19 

Mch. 

1889. 

.6.60 

5.()0 

9.47 

7.62 

13.8;5 

Mch. 

1890. 

.6.25 

5.35 

10.74 

7.73 

12.66 

Mob 

1891. 

.6..51 

5.00 

9.87 

8.00 

13  14 

Mch. 

18<»2. 

.6.61 

5.81 

9.47 

7.42 

13.26 

Mch. 

1893. 

.6.48 

a  15 

8.42 

8..3;j 

12.91 

Mch. 

1891 . 

.6.52 

6.08 

9.24 

7.(i3 

12.89 

Sides. 

Hogs.    Sides. 

Hogs.    Sides. 

Hogs. 

$4.00 

$3.07       $(i..50 

$4.98       $9.00 

$6.90 

4.25 

3.26         6.75 

,5.17         9.25 

7.09 

4.,50 

3  45         7(K) 

5.37         9.50 

7.28 

4.75 

3.61         7.25 

,5..56         9.75 

7.47 

5.00 

3.83          7..50 

5.75        10.00 

7.67 

6.25 

4.02         7.75 

5.94,     10.25 

7.86 

5.,50 

4.21         8.00 

6.13        10..50 

8.05 

.5.75 

4.40         8.25 

6.32       10.75 

8.24 

6.00 

4.60         8..50 

6.51        11.00 

8.44 

6.25 

4.79         8.75 

6.70       11.25 

8.63 

Yearly  Cost  of  Hoars. 

Cost  of  hogs  packed 

in  the  West, 

100  lbs. 

dlive,  for  years  ending  March  1st. 

Summer. 

Winter. 

Year. 

1880-81 

$4.20 

$4,61 

$4.45 

1881-82. 

5.65 

6.06 

5.90 

1882-83. 

7.20 

6.28 

6.ft5 

1883-84. 

.5.60 

5.18 

6.35 

1884-85. 

5.35 

4.29 

4.70 

1885-86. 

3.90 

.3.66 

3.75 

1886-87. 

4.10 

4.19 

4.15 

1887-88. 

4.75 

5.04 

4.90 

1888-89. 

5.58 

4.99 

5  26 

1889-90. 

4..30 

3.66 

.'^.98 

1890-91. 

3.91 

3.54 

3.74 

li,91-92. 

4.48 

3.91 

4  16 

1892-93. 

5.03 

6.54 

6.60 

1893-94. 

6.33 

5.87 
4.(i7 

1  94-95. 

4.98 

4  28 

lS95-iHi. 

4.41 

3.68 

4.07 

TOTAIi     YEARLY    PACKING    AT     PROMINENT    PLACES    FOK    TWELVE 
MONTHS    ENDING    MARCH    1. 


Chicago 

Kansas  City.. 

Omaha 

•St.  Louis 

Indianapolis. 
Cincinnati... 
Mil.  &  Cud'y. 

Cleveland 

St.- Paul 

Cedar  Rapids 

Ottumwa 

Louis\nlle 

St.  Joseph 

Sioux  City 

Nebraska  C'y 

15  places. . 
All  other... 


18a5-96. 
5,490,410 
2,104.213 

1,002,800 
837,377 
67.'>,:!JO 
.5.59,780 
717,314 
432,7.52 
348,0.35 
347,!K)4 
3.3.5,0.5:! 
238,102 
2lr.,.500 
1!HI,(HXJ 
12.">,.590 


1894-95. 

189.3-94. 

5,29:^^02 

4.219,567 

2,105,:«3 

1,473,223 

1,. 550,821 

1,023,261 

f<69,4.58 

578,873 

683,2.56 

510,.«13 

5.36,7!I0 

3>^2,S18 

702,877 

345,896 

453,108 

405,124 

380,404 

229,278 

,353,80,S 

313,141 

385,400 

225,000 

262,273 

217,947 

417,291 

261..500 

3a5„320 

2(H),900 

2.33,.576 

179,182 

1892-93. 
4,352,095 
1,69.5,145 
1,124,723 
530,6:M 
539,198 
45(>,:;96 
.387,077 
449,081 
218,98i 
200,945 
254,244 
213,264 
266,(K)0 
313,973 
121,983 


1891-92. 
5.449,798 
1,813,066 
1,288,772 
664,188 
607,002 
484,173 
576,.563 
.303,282 
276,246 
429,a5(! 
241,600 
161,365 
155,000 
85.5,068 
197,423 


1890-91. 
6,071,659 
2,398-764 
J, .527,871 
648,100 
730,233 
523,810 
718,725 
424,592 
3.35,408 
581,074 
317,:*0 
211,815 
183,000 
&Vi,293 
267,348 


1889-90. 
4,473,4(i7 
l,708,r>48 
l,a52,736 
7;«,6(,'2 
640,303 
4tJ4..5.T6 
582,031 
284,176 
299,498 
421,408 
256,348 
173,512 
188,0(J0 
6W*.514 
197,887 


13,620,2.30 
1,390,405 


14,.562,917 
1,440,728 


10,.56(i,.523 
1,0:«,483 


11,223,640 
1,106,990 


12,702,602 
1,75.5,012 


15,«00,9;i2 
2,112,142 


12,O90,.586 
1,454,717 


1888-89. 
3,218,415 
l,.56'.l,l]9 
940,764 
6«2,4.')7 
518,002 
440,029 
4.59,079 

2:«,:«8 

304,946 

:m:{,6.T6 

191,327 
210,.506 

iit;,ooo 

452,.'j82 
141,819 


9,785,4.39 
1,013,.5;!5 


Aggregate..  15,010,6.35     16,003,645     11,60.5,006 

The  following  totals  represent  additional 

113,000;  Des  Moines,  101,331 ;  Marshalltown,  91 

Bloomington,  56,376;  Quincy,  .55,229;  Lincoln, 

Comparisons  for  eight  pre\-ious  years,  end 

follows : 

1887-88. 
3,732,244 
1,909,164 
68;i,381 
573,1.54 
4.".0,106 
475,418 
.321.470 
2.50,.5^) 
2.56,210 


12,390,630    14,457,614     17,713,134    13,545,.303     10,798,974 
places  the  past  year:    Detroit,  18.5,831;  Pittsburg, 

,882;  Clinton,  67,100;  Wichita,  64,911 ;  Peoria,  60,355; 

56,960 ;  Denver,  49,000. 

ing  March  1,  for  the  undermentioned  places,  are  as 


Chicago 

Kansas  City 

St.  Louis 

Indianapolis 
Milwaukee.. 
Cincinnati .. 
Cedar  H'pids 
Cleveland . . . 
Louisville 


1886-87. 
4,42.5,911 
1,7:«,198 
721,914 
659,148 
.553,077 
479,.525 
477,066 
344,087 
2.58,83:1 


1&S.5-86. 
4,928,7.30 
1,470,749 
613,134 
482,:iOO 
.572,2a3 
467,464 
396,819 
2.30,972 
172,476 


1884 
4,228 
1,2.31, 
711 
5:19, 
508, 
513 
403 
181 
210 


•85. 
.205 
148 
,!I01 
.0.38 
1,949 
:,016 
i,674 
,413 
1,214 


1883-84. 
:{,911,7(« 
1,01.5,400 
607,222 
470,312 
.368.887 
489.6ai 
.3:«t,013 
205,1.56 
170,435 


1882-83. 

4,222,780 
813,8.34 
.532,180 
388,417 
405,510 
507,316 
327.163 
218,885 
143,393 


1881-82. 

.5,100,484 
^00,928 
.556,379 
40(i,894 
486,0(M; 
.508,.>18 
a50.<K)0 

;«7,7:{8 

1,56,007 


9  places 
All  other. 


8,(!51,6,S2 
2,881,025 


9,6.56,089 
2,426,923 


9,.^34,847 
1,!»28,720 


8,.527,.557 
1,991  ,.551 


7,.577,9(KS 
1,00.5,192 


7,.559,478 
1,7.S3,.521 


8,703,944 
1,847,505 


1,880-81. 
5,7.52,191 
.579,.3!)8 
884,1,59 
771,928 
462,348 
6:i2,981 
402,081 
506,997 
261,269 

10,2.5.3.3.52 
1,990,002 


Aggregate.  11,532,707     12,083,012     11,263,567     10,519,108      9,183,100      9,342,999     10,551,449    12,243.354 
Distribntion  of  Hog  Product  Exported. 

During  twelve  months,  ending  June  30, 1894,  and  aggregates  for  two  previous  years : 


Countries. 


United  Kingd'm 

France 

Germany 

Belgium 

Netherlands 

Denmark 

Swedeu&  N'way 

Spain.. 

Italy 

Cuba 

Hayti 

Porto  Hico 

BritishW. Indies 

Mexico 

Brazil 

Colombia 

Venezuela 

British  Guiana. 

Peru 

Ouebec.Oiit.etc* 
Nova  Scotia, etc. 
Newt'dland,etc. 
All  other 

Year,  to  June  30 
Value 


Bacon,    Hams,      Pork, 
pounds,    pounds,   pounds. 


335,075,784;68,7.50,,506  11,213,627 

12,230  100,317  8,(K)0 

8,106,499  898,804  709,900 

25,730,,586  1,701,005  71,880 

6,28:!,284  526,763  707,418 

287,102  17,.50O  lO.OIK) 

1,648,304  14,030  88,000 

2,200 


6,977,298 

8,781 

180,:t41 

121,f«.5 

67,8i: 

2,964,l«: 

18,6.55 

46,507 

10,930 


3.296,ft57 

732 

40,a51 

877,825 


200 

5,&34,286 

3IKI,4IMi 

801, Mis 

3.52,722 

354,572 

34,005 

91,774 

717,467 

193,722 

1.5,445 

344,021 

37,7(i;i 

85,166 

l,Oft5,8:«| 


5,400 

■68.5,810 

11,:!7M.HIK) 

3,3l,s,C>(l<l 

7,815.21M 

1,411 

14,4.54 

124,i:iO 

17,.500 

3,W2,510 

22,:«K) 

.5,21.5,377! 

l.llOil.OiiO 

2,;<9<  1,0.55 1 

4,.557,416| 


Total 
meats. 

415,o:«),91' 

120,.547 

9,715,203, 

27..50:!,471 

7,517,41)5 

314,002 

l,750,:«l 

2,200 

.5,tKK) 

13,497..391 

11,679,987 

4,.30(l,809 

8,3I9,.581 

42:{,8(K) 

.3,012,496 

2:«,.559 

781,474 

.3,247,162 

37,725 

8,886,:«5 

1,(M8,42.5 

2,515,872 

6,441,073 


Lard, 
pounds. 

i;«,.3.55,415 

10,.314,iM5 

70,17ll,:i2{) 

2(i,()98,.547 

25,2<>8,281 

7,121,381 

2,1.53,728 

.369,6(i7 

1,470,.5(K) 

42,()8;<,(152 

2,431, 4i) 

3,2:«»,0'.M 

2,460,110 

3,86:!,4.57i 

4,.5:i4,668 

1,180,798 

7.076,i)81 

3;!7,861 

516,449 

l,a56,066 

6!t,687 

181,242 

7,803,224 


Aggregte 
1892-3. 


.553,.3a5,.^32 

16,4(i.5,492 

79,S.S:>,523 

.53,002,018 

32,78;'),746 

7,i;i5,98<) 

3,!HH,(k;2 

371,8(r 

1,482,100 

.5(),I81,(H6 

14,111,412 

7,.5:i9,9(X5 

10,779,6'.tl 

4,287,2.57 

7,.>17,164 

1,41.5,3.57 

7,858,455 

3,585,023 

5.54,174 

10,842,421 

1,118,112 

2,6!»7,114 

14,244,297 


391,7.58,175  82,178,154  ,52,459,722  .526,.396,a51  36.5,693,.501  892,089,552 
$35,781,470  $9,93.3,096  $4,110,946,$49,8.31,.512l$,34,f>i3,993  $84,475,.5a5 

'I  I 


Aggregate 
1891-2. 

598,746,4.>5 

48,(ltil,.5S2 

132,717,.5«l 

8:t,2.59,513 

57,8:!6,451 

13,529,579 

5,:i41,8;« 

.528,98!) 

2,10.3,,58.5 

56,0.57,:i30 

18,023,226 

10,662,.563 

12,,564,636 

2,488,089 

12,9.58,097 

1,.551,067 

7,4.54,ir28 

3,.5ri;i,105 

1,151,188 

33,481,190 

2,684,519 

3,129,907 

17,263,284 


1,12.5,1;58,646 
$85,086,320 


l,178,746,ft56 
$84,852,:{40 


■"Includes  Manitoba,  Northwest  Territories  and  British  Columbia. 
Winter  Packing  for  5a  Ycnrs. 

Total  ntimber  of  Hogs  packed  in  the  West  during  winter  seasons,  and  cost  of  Hogs  per  100 
pounds,  live  weight. 


.Season. 


1.S9.5-96. . 
I.s94-'.t5.. 
1893-94.. 
1892-93. . 
1891-92. . 
1890-91.. 
1889-90. . 
1888-89. . 
1887-88. . , 
1886-87... 
1885-86. . , 
1884-&5. . . 
1883-84. . . 
1882-83... 
1881-82. . . 


0,815,M)0 
7,191  ,.520 
4,884,082 
4,6:«,,520 
7,761,216 
8,173,1261 
6,66:^,802 
5,483,8.52 
.5,921,181 
6,4:«,(K)9 
6.298,!l!t5 
6,460,240 
5,402,or4 
0,i:«,212 
5,747,760 


$3.69 
4.28 

$.5.26 
6..54 
3.91 
.3.54 
3.66 
4.99 
504 
4.19 
3.66 
4.29 
.5.18 
6.28 
6.06 


Season. 

No. 

Cost. 
$4.64 

Season. 

No. 

Cost. 

Season. 

No. 

Cost 

1880-81... 

6,919,4.56 

11867-68... 

2.781,084 

$6.36 

1854-55. . . 

2,124,401 

$3..37 

1879-80. . . 

6,9.50,451 

4.18 

11866-67... 

2,490,791 

5.78 

1.8.53-54... 

2,.5:i4,770 

3.:^5 

1878-79. . . 

7,480,048 

2.8.5 

186v5-(i(). . . 

l,785,9r).5'   9.;S4 

l,S,52-.53. . . 

2,2(11,1111 

4.81 

1877-78. . . 

6,.505,446 

•A.m 

lH<U-(i5... 

.2,422,779;  11  40 

l,S.51-.52 ... 

1,182,846 

3..56 

1876-77... 

5,101,308 

.5.74 

iaa-(>4.  . 

3,261.1115 

5.30 

185t)-.51... 

1,:«2,8()7 

3.00 

1875-76. . . 

4,880,i;i5 

7.05 

1186-2-63... 

4,(I69,.520 

3.36 

1849-50... 

1,(m2,-220 

2.13 

1874-75... 

5,.50(!,226 

6.66 

1861-62... 

2,893,666 

2.42 

1848-49... 

1,.56(I,0<MI 

3.75 

1873-74... 

5,4r)0,-200 

4.:U  lil860-61... 

2,1.55,702 

4.57 

1847-48... 

1,710,(HKI 

2.60 

1872-73... 

5,410,314 

3.73 

1859-60. . . 

2,.3.50,822 

4.73 

1846-17... 

800,(XK) 

2.85 

1871-72... 

4,831,.558 

4.12 

18.58-59. . . 

2,465,.552 

5.02 

184.5-46. . . 

900,000 

3.!H) 

1870-71... 

3,695,251 

5.26 

1857-58. . . 

2,210,778 

3.89 

1844-45... 

790,0(K) 

2.65 

1869-70... 

2,635,312 

9.22 

1856-57... 

1,818,468 

4.75 

1843-44... 

1,245,000 

.... 

1868-69... 

2,499,873 

8.18 

1855-56... 

2,48.9,502 

4.60 

1842-43... 

675,000 

.... 

316 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Sundry  Matters  of  Interest  to  Investors  or  Speculators. 


^nz  Product  Exportn 

—  (All    points.)      Keduocil    u 
e(|Ulvaliiit  Miiinli'iof  lioK's.' 
I  Willi 'r,  Sii'iiierpI'dtal. 
I  4  nios.  I  s  niDK.  1 12  ii 


t^tocU  or  I'ork  nnd  linrd  in  New  York  flrat  of  carh  iiioiiHi  for  years  named. 


Pork. 


Lnrtl. 


I89S.  1  1H94. 

1893. 

1892. 

1S91.  1  1890. 

1889. 

1888. 

1895. 

Brls. 

Brls. 

Hrls. 

Brls. 

Brls. 

Brls. 

Brls. 

Brls. 

Tos. 

Jaminry 

12.7r.l 

i;.i9s 

Il,2i5 

21, 153 

2.5,10-1 

13,8IN1 

1(1,807 

M,i:« 

13.759 

Fchnmry 

11.912 

11.217 

S,2J9 

2r..,j:i'.i 

23,U-s.8 

15,1111 

11,1(1.5 

13, 143 

19  557 

Miircli 

r.>,(ii>9 

y.(3.iii 

6,Sii.'> 

27,(iU 

23,13.! 

15.991 

11.116 

21, .537 

2l,-;.5s 

April 

13.891 

ii,ri.-.:i 

8,1(12 

21,571 

111,313 

11,8(12 

10,016 

19.471 

21.461 

May 

Vi.-Z^ 

9,tiU5 

9.7r)r) 

■2;i,l.VJ 

13„535 

8,5.")3|  (1.112 

17,7(15 

lfi.915 

June 

11.129 

l2,.-.i:i 

(i,9IJ|24.822.2:i,Tliii;  9,151 

6,7:3 

24,39.s 

18.'.I9I 

July 

ll.X)2 

y.usG 

5,  ItiS 

20,811121,597 

8,8112 

5,495 

18,711 

15.:i23 

AUKUst 

lll,IS8 

«.0;i(i 

6,i;2s 

111.1121  2l,J9t; 

li,2(.» 

5,900 

15,31(1 

22.624 

September 

ii,r.iiH 

;"i.;il2 

?,;9."i 

ll.u7li 

18,i;2 

8.130 

4.9.">3 

12,212 

15,897 

October 

i:i.l:» 

11.922 

3.S9:. 

1.1.2-17 

lti,;".85 

12.37.1 

5,ai7 

9,13r 

9,459 

Novemlier 

12,6.Sil 

12.9.-6 

1,U18 

5,119 

18,16; 

18,8(1.1 

3,939 

4,851 

11,178 

December 

12,«i9|11.08S 

2,2U; 

i!;,;3i 

17,4-18 

17.8171  (1,60S 

4,63U 

17,611 

1891. 
Tcs. 

10,978 
12,161 
9,74.! 
11, 137 
14,470 


1893.  I  1892. 
Tes.  'Ics. 
7,266  39,.598 
6,989 1 10,2.54 
6,6711143,011 
7,019  30,009 
9,230|25.34 


10,liil|l(i.232i23,82(i 
11,533 
8,668 
.9(12 
.9.52 
8,3i 
111.190 


8,50? 

18,195 

9,529 

12.382 

9.-209 

9,1 17; 

9,555 

9,216 

6,940 

5,615 

■i.872 

7,833 

1890. 
Tcs. 

33,624 

:h,o;o 

:14,;25 

■i7,5ll 
586|2;,0.')2 
71.876i:!5,Ul  1 19,816 
65,91.3  31.135  22,616 
6>.375:49.8:!3J27,101 
1(1,321  [i  (1.1551 15,.109 


1891. 
Tes. 

.5(1,316 
66,812 
74,774 
66,36;!, 


1H»9. 

Tcs. 
21.176 
19,316 
21,005 
24,391 
Il,2(i5 


Huniiner  Packins. 

M.-irch  I  to  Oct.  31  Inclu- 
sl  ve,  for  yearH  uaiiioU  at 
all  points. 


Is9(l|2,l9.',00l)l|,12s,00(l|(l,920,0i«j  IVJO.  .9,510,0(10  is7s    ll'l.^s^xio 
889|1,663,(J()0|3,(V)0,I1(1(J  5,26.i,i:0(l  lvs9..li,SMl  ilXl  i^'ri"  >' \l\  liti 
I88l|  1,486,0011  2,431,0110:3,92(1,(111(1  18sm     5  .■iis'oon  |,7h'   -y'to'- 
I,95I,U0(J  2,697,000  l.lMl.OlKJ  lS8r.    '' '     '       '  •■    ■■    ' 


1.000 


WeiKhts  of  IloKM  and  Lard  Product. 

(At  all  Packing  Points  ) 


.:nK  ■J.aw     ^,ui,   ,iu,.).:nM;,i.HMu,.iu;;  (ioi5i  M,-j;)i,uw  ,',li:)i,U0Ull,(Ml.(ll)(J  1-187     5  6|i.  I  il«lhS75      l->i;-'(illl 

.9.52  9,555     9,216  34.,8,VS.lil,9;S  14,13.'!  1886  1,660,0011  3,010,O.I(J4,70ll,(XJI)  1886' ■5'filo'(IO(l  I'.u' '    '■'Willi 

,3.r7  6,940    5,615  -12,261  51.491   17.3471  1885  1,8(10,000  2,690,000  4,5,50,000  1885.  :-l96ilMJ  1873' IWj'uUO 

,j90  7.S72_7,833  36,-152|SO,013l20.3Cll  |l.S.S-lll,525.00o|2,l  l5,U(Kj|3,6;o,oOO  1884.  A.imm \m. '.    SUSicioU 

*  Basis  of  175  pounds  as  net  product  perjiog.    t  Approximately. 

TheiiOth  Annual  Itcpoit  ofl'tiion  Stock  Yards'  Transit  Co.,  December  31,  18»'l7 


Receipts,  Cattle 

Receipts,  Calves 

Live  HoKs 

Average  Weight 

Hecelpts.  Sheep 

Receipts,  Horses 

Value  of  nil  Live  Stock 

Value  for  3(J  years,  or  since  1866 


1895. 


2,588.558 

168,740 

7,885,283 

2.30 

3,106.739 

113,193 

8200,583,380 

«4,379,5;!2,511 


Shipments,  Cattle.. 
"  Calves.. 

"  Hogs... 

"  Sheep . . 

"  Horses. 


2,974,.363 

3, 

160,949 

7,483,228 

(i 

2.33 

3,099,725 

3, 

97,415 

228,15.3,029 

219, 

4,178,94.8,131 

ISiW. 


I,ia3,406 

210.557 

6,057,278 

240 

5,031,174 

82,492 

,.M2,375 


1392. 


3,571,796 

I9;,.576 

7,714,4:!5 

22! 

2,145,079 

86,'.I9S 

253,836,51« 


1891. 


3,2.'iO..!59 
2tri.383 

8,000,805 


2,1S:!,537 

94.396 

239,4*1,477 


SHIPMENTS. 


9511,738 
11,888 
2,-165,058 
333,398 
90,441 


9UO,183 

13,832 

2,149,410 

442,665 

70,011 


1,121,675 
31,001 

2,926.115 
483,368 
74,368 


1,066.264 
-18,331 

2,962,514 
688,2"  (5 
87,273 


CONTRACT  LiOTS,  GRAIN  AND  PROVISIONS,  ON  CHICAGO  BOARD  OF  TRADE. 
Contracts  are  Made  in  3,000  Bushels  Lots  of  Grain  or  a  Multiple  Thereof. 

PORK.— Chicago  Board  of  Traide  rules  decree  contract  pork  shall  be  made  in  November,  December,  January,  or  February     A  barrel  shiD 
contain   190  pounds  green  meat;   250  barrels,  or  multiples,  make  contract  lots. 

LARD. — 340  pounds  lard,  a  tierce  ;  85,000  pounds,  or  250  tierces,  a  contract. 

SHORT  RIBS. — 50,000  pounds  make  a  contract. 

PICKLED  MEATS,  HAMS  OR  SHOULDERS.— 300  pounds  green  meat  make  a  tierce.  Boxes  of  salt  meats  must  average  500  lbs. 
About  71  pounds  of  hog  meat  is  produced  from  100  pounds  live  weight,  which  may  make  about  14  pounds  lard,  1 1  of  hams,  10  of  shoulders 
ind  36  of  side  meat;  leaving  offal  of  29  per  cent.,  or  29  pounds  per  100  live  weight. 

Primary  jReeeij)ts  at  Chicayo,  Milwaukee,  Duluth,  Mi7inea2wUs,  Toledo,  Detroit,  Cleveland,  St.  Louis,  Peoria, 
Kansas  City,  for  years  named,  as  eomiyiled  by  N.  Y.  Produce  Exchange. 


1895. 

1891. 

1893. 

1892. 

1891. 

1890. 

1889. 

1888. 

1887. 

1886. 

Flour — 

....barrels 

13,573,796 

15,20<),441 

1.3,112,372 

H.7.33,3H0 

10.868..5(i4 

11.020.0.55 

10.022,151 

11.750.884 

11,96.5.873 

9.0.53.510 

Wheat... 

...bushels 

179,810,933 

1(;7,.5.')6,674 

187.122,8'JO 

•24J.100..552 

204,&53.2^3 

105,0.56,077 

111,775,218 

140.140.1.56 

106.979.598 

85.118.316 

Corn..... 

** 

1W,301,300 

126,066,833 

143.i:W>12 

130.898,043 

109,021.008 

161,299,903 

136,471.561 

103.314,976 

80.6S2.I41 

99.270.954 

Oats 

" 

1.32,961,305 

108,470,771 

12-1,809.773 

llo,428,0iG 

100,'222.1;G2 

10:3.708,133 

80.485.798 

8-5,1.56,916 

72.612,072 

66.827.208 

Barley... 

>,.       " 

32,804,.5«9 

34,038,877 

29,0(i!),100 

32.097.658 

20.498.4,32 

31.949,364 

23,655,245 

23,487,970 

22.919.729 

22,a34,871 

«ye 

4,471,980 

3,248,361 

4.013.919 

7.1178.1.52 

14.4.33.358 

5.233.926 

4.809,406 

4,677,382 

1, 892.238 

2,294,662 

Seaboard  Receiiyts  at  New   York,  Boston,  Montreal,  Philadelphia,  Baltimore,  Fdchmond,  New  Orleans,  for 

years  named,  as  compiled  by  N   Y.  Produce  Exchange. 


1895. 

1894. 

1898. 

1802. 

1891. 

1890. 

1889. 

1888. 

1887. 

1886. 

Flour. . . . 

barrels 

18,608,.525 

20,843,266 

19,&7G.653 

19,847,357 

16.408  984 

.,15,058,175 

13.416,0.31 

14,386.185 

15,669,047 

14,096.373 

Wheat... 

...bushels 

48,723,513 

6I,G!»9,092 

63.8.5.5,531 

12:j.715.52;3 

109.420.4.58 

81,184.351 

.33.48;i:>32 

39,177,015 

8.5.682.21T 

73.7.59.562 

Com 

68,449,a38 

52,0.")9,0,36 

58.978,185 

67.754,921 

49.775.505 

I05,006,f-H2 

94,512,290 

50.186,827 

49.008,:«0 

79.116.930 

Oats. .... 

•' 

48,032,153 

47,144,734 

52,436,0:i6 

56.134,892 

45..321,031 

52,914,495 

39,713,0a3 

40.667.808 

36.716.631 

38.045,.582 

Barley.. . 

•• 

4,.893,968 

5,480,977 

5.080,4*3 

^  5,771,077 

6..531.275 

5,001,614 

5,637.931 

5,126,008 

5,872,514 

6,»j3,3-I1 

Bye 

■  •.       "    - 

612,.567 

684,904 

1.136,166 

3,5)53.707 

9,592,822 

2,253,.588 

§,008v921 

670,446 

741,32^ 

635,006 

Average  Export  Price  of  Products  for  years  named,  ending  June  30. 


1895. 

1894. 

1893. 

1802.  1891.|1890.  1889. |188S. 11887. 

1886.|1883.|1884.il8d3.  1882.jl881.|1880.jl879. 

1878. 
1.33.8 

1877. 

1876. 

1875.|1874.;i873. 

1872.|1871. 

Wheat,  per  bu-'h... 

61.2 

.59.3 

80.0 

103.0   93.0'  83.0   89.7    85. .3'  88.9 

&••  i  86.2106.6'll2.7i;8.5'lll.4  124.5106.8 

116.9'l24.2'll2.4'l42.8'l.31.2|l47..3'l31.6 

Flour,  bbl.. 

3.46 

8.77 

4.54 

4.86,  4.82   4.66   4.8:1   4.58   4.51 

4.7o    4.90 

5.59]  5.96    6.15   5.07    5.88,  5.25 

6.-J6 

6.49 

6.22,  5.97i  7.14    7.57|  7.11,  6.59 

Corn,  per  bush.'.... 

43.4 

.50.1 

5;i.o 

55.0:  57.4   42.0 

47.4:  55.01  48.0 

49.8    54.0 

61.1    68.4  68.8   55.2   54.3   47.1 

56.2 

58.7 

67.2 

84.8   71.9   61.8   69.5  75.9 

Pork,  salted,  pr.  lb. 

6.3 

7.3 

7.H 

.6.0     5.9     6.0 

7.4 

7.4     6.6 

5.9      7.2 

7.9     9.9     P.d    7.7     6.1     5.7 

6.8 

9.0 

10.6 

10.1     8.2     7.8;     7.2    10.9 
13.8     9.4     9.2!  lO.r  13.3 

Lard,  per  lb 

7.2|      8.2 

9.5 

7.2     6.9     7.1 

8.6 

7.7     7.1 

6.9     7.9 

9.5    11.9    11.6     9.3     7.4     7.0 

8.8 

10.9 

13.3 

Bacon  &  Hams.  lb. 

8.5;5      9  6 

9.1 

8.1 

7.6     7.7 

8.6 

8.6     7.9 

7.5     9.2 

10.2    11.2     9.9     8.2     6.7     6.9 

8.7 

10.8 

12.1 

11.4     9.6     8.8 

8.6    11.4 

Beef,  salted,  pr.  lb. 

5.9      .5.6 

5.0 

5.7 

5.6;     5.4 

5.5 

5.9     5.4 

6.0     7.5 

7.6     8.9     8.5     0.5     6.4     6.3 

7.7 

7.5 

8.7 

8.7     8.2     7.7 

7.0     8.7 

Butter,  per  lb 

15,5 

17  4 

19.0 

16.0 

14.5:  14.4 

16.5 

18.3    15.8   15.61  16.8 

18.2    .8.6    19.3    19.8    17.1    14.2 

18.0 

20.6   23.9 

23.7   25.0   21.1 

19.4    21.5 

Oheese.  per  lb.- 

8  3 

10  0 

9.4 

9.4 

9.01     9.0 

9.3 

9.9     9.3     8.3     9.3 

10.3    11.2    11. 0|  11.1      9.5     8.9 

11.4 

11.8    12.6 

13.5    13. li  13.1 

11. 7i  13.7 

Cotton, Inc. Seal. .lb. 

fi  X 

7  01 

8.5 

8.7 

lO.O    10. 1 

9.9     9.8     9.5i  10. Oi  10.7 

10.6    10.9    11.5,  11.3    11.0    10.0    11.2 

11.8 

12.9 

15. li  15.6    18.9 

19.4    14.9 

Tobaoco.  leaf.  lb... 

8  5 

8.4 

9.0 

8.4 

8.7     8.6 

8.8     8.3     8.7     7.8     9.9 

9.1     8.6     8.5     8.31    7.7     7.8     8.7 

10.2 

10.4 

11. 3I    9.6   10.7 

10.3:     9.2 

Sarar.  refined,  lb.. 

4.7 

4.4 

5.4 

4.8l    5.71    7.8 

7.6     6.3     6.0     6.71    6.4l 

7.1     9.2     9.7I    9.2I    9.0     8.5I  10.2 

11.6   10.71  10.81  10.51  11.61  12.61  \^.% 

317 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Acreage  and  Yield  of  Wheat,  Com  and  Oats  hy  States  for  Years  Named. 


1895.                 1 

1894. 

1693. 

1892. 

1891. 

1890. 

STATE. 

Grain. 

Acreage. 

Yield. 

Acreage. 

Yield. 

Acreage. 

Yield. 

Acreage, 

Yield. 

Acreage. 

Yield. 

Acreage. 

Yield, 

2,790,974 

44,376,487 

2,537,-249 
371,996 

34,760,31 1 

2,463,:!49 

-28,:a8.514 

2,51.3,621 

30.666.000 

2  539,01 1 

:3.-245,000 

2,489,226 

25,:)9(i.ono 

do 

Oats 

319,676 

•  5,210,172 

4,910,347 

375,754 

5.315,707 

364,810 

3.721,000 

405,344 

5,188,000 

405,344 

4,861,000 

Arkansas 

Wheat,  Winter 

151,500 

1,452,300 

160,9:18 

l,416,-25l 

171,211 

1,369,688 

163,058 

1,337,000 

232,940 

2,-236,l«IO 

'221,848 

1,575.000 

do        

3orn 

2,:il2,305 

3;7,()27 

3,084,446 

50.:i59.558 
8.:!(I6,I8(; 
40,097,?J8 

2,001.970 

3->:!,789 

2,688.^201 

38,437,8-24 

.     5,990,097 

30,376,705 

1.98-2,149 

311,.336 

2,620,490 

32.110,814 
6.008.785 
:!4.8:52,517 

1,962.524 

317,690 

3,012,057 

,34,311,000 
4,988,000 
39,1:57,0W1 

2,1102,575 

•299,708 

2,815.007 

42,4-55.000 
4,945.000 
36,.595.0(O 

2,002.575 

-293,831 

24-26.730 

3:!,443,(XX) 

do    

Oats 

3,967.000 

California 

Wheat,  Winter 

29.121,000 

do            

[Jorn 

65,416 
60,144 
119.500 

2,-256,8.52 
1.890.016 
2.808.250 

66,751 
57,831 
119,777 

1,288,^291 
2,058,781 
2,144,009 

71,775 
59,001 
137,636 

2,275.268 
1,504,781 
1,816,795 

72,.500 
67,8^29 
131,(N~2 

2.197,000 
1,987,000 

2,504,000 

161.470 
84,786 
100,8:3 

5.571,000 
2.4 16.0 10 
2,037,(»10 

1.59.781 
70.665 
9.i,030 

4,396,0(0 

do        

Oats 

1,943,(00 

Wheat  Spring. 

1,777,000 

do         .         

Corn 

178,308 
98,812 
46,658 

3,690,976 
3,389,-252 
l,768,;ii8 

125,569 
9:1,219 
45,299 

2,473,709 
1,-258,457 
1.404.2(;9 

123.107 
104,74(1 
43,5.57 

2,ail.266 
2.796.-5.58 
1,228,:»7 

121,350 
98.811 
43.997 

2,773,000 
2,836,000 
1,518,000 

43,397 
109.790 
.58,66! 

933,(»10 
3,579,00(1 
2,112.000 

42133 
11X1,7-25 
56,407 

767,000 

do         

Oats 

2,4118,000 

2014,000 

Wheat.  Winter 
Corn 

92,181 
2():i,871 
552,:ri9 
214.630 
3,24),037 
4611.6-24 

6S,(w; 

31,317 
1,73-2.792 
6,8-21,S:W 

1,069,300 
4,-281,-291 
6.18r.,W5 
1,3:10,706 

42,172,481 
6,679,048 
l,2;l,S9il 
1,101,3,58 

19,060,712 
255,136,554 

10-2,423 

199.874 

516,242 

235,857 

3,003,738 

561,7.s7 

76,057 

27,7  4 

1,8:10,350 

5,872,-274 

1,331,499 
4,397,2-28 
5,214,044 
1,6-27,413 

a5,143.T35 
7,527,-276 
1,5<»),775 
1,066,989 

33,312,370 
169.121,491 

99.440 

199.S74 

506,1-iO 

240.670 

3,0:M,079 

597,593 

78,490 

22,171 

1,348.462 

6,247,100 

1,461,768 

4,916,900 

4,969.364 

1,732,814 

33,678,277 

7,947,i«7 

l,514,a57 

733,860 

15,507,313 

16O..550.470 

94.705 

201.89:! 

491,379 

216,8-20 

2,915,708 

569,i:16 

76,951 

24,614 

1,751,249 

6,310  -202 

1, -23 1,000 
3,775,000 
4,422.000 

1,474,(01 

32.992,000 

6,0911,0110 

1,69:5,000 

714,00(1 

'28,:!70,iOO 

165.327,1  KW 

97,634 

2:3,061 

496,342 

309,743 

3,100,745 

6l8,(r26 

90,.5:!l 

37,898 

1.945,8:3 

7.ni,:i36 

1,250,000 
5,105,000 
5,460,000 
2,:33.000 

37.8-29,0(11 
7,-238,(Ki0 
1,811,1X0 
1,3-26,000 

a5.0-25,(Kl0 
214,880,000 

91,790 

223,136 

491,428 

844,1,59 

2,981,486 

562,387 

83,056 

36.440 

1.8.53.173 

7,1:51,1-24 

919,0(0 

do                    

4,128,000 

Corn 

4,570,000 

Wheat,  Wlnt«r 

1,411,000 

3i,:106,a.O 

do                 

Oats 

5,4.55,000 

Idaho                  

Wheat,  Spring. 

1,:>70,000 

do       

1,093,000 

Illinois     

Wheat,  Winter 
Corn 

18,161,000 

do 

187,446,000 

3,1G(I.7») 
2.-205.9-23 

7:i,707,i:iU 
20,-291,492 

S,0'20,784 
2,371,960 

109,050.302 
43,644,064 

3.082.433 
2,-5iB,362 

83,842,178 
;(5.579.40l 

2,a54,105 
2,7I3,'292 

7:5,(i«W,t»iO 
.39,88-5,000 

3.il(W.930 
2,917,518 

111,095,1100 
52,807.000 

3,:!72.451 
2,4;)3,(-<15 

70821,0  0 

Wheat,  Winter 

27,928,(00 

do                      

Corn 

3.711-2.310 

l,i:)0,Sli 

70U.-A15 

121,435,768 
25,895,595 
1:^,651,788 

3,352.539 

1,108.(39 

725.500 

96,888,-377 
a5,809,O40 
10,737,400 

3,456,226 

1,166,998 

.586.n.89 

85,368,782 
32.092,170 
6,749,224 

3.526,761 

1,100,932 

631,06:! 

lo3,.-tt4,O00 
29,17.5,000 
7,-257,000 

3,7l2,:i80 

895,067 

l,803,it!6 

r23,tr22,(!ui 
21,034.000 
27.5^16.000 

,3,601,252 

1,()17,1'22 
l,68.5,OSO 

89.0;5,0(X) 

do                 

Oats 

17,81,0,110 

Iowa 

Wheat,  Spring. 

19,041,UO 

do      

8.5()4.:i49 
3.960.:»2 
2.976.S67 
8.426.:«7 
l,680,-i« 
871.672 

298,.5(li.650 
182.967.;m 

a.9 19,566 
201,7.59,069 

30,075,992 
9.501,-225 

5,422.931 
3,771,745 
3,:»5.69S 
3,7:il,91U 
1,4:«.(HS 
880,477 

81,344,010 
96.556,672 
a5,315,-259 
41,797,728 
25,705.975 
11,005,963 

7,428,677 
3.848.119 
2.76S.0«2 
6.M7.263 
1,578,119 
9:16.678 

251,832,150 
95,448,-2:il 
23,231,973 

139,456,702 
29, 195,202 
10,584,461 

7,074,930 
S,773,-2:54 
4,(r?«,724 
5,952,057 
1,547,175 
985,977 

200,-221,000 
85,841,000 
7O.8;)l,0O0 

145,8-2-5,(00 
44,094.000 
11,63.5,000 

9.-560.716 
2.795.0(13 
3.5:19,760 
5,314,337 
l,^2i7,74(l 
1,0:17,8711 

350.878.000 
10-2,577,000 
54,866,0(0 
141.893,0«1 
37,132.000 
13,181,1100 

8,771,^299 
2,767,:)30 
2,058.01X) 
3.54-2.891 
1.30-2,884 
91:1,518 

232,439,000 

do 

Oats 

71.897.(»!0 

Wheat,  Winter 
Corn 

28,195,000 

do           

55,269,(00 

do 

Oats 

31,269,000 

Kentucky 

Wheat,  Winter 

9,15'2,000 

do          

Corn 

3.010,876 

505,819 

1,'247,198 

138.441 

458,868 

616.8;!6 

88.550 

42.078 

1,151,379 

93,9:19,331 
13,252,458 
22,571,-281 
5,551,484 

7,800,756 
16,5:il,-2l6 
2,320,010 
l,8l7,-224 
15,2:r7,N« 

2,951,839 
491.086 
1,103,715 
1-28,186 
477,9f<7 
623,067 
94,202 
4(1,460 
1,-280,510 

67,89-2,297 
10,312,806 
17,880.183 
4,294,-231 
7,313,201 
14,-268,234 
2,015.923 
1.395.870 
20,-2:3,058 

2,891.960 
584.626 
1,071,568 
123,256 
497,903 
62i,067 
91.458 
40,4»-« 
1,.509.145 

68,008,060 
12,9?<,697 
15,216,266 
4,474,193 
6,721,691 
15.078,221 
1,9:18,910 
1,:S5.5,410 
19.9^20,714 

2,9.53,0-20 
5%,.557 
1,071,568 
124,501 
5-29,681 
6.'9,:161 
%,272 
40.059 
1,622,737 

68,805.00,1 
10,917,000 
1-5,8.59,000 
4,009,000 
6,992,000 
12,9(K,000 
l,8'29.00(l 
1,550,000 
21.&54,00O 

2,7-59,s:3 
911, -292 
1,082,392 
99,601 
5U),494 
740,1-25 
111,944 
54,131 
1,606,67(1 

82.7)5.0;  lO 
28,.5-23,o(10 
18,725,(»KI 
.3,446,0(XI 
8,107,(100 
18,881,000 
2,127.(K)0 
2,138,0*) 
3O,-20;5,a)0 

2,816,155 
465,1.52 

1,061,169 
1O).(07 
535,143 
725,907 
113,075 
,54,131 

1,.5(I1.561 

63,645,000 

do     

Oats 

3.9.54,000 

16,979,000 

Oats 

2,847,000 

Wheat,  Winter 
Corn 

6,208,000 

ilo        

16,333,000 

do    

Oats 

1,357,000 

Corn 

Wheat,  Winter 

l,b68,ttX) 

MichlKan 

20,271.0(0 

994,090 
973.4:« 
2.S>1,485 
1,152,458 
1,954,764 
2,277,036 
i:t-2,-.i81 
l,541,6tM 

S:t,6oo,-a2 
23,;65,192 
65,581,1.55 
S5,956,li90 
77,995,oal 
35,977,169 
2,07(i,812 
18,49:1,968 

937,821 
9:15,999 
2,796,478 
1,028,9-10 
1,809.967 
2,089,ir24 
142,238 
1,5-26,4(K) 

21.757.447 
24,429,574 
37,752.453 
18,933,2:12 
50.860,073 
35.931,213 
1,849.(194 
23.353,9-20 

919.432 

891,4'2S 
3,197,363 

887,052 
1,675,89:5 
1,970,77? 

145.141 
1.6(i9.216 

21,790,538 
•2.3,177,128 
30,694,685 
25,10:1,572 
41.562,196 
25.817,179 
2,249.6S6 
15,-287.5.52 

9-28,714 

968,911 

S.552.6-26 

896,012 
1,506,(100 
1,990,(-k84 

146007 
1,9S6,686 

'23.218.00(1 
27.8011,000 
41,21O,(j0ii 
2t.492.0«10 
4!.57!.000 
27.-272,000 
1,:5,M,(1(10 
•24,8:)4,000 

l,o;Y>,;i6:i 
931,677 

3,143,917 
814,-\56 

1,4-25,080 

1,951,651 
:»5,793 

1,89-2,082 

31,133,000 
3i),'280.000 
55,333.11110 
21,586,0110 
5-2,()15,0(«l 
29,665,000 
:i,  747,000 
25,732,000 

977,188 

941,068 
3,143,917 

768.449 
1,500,(184 
1,951,651 

361,992 
l,f<IS,459 

26.-580,(X») 

do  

Oats 

•25,(6:1.000 

Wheat,  Spring. 
Corn 

3S,356,(«0 

do            

21.^286.(»0 

do    

38.4(r2.000 

21  ,:19 1,000 

do" "         

Oats 

4,778,000 

Wheat,  Winter 

17.638,(00 

do 

Corn 

6.613,118 

238,072,218 

5.2r3.^257 

lie.Oll.h.'M 

.5.670,169 

1.58.197.745 

5,505,018 

1.V2.I89.(X)0 

6,79il,318 

an,210,(«« 

6,796,318 

17.5,345,000 

do 

Oats 

1,102,805 

30,54., 699 

1,091,886 

2:5,440,914 

1,2 10,7  7S 

29,034,-229 

l,-20l,640 

21.193,000 

1,158,3(6 

•27,.56S,(««) 

1,412,.571 

21,579,000 

Wheat,  Spring. 
Oats 

44.570 

68,*26 

l,-2:t2,252 

1,065,-2-23 
•2,U6,(r71 
ll.787.ir2l 

44.828 

66.9S6 

1.2511,7(10 

1,111,7:« 
•2,586,139 

8,7.54,910 

43-431 

66,986 

1.2J8,49.! 

93:1.767 
2,'2T7,.5-24 

10,f*7,889 

41,761 

66,323 

l,-2.5:i,,564 

898,0011 
1.9 10.000 
15.670.000 

9-2,803 

94,717 

1.205.-^50 

1.856,000 
3,648,000 
18,08(),ttl0 

87.5.50 

9(),'2a5 

1,418,059 

1,488,010 

do           

2,797,(100 

Nebraska    

Wheat,  Spring. 

15,:tl5,(O0 

7,Su6.5-28 

125,6ti5.069 

2,:i09,254 

13.855.5-24 

6.21 1,226 

157,-278,895 

5,-572,5-23 

1:57.145.0:10 

■1,762.840 

167.6.52,11(0 

3,072,8(X) 

55,3111,(00 

do 

Oats 

l,(i76,'.>62 

39.911.6% 

1,567,251 

19.747.4(»l 

l,-59:>,^2:i'J 

21,988,585 

1,61.5,3:« 

4.3, 131 ,000 

1,368,977 

48.599,000 

1,053.059 

22,4:11,000 

Wheat,  Winter 

108,  i:» 
279.788 
107,561 
4U3.374 
.    5(16,016 

l,440,57'.i 
6S«,196 

2,.508,>>56 
506,777 

•2.907.510 
594.016 

2.422.2.:4 

1.310.924 
9,-23:!,U04 
3,818,416 
7,:i01.(i69 
18.014,170 
45,666.:151 
4,748,552 
36,378,412 
7,652,:i;i3 
61,057,710 
19,067,914 
32.21.5.579 

116,279 
•271,639 
108,647 
4-25,.50U 
491, -278 

1,371,980 
695,147 

2.459.663 
527.893 

2.850..50(l 
5449(i9 

2.549.709 

1.779,069 
8.991,-251 
3,08.5,575 
6,-297,400 
1:1,854,010 
30,320,758 
3.475,735 
32,959,484 
5  751.(134 
.3.3.6S5,900 
14.114.697 
48.441,471 

1-28,701 
277.18:! 
109,744 
472,112 
517,ia5 

1,258,697 
721.111 

•2,i:!5,310 
544,220 

2.75!,9S0 
490.96:1 

2.68.3.901 

l,?Js,t-«> 
7,179,010 
2,622,882 
6,846,069 
15,-255,483 
30.2lK,7-28 
.5.937,710 

29.i):>4.313 

7,673..502 
2(>.1.18,-208 
10.752,090 
38,916,608 

1-21,950 
2S8,7:i2 
119,287 
518,837 
5'27,689 

l,a*!,18:! 
716,942 

2,48.5.(110 
519.717 

2.868.729 
472.085 

2,795,7.'!:l 

1.787.00(1 
9.1-24.000 
3.066.000 
8.405,000 
17,414,000 
a8,729.0ii0 
5,090,000 
25,317,000 
5,-332,000 
34.'.198.000 
12510.000 
38.(i-22.(IOO 

l,:!88,8ai 
360,915 
138,706 
610,510 
e9l,a28 

1,329,984 
731,573 

2,672,0:52 
5:i8,9:« 

2,927,-274 
496,926 

2,6(r2,6(e 

2.1-21,000 
12,343,0(0 

3,884,0(0 
l(),6ai,(0() 
22.0SO,UO 
41,894.000 

4  975,000 
37,676,1  mo 

5, 1-20,1  KX) 
52,lft5,0(O 
16,647.(00 
4.5,531,0ttl 

i:l8,883 

S)7,342 
141, 5:17 
640,540 
642,8% 

1,313.418 
717.228 

2,72<i,586 

671,172 

•4,'2()9,I82 

•11,183,1.57 

2,3!>8,74I 

1,6-0,00 

ll,1h5,0(X) 

do              

Oats  

2,449,000 

Wheat,  Winter 
Corn 

9,288,000 

do          

17,101,000 

do  

OatB 

23,91:1,000 

Wheat,  Winter 

3,156,000 

do 

36.'264,O00 

do        

Oats 

6,198,000 

Nortli  Dakot-a 

Wheat,  Spring. 

Oats 

Wheat,  Winter 

40,411,000 

do 

•24.846,aO 

Ohio      .  .  

29.984,00 

do 

2,816.110 
990.678 

9-2.78:),  1>6 
31.401,493 

2,736.611 
961,8-23 

71,973,737 
29,14:),-2:!7 

2,709.519 
9.52,30(1 

61,487.266 
27,235,780 

2,852157 
1,00-2.421 

83,853,(j0.i 
26,:i64,iOO 

2,»lo,;168 
911,292 

94,(19-2,(00 
28,5-23,(00 

2827,277 

i,iii,sa 

do 

Onts 

20,004,1 00 

Oklalioiiia       

W.leat.  Winter 

2-27.426 

2,59-2,656 

204.888 

2,315,-2:!4 

OreKou     

Wheat,  Winter 

5'.«.l:il 

11,86-2,  ,20 

,589.891 

10,441,071 

(.16,622 

10,790.885 

6-22,850 

9,779,0110 

69-2,055 

lZM9.m 

887,'2.50 

12,>-66,(XO 

do 

Oats 

•251,4-2: 

7,240.982 

•241.7.5:1 

6,454,805 

-232.4.55 

6,6-24,968 

•244,689 

6,484,000 

•2:!:!,0:i7 

7,341, (KM) 

'221,940 

Wheat,  Winter 

l,-if2.315 

•20.456.429 

1,'2.t6,.5S0 

18.848.7(10 

1.310,822 

18,.351,.508 

i,a>4,ot;7 

19,3)1,000 

1,837,437 

20,S61,(XI) 

1,:)37,4:!7 

16,049.000 

l,-298,8.s( 

4:1,51-2.681 

1,-27:!.  UN 

40.749.376 

l,-27.!,4ia 

31,198,741 

l,2;i9.10« 

39.6:!2,0OO 

1,.397,211 

46,5-27(00 

l.:!8.3,:)r( 

38.043.00 

do 

Oats 

1,152,-565 

36,5:!6.:ill 

1.176.087 

•26.-226.740 

1,141,8:12 

:10,60 1,098 

1,177,116 

29.664.000 

1,-2.39,101 

:«.7()4.00o 

l.'277,4-24 

21.972,001) 

South  Carolina    .. 

Corn 

1,789.271 

19,!«0.9(» 

1,672,216 

IS.728.819 

1,6-».511 

12,501, KK 

1,-59 1.677 

16.;i3.0(XI 

2,617,7-55 

18.650.010 

1,-576,-2;  10 

16,078,(XO 

do  

•28.8.8:!  7 

l.:CH).:i'22 

:!39,808 

4,077,696 

33:l.i:!-5 

3,931,111 

.a^iO.679 

3,682.000 

385,361 

4.085.0110 

:i9.i,226 

4,168,000 

South  Dakota 

Wheat.  Spring. 

2,4;!S,4'2- 

29.-21)1.088 

2,414,281 

15,934,-255 

2,114,-281 

2>,.521,:!89 

2,54I,.'M8 

31,7(i7,(iOO 

1,954,883 

29,711, (KXi 

do 

1,119.9-29 

l-i.4-2:i.412 

aM,M4 

1.490..345 

865,472 

•20,511,686 

791,011 

17,706,000 

9:14,1  :)-0 

21,018,0(0 

^,593 

do 

717.581 

18.154.771 

788,548 

5,992,972 

765,-582 

16,460,01:< 

70-2,69 

18, 172,000 

724,092 

23,388,000 



655.31( 

5.766.7-28 

728,1-22 

5,897,788 

809,024 

7,448,021 

898,915 

8,.540,000 

1,198.553 

11,G^26,00( 

l,17.5.1k52 

7,873,000 

do 

S,325,:)2: 

8:i,i:«,0-25 

3,107,777 

68,060,316 

2,a-)8,-217 

63,149,661 

3,018,431 

61.274.000 

3.636,664 

82,5.52,001 

3,6iO,6.i7 

67.692.1 0) 

do 

4.54,8S7 

10,-2:!4.9.5f 

415,908 

6,511,133 

.530,914 

9,76"  ,818 

553,(135 

7,466,000 

614,183 

5,96(1,00( 

682,i:>9 

Wheat,  Winter 

365.-.(U(l 

2,0-1.64( 

456.500 

6,S9:1,I50 

431,712 

4.:v-«.18li 

445,(«5 

5,475.000 

.'..36.247 

6,4-!5,(«» 

510,711 

3.5.5,000 

do         

Corn           .  . . . 

4,OS7.:»2 

107,'.Kk5.565 

3,619,4(4 

69-238,676 

-3,17.5.6-2^ 

61,170965 

3,441,211 

73,642,0(l( 

3,6-22.,327 

7il,635,0(Xi 

4,1I6,-281 

do 

Oats 

70:!.8-2.'- 

14..5(r.l,I7> 

61-2.022 

20.0i:),119 

.588.48-1 

14.77(1.923 

619,4.56 

15.in.000 

6.52,059 

15, 97,5,(00 

6;;9,-274 

fftah 

Wheat,  Spring. 
Corn 

109.086 

2.l4:),.5-26 

lii7.'2V2 

2.a59  514 

105.65( 

1,157,970 

102.571 

1,775,000 

136,7M 

2,393,0(0 

i;liVi51 

2,2.9.(»0 

Verniont 

47.-iS 

•2.1.5:t,46t 

44.976 

l.S.15,(r21 

44.091 

1,4-28,646 

43.229 

1,IH--!,1I00 

57,638 

2.144,000 

54.893 

do 

116,4.5-J 

5,UI0„59t 

113,060 

3,719.674 

103,712 

:i,9,57,117 

106,580 

3,784,000 

107,657 

4.(1:17. CO) 

Virginia  (0.  D.) 

699,5-25 

6.505.58: 

7:i6,342 

6.995,-;49 

775,097 

a.(Wi,08(' 

799,069 

7,-591,000 

8:50,071 

7,651.010 

801.956 

do  

Corn   . . 

l,753,07i 

32,607, 15f 

1,685,647 

32.195,8.58 

1,652,59:5 

31,234,046 

1,703,716 

26,Oti7,O0O 

2,004,360 

3!),486,(i0(l 

2,109,8>:i 

do 

Oats 

459.04: 

8.125.061 

450,042 

5,400,504 

478,76S 

8,378,4411 

488,5.39 

5,472.00(1 

618,-1(>4 

Washington 

Wheat,  Spring. 

46I.-255 
91,116 
406,017 
688.545 

7,195,952 
3,(;71.975 

548,700 
87,612 

9,108,420 
3,197,8:« 

486.88.3 
86,745 

9,8,83,725 
3,443,777 

5-23..530 
92.-282 

9,015.(1110 
3,184,000 

698,04(1 
177,466 

I-2,216.iNill 
6.144.01(1 

416.2.5 
104.;!92 

3.497,(K«1 

West  Virfe'lnla 

do      

Wheat,  Winter 
Corn 

4.:iO:i.7SO 
16.662,789 

398,056 
681,728 

4,816,478 
12,611  968 

398,056 
649,265 

4,-577,644 
14,0f<9.051 

4OJ.077 
636.:53l 

4,:«r2,00fl 
14,322,0110 

;!:K,-295 
691,885 

3,4-23,(00 
18,888,000 

802.086 
671,733 

13,435,(00 

do 

Oats 

151,-25; 

3  5:!9.:!-2l 

15.5,9:11 

2,881,7.i4 

1.59.11.1 

3,739,156 

\uxm 

2.871,000 

137..844 

2.385,0(0 

14-2,107 

Wheat,  Spring. 
Corn 

555,885 

8.616.21S 

•    .567.647 

9,:i66,176 

651.465 

8,664,485 

766.4-29 

8,814.0(>i 

966,  r28 

13,013,010 

1,073.475 

do 

1,010.676 

;i:i.(l9:).497 

787.066 

16.^29>,-266 

971,686 

'28,9:56.243 

1,001.7:58 

•27,347,0011 

1,113.042 

29,718,IX)0 

I,lii'2.0'22 

do 

Oats 

1,864.505 

(»S,C«).^2f.t 

1,758,967 

57,870,014 

1,691.314 

4G,680,-266 

1.674.568 

,5(I,.572.(»I0 

1,481,919 

49,,-!48,0(O 

2,:iS5.(«'0 
2,684.(«0 
4,707,(«O 

Otlier  States  sc:itterlng. 

do  

do 

Wheat.  Winter 
Wheat,  Spring. 

las.siis 

78.4(19 
1 15.581 

^95,80S 
1.(»I7,747 
3,607.496 

198,682 
74,216 
132  173 

I,2(a,789 
1.. 397.009 
3.492,221 

198.659 
76.:!18 
1:I2.390 

1,347,532 
l,-279,9'22 
3,:M7,185 

193.566 
75.698 
l:16.241 

1.-26».0«l(i 
1.070.000 
3,491.000 

46:i,.56(i 
216,05.5 
•221,:i64 

3,274,000 
3,111, (XX ) 
5,577,00 

2(l:!.875 
174.1-24 

do 

Oats 

171.(161 

4.9(U.165 

201,872 

4,914,013 

211.-364 

5,419.574 

2:».067 

4.872.(100 

-283,679 

Total  Crop 

Wheat,  Winter 
Wheat,  Spring. 

2'2.477.(I6: 
11,5;(I.'J(K 
82.(»75,«!t 

•257.71  I9.:i7  7 

•2il9,::ii:t.570 

'2.1.-||.i:!s..5H0 

•23,.3i  16.500 
11,575,936 
62,582  '269 

-■!26,.198.84(l 

i:!;),868..576 
l,212,770.(r.2 

22,868,5:19 
11,760,879 
7i,0.3'i.l65 

275.488.809 

1-20.612.916 

1.619,496.  l:!l 

25.989,1176 
1'2,-565,:!5I 
7(1,6-26,-2.58 

359.191.000 

1-56,7.58.(100 
1.6-28,461,(100 

26,-581,-284 
l-3,:l:'2->,6i:! 
76,-204,515 

:!92,495,1'00 
219,285,(011 

2.060,1.54,(00 

12,.567.0.-.fl 
71,970,763 

1-I3.888.1XXI 
l,4S<t,97l,(X«l 

Oats 

27,»1H,-X» 

8-«.li:!.5:!7 

27  023  5.53 

66-.>,0S6.928 

27,27{,0;H 

6:18,8:54,85(1 

27,063,8.3.5 

661,(13.5,0(10 

25,581,861 

738,:»1,0(X) 

26,4:!1.::69 

Total  Three  Cereals. ... 

114,111,568 

^,412,385,064 

124,488,-258 

2,3a5,I-24,396 

131,938,916 

2,654,48;l,ai6 

136,'24l,.5'23 

2,805,448,000 

141,703,-27S 

.3,410,328.0(0 

i:«.489.'286 

♦  Wheat  shown  In  North  Dakota— States  not  separated, 
t  Oats  shown  in  North  Dakota— States  not  separated. 


818 


r 


BALTIMORE    CORN    AND    FLOUR    EXCHANGE. 

The  Rakimore  Corn  and  Flour  E.xchange  originated  February  3,  1S53,  and  was  organized  as  a  permanent  Exchange  February  11, 
1853,  with  137  members  ;  secured  a  State  charter  and  350  members  in  1856,  and  was  then  incorporated  with  $50,000  capital.  A  new  and 
broader  charter  was  secured  by  act  of  legislation  March  23,  1865.  The  Chamber  of  Commerce  is  a  corporation  owning  a  building  which 
cost,  including  site,  $600,000 ;  it  was  completed  in  November,  1882,  and  occupied  by  the  Baltimore  Corn  and  Flour  Exchange,  which  sub- 
scribed to  $100,000  stock  and  now  owns  a  large  percentage  of  the  stock.  They  leased  the  building  for  twenty  years  at  an  annual  rental  of 
Si2,ooo.  The  E.xc'iange  hall  is  146^  feet  long  by  76'/^  fee:  wide  and  -io'X  high.  There  are  551  members  ;  the  limit  is  1,000. 
Initiation  fee  is  $2,500.     Certificates  are  valued  at  about  S50.      The  Exchange  has  $175,000  invested. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNTJAL  RECORD. 
Baltimore  Receipts  of  Flour,  Grain  and  Seeds  for  years  named,  as  compiled  by  the  Secretary. 


Flour. 
Barrels. 


Corn  Meal, 
Barrels. 


Wheat. 
Bushels. 


Corn. 

Bushels, 


Oats. 
Bushels. 


Rye. 
Bushels. 


Barley. 
'Bushels. 


Malt. 
Bushels. 


Clover  and 

rimothv  Seed  I 

Bushels. 


♦  In  18S3  and  1S89  barley  and  malt  were  added  together. 


EXPORTS    FOR    YEARS    NAMED. 


Total 
Bushel.s. 


1S95 

1894 

3,r<9,596 
3.S18.U--3 
3.867,985 
3.555.4)7 
3.099.:i99 
3.388.9:^7 
3.189.572 
3.015,618 
3.161.263 
1,928,194 
1,, 589,06:1 
1,200,345 
I.158.:)80 

17,208 

ig.iso 

13.043 
41,342 
18.636 
10.752 
23.575 
24.:J23 

1       4,834,118 
8.858.7-.i 
14.397.502 
17.571,332 
18,743,394 
6,373,638 
6,889,432 
7.0O4.443 
13,150,486 
12,310.534 
8,414,114 
17,756,630 
17.146,4:12 

11,854,704 
9,58t;,'J.,.5 
10,181.124 
20.631.527 
6.928,096 
21,093.894 
18,354.018 
6.94.3.839 
9.126,6"9 
15,099,869 
1,5,918,828 
7.09:i,ft51 
11,779,638 

2,895,727 
1.832,541 
3.3S5,-2-21 
2.185,676 
1,687,112 
2,,556,630 
1.969.916 
2.110.028 
1.810,280 
l,80<t.2,58 
1,801.794 
1.660,902 
1.192.462 

3(>4,710 
258.869 

:«4.6;8 

922,685 
1,206.813 
469.8,80 
260.300 
200,363 
111,618 
247,4,54 
293,296 
608,689 
2tr7,48:5 

131,993 
197,679 
188,680 
243,260 
149,149 
288.036 
628.:«> 
446.751 
493.479 
422.869 
424.946 
380,141 
308,399 

530,068 
500.098 
515.741 
132.506 
1511.389 
484,141 

■  i3:a.929 
2115,587 
266.100 
218.695 
131.407 

145,319       1 
277..8-21) 
33:),972 
107.555 
89.912 
258.830 
117.196 
120.251 
111,482 

20,759,659 
21,5:>S.695 
25,762,655 
63.793.17;! 
42,9(r2,190 
46,780.266 
42  572  331 

1893 

1892 

Ih9l 

1890 

1889 

1888 

3l)'396'(i9l 

1887 

39,365,419 
38,7T2.444 
»I,229.S61 
33.119,610 

1886 

1885 

1884 

1883 

32.958.531 

Flour. 
Barrels. 

Com  Meal. 
Barrels. 

Wheat.       1 
Bushels. 

Corn. 
Bushels. 

Oats. 
Bushels. 

Rye, 
Bushels. 

Barlev. 
Bushe'ls. 

Clover  and 

Timothy  Seed 

Bushel-. 

Total. 
Bushels. 

ISiPa 

18M        

2,539,931    1 
2.943,562 
3.331.874 
3.661,623 
2.703.715 
2,624.292 
2,332.805 
2.417.874 
3.081,246 
l,6<!2.5i>4 
l,i«1.09,! 
4:17,7:3 
441.477 

21,047        1 
17,155 
2t1.012 
60.214 
23.232 
12.230 

1.395 

3.977,261    1 
8.448.44S 
13.048,7a2 
16.661,,559 
16,074.292 
4.817.614 
4.507.165 
4,161,129 
10.71?.:153 
1".575.290 
4.575.262 
16.511.3i0 
1,5.375.093 

9,645,  T58    1 

7,758,37? 

7.486.401 

18.995.907 
4,096  234 

18,854,951 

16.617.177 
4,419.977 
7.l5-*.432 

14,1)76.:179 

13,752,1% 
4.993.7,59 

10,012.247 

134.318     1 

46 

1,380.255 

172.271 

,546 

617.053 

131,999 

5.670 

1,422 

1.160 

33.6.'|) 

900 

4,038 

1 

lS2'.93i 
740.670 
7911.577 
41,900 

33'.7» 
397,980 
87..531 

1 

!!6',785 

17,847 
21 
42 
84 
70 
75 

84,861         1 
169,120 
261,387 
107,463 
224.064 
229,958 

137,453 
85.844 

13,*42,l9o 
16.:175,99l 

1S9,J 

29.022.429 

1892 

53,181,958 

1891 

33,%8,430 

1890 

36.388,592 

1889        

31,753.984 

18S3 

19.604,7(U 

1887 

31.914,586 

1886    

32.1»t,167 

188S 

20.,t81,065 

J8&4 

22,7S9,403 

1883 

26.361.861 

STORAGE    CIIARGES.-TIDE    WATER. 

On  grain  from  cars.  Inspected  In  good  condition,  first  ten  (lO)  days  or  parts  of  the  same,  one  and  one-fourth  (I)f)  cents  per  bushel,  to  be  paid  by  the  con- 
signees of  the  grain.  Same  from  Tessels,  when  received,  one  and  one-balf  (1!^)  cents  per  bushel.  Each  succeeding  ten  (10)  days  or  parts  of  the  same,  one-fourt2: 
(Ji)  of  one  (II  cent  per  bushel. 

Floating  elevator  capacity  per  hour,  lS,tO0  bushels  ;  total  stationary  capacity,  5,aTO,0OO  bushels.    Inspection  is  under  control  of  the  Exchange. 

For  Daily  Receipts  of  Cotton  at,  Baltimore,  Philadelphia,  New  York  and  Boston  in  1895,  see  Clapp  &  Company's 

Record  on  pages  278  to  284. 

319 


k?:t -vt^  m  w>vU^^         / 


BOSTON    CHAMBER    OF    COMMERCE. 

The  Boston  Chamber  of  Commerce  succeeded  the  Old  News  Room  of  1830,  the  Board  of  Trade  Association  of  1854,  the  Boston  Corn 
Excliaiige  of  1855.  the  Boston  Commercial  Excliange  of  1871,  and  the  Boston  Produce  Excliange  of  1877.  September  24,  1885,  tlie  two 
latter  organizations  were  consolidated  under  tlie  present  title  of  the  Boston  Chamber  of  Commerce.  The  Board  of  Trade  retired  and  left 
the  Chamber  occupying  the  field.  The  property  is  owned  by  the  Boston  Chamber  of  Commerce,  is  built  of  stone,  and  cost  $500,000, 
being  mortgaged  for  $275,000.  If  was  built  in  1891,  dedicated  January,  1892,  and  is  strictly  fireproof.  The  exchange  hall  is  circular,  75 
feet  in  diameter  and  40  feet  high,  and  has  a  tower  16S  feet  high.  There  are  982  members.  There  is  a  surplus  gratuity  fund  of  $149,000, 
death  payments  being  $2,500.     Certificates  are  worth  about  $350. 


CLAPP   &   COMPANY,  BANKERS  &  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Receipts  and  Exports  of  Flour,  Grain  and  Provisions  for  years  named,  as  compiled  for  us  by  the  Secretary. 


RECEIPTS.    (Lard  In  Tierces.) 


Year. 

Fl.OUR, 

Whkat, 

COHN, 

Oats, 

Ryk, 

Barlky, 

CornMeal 

Pork, 

Bebp, 

•Lard, 

Hams, 

Ha.ms, 

Bacon. 

ISbls. 

Bush. 

Bush. 

Bush. 

Bush. 

Bush. 

Bbls. 

Bbls. 

Bbls. 

Tcs. 

Bbls. 

Tes. 

Boxes. 

Total,  1895 

2.«18,339 

7.246.W8 

3,944,475 

6.6S1,6I(7 

18.176 

163,579 

47,0.'5 

21,86S 

9,711 

1T7,.393 

7,448,1131b 

7,448,1131b 

•2-ll.5^2 

-.894 

3,263.3:-J) 

6.9.39,677 

7,225,091 

'  7,314,582 

47,25(1 

247,234 

53,221 

19,209 

11,094 

108,749 

»,371 

10,826 

242,786 

1893 

3,194.769 

6  737.809 

9,627,909 

7,367,:a8 

26,1108 

327.799 

150,793 

16,656 

10,062 

125,894 

8.536 

9,189 

199,012 

1892 

3,28;,»13 

69:!o.821 

7,106,321 

8.700.317 

108,594 

239,96) 

171,5,37 

21,868 

10.141 

119,9:)0 

10,103 

11,426 

?it;.sso 

1891 

2.836,867 

3.411.077 

8.416,9)9 

6.811.040 

3I2.5S5 

314,127 

230,637 

14,763 

10,544 

116,2M 

8,116 

14,153 

263.691 

1890 

2,49t,(!71 

526,963 

9,639.010 

7.6)6,618 

119,715 

3%,86.) 

312,638 

21,065 

8,554 

144,173 

15,494 

19,752 

256.039 

1889 

2,385,6111 

750,706 

ll,4:i7,394 

5,851,357 

132,879 

311.013 

2:)7,414 

34,6S9 

14,680 

139,962 

11.851 

20,3-22 

13-<,133 

1888 

2.694.950 

92.3.108 

7,711,678 

7,1.37,-289 

41.060 

367.862 

231,472 

22..372 

11,899 

108,897 

14,804 

21.978 

129.i«;2 

1887 

3,458.542 

3,5.3»,5-22 

6,033,5:i4 

5,918,244 

23,8a3 

274,766 

87,1.39 

19,807 

12.619 

86,925 

11,619 

13.212 

l..,:)93 

1886 

3.540,113 

2,705.696 

8.680,102 

7..3fl6.375 

30.268 

4M.268 

89,676 

26,651 

14.329 

79.746 

7.4.35 

10.7S5 

1.39,462 

1885 

2,930,514 

1.83.3.815 

9.i):!l,»59 

6,192,191 

30.071 

474,716 

65,702 

40,079 

11,441 

111,551 

9.449 

9.940 

118.928 

>  Cases  and  packages  of  lard  reduced  to  tierces. 


EXPORTS.    (Lard  In  pounds.) 


Total,  1895... 
1894  .. 
1893... 
1892... 
1891... 
1890... 
ISSt... 
1888... 
1887... 


1885.. 


1,575,96:) 

7,216.709 

5,664,192 

83,000 

30,207 

66,1S9 

19,854 

+11,911 

S9,456,444 

360 

1,106 

2.210  .VJl 

6.011.S-26 

3.894. 1.S9 

57.126 

7.2:)8 

42.435 

31.26:) 

r2<i.2:r. 

711.677.826 

781 

1,320 

1,983,152 

5,088.230 

5,362,169 

487,217 

57,955 

56,105 

21,120 

23.320 

66,038.239 

385 

415 

2,048,553 

7,403.935 

2,714,832 

1,338,808 

141,377 

57.28-2 

52,930 

33,620 

29,973 

7;),-2T2,807 

572 

1,464 

1,724,763 

2.860,564 

4,03-2.:i80 

298,383 

193.935 

78.460 

66.997 

29,916 

27.104 

63.709,418 

806 

1.666 

1,363,421 

497.176 

4.595,631 

528.275 

r2.93S 

10,219 

123.066 

39.774 

23.6,2 

&1.39).3-29 

704 

1,8)6 

1,329.471) 

538.951 

7,012.318 

44,719 

50,170 

1-24.566 

32.519 

3^>.604 

65.439,045 

1,252 

3,8t-* 

1,6(H.2)3 

1,178.614 

3..353,617 

1,200 

99,683 

40.519 

•20.491 

50,412,:).83 

748 

1.301 

2.160.3:(4 

3.9-20,596 

2.287,666 

5,746 

.... 

113,:)23 

25,892 

22,074 

35.668,314 

l,-268 

2,437 

2,076,917 

2.6>4.S)8 

3,213,523 

512.845 

.... 

13,012 

89,667 

22,949 

17,192 

30,19-2,'206 

1.627 

1,131 

1,652,310 

1,676,067 

3,643,783 

462,337 

.... 

18,4T2 

98,931 

42,764 

27.141 

36.277,967 

1,931 

1,536 

400,915 
376.679 
313,770 
391.X09 
340.6M 
3!6.316 
•26->.:il9 
163,iii;9 
199.K4 
1.38.943 
116.615 


tTlerces  ol  beef  reduced  to  barrels.    Beginning,  Jan.  1, 189.1,  receipts  of  ham^^  were  computed  in  pounds. 

BOSTON    STORAGE    RATES   ON    GRAIN. 

Elevating  and  delivering  Oats,  Barley  and  Malt,  1!4  cents  per  bushel,  first  20  days ;  other  grain,  1  cent  per  bushel,  and  for  each  additional 
10  days  or  part  thereof,  54  c-ent  per  bushel.  Official  elevator  capacity,  3,850,000  bushels ;  private  elevator  capacity,  700,000  bushels.  Inspection 
on  grain  is  under  control  of  Boston  Chamber  of  Commerce. 

For  Daily  Receipts  of  Cotton  at  Boston,  New  York,  Philadelphia  and  Baltimore  in  1895,  see  Clapp  &  Company's 

Record  on  pages  278  to  284. 

3-.il 


BUFFALO  MERCHANTS'  EXCHANGE. 
The  Buffalo  Merchants'  Exchange  is  the  outgrowth  of  the  Board  of  Trade,  which  was  organized  in  1S44  and  incorporated  in 
1857.  The  Merchants'  E.xchange  was  incorporated  April  14,  1SS2.  The  building  is  owned  by  the  Board  of  Trade  and  leased  to  the 
Buffalo  Merchants'  E.xchange.  It  is  built  of  cut  Medina  stone,  terra  cotta,  brick  and  iron,  and  was  opened  January  i,  1884,  by 
the  Merchants'  E.xchange,  who  own  more  than  half  the  stock.  It  cost,  including  site  and  equipment,  over  $300,000;  is  mortgaged 
for  S60.000.  The  E.xchange  hall  is  53  by  70  feet  and  23  feet  high,  located  on  the  fourth  floor.  There  is  a  gratuity  fund.  There 
are  493  members.     Initiation  fee,  $100.     Certificates  are  transferable  at  about  $60. 


Beccipfs  ami  Shipments  of  Flour  and  Grain  for  years  named,  as  compiled  for  us  b>/  the  Secretary. 

RECEIPTS    BY    LAKE. 


Flour. 
Barrels. 

Wheat. 
Busbels. 

Corn. 
Bushels. 

Oats. 
Bushels. 

Barley. 
Bushels. 

Rye. 
Bushels. 

Total  Grain. 
Bushels. 

Flour  reduced 
to  Wheat. 
Bushels. 

Grand  Total. 
Bushel.^. 

1895 

1894 

8.Ja..4u 
11,''^.53() 
10,562,090 
9,746,120 
7,093.340 
6,245,580 
5,480,710 
5,244,930 
4,001,360 
4,582,190 
2,903,280 
3,185,070 

4,,25«,UU5 
50.194.130 
68,213,750 
78  24;?,560 
79,945.960 
24.868.6:!0 
26.051,6110 
27,548,110 
4S,1 11,180 
41.430,440 
27, 1.30,41 '0 
38,418,710 

o7,5i9,oU 
29,07S,520 
40,539,970 
32,377,  ;80 
29,61fi,:!9ii 
44,136,6liO 
47,127,15(1 
36,4^2,->70 
30,199.490 
29,155,370 
21,02S,2:» 
26,9-'7,340 

i2,2J1.27l 
15,560,230 
20,700,  I.tO 
I6,500,2,'-iO 
12,4.54,1.50 
13,860,780 
14,:M9,800 
7,897,310 
4,6.56,280 
1,014,670 
767,5S0 
6,937,230 

1U,958,^49 

8,625,090 

5,791,460 

4,600,970 

4,:r7S,iaO 

5,165,7(0 

1,474,570 

842,090 

1,4.59,420 

787,730 

577,250 

834,130 

871,612 

501,195 

641,590 

1,316,530 

5,603,400 

1,281.(130 

1,906,760 

513,720 

304,540 

126,630 

309,370 

2,771,060 

U3.sa6,4.is 
103,959,165 
135.919,920 
133.ft»,090 
128,993,(r>0 
S9.3I2.8H) 
90,869,aiO 
73,22:i,500 
84,730,910 
72,514,840 
49,812.830 
75,938.470 

44,858,700 
57.442.6,50 
52,810,450 
43.857.540 
31.9-20,030 
28,105,110 
24,66:?.195 
23,602,185 
18.006.120 
22.910,950 
14,51 6.4(K) 
15,925,350 

163,758,128 
161,401,815 

1S93.: 

188,730,370 

1892 

176,h96,630 

1891 

160.913,050 

1S90 

117,417,910 

1889 

115,533,(r75 

18<!S 

96,825,685 

18S7 

l(r2,737,030 

1886 

95,425,790 

1885 

04,329,230 

18»l 

91,863,820 

SIIIP.nENTS    UY    C.VNAL. 


18;6.. 

1894. 

1893.. 

1892. 

1S91 

1890. 


9011 
3.028 
3,9;7 
29.565 
9.923 
1,805 


8,932,4% 
29„596.938 
36,227„52S 
20,;!72.575 
24.465,590 
10,984,367 


■•,9-6,ii8S  I 
9,198,125 
8,598,258 
5,053,807 
4,917,113 
21,372,670 


5,»42,2ii2 
6,243,620 
1,372,.379 
4.397.a")6 
925.196 
2.825,093 


2,«i;«,ii2i 

2,904,445 
1,624,452 
1,565,414 
1,824,134 
2,440,105 


7,Si7  I 
185,393 
219,848 
142,043 
2,367,108 
603,744 


2ii,2:it;.114 
48.428,521 
48.042,765 
31..'>31,495 
31,499.141 
38,225.979 


4.500    J 
13,628 
19,6.35 
147.825 
49.615 

9,025 


2",24(l,Cil4 
48,443,147 
48,062,300 
31,679,320 
34,548,756 
33,235,004 


BUFFALO  STORAGE  RATES  ON  GRAIN. 

Elevating  f^  of  i  cent,  and  }{,  including  first  10  days  or  fraction  thereof,  and  %  ol  a.  cent  for  each  succeeding  10  days,  until 
2  cents  accumulates;  then  free  till  5  days  after  opening  of  canal  navigation.  Winter  season  rate  commences  November  10.  Total 
elevator  capacity  is  16,575,000  bushels.  Inspection  is  controlled  by  the  Exchange.  Lake  opened  April  16.  Canal  opened  May  3, 
closed  December  5. 


CLEVELAND    BOARD    OF    TRADE    AND    CHAMBER    OF    COMMERCE. 

RECORD    REVISED   BY   THE   SECRETARY. 

The  Cleveland  Board  of  Trade  was  organized  July  7th,  1848,  and  was  among  the  first  commercial  organizations  in  the  United 
States.  The  Articles  of  Association  first  adopted  continued  until,  on  April  5th,  1866,  it  was  re  organized  under  a  State  Charter  as  the 
Board  of  Trade  of  the  City  of  Cleveland.  In  1892  a  Committee  of  the  Board  started  a  movement  which  effected  a  new  organization  in 
1893  wi'.h  the  title,  "  The  Cleveland  Chamber  of  Commerce."  The  latter  organization  now  numbers  nearly  1,500  of  the  leading  busi- 
ness men,  and  plans  are  being  perfected  for  the  erection  of  a  first-class  building  in  1896. 

1895,  receipts  all,  9,115,120  tons.     Shipments,  all,  5,604,590  tons.      Mdse.  freight  inch 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

323 


CINCINNATI    CHAMBER    OF    COMMERCE    AND    MERCHANTS'    EXCHANGE. 
The  Cincinnati  Chamber  of  Commerce  and  Mercliaiits'  Excliange  was  organized  in  1839  by  iliirty-four  firms,  composing  forty-two 
members.      It  was  cliartered  in  1S50  and  amended  .May  21,  1866,  and  March  12,  1893.      The  Exchange  own  the  building  at  an  expense  of 
$775,CKX5.     It  is  bonded  for  $150,000.     The  Excliange  hall  is  135  feet  long,  66  feet  wide  and  50  feet  high.     There  are  1,650  members. 
Initiation  lee  and  certificates  are  transferable  at  about  S50. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Receipts  and  Shi2:>meitts  of  Grain,  Hogs,  Pork,  Lard  and  Meats,  for  years  named,  as  furnished  by  the 

Sujyerintendejit. 


RECEIPTS. 


Years. 


1895 

•1894 

•1893 

*1892 

+1890-91 ., 
+1889-90., 
+1888-S9. 
+188i->s,8 ., 
+1886-S7. 
+1885-86. 
+1884-85. 
+1883-84. 


Wheat. 
Bushels. 


Corn. 
Bushels. 


2,032,IV>« 
2,399,982 
2.083,930 
2,093.551 
2.l:«.743 
l,2.i7,(i!»3 
l,38:!,.'i99 
1,954.  iW 
2,426,31)1 
3,:rr5.472 
1,931,K*2 
3.107.00U 


8,892,763 
10.744,781 
6.6'<4,547 
5,231,S» 
6,126,4S2 
6.S35,161 
6.66I..396 
5.8T8,9:a 
6,731,719 
6,.386.644 
6.433.623 
5,519.6-25 


Oats. 
Bushels. 


5,41X.652 
4.479,437 
.'i.4'£,247 
4,6i6,305 
4,092,7:M 
5,0S5,746 
5,642,09:! 
6,354,100 
5,280.071 
3,903.953 
3.633.812 
3,(163,422 


Barley. 
Bushels. 


Rye. 
Bushels 


t  Number  of 
Hogs. 


i Pork. 
Barrels. 


t  Lard. 
Pounds. 


1.065.862 
1,310.4:7 
1,378,420 
l,9,-.4.847 
1,740,984 
2,190,646 
1,877,664 
1,851,860 
2.054,388 
1..T47.483 
1,610,784 
1,527,622 


433,458 
417.117 
481,979 
443,219 
509,649 
556,977 
599.5:M 
397.594 
470,334 
608.026 
537,739 
453,053 


1,126,3S3 

1,065,064 

1.02;i.342 

1,162.197 

926.754 

1,091.190 

9.'58,.->S8 

771,161 

833,  KS8 

774,678 

S,'»,9.i7 

87r,<15 


5,924 
7.100 
6,744 

11,793 
5,201 
7.479 

10,626 
7.042 
9,090 

14,781 
9.797 
4,253 


33,262,620 
29,816,4iKl 
15,217,6:iO 
24.179,890 
23,121.530 
14  (93,127 
15..399,30-i 
14.6:15,671 
21,71.'i,4-24 
13.953,287 
12.5fl0,-2li7 
8,320.  Iff? 


i  Meats. 
Pounds. 

92,0%,397 
66,170,051 
5'.l,195,r20 
94.985,7:r7 
103.197,877 
78,:)07,395 
77,290.021 
59,196.661 
79,7(r7.61B 
95,610.802 
73,647.170 
54,609,763 


•Calendar  years. 


+  Years  eud  August  31. 
SHIPMENTS. 


i  Years  end  October  31. 


1895.... 

1894 

1892-93., 
1891-92.. 
1890-91 . , 
1889-90.. 
1888-89., 
1887-88. 
1886-87. 
1885-86. 
1884-.S5. 
1883.84. 


1,647,274 
2,052,3,13 
1.786,l«i9 
1,653,04.1 
1,70:.,901 
908,512 
965.26-2 
1,(B2,6S7 
1,616,616 
2,562,261 
I,ia5,lii5 
2,342,619 


5,7  lU, 
7,316, 
3,-<-25. 
1,6(U. 
2.210. 
2.716, 
3.143, 
2.:19l. 
2.975. 
2,715. 
2.81I5, 
1,78:!, 


,545 

,854 
,5% 
090 
,-i3? 
,493 


2,987 
2.159, 
2,918. 
2,3-J7, 
1.918, 
2,76-., 
3,29-2, 
4,186, 
3,459. 
2,120, 
1,97:!, 
1.291;, 


,595 
724 

7:i7 
•257 
.730 
143 
,897 
908 
7.56 
,28-2 
,8;!1 
7:!7 


28,255 
20,061 
92,404 
42,575 
97,617 
177,-268 
175,312 
93,511 
152,148 
205.370 
1-22.217 
82,697 


178,836 
153,077 
219,218 
273,46:5 
251.:i56 
327,910 
305,065 
126.669 
172,4.36 
247.912 
191,-i50 
109,490 


5:JO,100 
566,795 
588.017 
567.346 
36.5.619 
50«.,5-27 
.375.248 
25.5,-283 
293,574 
218.9611 
231.482 
304,670 


,(i51 
656 
134 
830 
151 

m 

!059 
562 
060 
,472 
430 


817,110 
,4-22.0-2i) 
,-274,505 
,976.665 
,592.4.54 
,-i!7,279 
.-!06,542 
,085.428 
,538.453 
,419.765 
.<.»21,.')03 
,428,.>S9 


101,658,425 
74,894.030 
71.606,410 
1-22.062,311 
131.996,019 
103,188,699 
109.804,177 
86.788,182 
10R,2I1.410 
130,408.414 
116.118,041 
92,803,715 


CINCINNATI    STORAGE    RATES    ON    GRAIN    AND    COTTON. 

One  cent  per  bushel  for  first  10  days  or  fractional  part  thereof,  and  ]/^  ol  a.  cent  per  bushel  for  each  subsequent  lO  days  or  part 
thereof,  including  the  delivery  in  seamless  bags.  Cotton  storage  includes  all  drayage  and  storage  first  month  at  $1  per  bale.  Storage  15 
cents  per  bale  per  month  thereafter.  Public  storage  capacity  is  1,500,000,  private  storage  capacity  is  500,000.  Inspection  is  under  con- 
trol of  Chamber  of  Commerce. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

325 


DETROIT  BOARD  OF  TRADE. 


The  Detroit  Board  of  Trade  was  organized  in  1856,  and  incorporated  March,  1863.     They  occupy  a  rented  hall. 
now  numbers  about  no  members.     There  is  an  initiation  fee,  and  memberships  are  transferable  at  about  $50. 


The  membership 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
lieceipts  and  Shipments  of  jFlour   and   Grain  for  years   named,    as  compiled  by   the    Secretary. 


RECEIPTS. 

SHIPMENTS. 

Total 

Total 

Years. 

Flour.    Wheat. 

Corn. 

Oats. 

Barley. 

Eye. 

Bushels, 

Flour 
Reduced 

Years. 

Flour. 

Wheat. 

Corn. 

Oats.     Barley 

Rye. 

Bushels, 

Flour 
Reduced 

1895. . . . 

159,520  1  2,796,335  |  1,903,746  |  1,811,836  i      664,696 

81,604  1    7,976,05711  1895 

148,766 

2,493,355 

796,737 

164,798 

....  1  37,225  1    4,161,562 

1894. . . . 

162,403  ' 

.5,113,096 

1,602,610 

2,031,201 

826,026 

82,403 

10,.386,149 

1894 

131,370 

4,368,701 

479,902 

528,170 

4,934 

62,625 

6.0.3.5.577 

1893.... 

166,433 

8,810,454 

1,787,381 

2,261,021 

566,796 

102,865 

14,277,465 

1893 

115,463 

7.303,168 

8:33,595 

286,048 

138,176 

89,301 

9  168  871 

1892. . . . 

178,427 

8,209,035 

1,32U,.583 

2,022,375 

1,225,328 

272,2.55 

13,832,497 

1892 

126,986 

7,782,663 

689,270 

221,069 

174,386 

289,148 

9.727,963 

1891.... 

160,780 

7,600,049 

1,177,692 

2,104,240 

785,981 

516,554 

12,908,026 

1891 

133,0;^2 

5,577,494 

846,433 

414,292 

28.5,848 

4.54,1.56 

8,176,867 

1890.... 

162,912 

4,767,»<.5 

1,507,9.32 

2.0.3.5,808 

l,62o,99>S 

170,270 

10,840,197 

1890 

71,574 

3,840,704 

1,128,037 

610,751 

136,76<) 

129,693 

6,168,034 

1889 

148,558 

5,022,140 

1.8I8„309 

2,316,131 

968,282 

70,729 

10,964,092 

1.SS9 

44,964 

4..514,429 

1,597,26:J 

653,336 

11,288 

.59,273 

7,037,927 

1888.... 

214,924 

7,:ffl8,873 

1,116,246 

2,160,840 

745,078 

8.5,111 

12,473,.306 

1888 

128,298 

6,.586,:e9 

757,526 

1,007,430 

55,632 

68,951 

9,a53,218 

1887.... 

194,5196 

7,772,i:» 

1,575,035 

1,413,706 

1,2:58,136 

11,726 

12,i)03,224 

1887 

104,151 

8,0.53,782 

1,633,920 

4.S6,440 

41,7(X) 

464  '•  10,684,985 

1880.... 

166,610 

9,4.55,021 

2,682,076 

1,893,206 

9.5S117 

12,9.52 

15,7.51,117 

1886 

198,033 

8,131,460 

2,243,834 

1,121,298 

28,(»99 

576    12,416.415 

1885 

140,198 

8,731,495 

3,008,494 

1.310,043 

773,520 

21,873 

14,476,316 

,  1S85 

157,(^99 

6,170,385 

2,619,240 

519,694 

17,405 

8,407    10,015,676 

1884.... 

122,739 

8,083,767 

1,677,582 

1,252,075 

602,447 

8,003 

12,176,199 

1  1884 

146,742 

7,023,370 

1,424,140 

367,904 

42,942 

1,784  1    9,520,479 

DETROIT     STORAGE      RATES     ON      GRAIN. 

Elevating  and  first  ten  days  storage,  one-half  cent  per  bushel.  Each  subsequent  ten  days  or  fraction  thereof  one-quarter  cent  per 
bushel.  Elevator  storage  capacity,  3,100,000  bushels.  Private  elevator  capacity,  130,000  bushels.  Inspection  under  control  of  Board 
of  Trade. 


I 


Geographical  Distribution  of  American  Shipping. 


Classiflcation. 


Atlantic  and  Gulf.. 

Pacific 

Western  Rivers.  ... 
Northern  Lakes 


1895. 


Tons. 

2,679,779 
433,502 

1,241,459 
281.220 


1894. 


Tons. 

2,712,944 
456,3.59 
287,325 

1,227,401 


1893. 


1892. 


1891. 


1890. 


Tons. 

2,807,690 
4.57,422 
298.,S92 

1.261,067 


Tons. 

2,805.916 
464,620 
310,830 

1,183,.583 


Tons. 

2.780,683 
440.8.58 
308,348 

1.1.54,870 


Tons. 

2,63.-*,595 
428,:«2 
294,446 

1,063,064 


1889. 


Tons. 

2,599,.504 
4.36,273 
299,427 
972,271 


Tons. 

2,612,841 
399,889 
30.5.083 
874,103 


Tons. 

2.638,273 
356,445 
.327,405 
783,722 


1886. 


Tons. 

2,68.5,989 
347,685 
334,902 
762,561 


For  Daily  Receipts  of  Cotton  at  all  points  in  1895  see  Clapp  &  Company's  Record  on  pages  278  to  284. 


327 


{Illiiiiili  y 

lit 

Si  8  5  itf 


DULUTH  BOARD  OF  TRADE. 
The  Duluth  BaarJ  of  Trade  was  organized  as  a  corporatioa  under  a  special  act  of  legislature  January  3,  1881,  by  nine 
business  men,  who  agreed  upon  a  membership  of  100.  Later  the  organization  built  a  building,  which,  including  land,  cost 
$115,000.  Feb.  11,  lSg4,  the  building  burned.  The  association  has  since  built  a  seven-story  fire-proof  building  at  a  cost,  in- 
cluding the  land,  of  $310,000,  and  April  I,  1895,  they  moved  into  it.  The  present  membership  is  183.  The  initiation  fee 
is  $500.     Transfer   certificates   are   valued   at   about   $100. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Heceipts  and  Shipments  of  Grain  for  years  named,  as  reported  for  us  hy  the  Secretary. 


RECEIPTS. 


Flour. 
Barrels. 

Wheat. 
Busbels. 

Corn. 

Bushels. 

Oats. 
Busbels. 

B.irley. 
Busbels. 

Rye. 
Bushels. 

Flax  Seed. 

Total  Grain. 
Bushels. 

Flour  reduced 
to  Wheat. 
Bushels. 

Grand  Totals. 
Busbels. 

18S5  

4,308,252 
5,107,215 
4,868,523 
S,960,9:a 
2,509.4(12 
2.X6S.277 
1,9)9.246 
1.751.249 
1.3:».932 
1.433.570 
1.019.999 

49,599,373 
32,2-2o,.69 
32.910,398 
46.660.572 
40,391,974 
15,341.462 
17.313.081 
7.9;«.383 
17.362.273 
22.424.950 
14,869.6r5 

7,iX)l 

324.278 

327.937 

106,679 

302.291 

1,360.376 

1,898,747 

229.837 

318,013 

2S4.428 

93.287 

1,219,213 
Ui3.108 
23.893 
37.611 
370,442 
1,289,388 
322.957 
45.516 
77.704 
3i.lS0 
91.269 

2,407,707 

2,148,291 

613,777 

10.-1.919 

180.492 

101.746 

2.091 

38,090 

16,514 

23,471 

38,681 

454,134 
42.513 
38.985 
69.653 
15.657 
3,111 

i',i66 

4,363,511 

58.050,939 
36,366,816 
33.914,990 
46,980,194 
41,280.856 
18,099.0S3 
19.536.876 
8.307.926 
17.774.506 
22,7r6.0-29 
15,092,912 

19,379,1.34 
22,982,467 
21,897,376 
17.820,157 
11,292,579 
10.657.247 
8,771. 6(/7 
7,880.620 
6,011,f91 
6,676.065 
4,589.995 

77,430,073 

1894 

59,319,283 
.M,i«J,4-20 
64  SOU  651 

1S93 

1S92 

1891 

1890 

52,5.53.435 
28  7,16  330 

1889 

28308  483 

1SS8 

16.188,516 
23  786  2U0 

1887     

1886 

29  442  094 

1885 

19.682,907 

SHIPMENTS. 


1895 

7.843.345 

38.856,025 

4.515 

1,148.517 

2."56.519 

313,722 

2,135,132 

4ri.1l4,4'"0 

a5.295.n03 

<)n,4rK(,4f;"! 

1894 

6.176.113 

25,119,448 

357.336 

375.489 

2,143.519 

6b.073 

28,701,730 

27,792,508 

56,494,233 

1893 

6,902.366 

33,71  <l,847 

272,841 

4.901 

686.903 

23.954 

St,694,446 

1^92 

4.763,481 

34.488.2,'>5 

106,714 

29.9-.3 

ni8.4S6 

70.709 

1891 

8,142,501 

34.658,234 

302,503 

366,851 

143,803 

20,372 

DU1.DTII    STORAGE    RATES    ON    GRAIN. 

Elevating,  including  15  days'  storage,  %  cent  per  bushel;  each  succeeding  15  days  or  part  thereof,  yi  cent  per  bushel.  Con- 
demned, damp  or  heated  grain  will  be  handled  only  at  special  rates.  Public  elevator  capacity,  24,650,000  bushels.  Private  elevator 
capacity,   1,425,000  bushels.       Inspection  is  under  control  of  the  State  Railroad  and  Warehouse  Commission. 

For  Daily  Receipts  of  Cot-ton  at  all  points  in  1895  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

S29 


>!•» 


ii  m 


trnt 

In' I'll 


IP 


iiik 


KANSAS  ClTY  BOARD  OF  TRADE. 
The  Kansas  City  Board  of  Trade  was  organized  in  1869.  The  Exchange  Building  Association,  com- 
posed of  members  of  the  Board  of  Trade  and  others,  erected  the  present  structure  in  1887^88,  at  a  cost  of 
$662,500.  The  building  is  bonded  for  $300,000.  It  was  dedicated  July  ist,  1888.  The  Exchange  hall  is 
53  X  100  feet  and  35  feet  high.  The  membership  is  200.  Membership  fee  is  $500,  transfer  fee  $100.  Certifi- 
cates at  the  present  time  are  transferable  at  about  $200. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Jieceipts  mid  Shipments  of  Grain  at  Kansas  City  for  years  named,  as  furnished  us  by  the  Secretary. 

RECEIPTS. 


Wheat. 

Corn. 

Oats. 

Rye. 

Bakley. 

Total. 

In  store  January  1    1895 

1,602,986 

5,400 

8,230.800 

23.700 

179.545 

30.000 

8,395.500 

150,150 

315,066 

20  000 

3,410.000 

98,700 

7,522 

600 

127.200 

29,466 

2.105  119 

On  track  January  1    1895 

56.000 

Received  by  railioads,  1895 

Teams  in  street  1895 

20,192,900 
272.550 

Total,  1895 

9.862  886 
10.577,645 
19,558,583 

8,755,195 
11,060,366 
15,157,927 

3,843,766 
3.911,852 
4,196,095 

135,322 

76,633 

253,189 

29.400 
12  100 
15,600 

22.626.569 

1894 

25.238.896 

"       1893 

39,282,284 

SHIPMEIVTS. 


Handled  and  resliipf)ed 

Mill  product  reduced  to  bushels  , 

In  store  January  1,  1896 

On  track  January  1,  1896 

City  consumption,  1895 


Total,  1895 


Wheat. 


6,738,980 

1.541,326 

1,552.580 

30,000 


9,862.886 


COKN. 


6,982,757 

1,230,000 

6,688 

75.000 

460,750 


8,755,195 


Oats. 


1.175.240 

1.300,000 

56.972 

22,000 

1,289,554 


3.843.766 


Rye. 


103.089 

2.500 

29,133 

600 


135,322 


Barley. 


Total. 


20,200 


9.200 


29.400 


15.020,260 

4,073,826 

1,645.373 

127,600 

1,759,504 


22.626  569 


Flour  manufactured  1895 342.617  barrels. 

1894 725.390       " 

1893 420,481       " 


Com  meal  manufactured,  1895 307.500  barrels. 

1894 281,000      " 

1893 170.400      •* 


KANSAS  CITY  (mO.)  STORAGE  RATES  ON  GR.%IN. 

One  cent  per  bushel  for  the  first  15  days  or  fractional  part  of  same,  and  i^c.  per  bushel  for  each  15  days 
thereafter.  There  are  eighteen  elevators,  with  an  aggregate  storage  capacity  of  4,860,000  bushels.  A  large 
number  of  the  elevators  are  private.     Inspection  and  weighing  under  State  jurisdiction. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1894,  see  Clapp  &  Company's  record  on  pages  278  to  284. 

331 


iwiiiiiii  m 


I  «!^^ 


THE    MILWAUKEE    CHAMBER    OF    COMMERCE. 

The  Milwaukee  Chamber  of  Commerce  was  organized  with  less  than  one  hundred  members  in  1858  ;  incorporated  in  1868. 
It  occupies  a  hall  in  a  building  erected  in  1879-80  expressly  for  its  use.  There  are  about  600  members.  There  is  a  gratuity  fund, 
the  earnings  of  which  are  divided  annually  among  the  widows  or  heirs  of  deceased  members  of  the  preceding  year.  Initiation  is  $1,000. 
Membership  dues  are  $20  annually  ;  certificates  sell  at  about  $100. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

JReceipts  and  Shipments   of  Flour  and  Grain  for  years  named,   as   compiled  for  us  by   the   Secretary. 


t 


RECEIPTS. 

SHIPMENTS. 

Flour. 

Wheat. 

Corn. 

Cats. 

Barley. 

Rye. 

Flour. 

Wheat. 

Corn. 

Oats. 

Barley. 

Rye. 

1895 

2,693,270 
1,87,3,166 
2,685,3.5:S 
2,537,273 
2,401,235 
2,379,800 
2,427,236 
2.350,35.5 
3,659,377 
3,806,195 
4,076.871 
3,373,799 

9,697,379 
12,SW,319 
15,21  )5,(W9 
10,846,495 
8,046,461 
7,469,289 
8,129,315 
9,346,756 
8,527.080 
9,846,8<M 
10,167  ,.521 
8,404,322 

1,2.56,1.50 

1,4.5.5,975 

1,396,790 

1,149,270 

844,200 

1,024,175 

1,168,100 

918„588 

719,2:«) 

6.37.06.5 

789,680 

2,171,322 

8,840,075 
8,09'.l,474 
6,716,:ffl8 
4,799,684 
.3,904,8,55 
2.664,000 
2.975,000 
2.568,9.36 
2,073,003 
1,666,948 
1,.>47,:«6 
1,624,529 

10,463,972 
11,495,136 
11,778,298 
10,(X)1,293 
10,825,.391 
6,765,.5.37 
6,465,471 
5,778,663 
6,019,424 
5,-392,106 
4,702,666 
5,277,156 

1.061,001 
1,224,490 
1,. 587,724 
2,021,477 
1,312,471 
786,720 

1895 

1893 

3,375.553 
3,061,375 
4,310,065 
.3.812,211 
3,201,613 
3,233,426 
3,210,489 
3,310,513 
4,007,289 
4,^>4,144 
4,6(ll,2t- 
3,990,596 

2,752.705 
3,491,0;J7 
3.709,509 
2,764,412 
1,9.52,122 
1,882,9,><0 
2.691,076 
4,989,474 
4,8.37,271 
5,424,313 
4,161,437 
3,100,439 

68.190 
447,933 
7.30,884 
477,010 
233,5:« 
543,4.59 
487,670 
444,051 
349,368 
410.525 
.360  833 
1,799,936 

8  000,735 
5,74.5,082 

4,.500,429 1       4.36,519 
fi  '18  tUi           <l(l.3  <U1 

1892 

18t)2 

4,451,240     6,024,169 

2,418,629  '  5,.527,642 

l,910,:i83     5,032,7.58 

1,211,0.57     .3,190,.302 

88.5,090     3,579,657 

923,169     3,466,7.30 

623,.'«8     2,6,S7,913 

619,736  1  2,646,902 

443,909     2,36!),r).54 

784,011  i  2.616.287 

I,:i59,870 

1891 

1891 

1,5.57, 829 

1890 

ISiK) 

18S!) 

1,112,778 

1889 

916,811 

1888 

".'.:.:::: 

832,4111 

1S,><.S 

384,561 

1887 
1886 
1885 

24.5,.5iill 
221.716 
279,267 
300,.568 
460,117 

Is,s7 

1S.S6 

188.5 

1884 

86,057 
148,397 
246,349 
23.5,340 

1883 

1883 

549,029 

MILWAUKEE    STORAGE    HATES    OX    GRAIN. 

For  elevating  and  the  first  ten  days  or  part  thereof  storage  ^  of  a  cent  per  bushel ;  for  each  subsequent  10  days  or  fraction  thereof  H 
of  a  cent  per  bushel.  Winter  storage  from  December  I  to  May  1,  4  cents  per  bushel.  Elevator  storage  capacity  regular  (public  and  private), 
5,430,000 bushels.    Elevator  storage  capacity  (private),  5,000,000  bushels. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

333 


\ 


""liilil 


'\ 


'iippFiF'pFLkipiMiyj!"i"-i|l 


■a. 


"''^J» 


MINNEAPOLIS    CHAMBER    OF    COMMERCE. 


The  Minneapolis  Chamber  of  Commerce  was  organized  October  6,  1881,  with  50  members.  They  secured  a  charter  under  general 
laws  as  amended,  and  first  met  November  15,  1881,  agreeing  upon  an  initiation  fee  of  $25.  They  secured  land  and  a  building  at  a  cosf 
of  $200,000,  and  moved  from  temporary  quarters  into  the  new  building  May  i,  1884,  which  they  own  free  of  incumbrance.  The  building 
is  brick,  fronting  Fourth  avenue  and  South  Third  street.  It  is  faced  with  Ohio  sandstone,  has  a  tower  125  feet  high,  a  hall  60  feet  wide, 
90  feet  long  and  50  feet  high.  There  is  a  Clearing  House  Association  separate.  538  memberships  have  been  issued  ;  550  is  their  limit, 
Initiation  fee  is  $1,000  ;  transfer  valuation  about  $300. 


CLAPP   &.    COMPANY,    BANKERS    AND    BROKERS,    NEW    YORK,    ANNUAL    RECORD, 

Receipts  and  Shipments  of  Flour  and  Grain  for  years  mentioned,  ending  December  ji.    Compiled  for  us  by  the  Secretary. 

RECEIPTS. 


Ykae. 


1895.. 
1S94.. 
1893. . 
1892. . 
1891.. 
1890.. 
188'.!.. 
1888.. 
1887.. 
1886.. 
188.';.. 
1S84.. 
188:).. 


Flouk 
Mannfact'd. 


9,400,535 
9,377,635 
9,750,470 
7,877,947 
6,988,830 
6,088.865 
7,056,680 
6,574,900 
6,l(a.000 
5.221.243 
5,317,672 


Flour 
Received. 


136,045 
149,704 
282,732 
161,133 

76,788 
70.303 
«>4,6S9 
88,022 


Total 
Flour. 


9,55(),2;M 
9,660,367 
9,914,603 
7,954,735 
7.059,133 
6,153,554 
7,1+4.702 
6,574,900 
6,168,000 
5,221.243 
5,317,672 


(i5,436,3'.IO 
55,000,610 
5r.S90.460 
72,727,600 
57,811,615 
45,271.910 
41,734,095 
44,552,730 
45,504,480 
31.904,260 
32,900,.i60 
29,3Z2,720 
22,124,711 


Corn. 


1,103,840 

4,090,330 

3,375,600 

2,630..520 

2,779,310 

3,482,310 

2,161,800 

955,200 

663,000 

441,000 

389,400 

475,200 

573,206 


Oats. 


5,481,230 

4,123,980 

3,553,110 

5,116,020 

4,303,020 

3,568,600 

1,971,000 

1,788,300 

2,086,200 

1,172,700 

731.600 

700,800 

800,234 


Flaxseed. 
Bushels. 


1,784,2m 
5)0,720 
989,980 
1,145,410 
1,257,700 
699,000 
526,000 
47:3,500 
294,500 
432,(K)0 
164,000 
164,000 


Barley. 


867,230 

660,010 

2,062,680 

2,360,290 

1,018,600 

477,000 

a33,fiOO 

.399,000 

229,800 

187.200 

298,395 

185,894 

230,781 


Rye. 


376,380 

231.:i20 

210,960 

206,600 

262,180 

76,200 

8,400 

32,400 

13,200 

13,200 

7.SflO 

7,800 


Total  Bushels, 
Flour  redu'd. 


73,877,273 
107,082,326 
110,-544,461 
127,656,743 
101.971,0:52 
81,612,118 
73,899,8SS 
79,876,789 
7'(,083,730 
64,474,360 
57,873,348 
51,621,938 
41,936,922 


SHIPMENTS. 


Year. 

Flodr. 

Wheat. 

1895 

10,073,713 
9,025,640 
8,950,760 
9,386,784 
7,562,185 
6,693,501 
6,071,171 
6,776,6S0 
6,216,143 
5,757,687 
5,049,931 
5,317,672 
4,016,220 

12,941,620 
7,019.820 
14,947,900 
21,161,010 
20,083,505 
12,173,395 
12,577,370 
11,141,100 
12,347,440 
6,651,780 
4,»14.240 
4,586,960 
2,125.719 

1894 

18<.I3 

1892 

1891 

1890 

1889 

1888 

1887 

1886 

1885 

1881 

1883 

Corn. 

Oats. 

Flax-seed. 
Bushels. 

212,850 

3,115,870 

986,490 

2,667,940 

1.681,810 

399,820 

1,598,4.% 

2,178.410 

888,830 

1,237,090 

2,986,800 

968,940 

864,700 

2,-288,840 

487,410 

1,896,(K)0 

2,262.600 

457,000 

456,600 

486,000 

101,500 

214,800 

282,600 

194.750 

205,200 

633,400 

3S,(»io 

81,0(») 

100,800 

27,500 

43.81)0 

56,S00 

27, 5«) 

58,21X1 

32,800 

13,500 

110,055 

91.760 

207,010 

177,9S(I 

1*1,320 

190,310 

237,740 

62.400 

12,000 

3,000 

5,400 

4,200 

l.sOO 

1,200 


Total  Bushels. 
Flour  reduced. 


62,893,491 
102,301,530 
60,722.610 
69.315.4.38 
58,037.997 
46,978,349 
41,107,839 
42,807.960 
41,319,r«3 
32.848,771 
27.^96,129 
28.613,484 
20.601,947 


STORAGE    CHARGES. 

•bushel;   ea  .  . 

hat  may  be  received  or  that  has  earned  winter  storage  Is  >^  cent  each  10 


ecelving  and  shipping.  Including  first  10  days  or  fraction  thereof.  M  cent  per  bushel;   each  subsequent  10  days  or  fraction  thereof,  W  cent  per  bushel 
-.storage,  from  November  10 to  May  10,  inclusive,  4  cents;  after  which  grain  tl  ....  ...  ..  .    .. 


Recei 
Winter 
days  or  fraction  thereof. 

The  regular  elevator  storage  capacity  is  23,41,5.000  bushels,  and  operated  under  State  Superi-isors;  private  capacity,  2,680,000  bushels;  total,  26,125,000  bushell 
Inspection  of  grain  under  State  supervision. 


Tpr  Daily  Receipts  of  Cotton  at  all  Points  in  1895,  see  Clapp  &  Company's  Record  on  Pages  278  to  384, 

335 


\ 


MONTREAL  BOARD  OF  TRADE. 
The  Montreal  Board  of  Trade  was  originated  at  a  preliminary  meeting  of  merchants  in  Montreal,  April  ii,  1822,  under  the  title  of 
"  Tiie  Committee  of  Trade,"  which  held  its  meetings  in  St.  Josepli  Street.  A  permanent  organization  was  efTccted  April  20,  1S22,  by  54 
members,  who  each  paid  three  guineas  ($15.35)  membersliip  fee;  this  developed  into  the  present  Montreal  I'.oard  of  Trade,  which  was 
organized  April  6,  1840,  incorporated  1841,  and  proclaimed  as  such  March  19,  1842.  There  were  106  members.  The  Corn  Exchange 
Association  was  incorporated  in  1863  and  affiliated  with  the  Board  of  Trade  in  1S86.  The  corner-stone  of  the  present  building  was  laid  May 
18,  1892  (250  years  previous  the  first  tree  was  felled  on  Montreal  Island).  It  was  occupied  May  i,  1893,  and  formerly  inaugurated  Sep- 
tember 27,  1893.  It  is  rectangular,  with  dimensions  233  x  no  feet  ;  the  long  facade,  witii  three  entrances,  facing  on  St.  Sacrament 
Street.  An  open  court  is  in  the  centre,  104  x  54  feet,  and  an  entrance  on  eacii  one  of  the  other  streets.  The  basement  is  of  red  granite 
from  the  Thousand  Islands,  and  the  superstructure  of  red  sandstone  from  Moat  quarries  in  Cumberland,  England.  The  Exchange  hall 
is  50x80  feet,  and  is  23  feet  4  inches  to  ceiling.    There  are  now  about  1,100  members.    Initiation  fee,  $100  ;  transfer  valuation,  about  $60. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
lieceipts  and  Exports  of  Flour,  Crrain  and  Peas  for  years  mentioned,  as  compiled  for  us  by  the  Secretary. 


RECEIPTS. 


Flour, 

Wheat, 

Corn, 

Peas, 

Oats, 
bushels. 

Barley, 

bushels. 

Meal, 

Total,  Flour  ~ 
and  Meal,  re- 
duced to  bus. 

barrels. 

bushels. 

bushels. 

bushels. 

bushels. 

barrels. 

1S9.5 

l.f>i:^.'M4 

4,I41,.512 

2,r>82,631 

812,242 

1,672,703 

177,088 

1,646 

27,979 

18,035,332 

1894 

&57,571 

7.103,293 

2,ie5,.S64 

1,228,020 

1,586,184 

96,748 

13,089 

25,.559 

16,7.56.143 

189! 

809,.i97 

8,2o7,087 

9,311,755 

1,734,918 

4,227,6.50 

306,178 

23.3,1.56 

38,777 

27,713,936 

1892 

9S6,8.><8 

11,174,939 

1,812,084 

2.d6'.i,863 

6,-357,544 

692,:!83 

388,774 

58,207 

27,4.'{6..583 

1891 

1,1.>I,425 

8,389,(587 

2,1.30.080 

2,024,199 

1,7.32,626 

l,a52,085 

2,425,887 

a5,215 

23,244,976 

1890 

978,843 

4,15.^>,970 

.'■..302,057 

1,483,943 

1,648,193 

167,!»96 

282,014 

26,916 

17,444,989 

1889 

96,s,S76 

3,8:?6,lfi« 

6,908,467 

1,2:4,.353 

924.007 

282,903 

76,499 

56,7.55 

17,662,337 

1888 

93:i,121 

.5,048„S09 

2,875,924 

1,0.5.5,454 

649,690 

1.S9.598 

21, .5.37 

14,018,519 

1887 

949,G'^2 

10,678,714 

1,264,921 

2,.343,198 

1,107,2<I2 

i:»,621 

85,.575 

42,762 

19.891,890 

1886 

888,712 

7.45.1,413 

4,8.5-<,667 

2,602,933 

I,'.t70,4(i4 

181,1.59 

30,687 

62,340 

21,(I98,.527 

1885 

8110,788 

5,566,247 

2,419,.t81 

2,449,846 

1,.580,897 

1.55,227 

100,.561 

15,775.344 

1884 

1,152,789 

5,301,137 

3,590,535 

1,971,271 

844,168 

238,664 

74,992 

17,133,325 

EXPORTS. 


1895 

1,366,280 

a650,7U 

2,609,198 

751,099 

12,464 

979 

16,213 

41,094 

14,C53,0O4 

1894 

896,536 

5,.392,12.5 

2,0:i5,970 

1,182,-577 

87,113 

4(>,»11 

3.5,2:{5 

13,.579,b26 

1893 

837,442 

6,961,-340 

9,651,3.54 

1,7  3,492 

3,144,089 

45,686 

220,361 

49,971 

25,.584,811 

1892 

869,869 

8,489,698 

1,766,707 

2,275,578 

5,026,031 

406,a30 

.38.5,091 

49,492 

22,263,545 

1891 

795,4.52 

6,230,224 

2,252,662 

2.075,-591 

817,675 

814,382 

2,2.53.460 

20.475 

18.0.'3,5  8 

1890 

824,752 

2,2a3,Gt« 

4,970,236 

1,4.58,191 

298,245 

10,367 

242,6.54 

1.5,781 

12,924,743 

1889 

874,667 

2,3,56,494 

6,720.830 

1,016,491 

95,700 

12,829 

69,213 

59,012 

14,207,553 

1888 

78.5,6:18 

2,171, .5.34 

2.808.276 

1,016,&50 

78,,8I)6 

14,166 



16,802 

9,624,803 

1887 

922,565 

9,108,893 

1,206,678 

2,6a5,7.58 

,514,273 

-59,792 

111,62! 

41,368 

17,818,-559 

1886 

736,968 

7,0.35,122 

4..>45,.503 

2,800,312 

2,0.37,0.54 

14,.581 

19,226 

76,477 

19,768,154 

1885 

679.426 

4,221,283 

2,378.827 

2..562,329 

1,469.016 

79,767 

116.465 

13,818,639 

1884 

844,019 

3,967,457 

3,316,053 

1,943,103 

259,067 

98,-327 

86,566 

13,382,092 

MONTREAL   STORAGE    RATES. 

Storage  rate  on  grain,  %  cent  per  bushel  each  10  days  or  part  thereof.  (Winter  storage  begins  November  15  and  expires  May  15.  Between 
thesedates,  when  charges  amount  to  \\^  cents  per  bushel,  no  further  charge  accrues.) 

Total  elevator  capacity  :  Public.  2,100,000  bushels  :  private.  700.000. 

The  inspection  of  Canadian  grain  is  governed  by  Act  of  Parliament,  but  the  Government  permits  Inspectors  to  inspect  U.  S.  grain  to 
U  S.  standards  or  to  sample. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  record  on  pages  278  to  284. 

a'!7 


THE    COMMERCIAL    EXCHANGE    OF    PHILADELPHIA. 

The  Commercial  Exchange  of  Philadelphia  is  the  successor  of  tlie  Corn  Exchange  Association  of  Philadelphia.  The  Corn  Exchange 
Association  was  organized  January  4,  1854,  by  twenty-t'ive  business  men  ;  incorporated  January  22,  1S63.  The  name  was  changed  by 
decree  of  Court  to  the  Commercial  Exchange  of  Philadelphia  at  the  request  of  400  members  of  the  Corn  Exchange,  April  23,  1867, 
decree  dating  June  2g,  1867,  and  by-laws  coulirmed  April  29,  1S70  The  Chamber  of  Commerce  owns  the  property  at  a  cost  of  $225,000. 
The  Commercial  Exchange  own  a  controlling  interest  in  the  stock  and  lease  the  hall,  which  is  90  by  135  feet  and  47  feet  high.  There  are 
490  members.     Initiation  fee  is  $1,000.     Transfer  certificates  are  valued  at  about  $110. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
lieceipts  a7\(l  Exj)orts  of  Grain  and  Flour  for  Calendar   Years   named,  as  furnished  us  hy  the  Secretary. 


Tear. 


1S95.. 

l(t»4.. 

1893. . 

1892.. 

1891  . 

1890.. 

1889. 

1888.. 

188;.. 

1886.. 

188!).. 

1884.. 


Flour. 
Bbls. 


Wheat. 
Bushels. 


3,077,335 
3,sii,asi 
3,Sl«.5aT 
3,457,514 
2.461,113 
2,1W,I2.! 
1,041. 1«5 
1,319.163 
1,3?,>,:)44 
1.171.1.W 
1,:!20,516 
1.357,548 


Corn. 
Bushels. 


Oats. 
BusheLs. 


Rye. 

Bushels. 


Barley. 
Bushels. 


I      Total 

Bushels 
Flour  Red 


Flour. 
Bbls. 


Wheat. 
Bushels. 


Com. 
Bushels. 


Oats. 
Bushels. 


4,877,S-M  I 
4,47U,,%'9 

5,s»,or,' 

22,-.!79,400 
5.B22.000 

17.9t9.350 
5.96>,50() 
2.973.9(» 
4,o:«,tiO(J 
3,998.881 
8,175,610 
3,522,90(1 


5,013,105  1 

4.T»9,tNi 

5,091,126 

5,213,151 

4,8<t5,500 

4,522,670 

4.494,360 

4.6i.2,7.t0 

3.915.200 

3.866,000 

4,08,920 

4,l79,50t) 


62,000 
5a.200 
77,1100 
113,970 
79,200 
98,425 
82,800 
47,400 
4B,:iii0 
45,000 
48,000 
24,900 


S23,liXJ 

87U.700 

627,2110 

956.400 

974.6(K) 

1.056.:«I0 

643.600 

792,400 

l,28;i,8(M) 

1,489,100 

1,395,400 

1.506,900 


Rye. 
Bushels. 


26,830,136  1 

I        903,12  1 

32,41().(>93 

1.277,6113 

3-2,883.%9 

I,.j76,*i4 

56.142,542 

l,i«),"47 

29.5:'9.474 

1,156,:«2 

35,009.880 

861, .5S0 

18,412,600 

554.370 

16,.S08,7a2 

6;o,4:» 

ai,T24,709 

61)3.093 

21,312,292 

a<6,itr2 

23.705,399 

694,287 

20,787,616 

321, 5S3 

1,572,677 
4,210,3.53 
6,617,161 
10,020,417 
6,81.5.161 
767.074 
1,416,666 
l.:571,609 
8,317.164 
6,;!05.603 
3.:!69.915 
5,696,755 


3,589,401  I 
2,535,435 
4,104,288 

19,399,891 
2,759,1.35 

16.932,775 
3.864,80:) 
817.169 
2,286,258 
1,892,593 
6,028,.561 
1,750,266 


59,420     I 

103,401 
448,877 
312,211 


348,207 
:U.762 


Total 

Bushels 

Flour  Red' 


12.495.271 
18,1.55,245 
17,051.692 
38,192,4.50 
15,090.016 
21.576.959 

7.525,520 

5,-2a-.,7.53 
13.317,310 

9,9:!5,9:«) 
12,871, TH 

8,928,906 


PHIIiADELPHIA    STORAGE    RATES. 

Storage  rates  on  grain  are  %  a  cent  per  bushel  for  the  first  10  days  or  fractional  part  thereof,  and  f^  of  a  cent  per  bushel  for  each 
succeeding  10  days  or  part  thereof.  Public  elevator  capacity,  5,000,000  bushels.  Elevator  floating  capacity,  15,000  bushels  i)er  hour. 
Inspection  is  under  control  of  the  Exchange. 

rHIL,ADEL,I'HIA    .STOCK    EXCHANGE    RECORD    REVISED    BV    THE    SECRETARY. 

The  Philadelphia  Stock  Exchange  was  organized  by  ten  merchants  about  the  beginning  of  the  present  century  in  the  Exchange  Coflee 
House  on  Second  Street.  The  membership  was  increased  to  eighteen  by  January,  1818.  The  Exchange  then  rented  a  room  in  the 
Merchants'  Exchange  Building,  remaining  until  1876,  then  moved  next  door  to  the  Girard  Bank,  remaining  until  October  29,1888,  when 
they  again  moved  to  their  present  hall  in  the  Dre.xei  Building  on  Chestnut  Street  below  Fifth.  A  clearing  house  was  started  in  August, 
1870,  a  gratuity  fund  in  December,  1875.  A  constitution  adopted  April,  1880,  limited  the  membership  to  250.  The  present  membership 
is  230.     Memberships  are  valued  at  about  $3,000.00. 


Bonds  Listed. 

Stocks  Listed. 

Bonds  Sold. 

Stocks  Sold. 

1896 

$67,321,500 

$85,105,573.22 

$26,494,676 

6,4.34.918  Shares. 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  record  on  pages  278  to  284. 

339 


PF 
If 

frT 


trfr 


1  1 1 

FP 


[^ 

rr 

FF 

FP 

'•rFr 

■  ■ 

FF 


'"III  ii«^ 
r-  is ^ 'fill 


fF    l!'i,[tl!l 


PP 


Fp  sriia 


lit   rii   b  l-  t-  1! 


"^        lit  rii  r 


SAN    FRANCISCO    PRODUCE    EXCHANGE, 

The  San  Francisco  Produce  E.xchanpje  occupies  a  hall  in  and 
controls  the  stock  of  tlie  Merchants'  E.xchange  Building.  It  has 
2U0  members,  and  was  organized  in  1S67.  I'he  organization  is 
prosperous  and  contemplates  a  new  building.  Minimum  quantities 
traded  in  are  100  ton  lots. 


TACOMA,    WASH.,    CHAMBER    OF    COMMERCE. 

Exported  ove;  $6,ooo,chx)  worth  of  merchandise  in  1894,  and 
the  Pacific  Coast  tonnage  is  now  457,359  tons,  or  one-third 
larger  than  in  1884. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 
Receipts  and  JSxports  of  Ilanch  Froducts  for  Years  named,  ending  July  1,  from  San  Francisco. 


RECEIPTS. 


j?'lour. 

W  heat. 

Barley, 
centals. 

Oats. 

Beans. 

Corn. 

Rye. 

Potatoes. 

Hay. 

Hops. 

Mustard 

Flax. 

Wool. 

Qr.  Sks. 

centals. 

centals. 

Sks. 

centals. 

centals. 

Sks. 

Tons. 

Bales. 

Sks. 

Sks. 

Bales. 

Totals,  ^894-a^ 

r>,in2,439 

11.315,592 

1,8.50,518 

701,051 

493,883 

208.821 

44,800 

1,147,0.52 

145,033 

1",2<)8 

53,945 

4.5,990 

98,243 

I8!):i-'.I4 

4,213,022 

10,712,778 

3,(i28  110 

044,7.52 

5:i5,;H)7 

371, .530 

41,102 

1,;{08,730 

12;»,704 

8,725 

69,70 

10,.578 

92,143 

1S92-93 

5,512,921 

12,1.55,559 

3,380,821 

.594,3^5 

.577,315 

312,447 

109,779 

l,277,(Ki7 

129,20<) 

8,913 

27,804 

19.:«^^ 

99,426 

lS91-it' 

.5, 1110,045 

13,813,751 

2,1141,0.56 

575,211 

.500,780 

319,!i20 

]21,2;« 

1,199,788 

127,418 

9,714 

21,481 

t>0,l(l8 

94.641 

18110-91 

.5,734,l(« 

15,048,877 

1,!H)1,217 

495,175 

IW'^.aS 

.394,182 

71,.520 

1,249,3:« 

120..531 

8,0(i3 

30,142 

80,8.54 

89,778 

1889-!N) 

.5,917,a50 

14,703,014 

2,422,794 

5»)5,648 

411,870 

2(>4,026 

145,206 

l,.328,8;i2 

i:«i,004 

14.0.99 

25,56.5 

.58,171 

105,96:5 

1888-89 

4,t><Hi,577 

14,a5.5,!'61 

2,603,834 

«.52,.5;!8 

322,!K)2 

178,739 

31,641 

l,-2»4,463 

120,678 

17,479 

27,207 

81,6.50 

121,.580 

1887-88 

4,197,067 

9,4:»,323 

2,352,078 

4.57,649 

:«I7,742 

250,000 

24,-284 

l,2i8,4.55 

124.iH)8 

.39,470 

88,r5:i 

94,702 

CLEARANCES,  as  reported  by  United  .States  Custom  returns. 


Flour, 
barrels. 

Wheat, 
centals. 

Barley, 
centals. 

Oats, 
centals. 

Corn, 
centals. 

Rye. 

centals. 

Totals,  18!V4-95 

ISiCi  94 

922,384 

776,874 

],084,.561 

l,0-)5,7.57 

1,181,872 

1,174,974 

879,184 

8.V>,199 

9,598,(a3 
8,.598,l<):i 
10,551 ,074 
12,784,779 
13,ll39,(i29 
13,728,442 
13,418,2.54 
8,923,730 

699,H.58 

2,402,690 

1,8!U,:«0 

1,129,410 

a36,209 

813,140 

952,408 

1,044,722 

16,970 
21,.520 
20,oa5 
18,160 
10,024 
.52,8»4 
30,769 
27,.5:« 

76,9<;6 
188.900 
0!l,884 
77,928 
130,,544 
o:!,967 
19,770 
74,772 

12 
22 

1892-93 

66,548 

1891-92 

93,&49 

181)0-91    

18,89-90 

1888-,S9                       

1887-88 

San  Francisco's  Storage  Capacity,  Reg.  Grain  House,  Public,  80,500  tons;  Wheat  only  at  interior  points,  511,0C0  tons. 

EXPORTS    OF    TACOMA-WASHINCTON. 


Calendar  Year. 

Flour, 
barrels. 

Wheat,  Coastvpise 
bushels. 

Wheat,  Foreign, 
bushels. 

Cotton, 
pounds. 

Lumber, 
feet. 

Coal, 
tons. 

Canned  Salmon, 
pounds. 

vm 

291,365 

1,784,863 

4,165,497 

1,073,984 

56,986,558 

282,561 

2,858,166 

The  ReKistered  Tonnage  inward  was  595,450  tons;  outward,  588,966.    Cargo  tonnage,  inward,  75,515;  outward,  629,.")48.    Deep  Sea  arrivals 
numbered  402. 


EXPORTS    OVER    COLUMBIA    RIVER    BAR,    OREGON 

Domestic  and  Foreign). 

1S93-1U. 

1892-93. 

1891-92. 

189(MJ1. 

1889-90. 

1888-89. 

1887-8. 

Wheat,  cental 

Flour,  barrels 

4,lfi0.a31 
432,137 

3,807,845 
5.39,658 

4,.529,462 
502,581 

4,146,641 
616,435 

2,096,569 
523,431 

3,249,639 
65.5,059 

4,462.371 
644,471 

For  Daily  Receipts  of  Cotton  at  all  points  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  284. 

311 


r 


'^^W^'M 


MERCHANTS'  EXCHANGE  OF  ST.  LOUIS. 
The  Merchants'  Exchange  of  St.  Louis  was  organized  January  7,  1862;  incorporated  March  4,  1863,  and  was  the  outgrowth 
of  the  St.  Louis  Chamber  of  Commerce,  organized  in  1S36.  The  building  is  owned  by  the  Merchants'  Exchange  of  St.  Louis,  and 
was  completed  in  1875,  at  a  cost  of  Si, 800,000.  It  is  Missouri  sandstone  and  brick,  facing  Third,  Pine  and  Chestnut  streets.  The 
Exchange  Hall  is  222  by  92  feet,  and  60  feet  high  to  a  skylight.  The  building  is  bonded  for  8150,000.  The  Exchange  membership 
is  unlimited,  and  numbers  2,518.     The  initiation  fee  is  §2,500;  transfer  certificates  are  valued  at  about  $50. 


CLAPP    &    COMPANY,   BANKERS    AND    BROKERS,   NEW   YORK,   ANNUAL    RECORD. 

Receipts  and  Shipments  of  Flour  and  Grain  for  months  and  years  named,  as  compiled  by  the  Secretary. 


Receipts. 

Sbifhents. 

1895. 

Flour. 

Wheat. 

Corn. 

Oats. 

Bye. 
Bushels. 

Barley. 

Flour. 

Wheat, 

Corn. 

Oats. 

Rye. 

Barley. 
Bushels. 

Barrels. 

Bushels. 

Bushels. 

Bushels. 

Bushels. 

Barrels. 

Bushels. 

Bushels. 

Bushels. 

Bushels. 

.lanuary  . 

hy  '^1*1 

ViS  '^i 

Vi",4.i.. 
7'.M).4lk") 

,>.),  :jlMI 

ti  ;>4o 

2li9,. 5(1(1 

i;il  1S2 

l,(isj.si:: 
621.307 

ii  ((•((( 

otii  2:>1 

6  14:i 

11  92:1 

February 

59,9SU 

66,447 

419,315 

13,;i00 

173,250    , 

1.54,460 

\A\.m\. 

339.364 

11,490 

8.256 

102,230 

177.290 

641  Sill 

537  620 

15,422 

251  727 

744  461 

Sll  470 

377,877 
202.481 

21,063 

2.862 

April 

95,38i 

158,3.3.') 

298,125 

r>«;,95o 

5,920 

r2.7.50 

210,089 

666,523 

1,170.474 

7.511 

6,699 

May 

ST.eOT 

812  895 

.528,S:!5 
285,140 

3,292 
1,2.56 

15  021 

184,817 
151,625 

280  781 

1  160 

756 

.June 

fi7.386 

Slt),.5(IO 

t;:!ll,2(IO 

506.111 

403,53s 

223,.5fi2 

116 

July 

61  44s 

1,902  35(1 

332  585 

(Vri)  560 

10  4(U 

890 

131  660 

310  019 

528  300 

244  247 

4  4.55 

August 

79,216 

2  353  692 

741.6:i(i 

1,176  (00 

16  823 

7,58 

195,907 

511  i:U 

6'i2,474 

4(W,075 

9.970 

September 

79.610 

l.'20-2..5C,(i 

711. 7711 

1,495.365 

9,271 

7.810 

189.67(1 

4»i0.319 

4:50.(12(1 

7(!0.:«1 

10,805 

a34 

October 

12:1,695 

1  508  110 

318,1111 

1,850,590 
763,050 

67  474 

6^,091 

213  4S;! 

758  .553 

448  Zi) 

73:1.13(1 

44  2)1 

4.6.55 

November 

83,890 

1,1.50,120 

836.9'20 

,52,914 

419,017 

16S.6:« 

361.167 

483,093 

320.?2.5 

a5,is» 

5'4:«) 

Pecember 

103,690 

957,447 

1,440,.505 

678,(180 

22,400 

445.009 

162,376 

439,476 

1,148..>40 

271,940 

21.220 

4,320 

By  wagon 

541.880 

600,000 

300,0(KI 



Total,  1S9-. 

1.013,;M4 

11,275.885 

8,779.290 

10,466,160 

2il,821 

2.104,126     1 

2,143,659 

7.S7S,C,13 

6,931,369 

4.(W5.274 

173,296 

45,s;i 

1894 

1,261,309 

10,il0;i,242 

23.546,945 

10,1%,605 

140,285 

2,083,4.33 

2,168,338 

3.140. 1?2 

18,163,853 

3,909,809 

120.036 

78,871 

'•      1S93 

1.171,02.5 

14,612.999 

33,809.405 

10,056,225 

583,799 

1.986,746 

2.044.727 

7,8.36.6S4 

29,656.427 

4,(B4,276 

586,328 

122.613 

••      1892 

1,455.342 

27.483,8.55 

32,030.030 

10.601,810 

1,189,153 

2.691,249 

2,313.738 

14.3.33.534 

22.606.756 

4.972,928 

1,032,374 

188.563 

"      1891 

1,353,610 

25,5ii.l83 

21,530,910 

12,432.215 

1,149.490 

2,1(I8,&16 

2.767,906 

14.977.215 

14.881.6(13 
40,61<33S 

7.772.858 

1,089,403 

173,663 

"      1H90 

1,229,975 

11.7;iO,774 

45,003,681 

12,299,955 

501,054 

2,794,as0 

2.880,3^4 

3.688,015 

7,193.86.8 

467,360 

230.155 

"      1889 

1,168,603 

13,810,591 

34,299,781 

11,347.:!40 

679,364 

3,070.807 

2,859,389 

5,351,141 

30.019.187 

6.803.S77 

809,072 

3.52.173 

■•      1888 

887.173 

13.010,108 

20,269.499 

10,456.760 

421,514 

3.044.%1 

2,682,405 

4,412,506 

15,904.759 

5.414.764 

275,23:B 

324,083 

"      1887 

l,OI9.8«4 

14,510,315 

16,57«,:^6 

9.768.545 

236,726 

2.932.192 

2,594,881 

6.238,26S 

13.841.173 

3.7'^0,729 

175,352 

291.333 

"      1886    

S»8,417 

12,:»9,364 

16,387,071 

7.426,915 

447,842 

2.529.731 

2,243,361 

2.429.462 

11.84S,995 

2.764,922 

s:rr.oi8 

215,3.57 

"      1885 

1.032,506 

10,690,677 

26.114,782 

7.SS3,529 

T26,~98 

3.017.«2 

2,551,499 

2.332.609 

20.491.416 

3.6Stl.829 

6.36.640 

210.340 

"      1884 

1.456,1.53 

16,368,809 

19.607.325 

7.036.951 

585.218 

2.625.841 

3,014,105 

7.177.982 

in,53:i,259 

3.0S2,.36O 

7(e.52« 

169.781 

"      1883 

1,585,670 

15.000,704 

20,001.450 

6,452,757 

5S2.27* 

2,860.798 

2,751,182 

6.430.765 

15,199.HJ9 

3.047.559 

S93..5S7 

180.900 

"      1382 

2,003.424 

20,774,987 

14.5.1.ij5 

8.138,516 

403.707 

1.818,968 

3,305,765 

12.446.060 

9.376.975 

4.410.011 

344.870 

86.245 

S' 

r.  LOUIS 

8TORA 

«E    RAT 

ES    ON    G 

RAIN. 

First  todays  or  fraction  thereof,  1  cent  per  buahel ;  each  subsequent  10  days  or  fraction  thereof,  H  of  1  cent  per  bushel.  Oats,  after  January  15,  first  10  days 
or  fraction  thereof,  H  of  1  cent  per  bushel  ;  each  subsequent  10  days  or  fraction  thereof,  ^  of  1  cent  per  bushel.  Barley,  first  30  days  or  fraction  thereof,  1  cent 
per  bushel ;  each  subsequent  30  days  or  fraction  thereof,  1  cent  per  bushel. 

Elevator  storage  capacity— public,  12,150,000  bushels;  private,  1,400,000  bushels.  Inspection  In  East  St.  Louis  under  Exchange  control.  In  St.  LooU, ooder 
State  law. 

For  Daily  Receipts  of  Cotton  at  St.  Louis  in  1895,  see  Clapp  &  Company's  Record  on  pages  278  to  234. 


SUPERIOR    BOARD    OF    TRADE    AND    CHAMBER    OF    COMMERCE. 

Superior  has  two  commercial  organizations,  the  Board  of  Trade  and  Chamber  of  Commerce. 

West  Superior,  Wisconsin,  was  incorporated  in  1889,  has  now  about  30,000  population,  and  property 
valued  at  $70,000,000.  The  Terminal  Storage  Company  is  an  important  local  influence  promoting  growth  and 
development. 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

RECEIPTS. 


Flour 

Manufactured. 

Barrels. 

Wheat. 
Bushels. 

Corn, 
Bushels. 

Oats, 
Bushels. 

Barley, 
Bushels. 

Rye, 
Bushels. 

Ft.ax, 
Bushels. 

Grain. 
Total  bush. 

1895 

2,305,267 
2.028.121 

32,825,838 
23.846,110 

8,017 
296,734 

260,529 
307.816 

1,708,163 
1,339,675 

2,786 
1,290 

2,331,258 
344,710 

37,136,591 
26,136  335 

1894 

SHIPMENTS. 


Wheat, 
Bushels 

Corn, 
Bushels. 

Oats. 
Bushels. 

Barley, 
Bushels. 

Rye, 
Bushels. 

Flax, 
Bushels. 

Grain. 
Total  bush. 

1895 

1894 

20,901.832 
13,370.143 

296.734 

421,543 

1,609.387 
1,243,879 

9,397 
9,152 

1.300  204 
372,215 

24,242,363 
15,292,113 

SCPERIOR    (\t'I$.)    STOR.4CE. 

There  are  seven  mills  with  grinding  capacity  of  24,000  barrels  daily.  Five  mills  have  elevators  a.ggregating 
storage  capacity  of  1,250,000  bushels.  Public  elevators  have  storage  capacity  of  14,750,000  bushels,  making  a 
total  of  16,000,000  bushels. 


For  Daily  Receipts  of  Cotton  at  all  points  in  1895.  see  Clapp  &  Company's  record  on  pages  278  to  284. 


315 


^a^,sS^=-* 


TOLEDO  PRODUCE  EXCHANGE. 

The  Toledo  Produce  Exchange  is  the  outgrowth  of  the  Board  of  Trade,  which  was  organized  in  1849.  The  Produce  Exchange 
was  chartered  January  10,  1876.  January,  187S,  the  Exchange  dedicated  a  building  they  had  erected  which  cost  them,  including  the 
land,  $150,000.  Some  years  later  they  sold  the  property,  renting  the  Exchange  hall,  which  is  70  by  55  feet  and  30  feet  high.  The 
initiation  fee  remains  as  first  placed  at  $250  at  time  of  organization,  when  the  membership  was  limited  to  one  hundred.  Transfer 
certificates  are  valued  at  about  $50,  which  equals  the  assessment  for  annual  expenses. 

CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Receipts  and  Exports  of  Flour  and  Grain  for  years  named,  as  reported  by  the  Secretary. 

RECEIPTS. 


Flour. 
Barrels. 

Wheat. 
Busbels. 

Corn. 
Bushels. 

Oats. 
Bushels. 

Rye. 
Bushels. 

Barley. 
Bushels. 

Total  bushels. 
Flour  reduced. 

1895 

1894.              

1,274,306 

1,259,695 

1.354,2^4 

1,379,556 

1,313,489 

949,681 

693.340 

418,396 

7,836,430 
18,:580,2&4 
13,810,434 
2:3,405,636 
19,539.887 
5,776,033 
6.172,977 
8,041.142 

6,845,204 
5,798,689 
7,151,436 
7.472,814 
4,414,212 
16,558,228 
4,800.?27 
2,726,484 

756,512 
5b3,990 
455,045 
326,376 
789,144 
869,953 
578,537 
1,439,757 

164,516 
278,045 
359,051 
624,906 
2,315,197 
163,475 
ai9,835 
185.943 

94.700 
35,300 
43,285 
37,559 
39,1U0 
48.302 
77.874 
73.874 

25,2.51,051 
30,710,836 
27,913,259 
38.075.293 
a3.008.341 
27,689,556 
15,(199.960 
14,329.982 

1893 

1892              

1891      

1890 

1889 

1888    . 

SHIPMENTS. 


1895. 
ISM., 
1893., 
1892.. 
1891., 
1890  . 
1839., 


Flour 
Barrels. 


1,274,306 

1,259,695 

1,()29,?24 

1,099,566 

1,078,489 

709,681 

468,340 

228,396 


Wheat, 
Bushels. 


7,515,302 
18,110,822 
14,736,210 
21,444,392 

18,846,458 
5,777,484 
7,15.5,039 
7,882,419 


Corn. 
Bushels. 


7.571.142 
5,450,730 
7.301.(175 
7,175,3:a 
4,217,364 

16,544,947 
4  765,831 
2.611,803 


Oats. 
Bushels. 


519.380 
578,105 
529,533 
34,8,768 
695,3:» 
879,000 
595,325 
1,392,761 


Rye. 
Bushels. 


84,732 
283,1W 
445,548 
626,396 
2,235,510 
164,.560 
376,683 
150,160 


Barley. 
Bushels. 


Total  bushels. 
Flour  reduced. 


94,700 
33,300 
25,000 
37,559 
39,100 
51,106 
75,010 
90.5T2 


21,550,133 
30,126.614 
27,698,974 
34.490.497 
30.916,963 
26,610,662 
15,075,418 
13,147,497 


TOLEDO    STORAGE    RATES    ON    GRAIN. 

Elevation  and  first  10  days  }i  cent  per  bushel.     Each  succeeding  10  days  or  fraction  thereof  ^  cent  per  bushel, 
capacity  is  6,357,000  bushels.      Inspection  of  grain  is  under  control  of  the  Exchange. 


Elevator  storage 


We  offer  to  clients  every  facility  which  their  balances,  business  and  responsibility  warrant. 

The  customary  trading  unit  on  the  New  York  Stock  Exchange  is  100  shares  of  stock.  The 
minimum  contract  made  on  the  New  York  Cotton  Exchange  is  100  bales  of  cotton.  For  wheat  and 
other  grains  on  the  New  York  Produce  Exchange,  the  Chicago  Board  of  Trade,  the  St.  Louis 
Chamber  of  Commerce,  and  the  other  leading  American  Exchanges,  it  is  5,000  bushels.  Contracts 
in  provisions  are  for  250  barrels  pork,  250  tierces  lard,  50,000  pounds  ribs. 


THE  COFFEE  EXCHANGE  OF  THE  CITY  OF  NEW  YORK. 

The  CofTcc  Exchange  of  the  City  of  New  Voikwas  est.iblished  in  1882  ;iii<l  incorporated  June  2,  1885,  by  fifteen  merchants. 
Warehousemen,  weighers  and  graders  are  licensed.  Disputes  arc  settled  by  adjudication  and  arbitration.  'I'hc  present  membcrihip  is  312 
and  limited  to  500.     Iniiiation  fee,  $i,ocw.     Membcisliip  certificates  are  transferable  at  about  $150. 

CLAPP  &  COMPANY.  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

World's  coffee  crop,  visible  and  distribution  of,  with  New  York  Jdyh  and  low  for  years  named,  as  compiled 

from  reports  of  the  Coffee  Exchange  of  New   York  City. 


1895-6. 
*5,7.iO,000 

1894-5.    ,    189.3-4. 

1892-3 

1891-2. 

1890-91. 

1889-90. 

1888-9. 

1887-8. 

1S86-7. 

188.5-6. 

lfc81-.5. 

188,3-4. 

Brazilian  crop 

6,695,000    4.309,0(X) 

0,202,000 

7,397.000 

5,3  8,000 

4,260,000 

0,8:i7,0(X) 

3,0;i;t,00lj 

6,078,000 

5..V$5,000 

6,206,,5IX» 

5,047,(HX) 

2.6:i5,.5C7 
6,773,6.50 

U.  S.  deliveries. . . . 
Europe      " 

4,4.%,.'i6:S 
6,814,945 

4.39.5,916    4,298,815 
6,816,905    6,272,1*8 

4,398,.>19 
6,'>47,079 

4,411,8:{2 
6,3!»2,719 

2,072,970 
6,0I.5,68.> 

2,703,861 1 
6,71li,l(K) 

2,6"M,K(;8 
6,.589.1(IO 

2  163,820 

5,8,S,S,4()i) 

2,07 1, .585 

7,:«i;i,oio 

2,937,981 
7,19.'<,280 

3,108,911 
7,.W,.3;jO 

Total 

11,2,51,808 

.3.115,686 
3,."w2,7it3 
t3.055.250 

11,212,&51  10,571,.533 

2.140,423    3,100,018 

2,433,248 

2,678,207    3,963,500 
1.5.7.5-10.4517.7.5-12.80 

10,940.228 

2,955,023 

3,100,271 

7,911,.5O0 

17.70-11.75 

10,804,551 

1,909,120 

2,701.010 

6.949,000 

17.25-10..35 

8,718.661 

2,384, .563 

2,388,3.37 

7,700,750 

18..50-I3.10 

9,120,200 

3,.5"9,175 
2,764,590 

18.30-13.00 

9;247,968 

2,329,011 
2,808,711 

18.00-  9  .50 

8,052,220 

4,1.'H,851 
3,268,222 

19.60-  9.00 

10,0,34,595 

3,985,0,39 
4,323,332 

22.25-  7..55 

10.i:iO,264 

5,051.730 
5,12l,.527 

8.10-  6.35 

10,5."j7,241     9,409.217 

5,:!9H.:J87     .5,231,120 
.5,279,175     5,:fl)0,715 

9.1.5-6.25:11.6.5-6.95 

World's    visible 
supply,  .hily  1.. 

Worlci's    visible 
supply,  ,Iiin.  1.. 

.'^alos  on  N.  Y.  Cof- 
fee K.xehiinKe. . 

High  and    low    of 
contract  cofTee.. 

»  Estimated  bv  Henry  Hentz  &  Co. 

t  Only  Rio  and  Santos  Coffee  included  in  the  17.  8.  from  1882  to  1891.    t  Calendar  year  189.5. 


Sugar  Crops  of  the   World. 


United  States  (beets,  30,000  1895-6  ;  20,000  1894-5).. 

Canada  (beets) 

Spiinisli  West  Indies- 
Cuba,  crop 

Porto  Kico , 

British  West  Indies— 

Trinidad,  exports 

Barbados,  exports 

Jamaica 

Antigua  and  St.  Kltts 

French  West  Indies- 
Martinique,  exports 

Guadeloupe , 

Danish  West  Indies— 

St.  Croix 

Hay ti  and  San  Doniingo 

Le.sser  .\ntllies,  not  named  al>ove 

Mex  Ico 

Central  America— 

Snu  Salvador,  crop 

NIear.igiin,  crop 

British  Honduras  (Belize),  crop 

South  America — 

British  Guiana  (Demarara),  exports 

Dutch  Gidana  (Surinam),  crop 

Peru,  crop 

Argentine  Republic,  crop  (no  exports) 

Brazil,  exports 


Total  In  America.. 


Asia— 

Brlti.sh  India,  exports 

Siam,  crop 

Java,  exports 

Japan  (consumption,  125,000  tons,  mostly  Imp't'd) 

Plillippine  Islands 

Cochin  China .... 


Total  in  Asia.. 


Australia  and  PolTnesia.. 

Africa 

Spain 


Total  cane  sugar  production 

Total  l>eet  sugar  production  (I Jcbt) 

Grand  total  cane  and  lieet  sugar  production. 
Estimated  decrease  In  the  world's  production 


1S95-6.         1894-5, 


290,000 

soo 

.300,000 
55,000 

50,000 
57,1100 
30.000 
25,000 

30.(100 
45,000 

8,000 
38,000 
8,0011 
2,000 

500 
500 
200 

105.000 
6,0110 
68,0110 
.0,3,01  0 
225,1  lOO 

1,446,700 


50,000 

7,000 

525,000 


2.3O.0(X) 
30,000 

W2,0O) 

325.00) 
249,010 

20,000 

2,882,700 
4,130,000 

7.012,700 
1,»2.971 


337,0110 

300 

1,040.001) 
52,000 

.50.000 

3;.iii)'i 

31,01)0 
211,000 

29,000 
43,UlK) 

7,000 
38,0110 
8,0<O 
2,000 

500 
500 
200 

100,000 
6,0l« 

(.8,11011 
79,01  H) 
275,000 

2,218,000 


50.000 

7,1100 

486,051 


200,000 
30.000 

773,151 

2ft-..i)i« 
237.000 
20,000 

3,54.3.151 
4,792,520 


Coffee  and  sugar   imjwrtations   as   reported  by    U.  A'.   Gov- 
ernment for  calendar  years  named. 


1895. 


1894. 


Quantity  of  coffee  im- 
ported, lbs 

Value  of  cotee  impor 
tations,  dots 

Quantity  of  cane  and 
other  sugar  import- 
ed, lbs  3,284,843,2.i6i4.720,988,872;3,223,708,.593:3..556,509,165 

Value   of    sugar   im 


642,318,319  005,152,991 
96.512,370   9;?,510,894 


1893. 


1892. 


526.4:}5,372    629.071.748 
81,885,044    126,395,317 


ported,  dols, 
Quantity  of  beet  sugar 

imported,  lbs, 

Value  of   beet   sugar 

imported,  dols 

Quantity   of   tea   im 

ported,  lbs 

Value  of  tea  import 

ed,  dols 


63,800,680 

203,607,429 

3.611,646 

97,883,051 

13.320,341 


97,721.391 

313,117,052 

7.4.56,782 

10'>,082,162 

13,93.5,602 


104,433.619 

543,288,489 

17,331,143 

82,411,496 

13,108,851 


104,206,718 


89,610,741 
14,267,411 


18S.1. 


511,011.459 
91,02S,119 

3,483,477,222 
105,549,3.59 


82,395.924 
13,639,785 


1S92  and  prior  years  ending  June  30.  sugars  not  exported.    1894-95  revised,  Dutch 
Standard  Sugar  above  16  not  included. 

WorhVs  jrroduction  of  Coffee,  by  W.  Schoefer  &  Company, 

Rotterdam. 


1893-4. 
Bags. 

1894-95. 
Bags. 

189:-..  96. 
Bags. 

Rio  Victoria  and  Ceara 

2,700,000 

1,770.001) 

37(1,000 

1.476,110 

1,214,9110 

195.9110 

434,2tt) 

463,200 

82.7111) 

3.000 

31.9110 

27,1(1') 

27(;..-!0i) 

156,100 

2.800.000 
4,000,000 

300.001) 
1,2511,0110 

N)0,000 

2a),ooo 

400.(100 
SOii.ftJO 
4;i,iOi) 
1,1100 
45.0110 
40,000 
2511.000 
200,000 

2,U  0,000 

Santos 

3,.T(  0,000 

Bahia                             

aMi.omi 

Mexico  aixl  Central  America 

i.:«o.oa) 

Venezuela  and  Colombia 

i.noo.iwi 

Porto  Rico  and  Britlsli  West  Indies 

Havti 

22S.UW 
4.50.00 

Java  Government  and  private 

'..tO.OUI 

50.01 0 

.s.ooo 

Macas'^ar,  Timor,  etc 

40,000 

40.000 

300,011) 

\friea  Mocha,  etc 

210,000 

Total 

9.202,000 

11,129.(110 

IO.27O,0i« 

American  merchants  estimate  crop  1895  6  as  high  as  12,000,000  bag*. 


The  consumption  of  sugar  and  its  cost,  compiled  from   Wlllett  <&  Grey  and  Government  reports  for  years 

named. 


1895. 

62.61) 

30.(HX) 

149,298 

2.25 

1894. 

1893. 

1892. 

1891. 

1890. 

1889. 

1888. 

1887. 

1886. 

1885.  j  1884. 

Consumption  of  sugar  i)er  capita,  in  lbs 

67.07 
80,(XX) 
165,469 

63.83 

30,(XX) 

84,524 

3.09 

63.76 

66.781 
2.!I3 

67.46 

82,788 
3.03 

54.56 

53.749 
3.'28 

52.64 

22.'37'8 
3.21 

54.23 

71,370 
2.75 

5*2.11 

84,36V 
2..T0 

52.55 

119,176 

2.84 

49.95 
2.67 

51.00 

Stock  of  refined  not  distributed  Dec.  31,  in  tons 

.... 

Stock  of  raw  sugars  in  r.  .^.  Dec.  31,  in  long  tons   

Average  cost  per  lb.  in  foreign  countries,  in  cents 

3.61 

For  Daily  Receipts  of  Cotton  at  New  York,  Philadelphia,  Baltimore  and  Boston  in  1895,  see  Clapp  &  Company's 

Record  on  pages  278  to  284. 


349 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS,  NEW  YORK,  ANNUAL  RECORD. 

Commercial  Organizaiions  cf  States  and  Cities  January  i,  1896,  from  Inter-State  Commerce  Commission's  Report. 


STATE. 


Number  of 
Commercial 
Organizat'ns 


Leading  City. 


Population. 


Number  of  I 
Trade  Or- 
ganizations. 


Title  of  Principal  Trade  Organizations. 


Alabama 

Arizona  

Artiatisas 

CaUfui-iiia 

Colorado 

Connectlcat 

Delan'are 

I>i»>trict  of  Columbia 
Florida 

Georgia 

Idaho 

Illinois 

Indiana 

Indian  Territory 

loiva 

Kansas 

Kentucky 

Iionl.slana 

ITIalne 

nary  land 

ItlaMMach  uaetta 

inichlgan 

Minnesota 

RIlaslHslppl 

inilssourl 

ITIonlana 

Nebraska 

Nevada 

New  aanipHbIre 

New  Jersey 

New   Mexico 

New  \'ork 

4 


North  Carolina 

North  Dakota.. 
Ohio 

Oklahoma 

O  recoil 

Pennsylvania.. 


Rhode  Island  .. 
JSouth  Carolina 
South  Dakota  .. 
Tennessee 


Texas , 


Utah 

Vermont 

Virginia 

Washington  . 


29 

5 

83 

»7 

36 

7 
3 
»3 


7 
103 


56 

4 

58 

42 
26 


45 
24 
161 


73 

28 
72 


5° 


3' 

49 


8 

220 


West  Virginia. 

Wtseonslu 

Wyoming 


209 


»7 
149 


16 
24 

30 

60 


32 
36 


61 

<3 


MoBfLE , 

Birmingham  .. 

Tucson 

Little  Rock.. 
San  Franxisco 
Los  Angeles  ., 

Denvek 

PUKBLO  

New  Havkn... 
Hartford 

VVlLMING  1  ON  . . . 
Washington.  .. 
Jacksonville.  . 

I'ampa  ..   

Atlanta 

Savannah  

A  ogusta 

Maco.v 

Moscow 

Chicago 

Peoria 

Indianapolis  .. 
Evansville.  ... 

PUKCELL 

Des  Moines  . . . 
Sioux  Cnv.  .. 
Kansas  City... 

TOPEKA 

l.OUISVILLK 

Covington 

New  Oi.'i-EANS  . 

PoR ILAND  

Baltimore 

Boston 

WoKCKSlER  .... 

Lowell 

Detroit 

(Irand  Rapids. 
Minneapolis  . . 

St.  Paul 

DULUTH 

ViCKSBURG 

Naichkz 

St.  Louis 

Kansas  City... 

St.  Josei* 

BUTTK 

Ov.aha    

Lincoln  

Reno 

Manchester.  .. 

Newark 

Jersey  City.  .. 

Patrrson 

Santa  Fe 

New  York  .... 


Brooklyn  .... 

Buffalo 

Roches  I ER  ... 

Albany 

Syracuse  

Wilmington  .. 
Charlotte  ... 
Fargo 

CiNCINNAII  ..., 

Cleveland 

Columbus 

Toledo 

Guthrie 

Portland  

Philadelphia  , 

Pittsburg  


Allegheny 

Scranton 

Providence 

Charleston  .... 

Sioux  Falls 

Nashville 

Memphis 

Dallas 

San  Antonio  . . ., 

Galvhston 

Houston . 

Salt  Lake  City  , 

liURLINGION   ...., 

Richmond 

Norfolk 

Seattle 

Tacoma 

Spokane 

Whf.ki.ing 

Milwaukee 

Cheyenne 


31,076 

26,178 

5.150 

25.874 

298,997 

*85,ooo 

*i50,oco 

24.558 

*94.5<» 

53.230 

61,431 

230.392 

17,201 

5,532 

65.533 

43.«89 

33.300 

22,746 

2,760 

*I,  700,000 


41,024 

■05.436 

50,756 

1,450 

*9o,ooo 

37,806 

38,316 

31,007 

*ig5,ooo 

^  37.37' 

•255,000 

^  36,425 
♦512,358 
•500,000 

84.65s 

77,696 

•300.000 

•85,000 

♦210,000 

133.156 

•65,000 

'3.373 
10,101 

451.770 
•150,000 

32.324 

•0.723 

140.452 

55.154 

4,000 

44,126 

•220,000 

163,003 

78..)47 

6.185 

1.7«".715 


•1.053,396 

255.6^4 
131,896 

94,923 
88,143 
20,056 

11.557 

5,664 

•340,000 

•350,000 

•175,000 

84.434 

2,788 

46.385 

1,046,964 

238,617 

105,287 
75215 
132,146 
54.955 
10,177 
•90,000 
*75,ooo 
•65,000 

37.673 
29,084 
27.557 
44,843 
'4.590 
8l.;X8 
34.871 
42.837 
36,006 
19,922 
3«.522 

•275,000 
11,690 


3 
3 

1 

4 
15 
6 


4 
4 

4 

3 

I 

38 


4 
3 
7 
6 

12 
7 
4 
3 
3 

26 


7 

16 
8 


t  Cotton  Exchange,  page  293. 

Commercial  Club. 

Board  of  Trade. 

Board  of  Trade. 

t  Produce  Exchange, page  341. 

Board  of  Trade. 

Chamber  o£  Commerce,  Board  of  Trade  &  Stock  Ex 

Board  of  Trade  Association. 

Chamber  of  Commerce. 

Board  of  Trade. 

Board  of  Trade. 

Board  of  Trade. 

Board  of  Trade. 

Board  of  Trade. 

Chamber  of  Commerce. 

t  Cotton  Exchange,  page  295. 

t  Augusta  Cotton  and  Grain  Exchange,  page  291. 

Boar.l  of  Trade. 

Chamber  of  Commerce. 

t  Board  of  Trade,  page  307. 

t  Slock  Exchange,  page  265. 

Pioduce  Exchange. 

Board  of  Trade. 

Board  of  Trade, 

Business  Men's  Association. 

Board  of  Trade. 

Commercial  Exchange. 

Commercial  Association. 

Board  of  Trade. 

Board  of  Trade. 

Bo.ird  of  Trade. 

Commercial  Club, 

t  Cotton  Exchange,  pages  287-289, 

Board  of  Trade  (Limiteil). 

Merchants'  Exchanxe  and  Boanl  of  Trade. 

t  Com  and  Flour  E.xchange,  pav;e  319. 

+  Chamber  of  Commerce,  page  321. 

Stock  Exchange. 

Board  of  Trade. 

Board  of  Trade. 

t  Board  of  Trade,  page  327. 

t  Board  of  Trade,  page  335, 

t  Board  of  Trade. 

Jobbers*  Union. 

T  Board  of  Trade,  page  329. 

Cotton  Exchanvic 

Cotton  and  Merchants'  Exchange, 

t  Chamber  of  Commerce,  page  343, 

Cotton  Exchange. 

t  Commercial  Kxchangc,  page  331. 

Live  .Stock  Exchange. 

Commercial  Club. 

Hoard  of  Trade. 

Board  of  Trai!e. 

Board  of  Trade. 

Board  of  Trade. 

Board  of  Trade,  City  and  State. 

Board  of  Trade. 

Board  of  Trade. 

Board  of  Trade. 

Board  of  Trade. 

t  Stock  Exchange,  page  243. 

t  Cotton  Exchange,  page  273. 

t  Produce  Kxchani,e,  page  299. 

t  Colfee  Exchange,  pai;e  ^49. 

t  Consolidated  StiK-k  and  Petroleum  Ezch.,  page  jxyj. 

Chamber  of  Commerce. 

liuard  of  Trade  and  Transportation, 

.Maimfacturers'  Association. 

+  Merchants'  Exchange. 

Chamber  of  Commerce. 

Moard  of  Trade. 

Business  Men's  Association, 

Chamber  of  Commerce. 

Chamber  of  Commerce. 

Board  of  Trade. 

Chamber  of  Commerce  and  Merchants'  Ex.,  page  325. 

('hamber  of  Commerce. 

Board  of  Trade. 

t  Produce  Exchange,  page  347. 

Boanl  of  Trade. 

Chamber  of  Commerce. 

t  Commercial  Exchange,  page  339, 

t  I'lie  Bourse,  page  269, 

Chamljer  of  Commerce. 

Grain  and  Flonr  Exchange, 

Brewers'  Association, 

Board  of  Trade. 

Board  of  Trade, 

t  Cotton  Exchange,  page  293, 

Commercial  Club. 

Chamber  of  Commerce. 

t  Cotton  Exchange,  page  293. 

Board  of  Trade, 

Board  of  Trade. 

Cotton  E.xchange  and  Board  of  Trade. 

Cotton  Exchange  and  Board  of  Trade. 

Chamber  of  Commerce. 

Board  of  Trade. 

Giainand  Cotton  Exchange. 

+  Norfolk  and  Portsmouth  Cotton  Exch.,  paye  293. 

Chamber  01  Commerce. 

t  Ciiamber  of  Commerce,  page  341. 

Cliainber  of  Comnien  e. 

Chamber  of  Commerce. 

t  Chamber  of  Commecce,  page  333. 

Board  of  Trade. 


Fifty  States  and  Territories,  2,023  Ort; 
♦  Mayors'  reports  to  New  York  lyorid, 


anizations,  93  Cities. 
Jan.  1,  1895  ;  all  others  Census  of  1890.     New  York, 

350 


t  for  full  report  see  Index  for  full  page  elsett here, 
local  census. 


I 


UNITED   STATES   TREASURY,    WASHINGTON,    D.    C. 

Thp  IniiWInK  built  hv  the  Uiiitod  States,  at  tlii'  corner  of  Fifteenth  Street  and  Pennsylvania  Avenue,  and  occupied  hj-  the  XT.  S.  Treasury  Department,  Id 
468x2&4  feet,  exeiuslve  of  porticos  and  stairways,  contains  i'.S  rooms,  exclusive  of  attic  and  sid)-bascnient,  ami  cost  $6,UU0,i  Oi.  The  older  iiart  was  erected  from 
1S36  to  ISU,  of  Maine  Uranitc.  It  forms  three  parts  of  a  paralle!oj<ram,  and  Its  thirty  monoiitldc  columns  on  the  south  front  are  amon^;  the  larKCst  In  the  worlcl, 
being  4'-»  feet  in  dlanieler  an<l  31H.  feet  high.  The  architecture  is  pure  Ionic  The  eastern  front,  of  Virginia  freestone,  was  erected  In  Isiio  to  lBfi4.  and  thia  fourth 
section  of  tlie  parallelogram  faces  the  Capitol.  A  stone  balustrade  runs  around  the  entire  roof  of  the  l>nil(ling.  The  U.  S.  Trea.sury,  or  cash  room,  extends 
through  two  stories,  and  has  a  bronze  balustrade  paneled  In  foreign  and  domestic  marbles.  The  cash  vault  for  current  moneys,  sometimes  containing  as  high  as 
$ilJ(',0(W,C100,  Is  In  the  east  end  of  thu  room  and  one  overhead.  The  redemption  division  is  In  the  basement.  Two  sliver  vaults  In  the  sub-ba.sement  under  the 
Northern  Court  have  a  capacity  f  ir  S13J.UJJ.(X)J.  The  executive  olflces  are  on  'he  second  ft  »r.  The  Treasury  library  contains  over  20.000  volumes.  Forty  one 
difterent  persons,  between  US;)  and  l*tl.  haveofflciated  as  secretaries  of  the  0.  S.  Treasury,  as  follows  :  Alexander  Hamilton,  being  first  appointed  Sept.  II,  ITS'.i; 
Oliver  Wolcott,  Feb.  i,  17H5;  Samuel  Dexter,  Jan.  1,  ISOl;  Albert  Gallatin.  May  14.  1801;  Geo.  W.Campbell.  Feb.  11,  1814;  Alexander  J.  Dallas.  Oct.  6.  1SI4; 
William  H.  Crawford,  Oct.  ii,  Wlfi;  Richard  Rush.  March  7,  182);  Samuel  D.  Iiigham.  March  6.  1S2'.I;  Louis  McLean.  Aug-  2,  1S31;  William  J.  Duane.  May  211, 
1S33;  Roger  B.  Tnnev.  Sept.  2!,  IS.'!:!;  Levi  Woodbury.  June  2?.  1S:!4;  Thomas  Ewlng.  March  5,  ISII;  Walter  Forward,  Sept.  13.  1H41;  John  C.  Spencer.  .March 
3.  1S4:!;  Geo.  M.  Bibb.  June  l.'i.  1S44;  Robert  J.  Walker.  March  6.  IS4.T;  William  M.  Jleredith.  March  8,  1841);  Thomas  Corwin.  July  23,  1830;  James  Guthrie, 
March  7.  18.i3:  Howell  Cobb.  March  6.  1857;  Philip  F.  Thomas.  Dec.  12.  I860;  John  A.  Dlx,  Jan.  11,  1S61;  Salmon  P.Chase,  March  7,  IRBl :  Wm.  Pitt  Fessenden. 
July  1,  IStH;  Hugh  McCulloch,  March  7,  186.5;  George  S.  Boutwell.  March  11.  ISRil;  Wm.  A.  Richardson,  March  17.  1873;  BttiJ.  H.  Brlstow,  June  4.  1874;  Lot 
M.  Morrill.  Julv  7.  1876;  .lohn  Sherman,  March  3,  1S77;  Wm.  Wlndom,  March  5,  1881;  Chas.  J.  Folger.  Oct.  27,  1881;  Walter  Q.  Gresham,  Sept.  24.  1884:  Hugh 
McCulloch,  Oct.  -28.  1884;  Daniel  Manning,  March  6,  1885;  Chas.  S.  Falrchild,  April  1,  1S87;  William  Wlndom,  March  3,  1BS9;  Charles  F'oster,  February  2,  ISyi; 
John  G.  Carlisle,  March  6,  ISiiS. 

Uiiited  States  Heceipts,  fiscal  year  ending  June  30. 


FROM 


1S95. 


Customs 

Internal  revenue 

Profits  on  coinage,  bullion  deposits  and  assays.. 

Sales  of  public  lands 

Fees  -Consular,  letters  patent  and  land 

Sinking  funds  for  Pacific  railways — 

Tax  on  National  banks 

Customs  fees,  fines,  penalties  and  forfeitures. . . 

Repayment  of  interest  by  Pacific  railways 

Sales  of  Indian  lands 

Soldiers'  Home  permanent  fund 

Tax  on  sealskins 

Immigrant  fund 

Sales  of  trovernment  property 

Deposits  for  surveying  public  lands 

Sales  of  ordnance  material 

Sales  of  coudemned  navy  vessels <  . 

Sale  of  old  Custom  House,  Milwaukee,  Wis , 

Sale  of  land,  Brooklyn  Navy  Yard 

Smithsonian  fund 

Navy  pension  and  Navy  hospital  fund 

Depredation  on  public  lands 

District  of  Columbia 

Proceeds  Dist.  of  Columbia  10-year  funding  bonds 

Miscellaneous  sources 

Gen.  CuUom's  West  Point  bequest 

International  Union  and  Military  reservations.. 

Postal  service 

Sales  of  Lands  and  Buildings  under  special  acts 

Total 


152,158,017.45 

143,421,672.02 

1,640,679.70 

1,103,347.16 

2,655,299.44 

1,735,887.0:) 

1,712,550.94 

640,966.00 

982,411.16 

540,819.76 

212,484.57 

700.00 

3*5,224.84 

178.123.86 

162,607.21 

31,606.91 

939.43 


1,009,537.25 

17,729.53 

3,658,048.08 

382,055.97 

610,082.22 

8,596.23 

I 

76,983,128.191 
220,208.31 


1894. 


131,818 

147,111 

870, 

1,673 

2,765. 

1,916 

i,6io: 

682. 
926, 
399: 
191 


214, 

201, 

103: 

60, 

5 

107 

1,190, 


,.5,'?0.62 
,2.32.81 
,016.78 
,637.30 
699.41 
,314.11 
,867.56 
,041.48 
,420.09 
,811.36 
,382.15 
500.00 
,142.47 
,970.88 
,424.87 
,159.91 
,400.a5 
,680.00 
,531.01 


1,059,964.64 

8,774.05 

3,745,422.83 


772,148.18 

237,500.00 

48,445.89 

75,080,479.04 


1893. 


203,."?5.5,016.73 

161,027,623.93 

2,349,471.15 

3,182,089.78 

3,156,217.12 

2,0,52,488.39 

1,392,623.63 

806,919.88 

971,832,68 

1779.310.73 

162,733.05 

23,972.60 

288,219.68 

164,703.48 

156,282.46 

26,187.26 

l,138.a5 

71,526.37 


962,780.53 

21,148.01 

3,111,742.27 

405,164.00 

916,936.70 


1892. 


177,4,52,964.15 

153,971,072.5' 

2,020,512.39 

3,261,875.,58 

3,1.30,437.06 

1,828,771,46 

1,261, .3,38.11 

909,349.66 

962,437.67 

847,813.23 

194,3&5.45 

46,747.23 

3.3e,128.&5 

236,498.38 

149,966.21 

101,243.35 

31,854.12 

64,000.00 

593,860.33 

200,000.00 

1,11,8,1,55.25 

61,623.85 

2,067,044.71 

2,412,744.00 

783,059.83 


1891. 


219,522,205.23 

145,686,249.44 

7,701,991.82 

4,029,.5,35.41 

3,019,7.81.84 

2,326,.3.59.37 

1,2.36,042.60 

966,121.82 

823,904.04 

602,545.38 

308,648.34 

269,673.88 

292,271.00 

259,,379.05 

131,422.80 

122,668.01 

78,037.36 

♦500,000.00 


1890. 


1889. 


.%,9a5.83 
2,853,897.75 


1,825,806.35 


75,896.933.16     70,930,475.98     65,931,785.72]    60,882,097.92, 


229,668 

142,606, 

10,217, 

6,:«8, 

3,146, 

1,842, 

1,301, 

1,299, 

705, 

372, 

308, 

206, 

241, 

192, 

112 


,584..-)7 
,705.81 
,144.2,5 
,272.51 
692.32 
.564..52 
,226.58 
324..52 
696.52 
,288.15 
886.99 
.500.00 
,464.00 
123.99 
,314.79 


35,8.52.37 
2,809,130.93 


1,600,014.81 


223,H;!2 

1,^0,8X1 

10,16,5 

8,038, 

3,.378: 

1,321, 

1,526, 

1,113, 

603, 

44»i, 

592, 

317, 

236, 

295. 

95, 


,731.69 
.513.92 
,264.79 
,651.79 
,06.3..59 
,124.53 
ft87.I6 
f)20.78 
764.72 
2.58.92 
427.2,5 
.5<X).00 
196.50 
,532.42 
818.03 


22,582.75 


65,434.29 
2,523,950.69 


1,5»4,127.15 


390,373,203.30!  372,802.498.29   461,716,561.94   425,868,260.22   468,544,233.01   493,963,080.55   387,0*0,058.84 


*  From  Nashville  and  Chattanooga  Railway. 


+  From  deduction  of  mutilated  notes. 


United  States  Expenditures  fiscal  year  ending  June  30. 


FOR 


The  civil  establishment,  including  foreign  inter- 
course, public  buildings,  collecting  the  revenues, 
deficiency  in  postal  revenues,  rebate  of  taxes  on 
tobacco,  refund  of  direct  taxes,  French  spolia- 
tion claims.  District  of  Columbia,  and  other  mis- 
cellaneous expenses 

The  military  establishment,  including  rivers  and 
harbors,  forts,  arsenals,  and  seacoast  defences.. . 

The  naval  estaolishment,  including  construction 
of  new  vessels,  machinery,  armament,  equip- 
ment, and  improvements  at  navy  yards 

Indian  service 

Pensions 

Interest  on  the  public  debt 

Postal  ser\nce 


Total  expenditures... 
Leaving  a  surplus  of  . 
Leaving  a  deficit  of . . , 


189.5. 


1894. 


93,279,730.14 
51,804,759.13 


28,797, 
9,9.39, 
141,395. 
30,978, 
76,aS3, 


795.73 
754.21 

,228.87 

o:«.2i 

128.19 


433,178.426.48 


42,,805,223.18 


101,943,884.07    103,732,' 
54,567,929.85     49,641, 


1893. 


■99.27 
■73.4' 


31,701,293.79 

10,293,481.,52 
141,177,284.96 
27,811,41  li.frl 
75,080.479.04 


442,605,758.87 


69,803,260.58 


30,136, 
13,34.5, 
1.59,357, 
27,'264, 
75,896, 


084.43 

347.27 


1892. 


99,841,988.61 
46,8a5,456.30 


29, 
11. 

,5.57.87  i:i4, 
.392.18  23, 
,933.16 


1891. 


110,048,167.49 
48,720,065.01 


459,374,887.65 
2,341,674.29 


174,138.98 

,1.50,.577.67' 
,.58:?,0.52.79 
.378,116.2:! 
,930,475.98 


1890. 


81,103,258.49 

44,582,838.08 


26,113,896.46  22,006,206.24 

8,.5-27, 469.01  6,708,046.67 

124,415,951.40  106,936,855.07 

37,.547,1.35.37  36,099,284.05 

65,931,785.72  60,882,097.92 


1889. 


80,664,064.26 
44,435,270.85 


21,378,809.31 

6,892,207.78 
87,»i21,779.11 
41,IX)1,4S4.29, 


41.5,953,806.661  421,304,470.46'  358,618,584.52'  281,996,615.60' 
9,914,453.66     37,239,762.57,  105,344,496.03  :i05,053,443.24 


The  sale  of  50  million  bonds  and  other  sources  yielded  extraordinary  revenues  in  1894  to  the  amount  of  $64,346,33;>.46.    Sale  In  lsa")Of  50  million  five  per  cent  ten 
year  bonds,  $58,538,50« ;  by  the  purchase  of  gold  coin  at  a  cost  in  four  per  oeut  thirty  year  bonds  of  $62,315,400.  Sale  lt)0,Ooti,oOO  bonds  Jan.  '96,  yielded  atwut  $111,000,000. 

351 


1 


NEW  YORK  CUSTOM  HOUSE. 

The  Collector  of  Customs  Duties  for  the  Port  of  New  York  formerly  occupied  the  present  United  States  Sub-Treasury  building.  Tlio 
budding  now  known  as  the  United  States  Custom  House  is  bounded  by  Hanover,  Wall  and  William  Streets  and  Exchange  Place,  and  is  built 
of  Massachusetts  Quincy  granite,  at  a  cost  to  the  Mercbants'  Exchange  of  S1,8UO,000.    They  sold  it  to  the  Government. 

CLAPP    &    COMPANY,    BANKERS    AND    BROKERS,    NEW   YORK,    ANNUAL    RECORD. 

The  Nrimher  and  Oroxs  Tonnmje  of  Sniliwj  Tt.ssc/.v,  Steam  Vci»<cU,  Canal  Boats  avrl  Barges  for  each  State,  with  the  Titles  of  Cwtomx  Dintricts, 
.   PaKsengers  arrived  at  each,  and  Destination  of  Inj  States  and  Territories,  as  shown  h\i  Official  Reports  of  the  Government  Bureau  of  Commerce 
and  Navigation,  and  S^qjerintcndent  of  Immiy/ation,  for  the  Year  ending  June  30,  1895. 


Customs  District. 

Immigrantsarnv'd 
and  inspected. 

Number 
ot  chil- 
dren un- 
der   15 
years. 

Destina- 
tion. 

States  or  Territories. 

Number  of  each  and  Total  Tonnage  of  all  Ves.sels. 

No. 

Sailing. 

Steam. 

Canals 

&  Barges 

Totals 
all  kinds. 

Males. 

Females. 

No. 

Tonnage. 

No. 

Tonnage. 

No.  1 

Number. 

Tou'ge  all. 

1 

Baltimore,  Md 

3,}<39 
43 

3,734 
5 

2,220 

768 
795 

1,746 
34 

2«0,.395..35 
5.039.02 

163 
11 

;«.315.46 
1.4.59.20 

11 

8 

1,920 
.53 

3O1.237.70 

2 

Provincetown,  Mass 

New  Hampshire 

7.212.96 

3 

Beaufort,  S.C 

421 

Vermont 

12 

1.022..53 

10 

2.929..56 

13 

35 

5.:ti«.<~ 

4 

Boston,  Mass 

9,2fi9 

11,236 

2,830 

30,027 

Massachusi^t  ts 

l,3(i5 

256.as7.86 

2fts 

91.7:«.62 

15 

1..588 

3.5I.OS.3..52 

5 

Brunswick,  Ga 

3,876 

Kliode  Island 

144 

12.789.03 

61 

■>2,:i91.13 

4 

209 

.37.1(26.46 

(i 

Charleston,  S.  C 

7.242 

('(IMllCCticIlt 

471 

6l.:S(i9.89 

18,S 

49.4-I2..5I 

177 

8:» 

14.3.-3:10.  .57 

7 

Delaware 

a5,814 

Ne«-  Vork 

2,114 

413.807.05 

1,518 

t!65,316.17 

1,291 

4.!C3 

1,317,987. <« 

8 

Edgartowu,  Mass 

42,274 

Pennsvlvania 

419 

1.->B.779.32 

498 

142,020..30 

131, 

1.018 

:K5,661.!)0 

9 

Cialvestou,  Tex 

11,820 

New  Jersey 

963 

63.8.3!l.61 

129 

.51.424.49 

90| 

1,1>*2 

101,.5.57.79 

10 

Gloncester,  Mass 

12 

IR 

4 

275 

Delaware 

144 

10,483.79 

:{0 

4.173.96 

1 

174 

14,ft57.75 

11 

Key  West.  Fla 

2,407 

836 

489 

3,i:» 

Maryland 

1,925 

75,611. .54 

175 

67  ..566.  .38 

22 

2.122 

146,461.. 55 

12 

Mobile.  Ala 

421 

Di3t.  of  (,'olnnibia.... 

M 

1,6<W.39 

42 

11.510.75 

....  1 

96 

i:i.l79.14 

la 

New  Bedford,  Mass 

182 

144 

68 

026 

Virginia,  E  and  W.. 

i,:ki 

43.723.60 

251 

2.3.:}29.2.5 

l"i 

1,.5S9 

Jls.2n0.n3 

14 

1.260 

569 

397 

23 

412 

10.019.94 

84 

4.173.84 

4 

500 

14.332.21 

15 

Newport  News,  Va 

(S 

South  Carolina 

148 

6.515.51 

fti 

6.397.09 

3! 

216 

14.262.62 

IS 

New  York,  N.  Y 

Norfolk.  Va 

Portland,  Ore 

112,30fi 

78,622 

32,tS7 

189 

3,129 

122 

97 
509 
109 

11.1«.67 
31. .332. 99 
9,0.>I.16 

6(i 
149 
47 

31,254. 92 
14,01.5.0:i 
6,884.92 

2 
4 
16 

165 
662 
172 

42.7a3.82 

17 

Florida         

45,8«H..51 

18 

Alabama 

17.708.06 

19 

Pensacola,  Fla 

2:} 

Mississippi 

218 

10,.>43.45 

50 

7,621.75 

268 

18,165.20 

20 

14,911 

11,416 

4,607 
175 

2,4.52 

312 

8,566,30 

202 

45,422.46 

3 

517 

M,»34.06 

21 

322 
3 

•2M 

886 
1,459 

22:} 

"5V089!03 

■".54 
113 

'"4,449!83 
15.219..57 

'■is 

""m 

113 

22 

Port  Townsend,  Wash 

Tacoma,  Wash 

Texas 

206 

18.800.14 

23 

Tennessee 

1-5.219.  .57 

24 

St.  Angnstine,  Fla .. 

318 

Kentucky  

as 

13,339.71 

.... 

68 

13.339.71 

2o 

St.  .Tohn,  Fla 

Jacksonville,  Fla 

San  Diego.  Cal 

2,479 
1.442 
l,.32f 

Missouri     

118 

12 

2 

39,259..56 

1.162.27 

M8.94 

90, 

-1 

208 

12 

4 

120.472. 1 4 

21", 

1.162.27 

No.  and  So.  Dakota  .. 

60.20 

•is 

San  Francisco,  Cal 

945 

2O0 

92 

.5(il 

Montana  

6 

1,645.39 

3 

211.75 

1 

3 

211.75 

29 

Savannah,  Ga 

3,212 

Iowa 

46 

7,.5.50.65 

13 

.50 

8.»I4,45 

30 

Tampa,  Fla 

5 

3 

2 

4,i:« 

^Minnesota 

69 

4,889.»l 

7 

82 

7,637.95 

31 

Willamette,  Ore 

4,318 

Wisconsin 

199 

25.72S..5fl 

192 

6.5.827.67 

22 

413 

92.s.V).77 

3,429 
16,7!W 

525 
123 

143.914.28 
31,320.83 

(vin 

.3a5.BnS.75 
.57.773..-M 

l5i 

1,186 

389 

451.1""  87 

Total  U.  S 

145,.501 

107,014 

43,511 

Illinois 

91.038.12 

1,402 
5,210 

875 

Indiana 

Ohio 

.50 

5  106  48 

){ 

51 

5.232.70 

iralitax,  N.  S 

4.W 
1.113 

379 

1,2.50 

768 

21'.i 

120 

68,608.20 

410 

256,108.89 

13 

543 

.329,424.11 

70S 

4,311 
5tS) 
582 
45 

659 

167,818.30 

249 

l'",061..5I 

9(W 

289.879.81 

Vane 

ouver 

1,203 

79 

18 

Oregon 

Washington 

Arizona  

36 
201 

3.1.52.25 
66,-594.26 

140 

.38.229.17 
29  275  48 

5 
1 

181 

370 

44.737.70 

96..5.54..57 
579.95 

Total  through  Canada 

3,512 

2.476 

1..M6 

3 

439.48 

1; 

4 

216 

Utah 

.\Iaska 

Grand  total 

149,016 

109,520 

45,087 

48 

"'l'.l!>.V98 

14 

557.78 

....   1 

62 

1.753.96 

•258..5:«> 

I4,in:f 

l.!l<li.47«.nK 

6..>>1 

2.212.801.19 

2.W3 

23.240 

4.635.960.01 

*  Oklahoma  :«.  .\rkansas  lis.  Wyoming  142.  New  Mexico  90,  Nevada  95.  Iilaho  s:!.  make  up  tlie  total.  The  United  States  gained  by  Ininilgration  from 
1871  to  1895—25  years— 31. lW.ii29.  Total  population  United  States.  June  :til,  ISM,  iw.T.vi.OiiO;  .3.3.1.5",,  of  all  are  foreign.  32H..5SS  persons  sailed  from  United  States 
ports  in  1895,  112,89:1  were  cabin  pas.sengers.  276.298  from  New  York.  !«i.I-57  cabin  i>as.'*en!rers.  Of  arrivals  in  1h;W.  271.22:1  were  from  Euroi>p.  balance  scatter- 
ing. Only  .32..547  had  skilled  occnpai ions,  2.029  professions.  Iiiii.ii73  United  states  citizens  returned  from  trips  abroad  during  the  year.  Out  of  42..302  illiter- 
ates arriving  in  189.5,  l,5.4:{6  were  Italians.  s.MHi  Unssians.  9,961  Teutonic.  Cenius  report  of  iv.io  gave  illiterate  population -of  I'nited  Stales  an  1.3.34",,  of  all 
over  10  years  old.  The  total  tonnaae  of  the  world  is  estimated  at  4!i.-")2«.S47  tons.  -V^'„  British.  s'„  German.  7',,  .American,  against  1-5",,  20  years  aeo,  4",i  French, 
;{",>  Spanish,  tf '„  Norwegian,  '2",,  Italian.  2',,  Dutch.  2',i  Russian.  2',,  Swedish.  s"„  scatterinsr.  (ireat  Brit-<in's  steam  tonnage  in  1n-u)  was  2.773.(^'^2  tons,  and  In- 
rre-ised  to  .5,10t;..5Si  in  ISiki.  United  states  had  .•l'*9.!".37  tons  in  isso.  and  decreased  to  375.9.50  in  ls90.  Only  7  steamships  for  transoceanic  trade  have  been 
built  in  the  United  stares  during  past  20  vear.s.  .Vmericau  capital  owns  and  operate-*,  umler  foreiiin  color.s.  between  40  and  -Vi  steamships.  3  .\meric«n  Com- 
panies maintain  regular  lines.    The  luteruatioual  Nartgatiou  Co.  6  vessels.    The  Pacific  Mail  Co.  4  vessels,  and  one  Australian  line  3  steamers. 

353 


p 

0 

rt 

>b 

o 

u 

g 

» 

^ 

(4 

t^ 

»s»a 

< 

^^ 

P 

!Z5 

gs 

^z; 

< 

« 

M 

S 

P< 

s 

o 

■^ 

»<. 

yt 

■a 

P4 

•-^ 

»z; 

kj 

oT 

« 

P< 

"^ 

P4 

M 

1^- 

o 

P!j 

m 

p 

s 

(2; 

•«J 

.0 

^1 

ca 

PEi 

■^ 

» 

5^ 

M 

y 

;z; 

,^ 

PQ 

s 

'« 

>^ 

">■ 

^ 

0 

< 

>^ 

PL4 

^ 

S 

:^ 

0 
0 

^ 

<^ 

C 

Pi 

« 

P4 

K 

< 

^o 

h^ 

^ 

u 

.1^ 


sa 


sb 


as 


as 


2.i 


§3SiiBSsli..-.:,..-,:/^^gSs5Sllgsstei§H|ii5 


.*  —  fc  ?>  »i^  ?^  7  -c  (-  -"  t;  ^v■.;:^  : 


to  .*^  — -f  •X)x  — ■ -f  .-■:  ?!  51  ~;  —  *  5« o*--©-*<-ai--r  —  i--^-p'— o«iOT«3«-<»o> 


00  ?^w"?j^kft  —  ;c  —  c?f  —  s-rV^'^'sJ— *  -"  "  -         -'  -'--'- -'rTT't.-"-/——r-r  r>—'~'^  ^^ 

'"  z:  3  "^  —  ^  52  "^  »-'^ '- '-^  ^ '^ ''C  ~p  "*  ~  ■    -  ■■  -  ■  '  —  ^^-r 'jr  —  r:  iy  —Tf-^c  —    - 

i-»:^_« -TOO -tC  —  3^1'--- jn--*- r  •-.*r: —  —_--. -c; .- ntc  j: 


c*  ^_=f  i -_c  ^i?-*??  — ^(-a^cor:  .-  _=   .       .  —      r  -     — ri i  — _ y  cc -3 « o*  c 
rrco  — r»rrr'— '— "-r  r*-ri- 3"r;  — '^:  -    -    -  i  -  r      -  i -*•*' -♦«■-* c^'r-'—o-c" 

ie-xic^to"  — 5c-??x:2— «-5-^—  -"  -;       --  -?t<-'r:  — i.-ixris-^- 

"         ^  r-.  — ^^.-.r-i.-.^^^e^^c^c^^S'riMecon-y^'Vtosctewi-t-t-i- 


t-^^  — _M^(-if;  £oo^o>x  ^i-K-^ci  —  —  tcoyimsoirt  — t^»«.'^c54-iOw^ti'^ 
70  7^  ^  Zi  ai  '!A  ■n  fn  '~i  n  t^  r^  -rw  yi  ~  t^c4  -ri  -^i  di  t^  -r  yinn  v: 

*t-)-oo-"7y  W'r*ariirtt---t- X  s  X  0>  3io»  —  —  —  t--:->-i!£^  ■riiO-i'm-ix'-T^ 


•  OOT*r**nc>?^»i.'^-yc;oci--»xxr*t-«:ot-x?^a:i-'^c':cca>'^wcoxoi3; 

•  2  ?£  ~  S  "  r^  ^  "^  —  "^  —  ""  ^  50  —  ^  —  T*  —  ir^  -^'  x"  *»'  X^  -  CO  '  -  ~'  — *  3*  -C  ^  o 

I^izlr  5  '-^o^x'— '—' x'o  — "ci'r:  T'Trr  •^'rTi'T""— "T^— 'x'r  T— .'i-f  z't'  —^^^■o*'' 
o;;—  ^^-r^—  — —  C-rco  —  xo-:t-^:^c^"v~C *.  —  X  — ■--rSo^- 
'n*-— w«r^c^-»— r^^irti-i  St.*:  —  X  (-X  x:£^'-?->  — ?*i-~:t-  X  "'.000— .OTO^- 


Tii-i     rtf-iifsoa  — t-  — cc  — w»«rtr-r-«i.«r-^>^o»tc  w  —  ««-"C^« 


O       r-i       .-.       CO' 


^c^r»g^^ 


Qc^T^Go^in?.  *s^ecwi?:<--i-^o-'--<-«ocot->'9C*?7ai«o^X'7£knao-9-?-c^ooa» 
—  S321l2221^*^'~  *' ^00X00  t-t£«»rf«bo»— ^ -'»?*«— c^c^T^W 

Jl  "^  "  "^ '-' W  ^  <-t  i-i  rH  ^  ri  r^  1-1  rH  rH  i-i  ^  ri  1-I1-.  M  W  N  N  ^  N  W  CM  6*  W  e*  C^  C4  C4  N 


_  V  c  =  I  ^ 


r^^^otoicoco'v^^to^'^i^i^'x^moi-  • 


■*"^^  =  4-2 


cr-  3  —  ,;  —  ( -  ?/  ^*  ?f  .  -  :r.  b  .r:  -  V.  /  f*  —  b  r  y  .r.  ar?  r*  ^  X  ( -  -/  n  —  /  r-c^  y  •  - 
«  TT  I-  c  « !0  i  ■n- 1  - '!!  1  -  ■;(  /: .-;  —  i  -  S  —  j;  i-  is  -r  «  S  i  .s  ?<  —  ?;  V.  *  ={•  Jg  x 


*-<  ^ !-•' 0/ O*  C*  CO  pi  ^'  v'o'^oot-Qc'xoi'o  •-'c^'c^? 


r'  S  >  0 

£  z  -  5* 


.11 
iii 


<*    —  -z 


03    2 


,^  tn  *5  at  «  (-  iC  c^  (-  «  --■  —  —  ■?' i*^  ^  ^;<-    •    .C;?c  t-    .x    ,    ,0  —  -^  :rjS  ^  1— 


"00'*''= 


^  C4  »rj  ?»  ■^*  CI  t/^  X  -J  C-.  -■  ir;  i-  ts  t-  --■  -r  -r  o  o  fc  ©  —  •?>  cc  -^  V  o  «  *o  t-  &;■  r^  B 

?C  id  Oi  ^  Oi  O  Tl  V  cC  -j'  — '  X  — '  X  Q  *•"'  O'  Ci  o  »  o'  ^/  X  (  -'  r?'  X.'  Q*  d'  X  «'  'd  C^r^'ji  «o 


c- ■■£;'-f»^'t-'w'o  ro  t-  X  X  C5-T  -J  ?» -J  -.i  ?2  TT  i-01  c.  —  i-  *^  7»  if^  -^  -^  r»  X  rr    »    *  -*5 

CJ«»OOX)OCS»OiSoSt^c6tDCSir:»OOON»-n-i'VMO'9*i-CO'V*rf3i^£f*l^ 


^sV;«sSJisi;'^6.-'«- 


i^siiisliiil   ?1 


?B 


55    li^o  —  Ot-^xxx^*-*::    .-^ 

t^    ;  CO  S  t'-  OS  ?*  -^  ?c  ^  "t;.  ■^  'O    .  ^-"^^   •    •    •    •    •    « 

S      « 1-:  t-  aC  o  t-  « -«■  t-  i:  -^      ii 


:^S5  :  :  M 


:  ^>  S  Oi  I-  S  ^  Ci  -r  o  5         K  -3 «. 


gg 


O  1. 

=•5 

us 


TT  r~  o  »o  'I' '— t 
!0  *l  o  :C  I'  1-  i 

(EO 


?5;s 


§  =  t:gS-a?sSi 


iftro-^V^t-oot^x  -n  ^  ^^— ^o  o  o^f- .- S  lA  ^^o^-w- ??  r- -^  ■«•  $5(-  aire's  yj< 


g    I  2 


I  -  o  ^  •-£>;::■-_  Ci  a;  o 


—  X  o  jy.  r,  M  to 


CTi  ■^/  cc  ( -  o  z:  CO  -T  '-y  O 


r:  w  irj  o  o  t-  «  c* 


f  »fth»»nirt 


»ftO-T  —  c-^mi-tiim 


0:3 


pll.iliilili 


I§i§s8ii;? 

Ss?|5g'?g'g8" 

ci  M -^  tl\  O  cc  tc  I  -  ac  a^_ 

»' T-' I  n  CO  CJ  ■^' c^*  Tf*  ;d -t 


-^  »ft  -a-  CO  t-  z'  y-  — '  -c  =' «'  -1"  •*"  3'  o  —   I  oi  (   ^  rJ  -^  «'  <^  CO  |  i-'  j  oo 


Wx> 

=S3§5; 

22  i^  3 

ss 

c*    • 

10 

ow 

Orj-cv 

-^» 

": 

s? 

5?^-^s 

s?a 

oc<MwcoXr-..n 

o>^ 

— — 

Wr- 

ooc.  lOSMOf^cOfXino— 't-'^oao 
ac'?*>-i      xco'^      c>nc  »-■  «D  CJ  o  00 


§0    .  ~ 02 

S8  -g'Sg 


iiiiig§iil§ilili 

;  =  g5i'='3'i'g'8g's'?8'g'3" 

S' CT  r-T  (C  o*  .-7^' » 


000 
^55 


•i'  d"  t.o  —'©  o  -^«  o 


o:5?SS»2^g 


co^'  —  o»eo 


S53 


Sf?ii??SSiS? 


99S% 


S  IS 


93  00 


M'^C^*       05       r^ 


:?S:: 


•'?In£i5§- 


HIP- 


i  £5  3  1; 


oooocoopoo 


■c-=-=t:t:— -s-c-c-s 


'  o  3  o  ■;  < 


^2 


P  O 


-* -T -!■  I- -l* 

o  c  00  o 


m  o  tc  ift .  ■;  •.1  "n  in  i.-; 

oooccoooo 


©  "  -  ^  -      •  N 

T5  <u5 


U  t.  U  L.  t-  ». 

O;  C;  ;j  1;  O  V 
■  >  >  > 


K  03  03 CO  coon 


=  3*3 


-  «      P      -^  * 


p[i.i-jw«StQOt«KtoS!HUWM 


«o: 


035 

Sg-2 
SaSg 
■=Uo5aj 


05 


s  t= 


il 


o— ■o    -a  t« 
-    a  a 


■So-S 
.n  =  a 

0>  CS  Ih 


3« 


c  *  P  — S^ 


S5 


5« 


CO  o  E*rt=^ 


ia^i 


.&S 


!28 


2  s 


3   0   Sic 


S  P 


se 

—  08 
~      -    Svi 

a  0^  CSC 

■5  O  »;  tr 
S  n  Cs: 
to  S    a^ 

ZaSz 

0)    m    •■  * 

w     4)     C  W 

of  £  53 


gXiOM^ 


^i  .2.' 


i-    inSSS 


3SS 


Mhiii 


3  li§ 

►^  O  3  <-'<«* 
9     S"- 


5  ass 


S=^^s 


00«t- 


si' 


S!gc3    S 


est 


«^0  fc.— 

>.-""  «  o  ~ 
"'iS  £  3  a 

er  3       2  OS 

ss-=s 

£=■=  »<=2 

22  "..':"."  Sfc 

t.  oiocc - 

s  eoooo 

6-     •   •   -J.  •   ■ 

2i  sc«  X  «  ic 

D    • 
55 

m 

r. 


-r         ^ 


A      i 


w  o 


n 


^f 


n.     S      *■ 

X    a    o 
.-c  .•■    S 

c£     o-S-Sicg 

w  i:  O  -:    .  a,  _    . 


'    _  2   *      .       .   aj • 


c6« 


■303  c  . 
o    00 


c"^— c'S— "ceo 
00     kOOo30<30 


«;a 
«  >• 

is 

8= 


2~'c 
c'c  — 
Co 


a  ; 


3    :J  :-5S   ^ 

C5    w  L,  »  C  t.       C 

&.  :  :  :  :  : 
fc,  :oi  :  .01 
o    :«::*) 

Ed  GSOdCiO 
a    :  :  :  :  : 


D 
>-) 

<!  : 

>  : 

o  : 

H  ^3=  -  i) 

M  c  a  ^  o  ^ 


■=8 

c  3 

CCS 

« 
On 


t*0>        CO        W'fOTO        *-        C^OJW 


OOT 


:c3 


*-  *•     d  b  '^  ■ 


S  : 


:-    e   S^'o  S<"' 


b    • 
aa  : 

■=^  : 

tJ   5  -1   ?r 


I    g    O?       °OuC       0=     3    St£=So 


03    03 

d  d  603 


*i  : 
CCdoi    01 


;o?a 


03    :03 

*!  :*j  :  :« 

6  00  eioCoicid 


KS 


2  <«  -t 


2£ 
2a 


^1 


as 


C  3 

a? 
^a 


C  3" 
*      -S 

cv'^  — 

£^£« 

"2  £  N 
J=   B   3to 

I.J3  «to 
03°    5 

I- 03  ea  3 
a— 'coi 

•c«c  a 
c  ^«S 

ra'2 

_3«5 

«  a  a-3 
£.?=« 

£—t!  £ 
_»'  t"a 
2£>f- 
o  c=o 
OOoia 


Si    3   (is  it 


^  1) 
t-  a 

3  OJ 

f->- 


"<  S    °;  u  e 

-<  &  »::»■' 

H  a     „e  =0 

£  *  Stii-'= 
tJoiScc 
a  «  Ceo 

"i  ii  ••  a"" 

^"^-^ 


"-    9        - 


£   S 


«  c  •■ 


•c'S 

•CiS 

a-o 
>§_ 

Co  » 
..o  u 

>  —  ■" 
(BO 


'Ob 

h 

h     Sn 

sa 

0 

0         S! 

«o 

■0 

•0    ■eS 

^« 

a 

.     a     an 

0 

00     aa 

0 
i 

3 

Sg 

»•      3      St) 

Ba 

0)     0        a 

Is 

0  'C 

■o 

t    -a^^-a 

•0 
a 
a 

3" 

«£2  a-  I. 

«> 

—  cjeoS'T  a) 

Sn 

rcfszg-s 

0- 

0«;i-3  =  0-=«l 

•02 

•c  <i)£  --r  3  a 

c» 

c  a9  -  a  «  3  . 

0  J^ 

25 

..  » ju  .  -g 

■^5 

■cji— rs'C— ^  a 

08 

em3'c3i«  co, 

0 

0 

000    c 

a     •■  £ 
Cb     PCS 


fig    J£SS    SS? 


Sags 
Blip's 


tf.a'^f-o 


0;  S        n  O  U        3 

a  4»       Q,  »-  3      p 

H  |1<      (1.C03      CL 


O     K 


•  o  g"o  u  g-  K  a'  . 
*•—  3—  3  -  3.5, 
^    —     tn*^a    ■^i-'ca>. 

a!    ■o  £u!5£  ioCW!5033 


*i  : 

dct 


aBe 

3  4/3 


CLAPP  &  COMPANY,  BANKERS  AND  BROKERS.  NEW  YORK,  ANNUAL  RECORD. 


128   Dividend   Paying  Mining  Stock   in   United   States,   from   '•  ICngineering  and   Mining  Journal." 


Nuiiu<  ami  Leal  Ion  of 
C'omiiuiiy, 


Ailanis.  «.  1.  c |Colo 

.Kllia  I'lilis.,  r| ;C'al. 

Aliiskii  I  ivailwell,  K..  JAlaHk 
Ann'iiiaii  lU'lle,  K.  ».  <!.'Ci>lo.. 
A rft<'" I "inJ  iiiiiat-a,». l.K  ( 'olo . 
Asm-ii  Ml!  A  S.,  «.  l....l<.'i>lo. 

Allainir.r iMUli. 

Aurora,  1 Mich 

Itald  I!«tte Mont 

HaiiakokCora  liclle.s.l  Colo. 

Hates  Hunter,  g.  » 'Colo.. 

IJcU-lier,  8.  B Nev. 

IteUi™,  K.  K.,in N.  H. 

lifllc  l.sle Nev.. 

Ki-Motallic,  p.  n Mont 

liodii'  Cons.,  (f.  H Cal.. 

Hi>stoii.V;M.  ions., >;..'<.<•  Mont. 

Hi-ollicrton,  i Mich 

HiKikcr  Hill  *  s.,  s.  I..'  lilahc 
Caliiiii.l  it  H.rUi.c...  .Micli 
Ccnic  rl  Kinika.Ks.l.c  I  t:ili 

Cinitral,  c Mich. 

Charleston,  p.  r S.  C 

Chr.vs.>lite,  8.1 Colo 

Clay  Couiitv,  K.  s.  c CoU) 

Cu!nr  d'Alerte,  .s.  I Idaho 

Colorado  (  eiitral,  ».  I..  Colo. 

Coiitidence,  g.  a I  .Nev. 

tcons.  Cal.  A  \'a.,  g.  .s.  Nev. 
Con.M.  New  York,  r.  »..  Nev.. 

Cook's  Peak,  8 N.  M. 

C.ptit,  g.  8 Nev. 

Cortez,  Ltd.,  s.  g Nev. 

Daly,  a.  1 I'tHli. 

t  Dead  wood-Terra,  K---  >^.  ■' 

I)e  Lamar,  g.  s Idaho 

Herhec  lilue  'Jravel,  p. Cal... 

Die  Hnii.l Mo... 

Dexter,  ir.  a !.Nev.. 

KIkton,  K Colo.. 

Klkhorn,  s I.Mont 

Knterpri.ie,  g.  a ('olo. 

Kureka  Cons.,  g.  s.  l...lNev.. 

Kveningstar,  a.  1 Colo.. 

Florence 'Mont 

Franklin,  c Mich. 

(iohlCoin,  g.  a Colo. 

(iolden  Fleece,  g.  s Colo. 

Cold  .t  CHohe.g Colo. 

(iold  i:ock,  {?.  8.  c Colo. 

Could  it  Curry,  g.  a...  Nov.. 
(ira  lite  Mountain,  g.s.  Mont 

(iranite,  8. 1 Idaho 

(it.  Wesln  Quicks' r.  (i  Cal... 
Hale  it  Norcroas,  g.  s.  Nev.. 

Uariinahala,  g Ariz  , 

Hecia  Con8.,g.  s.  c.  1  ..  Mont 
Helena  .t  Friaco,  s.  I...  Idaho 

llidnie^,  s Nev.. 

Homestake,  g S.  D. 

Hope,  a Mont. 

Hom.silver.g.  8.  c.  sp.  1  I'  tali. 

Iron  Mountain,  a.  1 [Mont. 

Iron  Silver,  s.  1 Icolo.. 

Isahella,  g <'olo.. 

Jack  Uabbit,  g Cal... 

Jay  Hawk,  g Mont. 


Cupltal 
Stock. 


ti,.5nn,(K)0 

.V)0,OIN) 
.'>,(HHI,(HKI 
•2,(K)n,(KI0 
2,||0(I,IXH) 

1,(HKI,(MI( 

2,.'i(KI.(l(Kl 

•i'ltMHKI 

<i(N).IKIU 

LiKKMHKI 

l(l,im),0()0 

.'idO.iHKI 

io,n(Hi,(i(x) 

;>,(K)().(K)II 
Kl.tKKI.iKM 
H.T-'iO.IKKI 
•i,IKHI.(l(K) 

:i,iK(ii.( 

•J."iOII.I 
l..'ilHI,ll()() 
.i()0,(XKl 
1,(X  10,000 

10,000,000 
t>0,00( 
.i.OOO.iKX 
■2.7.">0,0(K) 
2,490,000 

21.l>IX),0OO 

10,000,00(! 
2,000,000 

lO.OUO.OOO 
I..t00.(X)O 
3,000,000 
.I.IHXI.lXKl 
2,(XXt,(KP0 

10,('(X),0(X1 

.T(XI,i:(K) 

I.(XK).(KX) 

.")(K1.(KK) 

1,(KX),000 

.  1,000.000 

500,000 

500,000 

1,000,(XH) 

l.OCO.OOO 

60o,o:)o 

7-50,(XK) 

.WO.OIK) 

10,S00,(XI0 

io,ooo,n(X) 

500,IK)0 

5,0(X).o:)o 

11,200,000 
l,.i00,000 

1,. 500,000 

2,.500,000 

10,000,000 

12,.tOO,000 
1,(XX),(XXP 

10,000,000 
S,000,(XX) 

10,(XK),000 

2,2JO,o:o 

10,OOO.IXX) 
1,42J,000 


Shares. 


No. 


150,000 
l(NI,IXX) 
■JXi.lXK) 
■IIXI.(XX) 
l,.'iOII,IXNI 
2("),0IXI 

tn.iHKi 

1(H1,(HKI 
'2.")(I.(XHI 
tilXI,IHX) 
1,IXXI.(KKI 
lOl.iXX) 
100,IKX) 
1(X),0(X) 
•2«XI,(XXI 
1(XI,(XX) 
i.'>0,<KX) 
HO.(HXt 

;«xi,(HX) 

1(XI,(XX) 
30.(XH> 
20,IXK) 
lO.IXXI 
2(X1,(KXI 
lill.lXX) 
.'ilXI,(HX) 
27.1.IXX) 
2t,%0 
21li,(XX) 
1(X),(XX) 
2(X),(XXJ 
KX1,(XK) 
300,(XX) 
1.tO,000 
200.IXXI 
4(K],(XK) 
11X),IXK) 
5.(XK) 
100,0(X) 
.5(X),(KX) 
•>(KI,0(X) 
500,000 
50,{KX) 
50,(X)0 
100,000 
40,000 
1,000,0(X) 
600,000 
750,000 
.500,01X) 

ms.ooo 

4(X),01X) 
20O,CXXl 

."lO.OIX) 
11 '2,000 
,^Xt,0(X) 

,30,000 
.'500,000 
llXi.OflO 
125,000 
1(X),0(K) 
40fl,(XX) 
500,IXX) 
.■iOO.OOO 
2,'2')0.000 
UX),000 
•2S5,000 


Dlvldonda. 


Total 
raid. 


tlO 


t«a'<,.'>no 

.')0,(XX) 
2,7.'iO.<xx) 

.'iO.IHXI 

3!),IXXI 

•IIKI.IKKI 

7IKI,(KKI 

(►VI.IXXl 

437.5(10 

101.510 

«7,.'>ixi 

15,3!I7,-2<"I 

2I7,IHXI 

3(XMXX) 

l,(i;tO,IMX) 

1.«77,.572 

3,7'i'),(XHI 

12(I,(XXI 

1.50.(XX) 

43,M.-)0,(XXI 

1,530,(XX) 

1,!»70,(XK) 

I  l(l,0(X) 

1,(mO.(XX) 

.52.II(HI 

3|II,IKKI 

.MrJ.iUll 

277,li"*ii 

3,.S!W,,S(XI 

10,(MX) 

I1!I,.5;!'J 

77,1X10 

7.3.VXKI 

2,S.iO,(XX): 

I.IIO.IXXI 

l.HPJ.IHHI 

iHd.lMKl 

KI.IKHI 

KXI.IHHI 

45,IHIO 

l,2r2,ixx 

,S'25,(XX1 
.5,H'2,.'JO0 
1,4:»7,.500 

:«!,0(Xi 

1,240,(XX) 

45,0(X) 

41»,!»7I' 

H,3'" 

2H,;:>n 

.3,»2ti,slkl 

r2,i2n,(xx) 

N3,I(X) 

l,.S22.'XKl 
r2ii,(HKl 

•2,IIXI,IHMI 

425, (XXI 

75,U<XI 

5,7I3,7.'>0 

5!I2,2">2 

5,137,.'>(X) 

41.'),(XX) 

2,50O.(XX) 

45,0(K) 

2fiO,(XX) 

a3,375 


Date  and 
Amount  of  Last. 


Oct.. 

ISiW 

.Mar.. 

P*'.H> 

Jan  .. 

l.HiXi 

April 

IW»1 

Julv. 

mv> 

.Inlv. 

IHill 

Feb  . 

IH'.ll 

Feb  . 

1«)3 

Deo  . 

IN!)5 

Nov. 

IS!I5 

Dec  . 

IK'.II 

April 

l«7li 

Jan.. 

IH'Mi 

Dec  . 

1H7'.I 

June 

ISICI 

Hec  . 

WM 

I'eb  . 

IH'Xi 

Mar.. 

1W»3 

Oct.. 

lS,S(t 

Mar. 

ISlKi 

Feb  . 

mm 

Feb  . 

l.V.)l 

Dec  . 

1K1I3 

Dec  . 

1.SS4 

Nov. 

\H'.)l 

■lunc 

li!l3 

.\pril 

l.siW 

April 

ISK!) 

Feb  . 

l!i!)5 

Feb  . 

USiW 

Nov. 

1S92 

Feb  . 

IS'IS 

Feb  . 

1.V.13 

Mav. 

l»it3 

Scid. 

1S1I2 

Oct.. 

lt!)o 

Ani;.. 

1H!(I 

.Iimi'. 

IH!»2 

-\ng. 

ia!« 

Dec  . 

l«H 

June 

I»!I5 

May. 

1»!(3 

Jan.. 

1S92 

Dec  . 

itwy 

Dec  . 

l.S<J5 

Jan.. 

l.'<iM 

Mar.. 

l.SWi 

Jan.. 

IHiXi 

Mar.. 

l.-iflo 

Dec  . 

1.S91 

Oct.. 

IS70 

Julv. 

l.'<!t2 

Nov. 

l.-^iXI 

Nov. 

l»!t3 

Aui.'. 

ISNH 

Nov. 

I.S94 

Dec  . 

1895 

Ajiril 

I.S95 

April 

1W2 

Feb  . 

1.SIK) 

J. in.. 

|.'<95 

Jan.. 

IWXi 

Feb  . 

189<i 

April 

IIW'J 

Feb  . 

1M<I(> 

AprU 

1S91 

Dec  . 

1892 

.01 

.10 

.37'.. 

.12  ■ 

.03 

.10 
I.IXI 

.02 

.03 

.0114 

.IXI« 
l.(X) 

.01 

.'25 

!io 

.'25 
2.1  K) 

.50 

.(X! 
.5.(X) 

MX) 

I.IX) 
2..50 

!o2 


.10 
.05 
.01 
.15 

.115 

.W 
2.(K) 
.33 
.01 
.06 


.'25 
.'2.5 

.(Xi 
2.  IX) 

.om 

.03 

.OOM 

.01 

..50 

.'20 

.10 

.10 

..50 

.12 

.•50 

.02 

.'25 

.'25 

.10 

.12M 

.'20 
.01 
.10 
.12 


Name  and  Location  of 
Company. 


Kearsage,  c 

Ivenneilv,  g 

LeadvilleCona.,  h.  I 

Little  Chief,  s.  1.  l-o.... 
Maid  of  Krlii,  g.  s.  c.  I 

Mammoth,  g.  a.  1; 

May tlower  tiravel,  g  . 
MayMa/.eppa  Con.,  1. 1 

M  eiiMir,  g 

.Minnesota,  1 

McdIie  (iibson,  8 

Monitor,  g 

.Montana,  Ltd.,  g.  H... 

Moose,  g 

Morning  Star  Cona.,». 

Mt.  Diablo,  a 

Mt.  McClellaii,  g.  8.  1. 

Mt.  Itosa,  g 

Napa,  q 

New  Ouston,  g.  a.  c  .. 
New  Hoover  Hill,  g... 
.Ncirtli  Manner,  g.  8  ... 

.Ncii  th  liilie  Isle,  a 

.Niii  ih  I  'cim'wealtli,  a. 

North  star,  g 

Nugget,  g 

Ontario  s.  1 

Osceola,  (■ 

Pacific  Coast  Borax,  b 

Parrot,  c 

Petro,  8 

Pliannacist,  g 

Portland,  g 

Quicksilver,  pref.,q.. 
"  com.,f|.. 

(Juincy,  c """ 

Keed  National,  8 

Ko))inson  Cons.,  8.  1. .. 
Kunning  Lode, g.  s.  I.. 

:Savas;i\  g.  s 

St.  Joseph.  1    

'silent  l''ricnd,g.  8.  1... 
Silver  Curd  Coin.,g.  a. 

'SilN'er  King,  a 

silver  King.  g.  a.  1 

'silver  -Mir.  of  L.  V.,  8. 

Small  Hopes,  a 

Standard  Cons.,  g.  a.. 

Storinont,  a 

Swanse.i,  g.  a.  1 

iTaniarack,  c 

Teal  &  Poe,8. 1 

Tom  Roy,  g 

Tombstone,  g,  s.  1 

ITrinitv  Kiver,  g 

l'iiite(\  Verde,  c 

|Uni(m,  g 

Il'nion  I.ea.sing 

(Victor,  g 

AVoodaide 

Yankee  Girl,  8 


Mich. 

Cal... 

C<do.. 

Cohi.. 

Colo.. 

Utah. 

Cal... 

Cido.. 

Utah. 

Minn. 

Colo.. 

S.  D.. 

MonL 

Colo.. 

Colo.. 

Nev.. 

('(do.. 

Colo.. 

Cal... 

Colo.. 

N.(;.. 

Cal... 

Nev.. 

Nev.. 

Cal... 

Colo.. 

Utah. 

Mich. 

Cal... 

Mont. 

Utah. 

Colo.. 

Colo.. 

Cal... 

Cal... 

Mi<!h. 

Coh>.. 

Colo.. 

C^olo. 

Nev. 

Mo  .. 

Colo 

(^olo 

Ariz 

Utah. 

N.  M. 

Colo.. 

Cal... 

Utah. 

Colo.. 

Mich. 

N.  M. 

C(do.. 

Ariz  . 

Cal... 

Ariz  . 

C(do.. 

Colo.. 

('(do.. 

f^tah. 

Colo.. 


Capital 
Stock. 


tl,ixxi,flnn 

lO.INXI.IMX) 
4,ixxi.(;ixi 

lO.IHXI.dllO 
3,IXHI,||(XI 

IO,INXI.IXXI 
1,2(X1,(XX) 
l,IXNI,IXKI 

5,000.0;  X) 

ll>,.50<l,(XXI 

.5.(»K).(XXI 

'2,.5<XI,(XXI 

3,:«K),(XX) 

liOO.tXX) 

1.0(KI,(XX( 

5,(XXP,<XX) 

l,'i50,0(X) 

I,(XX),0(X) 

7(XI,IXXI 

.V)0,<XXI 

:(ix),ixxi 
Lfloo.ixxi 

10,(XX).IXX) 
lO.KXI.IXKI 
'2,IXKI,IKK) 
1,INXI,0IXI 
1.5,(XX),0(X) 
l,'i50,(XX) 
2,(XXI,(XX) 
2,3(XI,00O 
1,000,000 
1,2<X),0(X) 
3,(xx),(X);i 

4,.1fl0,000 
5,70O,IXX) 
l,'i50.(XX) 

.5<XI.0(X) 
10,IXN),(XXI 
l,(XXI,(XHI 
I1,'2(XI,(XXI 
2,.5(X),(XX) 

.500,000 
5,0(X),0(X) 
IO,0(X),0(X) 
3,IXXI.IXXI 

.5IX),IKKI 
5.IXKI.II(KI 
10,(XXI,(XXI 

.500,IXX) 

600,000 
l,'2.5O,0(»l 

|.50,(KX) 
2.ixxi,(XX) 
I'2,.5(XI,0IK) 

.51X1,01X1 
3,IXX),(XX' 
1, '250,000 

,VXI,(XK) 
l.(XX),(XX) 
LIXXI.IXX) 
1,300,000 


Hliarofl. 


40,000 
lOO.IXXI 
IIXI.IXXI 

2iHi,iKai 

IXXI.INXI 

KXt.lXXI 

fSO.IXK) 

I.IXHMXK) 

'2lXI,(NXI 

ia5,IXXI 

I,<KX),(XKI 

•250.IXX) 

IUKI,IKX) 

lilX),(XXI 

IIX).(XX) 

.50.(XX) 

250,(XK) 

1,IXXI,(XX) 

1(X).0(X) 

HO.IXX) 

1'20,(XX) 

l(NI.(XXI 

PXMXXI 

IIXI,IXXI 

'2IXI.(XXI 

1,(XKI.(XX) 

I.50.IXKI 

.50.IXXI 

20,(XX) 

2.30.(XX) 

lO.(XX) 

1,21X1,000 

3.0(X),fXXI 

43,{XX) 

.57,(XX) 

50.(XX) 

.5(M).IXXI 

2<X),(XX) 

l.iXXI.IXXI 

H'2,IXX> 

iVl.fXXI 

5<X),(XX) 

.5(X),IXX) 

lOO.fXX) 

1.50,0(X) 

.5(X),(XX) 

'iiO.flOO 

100.000 

500.(XX) 

60,000 

.50,0(XI 

1.50,000 

200.000 

.5tXI,IXXI 

.VXi.OOO 

3IX).0(X) 

l,'2.5O,0O0 

.5flO.(XX) 

2(XI,(XX) 

1(XI.(XX)! 

'260,0001 


Val 


nivldendH. 


Total 
Paid. 


2..'0 

10 

IIXI 

KXI 

10 

I 

100 

'25 

1(X) 

10 

100 

1 

1 

100 

IIX) 

25 

1 

.50 

KXI 
10 
1 

10 
100 
20 
1 
20 
100 
1 
10 
25 

10 

25 
I 

10 
1 
1 
5 

10 
5 


Dale  and 
Amount  of  ImhI, 


fl20KXX)  D((C  . 

I,71Xi,(*X)  Aug. 

3l(i.ixxi;  Feb  . 

S'20,IXX)  Dec  . 

7I0,<XX)]  Nov. 

I,OIO,(XX)i  Dec  . 

l6ii'Hir7  D<'<!  . 

I70,(X«)  Oct.. 

375,(XXi  Jan . . 

2,7 1.5,IXX)  April 

4,U>«(),(xin  Jan.. 

45.(XX)  Oct.. 

Oct.. 

Jan.. 

Dec  . 

Aug.. 

June. 

Jan.. 

Jan.. 

Oct.. 

Del!  . 

July. 

May. 

"uiie 


2,KiX),(i;»7 

IH6.IKX) 
l,0'2.5,rxxi 

'22'i,(XX) 
2i,!i:i« 

IO,IXXI 

7fiO,0<X) 

I,I!W.1'20 

■22,.5(X) 

20.IXX) 
2'<0,IXXI 

'2.5,IXXI 

4.50,ixxi|June 

I0,(xxi  Jan.. 

l.3,2(i5,(XX)  Feb  . 

2,ir2'2,.VX(IJan.. 

4'2'2..5IXl|.IulV 


1,6'2'2.2I 

17,.VXI 

80,(XX) 

6H5,(XX) 

I,H'23,»H 

IH3,»li7 

7,.'(70.(«xi 


June 
July. 
Jan.. 
Feb  . 
June. 
Julv. 
Felt  . 


4.5.(XXI 

,5h5.<XX) 

'27,<XX) 

4,4m.lXX) 

2,.5'24.(XX) 

fXI.IXX) 

270.IXX) 

1,950,000 

.5'i5.(XX) 

:«X),|:J7 
3,'2'25.0(X) 
3,771.11X1 

1.55,0«X) 

.3<t,(XX)  Sept. 

4,270,000  June 

9,0(X)  Nov. 


Dec 

Mar.. 

J  une. 

June 

Dec  . 

Aug.. 

April 

Julv. 

Feb  . 

Dec  . 

Oct.. 

June 

Nov. 


410,000 

I,'2.50,0(«) 

l.i.cXX) 

.5fi'2..VXI 


Mar, 
April 
July. 
Dec  . 


:{7.ixxi  Mav. 
sto.orxt  JulV. 
.VW.OOOl  Felj  . 

'2.5,(XX)'oct.. 
5'20,ooolJnlv. 


IHW 
ISltf 

ihin 

IMX) 
l»95 

IH9I 

IH»5 

INUI 

IKtXI 

IH93 
IKit5 
I.'<1X) 
IMU5 
IMW 

^imi 

'IS93 
IHMl 
IMH5 

I«9« 
IHfl2 

IHH5 

I  lain 

IHHK 

I1S9I 

1»!« 
llHiV 
I  SIX. 
IKiX'i 

lay:) 

IlKO-l 
'1H9I 

ifm 

I  MIX! 
1891 
la.s2 
latxi 

IHIX) 

l»h« 

m» 

1H69 
1H95 
189I 
1S«9 
INK7 
IM96 
IN91 
1893 

ia!« 

I8.S1 
1892 
I.M95 
1891 
IS96 
1882 
1833 
1893 
1895 
1895 
1896 
1889 
1891 


1.00 

.48 

.03 

.115 

Ml 

.10 

.10 

.KIH 

.\2% 
L.V) 

.05 

.(>:» 

.IXl'.< 

.01 

.25 

.'i5 

.03 

,'20 

.2.5 

.20 

.05 

..50 

'2.5 

..50 

.(X)K 

.10 
1..50 
l.(X) 

.05 

.7.5 

.01 

.02 
I.'25 

.40 
4.(X) 

.01 

.05 

.(X)^ 
3.(X) 

.'2.5 

.2.5 

.10 

.'25 

.'i5 

.04 
.10 
.10 
.05 
.10 
4.00 
.011^ 
.20 
.10 
.(MIV. 
.25 
.01 
.04 
.10 
.25 
.25 


O.,  Gold.  S.,  Silver.  L.  Lead.  C,  Copper.  B.,  Borax.  •Nonaflses.sable. 
tThe  Deadwood  previ(mslv  paid  $-27.5,OllO  m  Elev(!n  dividends  and  the  Terra 
17.5  000.  t  Previoua  to  the  consolidation  in  August  lSS4.the  California  IumI 
paid  $:51,3'20,0O()  in  dividends  and  the  Cons.  Virginia  $4 -J.SDO, 000. 


ISDISTRIAI,  SKCIRITIKS  SOT  RECUHRIY  (jlOTED  0\  SEW  YORK  STOCK  EXCHIXJR 


Name  of 
Corporation. 


Am.  Soda  F.,  com 

.\ni.  Soda  F.,  1st  pfd. 
.■\m.  Soila  F.,  ■2d  pfd  . 
Am.  Stniwboard  Co. 

Am.  liiscuit  Co 

Am.  Type  F  Co.,C(UU. 
Am.  T.vpe  F  Co.,  jjfd. 
Am.  (irmery,  com... 
.Am.  (iroeery.l.st  pfd. 
.\m.  (iroieiy.  2il  pfd, 
.\ni.  spirit.s'Mf!r,c(mi 
.\m  spirits  Mig.  pfd 
.\m.  liank  Note  Co.. 
Jlarney.tsmith,  com. 
]JameV>tSniith,  pfd. 

Celluloid  Co 

riafliu,  ir.  B.,coin... 
Clallin.  H.  K.,  1st  pfd 
CUrtin,  II.  B.,  '2d  pfd 
Diamond  Malch  Co.. 
Kdistiu  Klectric.  Bn. 
Kdi.son  Electric,  N.Y 
Kpiiena&Wiemann,  c 
Hecker- Jones,  ccmi.. 
lleeker-Jones.  pfd  .. 
Herring-Hall,  com  .. 
Herriug.Hall.  pfd... 
Honiby'sOatm'l.com 
lloniby'sOatm'l,  pfd 


Capital 
Sto(;k 
Ontat. 


81.250.000 
l.'iiO.IXXl 
l.'25(V«Hl 

K.IXXI.IHXI 
10,0(X1,(XX1 
.5.(XX).(H«1 
4.0(X),IXX) 

Hxxi.ixxii 
410,7.SOl 
1,.5(X),(XX)I 
28.(XX).IXX1 
7.(XX).(««I 
7,'2IX).(XXi 
l,IXXI.I«Ni 
2,,5(Xi,' 
6.0I"' 
3.S2;>, 

'2.r,(Hi.,ii»i 

•2..57lt.««i 
ll,(l(Xl.c«lii 
.■!,7.50.lXNl, 

7,»:i8.ixxi 

1,(XXI.IKIII 

2.(XXI.i«xl 
3,IXXI.(Xlili 
L.VXi.ixxi 
l,a<xi,ixxi 

•2.50,(XX)| 
250,000 


.shrs. 


Dirtdends. 


Amount  of  last,  aiul 
when  payable. 


12..5O0  Feb.  4,  '96;  2^<',',qv 

r2,,5(X)  Feb.  4,  ".Xi;  ni"„  ((V 

r2,'xxi  Feb.  4.  '96 ;  ■2",,  qy." 

iio.(Hio  June  1,  '93;  'J',,  qv 

KHi.cHPii  Feb.  1,  '96;  3"u  seinLan 

.5I1.IXHI 

40.IHKI  Mav  15,  '93;  2"o  qy 

lO.WX),....". 


•iso,0(X) 

70,(XX)' 5",.  per  an. 

"■2.(x«i I'loiy-... 

li  ,i"»i  ,lnne  1.5,  '93; 

March  1.  '95;2»o 

une  1,  '95;  l"oqy 

■.  t.  1.5, '95:lH%qy... 
-'■,'"'.;  Feb.  1,  '96;m"oqv  ...I 
i'l.Tixi  Feb.  1,  '96;  lV'„qv... 
Iie.ixxi  .March  12.  '96;  2^""uqv 
:i7,,5ix)  .\pril  1.5,  '96;  lH"o  qy. 
7!i.:wi  Feb.  1,  •96;m'Vqy---. 

1o.i»«i  Nov,  1,  '95;  2"oqy 1 

2IP.IXXI i 

:io.ix«i  March  3,  '9(i;  -''..qv... 
I5,(X»i  June  10,  93;  4"„  ann.. 
is.ixxi  .March  10,  '94;  2"oqy.. 

2..5(X)' 

2,500;Feb.20,  '96;  2l>i,f\j .... 


Name  of 
Cori)oration. 


Illinois  Steel  Co  .. 
I,,oridard,  P.  Co.,  cora 
Lorillard,  P.  Co.,  pfd. 
Mich,  it  Penn.,  c(Mn.. 
Mich,  it  Penn.,  pfd.. 
Nat.  Uice  Co.,  com  .. 
Nat.  Kice  Co.,  pfd  ... 
Nat.  Lin.seed  Oil  Co  . 

Nat.  Starch,  com 

Nat.  starcli,  1st  i)fd. 
Nat.  Starch.  '211  pfd.. 
New  Yolk  Itiseiiit... 
Procter  *  (iamble.  c. 
Proctervt<;amble,pfd 
Pullman  Pal.  Car  Co 
Singer  Machine  Co.. 
Southern  Cotton  Oil. 

Standard  Oil  Co 

Trenton  Pott's,  com. 
Trenton  Pott's,  pfd.. 
Trow  Directory .c(.ni. 
Trow  Directory,  pfd. 
Wagner  Pal.  Car  Co. 
Wes'himse  Klec.,com 
We.s'lniu.se  Klec,  pfd 
Weat-^ni  Union  Beef 
Worth'ton,  H .  K.,c<mi 
WortU'tou,  H.  K.,pfd 


357 


Capital 
stock 
(JutsL 


Dividends. 


Shrs. 


Amount  of  last,  and 
when  payable. 


tl8,6.50,6.36 

,3,(X»i.iXXi 
2,ixxl.ix«i 
2.0fxi,iXX) 
5,(XX).IXX)| 

3.IXXI,IKXi 

'2,(xxi,ixx) 

1M.(XXI.IX»1 

4.1.V1.71XI 
■2.2ni,  lixi 

i.Mi;,s<K> 
•i.ixxi.ixxi 
'2.2.VI.IXXI 
2,'25<I,IXXI 
36.000.000 
10,000.000, 
2,000,000 
97,(XX).0(X) 

1.7.tO.(XX) 

1,-iTO.tXXI 

7,50.(XXI 

7'i5..T<X) 

2I.IKNI.1XXI 

5.,^ti.9in 

4.IXI0,(XXI 
13.6(«).(XXI 
5,.5(X>,0(X) 
2,000,000, 


1S6,.506 

:i().ixiii 
•20.1XNI 
20.1XX) 
.50.1XX) 
30.1XX), 
2«1.IXX) 
ISO.IXX) 
44, ,507 
•22.1!H 
l^.lt>^ 
90.IKXI 
•22.,5(«l 
•2'2..i<X) 
.•»I0.(XX) 
lOO.OOO 
I  40.(XX) 

97i>.n(X) 
17.,5<iO 

r2..5<x) 

7.,5(X) 

7,'2'>5 

2in.ixx) 

106.678 

sn.ooo 

l.lti.lXX) 
.>5,(XX) 
20,UU0, 


April  1.  '96;  \M% 

Fell.  1,  '93;  .5",,  ann 

.\pril'2,  'IX!;  '2",.  (|y 

Oct.  1,  '93;  4".,  ann 

Nov.  1,  '95;  1"« 

'N(Vv.'30r'"93':''i'oqy...I 

Sept.  16,  '95;  I"„ 

March  1.5,  '91:  l"„qy.. 
-May  I.  *9;t;  4"„semian 
Jan'.  3,  '93;  6"t, aemi-an 

April  I.  ".W;  m" 

Fell.  1.5,  '!X> ;  S<„  8emi-an 

Jan.  1.5.  '96;  2"„qy 

Feb.  1.5,  '96:  2"„qy 

.7'|,qy.... 

June  15, '95;  .T>„ 

March  1.5,  '96;  3"ony-- 
Fel).  10,  '93;  5",, ann... 
June  11,  'W;  2"„qy.... 

Nov.  1,5,  '92- 2'oqy...I 

8"„ann 

.1 
'.'.'.'.'.'.'.'.'.'.'.'.'m'y^xy..'.. 
Nov.  25,  '95;  l«Oo 

Nuv,l,'95;  SJi^vSemi-au 


Rate  of  Income  on  Stocks,  par  value  $100. 


Hi 


^  . 

>,^ 

>  — 

>-3      >S 

>  — 

>.^ 

T-'? 

'  ±''ZS. 

-a    -  o 

-  it 

'.i 

i2 

n"   -r 

'- 

,50 

6.      8. 

10.     112. 

14. 

16. 

30 

.55 

5.45  T.27 

9.09  10.90 

12.72 

14.54 

18.18 

60 

.5.      6.66 

8.3:1  10. 

11.66 

i:t.33 

16.  (Xi 

65 

4.61  6.15 

7.69    9.23 

10.76 

l-2.:«i 

15  38 

70 

4.'2S  .5.71 

7.14    8..57 

10. 

11.43 

14.28 

71 

4.22  5.63 

7.04    8.45 

9.85 

11. '26 

14.0S 

72 

4.16  5..Vi 

6.»l    8.3:i 

9.72 

11.11 

IS.'O 

73 

4.10  5.47 

6.84,  8.21 

9..5.S 

I0.!l5 

13.(m 

74 

4.05  5.40 

6.75    8.10 

9.V. 

10.  •« 

13.51 

75 

4.      |5,.« 

6.IX)1   8. 

n.:« 

lO.W 

i:<.33 

76 

.3.W  5.-2li 

0..57J   7.8!)    9.21 

10..52 

13,15 

77 

3.89  5.19 

6.49!   7.79    9.09 

10  .^'^ 

1?!18 

78 

.3.84,5,12 

6.41     7.  IS)    8.97 

10.25 

12 ,« 

79 

3.7915.06 

6..T2    7..59    8.86 

10.12 

I?  65 

80 

3.75 1 5. 

6.25|  7..50    8.ri 

10.      1 12.50 

81 

3.7014  93 

6.17    7.40    8.6) 

9.,S7  12  *l 

82 

3,65 

4.87 

6.09    7.31     8..53 

9.75  12.19 

83 

.3,61 

4.81 

6.02    7.22 

8.43 

9.63  12.04 

M 

3,.57 

4.76 

.5.95    7.14 

8,.« 

9..52  11.90 

85 

3.52 

4.70 

5..18    7,05 

8.'23 

8.41  11.76 

86 

.3,48 

4.tV5 

5.81    fiii7 

8  13 

9,30  11.(K 

87 

3.44 

4.59 

5-1     •   ■" 

-  "1 

9,19  11.49 

88 

3.40  4..54 

5.  ■ 

^',09  11. .36 

89 

3.37  4.49 

5  ' 

-'.»<  11  23 

90 

.3..-n  4,44 

5 

•■88  11.11 

91 

3.29  4.39 

5  : 

-.79  10.98 

92 

3.28  4.34 

5  1 

-,I2«  10.86 

S3 

3.22  4.30 

5.    - 

-.00  10,75 

94 

3.19  4.25 

5..: 

-51  10,63 

as 

3.15  4.21 

5  : 

-,42  10..52 

96 

3,10  4.16 

5.. 

^.Xi  10.41 

97 

3.09  4.12 

.5,1,.    1.1- 

1 

».24  10,30 

98 

3.06  4.08 

5.10    6.12 

7.14 

8.16  10.20 

99 

3.03  4.04 

5.05    6.06 

7.07, 

8.06  10.10 

100 

3. 

i.     1 

&.        6. 

7.     1 

8. 

iO. 

INDEX. 


Ainericnn  SItippinsr:  Custom  House  Record 353 

Distribution  of  tonnage,  annual  constriicllou  and  value 30G,  327 

A  reriitine:  Area,  population  and  production 220 

Shipments Last  page  of  each  Letter 

BnukH:  Clearing  House  Weeltly  Statement,  N.  Y.,  1893 241 

Clearings  all  cities m 

Deposits,  10  largest  Cities 183 

General  View  of  United  States  Banks  by  States  and  Divisions 9 

New  York  Ca:)ltal,  circulation,  deposits,  surplus,  dividends,  book 

and  par  value,  price  ami  cl 'arlng  number  10,  252 

Statement  of  3,700  National  Banks  and  failure  record 9,  10.  255 

Savings  Deposits,  United  Stales,  and  States  named 48, 164 

Bnrley:  Acreage,  production,  yield,  farm  value 3(B 

World's  crop,  countries  named «8,  69,  l.i6,  157 

Bontis :  Foreclosures  of 254, 253 

Governmi'nts,  held  l)y  Banks 9 

Investment  tables,  3.3.6ri,  4,  5,  6  and  2  to  10  per  cent.  int.  table 

237,  238,  259, 20!l,  261.  26-2 

Industrial  properties 2J-(,  S37 

Listed  on,  and  sales  of,  on  New  York  Sloclc  Exchange 

243,  235,  230,  237,  238 

Railroad  outstandlns,  and  average  Inten-st  on 253 

Stales,  cities,  debt.  Interest  paid,  etc SO,  256 

Sales  on  N.  Y.  and  other  Stock  Exchanges. ...     243,261,267,333 

Selected  List,  Monthly  Letter 2a'i,  230,  237,  233 

Bnckwiient :  Acreage,  production,  yield,  value 305,  306 

Farm  value  by  Government 314 

Butler:  Receipts  and  shipments  at  Chicago .307 

Ex|>ort  price. 317 

BiiHinrNH:  Building  loan  associations 32 

Energy  and  Wcalih  of  United  States 104, 175 

Earrdngsof  leading  Industries  71,  111,  187 

Employees  of  leading  Industries 32,  52,  56,  120 

F.illure  comparisons 255 

Fire  Insurance 32 

Manufacturing,  wages,  production 32, 163 

South  Amerlcnn 84 

Cnltlr,  inclndiiiK  Cows  :  Number  of,  exports,  value,  &c.,      &3,  81,  300,  311 

<'ereul  (.'■■oph:  AcrcaKc,  and  eropwhcat,  corn  and  oals,  each  State  and 

Territory , 318 

Acreage  and  yield,  10  leading  crops S0.5,  .St* 

Farm  value,  cereals 314 

Clietnlcala:  Value  of  product 306 

C'oiiiiiiercinI  Oi'icnnizsitionM:  Leading  InlCS  cities 350 

C'liipp  A:  C'ompnny  :  Kiislness  methods First  page  Letter 

B  lok  notices  and  comments First  page  of  Letters 

ClaiipO.  W., Picture I 

ClajipO.  \V.,  Board  of  Trade  Tickets 5 

CI  a  p  p  D  w  I  gh  I  O. ,  Pic  turc 3 

onice  picture " 

Our  souvenir  book.  Leading  American  Exchanges ."lO.  75,  79,  &3 

Weekly  letters,  54  weeks,  ending  Jan.  2d,  1S9S 15  to  2:!0inclu.slve 

SampleCopy,  Monthly  Bond  Letter 2:11  to23llnclu.slve 

Trading  Units,  &c 847 

('  I  eii  I'  i  n  Kit :  CI  ties  reporting 242 

Clearing  house  record.  New  York  associated  banks. . .'. —  241 

Cunl:  Production  and  value 306 

U.  K.  production 147 

World's  productioii  and  United  States  compared 164,  edition  1394 

CoflVe:  European  and  United  States  deliveries;  sales  on  New  York  ColTee 
Exchange,  high  and  low;  world's  production  l)y  countries 
named,  visible,  Bnizllian  crop  and  U.  S.  consumption 349 

Corn:  Acrea'je,  yield,  value  per  acre,  value  of  crop,  quantity  shipped 

out  of  county,  where  grown  prior  to  Marcli  1st 305 

Acreage,  eoudltion  and  yield 7G.  Iii9,  i;9, 185 

Acreage,    December    report,   in    farmers'    hands    March    1st, 
primary  receipts,  <|uantliy  never  reported,  visilile,  high  and 

low,  exports,  and  prl<>e 5i',  115 

Average  price  yearly  compared  with  silver 67 

Aciease,  condition  and  yield  by  States 177 

Cash  price,  Chicago 315 

Distribution  to  countries  named 313 

Disposed  of  prior  to  March  Ist 57,  61,68,  156 

Export  price,  yearly 68,  145, 150 

Exports,  monthly,  and  percent,  ail  is  of  crop 311 

ExpoL't  season Last  page  of  each  I^etter 

Grown  In  United  States,  and  value 306 


High  and  low,  price,  Chicago 76, 315 

High  and  low  price,  dally  and  monthly  comparisons 

Last  |>age  of  each  Letter 
On  passage,  and  corresponding  week  previous  year 

Last  page  of  each  Letter 
Prices  New  York  and  Chicago  dally,  visible  supply  and  stocks 

Last  page  of  each  Letter 

Primary  receipts  for  se.tson Last  |)age  of  eacli  Letter 

Primary  receipts  yearly 61 

Stocks  In  Chicago,  monthly 312 

Visible  monthly 313 

World's  crop  for  countries  named 69,  157 

Copper:    Production  and  value 306 

PnMluctionof  the  world  compared  with  the  United  States  160 

1891  edition 

Cot  ton :    Acreage  by  States 112 

Acreage,  condition,  percentage  of ,  planted  May  1st 76,  185 

Acreage,  produc:  Ion  aid  consumption 188 

Crop  yearly  since  183S 284 

Conditio:),  monthfi  and  years  named 188 

July  and  August  reports,  condition  compared  ten  years i 144 

Cotton  seed   manufactures,  prices  of   middling  cotton,  standard 
sheetings,  prints,  New  York  average  export  price  cotton  and 

total  export  value  manufacturetl  goods 18S 

Crop,  weight,  acreage,  j  leld  per  acre,  export  price,  total  exports. 
Southern  and  Northern  consumption  and  market  price,  years 

named _. 68,  156,188,189 

Crop  details  and  plantation  value,  years  named 305 

Condition,  proportion  planted,  acreage  and  estimates  of  Government 

and  Chronicle  compared 112 

Crop  estimates  and  actual  compared,  and  lint  per  acre 48 

Contract  on  New  York  Exchange 285 

Clapp  &  Company's  llrst  estimate  lS9r)-6  crops  (October  3d) 176 

Deliveries  and  weight  in  cacli  country 286 

Exports,  monthly  and  yearly "24,  277 

Export  price  years  named 1^8 

Estimates  number  spliulles  In  the  world 144,  2:5,  236 

Exports  to  Great  Britain.  France,  Channel.  Canada,  etc 183,  236 

Ellison's  report  world's  consumption,  quantity   to  be   furnished, 

96,  181, 192 

Egyptian  crop 193 

Government  report,  yield  per  acre 201 

High  and  low  price  spot  cotton  in  New  York 285 

High  and  low  price,  daily  and  weekly,  and  eorresp<mdlng  month 

previous  year Last  page  of  each  Letter 

In  sight,  nicmtlily  and  yearly 277 

In  sight  mont'dy,  and  at  months' ending,  and  perceutEtge of  crop...  287 

Imports  foreign  cotton,  and  cotton  goods 188 

India's  cro|) 92 

Japan's  imports 205 

Movement,  <lai;y  and  weekly,  f or  1 S95 278  to  284  inclusive 

New  York  Exchange  sales,  monthly  and  yearly 273 

Northern,  Southern  and  total  spinners'  consumption,  manufactur- 
ing, capital  and  wages  paid 188 

Port  receipts,  diily  1S95 278  to  284  Inclusive 

Port  receipts,  exports,  distribution  and  stocks 236 

Price,  njonths  and  years  named 07,  68,  150,  188 

Price,  daily  and  weekly.  New  York Last  page  of  each  Letter 

Production  United  States,  countries  named  and  percentage  domes- 
tic exported 18S 

Percentage  ilellvercd  to  December  1st  at  interior  towns  by  States, 

years  named,  etc 213 

Production  and  value 306 

Receipts,  Interior  towns  weekly 24,  285 

Receipts  and  exports  at  ports,  by  States,  with  acreage 1S8 

Spinners'  consumption,  countries  named 188,  286 

Stocks  at  U.  S  Ports,  Liverpool  and  afloat  weekly.  .Last  page  each  Letter 

Spindles  by  States 1S9 

Spinillesof  the  world 144,  188,  286 

.Southern  capital,  and  spindles  employed  in  manufactures 

16,  72,  108    168,  188 

V islbic  and  location 277 

Visible,  weekly .' Last  page  of  all  Letters 

Visible,  invisible,  exports.  Imports,  spindles,  export  values,  world's 

supply,  distribution  and  consumption 188,  286 

World's  production,  compared  with  U.  S 286 

Yield,  Weight,  receipts,  shipments,  crop,  consumption,  exports,  and 
stocks  of  townsand  States,  with  ncrcageand  Southern  spinners' 

stock 188,189 

Dairy  Products:  Home  value 306 

Debta  of  Nations  (1894  edition)  118 

Deblit:  Debt  of  United  States,  j'ears  named 3S5 

Debts  of  States  and  Cities,  named 259 


358 


EleTatoni  Capacity  each  City (Under each  Oraln  Exchange  Picture) 

Ezchiiiiirea:  AiiKOxta  Cotton  ExchnnKC,  picture,  history,  etc 2S1 

ItostoiiSlook  Kxohangc.  picture  ami  history 263 

HnltlmoreCornanil  Flour  Exchange, picture,  history  iind  statistics..  319 

Boston  Clininher  of  Commerce,  picture,  history  and  statistics 321 

BulTalo  Mercluuits'  Exchange,  picture,  history  niid  statistics 323 

Cleveland  Board  oT Trade,  brief  history 323 

Charleston,  S.  C,  Cotton  Exchange,  picture,  history, elc 29:) 

Chicago  Stock  Exchange,  picture,  history  and  statistics 265 

Chicago  Board  of  Trade,  picture,  history  and  statistics 3U7 

Chicago  Board  of  Trade,  Interior,  picture  and  special  historical  story.  SOU 
Cincinnati  Chamber  of  Commerce  and  Slerchants"  Exchange  pic- 
ture, history  and  statistics S2.'> 

Colorado  Mlidng  Exchange,  Denver,  Colo.,  Story  and  Stock  Table...  271 

Detroit  Board  of  Trade,  picture,  history  and  statistics 327 

Duluth  Board  of  Trade,       "  "  "  329 

Galveston,  Texas.  Cotton  Exchange,  with  brief  history 2»3 

Houston,  Texas,  Cotton  Exchange,  picture,  history,  elc 293 

Kansas  City,  Mo.,  Board  of  Trade,  picture,  history  and  statistics 331 

Memphis,  Tenn.,  Cotton  ExchauKe,  picture,  history,  etc 291 

Mobile,  Ala.,  Cotton  Exchange,  picture,  hlstor)',etc ' 293 

Milwaukee  Chamber  of  Commerce,  picture,  history  ond  statistics...  333 
Mlnnea|)olls  Chamber  of  Commerce,  picture,  history  and  statistics..  335 

Montreal  Board  of  Trade,  picture,  history  and  statistics 337 

Nashville,  Tenn.,  Board  of  Trade,  picture,  history,  etc 293 

New  York  Stock  Exchange,  picture  of  exterior,  history  and  sta- 
tistics   243 

New  York  Stock  Exchange,  picture  of  Interior,  and  remarks 245 

New  York  Consolidated  Stock  and  Petroleum  Exchange,  picture, 

history  and  statistics 2(S7 

New   York  Cotton    Exchange,  picture  of   exterior,  history  and 

statistics 273 

New  York  Cotton  Exchanjje,  plotuio  of  Interior,  and  cotton  leiter..  275 
New  York  Wool  Exchange,  picture,  history  and  statistics.  United 

States  and  World 297 

New  York  Produce  Exchange,  picture,  history  and  statistics 299 

New  York  Coffee  Exchange,  with  statistics 349 

New  Orleans  Cotton  E.xchange,  picture,  history  and  sales 287 

New  Orleans  Cotton  Exchange,  picture  of  Interior,  cotton  move- 
ment, monthly,  and  percentage  of  crop .  289 

New  Orleans  Pro<luce  Exchange  and  bilef  history 295 

Norfolk  and  Portsmouth  Cotton  Exchange,  picture,  history,  etc 295 

Other  Exchanges  and  Commercial  Organizations  (Interstate  Com- 
merce Report) p. 330 

Philadelphia  Bourse,  picture,  history  and  Philadelphia  securities...  269 

Phi  ladelphla  Stock  Exchange,  and  brief  history 339 

Philadelphia  Commercial  Exchange,  picture,  history  aud  statistics. .  339 

San  Francisco  Produce  Exchange,  picture,  history  and  statistics 341 

Savannah,  Ga.,  Cotton  Exchange,  picture,  history,  etc 295 

St.  Louis  Chamber  of  Commerce,  picture,  history  aud  statistics 343 

Superior  Chamber  of  Commerce  and  Board  of  Trade,  picture  and 

statistics 345 

Tacoma  Chamber  of  Commerce,  picture  and  statistics 341 

Tolei'.o  Produce  F.xchange,  picture,  history  and  statistics 347 

Wilmington,  N.  C,  Chamber  of  Commerce 293 

Export  Price:   Products  of  farm  and  plantation 317 

Wheat,  Corn,  Oats,  Cotton,  dates  named World's  crop  Letters 

Exports:    Cattle,  hogs  and  sheep  311 

Cotton,  United  States,  by  States  and  ports  (Including  cotton  goods), 

and  by  countries  named  and  last  page  of  Letters 183,  189,  280 

Flour,  grain,  peas  and  corn  meal  from  New  York 301 

Grain  (see  wheat,  corn  and  oats  In  Index) and  last  page  each  Letter 

Merchandise,  coin  and  bullion  since  1S60,  and  to  end  of  each  year 

named 355 

Number  of  hogs,  product  reduced 317 

Provisions See  Export  under  Index  heading  Provisions  316 

Pacific  Coast,  grain  and  flour 335 

Silver,  gold  (bullion  Incl.),  aud  merchandise K5 

Wheat,  U.  S.  and  countries  named 68,  C9,  l."i6,  157,  311 

and  last  page  of  Letters 

Farmers*  Deliveries:    England  and  Wales. 296.    (Edition  1894) 

Failures:    U.  S.  and  Canada  by  States  and  groups, causes  classified 255 

Foreign  Coins:    Valuation  in  U.  S 356 

France:  Items 56,  67,  100 

Forest  nnd  Fruita:    Value  of  production 306 

Freiehl :    Rite  per  liundred  per  ton  per  mile 253 

Rate  per  bushel  based  ou  100  lb.  r.ite,  cereals  named 304 

Tonnage  and  earnings,  all  roads '. ^3 

<Jns,  NatnrnI:    Value  of  Production 306 

(iold:    Coined  D.  S.  Mlnto  since  foun  led,  and  location  of. 219,  303 

Production  and  value .306 

Production,  world lu,  l'.«2 

IVoductlon  world,  compared  with  U.  S 40,  19a 

Production  world,  compared  with  sliver 192 

Production  and  coinage  of  the  world 192,  356 

World's  supply  and  weight.  Oneness,  diameter  and  thickness  U.  S. 

coins : 33fi 

Uovcrumcnt  Report :    What  reported  each  month 304 

Hay:    Aoreaje  yield  and  farm  value  per  ton  and  acre 305 

Great  Britain's  crop jy 


Iloitn;    High  anil  low  prices  live  liogR,  at  Chicago 76 

Number  In  U.  .S.,  and  by  States,  and  rec'd  at  stixik  yardi,  Chicago, 

it.  76,  81 

Production  and  value 305 

Packing  and  average  cost,  summer  and  winter SIA 

I'ai'kiiig,  weekly  for  sca-son Sd  pageeACh  Letter 

Receipts,  weight  and  packing  at  Chicago ::13 

Weight  at  packing  points  and  iiuinl>er  exported 317 

ilorxeH  and  .llulcs:    Number  and  value 3' G 

IininiKralion:    Number,  ports,  destination  by  States 35.1 

Iinpoi'ls:    Cotton  goods,  countries  named..  183 

Colfee  Into  U.  S 349 

Duties  levied  on  fowl  prinlucts,  countries  named 3W 

Mercliandl.se,  coin  and  bullion.  Into  U.  8 335 

Products  Into  U.  K 302 

Sugar  Into  U.  S 819 

Wix)l 297 

Wheat  Into  countries  named 69,  157 

luterewt;'  Rates  securities  net  at  given  price 257  to262&3r<7 

IiidustrinI  Hccurities:    Amount  out,  shares,  last  dividends 357 

Inspect  inn  ofUr.ain  :    Under  grain  Exchange  pictures 

Iruu:    Iron  pig, ore.  steel  and  Industries,  proiluctlon  and  value,  years 

named 806 

Production,  U.  S.,  Great  Britain  and  Germany  compared 75 

(Edition  1S91) 

World's  production.  Iron  and  steel,  and  U.  S.  compared i&j 

(Edition  1891) 

Lard:    Chicago  stocks,  contract,  quantity,  and  world's  risible 3i.( 

Cost,  and  export  distribution sig 

E xport  price .•)i  i 

High  aiid  low  prices.  Chicago 314 

N.  Y.  stocks,  monthly .^n 

What  CIdcago  con  tract  Is .317 

Ijend:    Production  and  value 306 

Ijiinc:    Production  and  value jog 

niolasses:    Value  of  production 30s 

measures:    Domestic  and  foreign Crop  Letters  and  303,  304 

nienibi-r^ihips:    Price  aud  transfer  under  each  Exchange  picture 

List  of  members  Chicago  Board  of  Trade  In  IS5S  now  alive,  by  one 

of  them 309 

Money:    Foreign  coins,  value  In  U.  S  money 356 

Gold,  sliver  and  paper  Issues  of  world,  countries  named,  weight, 

fineness  and  U.  S.  coins S56 

In  U.  S  ,  In  circulation,  and  per  capita 179,  .",35 

Location,  and  ownership  of  U.  S.  Money,  The  World's  pa|>er,  sliver, 

gold  and  bullion yti,  356 

Percentage  of  used  in  N.  Y.  clearings  (Edition  1394,  p.  216) 

.tliner.ils:    Non-metallic  (scattering)  value  of  production 306 

Dlinins  Stocks:    Dividend  paying,  amount,  number  shares,  par,  divi- 
dend paid  and  when 337 

High  and  low,  j  ears  named 271 

Oats:    Acreage,  yield  per  acre,  condition,  crop 6R,  76, 129,  156,  185 

Acreage,  crop  each  State 313 

Acreage,  yield,  value  per  acre,  crop,  and  crop  value 305 

Condition,  monthly isj 

Great  Britain's  crop o^  157 

High  and  low  prices,  dally  and  monthly  comparisons 

Last  page  all  Letters 

Price  average  on  farm 57 

High  aud  low  prices  In  Chicago,  each  month 315 

Stocks  In  Chicago,  monthly,  and  visible  supply 313 

Statisticians  estimates  compared 201 

Visible  supply  aud  stocks  weekly,  with  comparisons 

Last  page  each  Letter 
World's  crop,  countries  named 69,  1.57 

Oleomnrsariue:    Production  and  value 303 

Oiitlooit:    Each  Letter 28,  44,47,  52,  59.  64,  67,  90,  84,  92,  96,  108,  III.  ll.n.  124. 

133. 140,  143,  147,  163, 179,  1S7,  212, 213.  220.  23 

Piclnres;    Clapp  &  Co.'s  office,  picture  of  Interior 7 

Clapp  &  Co.'s  oHlce,  pictures  of  exterior  from  Broad  street,  witu 

history . .  : : ]  1 

Clearing  house.  New  York,  picture,  history  and  statistics 241) 

Custom  house  (U.  S.),  at  New  York  City,  picture,  history,  and  s'atls- 

tlcs 353 

O.  W.  Clapp's  Board  of  Trade  tlckcu  since  18SS 5 

See  Index  heading  Exchanges  for  Index  to  picture  of  each  exchange. 
Trea-sury  lU.  S.).  Washington.  D.  C,  picture,  history,  and  statistics..  331 

Wall  street  pictures  and  history u,    n 

I'opiilntiou  :    Cities  of  United  States  reporting  clearings 242 

Cities  reiiortlng  commercial  organizations!  see  corrected  reports  by 

Mayoral ^0 

Twenty -seven  countries  where  cereals  are  grown .61   1  j7 

States  and  cities  named ^SR 

U.  S.,  years  named 53 

I'ork:    Contract.  In  Chicago 317 

Chicago  stocks,  tnonthly 313 

Cost  on  basis  of  live  hogs,  prices  named,  distribution  of,  packing, 

31« 


winter  and  summer. 


359 


High  and  low  prices  provisions  at  C  ilcaifo 76 

High  and  low  prlcts  contract  pork  at  Chicago,  monthly 315 

Packing  season  to  date  and  weekly Third  page  of  each  Letter 

Stocks,  New  York,  monthly 317 

Potatoes:    Acreage,  production,  value  per  acre  and  crop.  305 

United  States  production  and  value 306 

World's  production World's  crop  Letters  69,  157 

United  Kingdom  Crop 93 

Poultry:    Value  of  production  of  all  feathered  birds  andoggs 306 

Pr i  m  ary  Receipts :    10  leading  points,  cereals  and  flour 311,  317 

Provisions :    Cost,  price  hogs  given,  export  distribution,  weight,  pack- 
ing, etc.,  with  contract  lot  In  Chicago  defined..) 316,  317 

Export  prices 317 

High  and  low  prices  In  Chicago,  daily  and  for  month,  compared 

Leist  page  each  Letter 

High  and  low  prices  short  ribs  and  lard  at  Chicago 314 

Stocks  In  Chicago,  monthly 312,  313 

Stocks,  each  mouth,  with  comparisons Last  page  of  all  Letters 

Railroads:    Countries  owning  or  operating  their  own 128,  164 

Edition  1$94 
Oross  and  net  earnings  all,  mileage,  comparisons   of   roads  and 

groups 250,  251 

Inter-State  Commerce  Commission  Report,  1895 233 

Receiverships  and  foreclosures,  1S95,  and  years  named 2.'i3,  254 

United  States  system,  operated  mileage,  annual  construction,  equip- 
ment, debts,  stock,  business,  operating  percentages,  from  Poor's 
Manual 253 

Receipts:    Cities  named  under  each  Grain  Exchange  picture 

Sec  Exchanges 

Cotton,  dally,  weekly  and  yearly 189,  278  to  284 

Cotton  at  i)ort8 193,  2T8  to  284,  286 

Qraln  at  primary  polnt.s,  flour  and  grain  at  seaboard  towns,  live 

stock  at  Union  Stock  Yards,  Chicago 317 

Grain  at  primary  points  for  season  to  date Last  page  of  each  Letter 

Rice:    Production  and  value 306 

Rye:    Acreage  yield,  crop,  value  per  acre  and  crop 305  306 

Crop,  world  and  countries  named 69,  157 

High  and  low  prices,  Chicago 314 

Receipts  primary  and  seaboard  points 317 

8alt:    Product  and  value 306 

Speeds:    Flax,  cottonand  other,  production  and  value 306 

8licep:    Number  and  value 53,  81,  306.311 

Number  In  the  world,  each  State  of  United  States 297 

Receipts  Chicago 317 

^Shipments:    Cotton 188,  1S9,  217,256 

Grain,  under  each  Qraln  Exchange  picture.  .See  Exchanges  and  Export 

Silver:    Average  price  compared  with  grain 67 

High,  low  and  average  price  In  London  and  United  States,  location 

of  and  total  mined  In  United  States 303 

Production  and  value 300,  306 

Production  world,  London  value 40,  192 

Ratio  with  gold,  circulation,  weight,  diameter,  thICKness  of  coins. . .  356 

Selguorage  of,  deflnltlon Edition  iS94    65 

World's  production,  compared  with  golil 192 

World's  coinage  by  countries  named,  with  production 40,  3S6 

Stocks:    Sales  of  railroad  and  other  securltlci,  cities,  years  named, 

24:i,  263,  265,  267 

Dividend  record  12  stocks 227 

Earnings  of  leading  roads 134,  200,  204 

High  and  low  prices  of  26  leading  stocks 248,  249 

Income  table 357 

Issues  outstanding,  dividends,  years  named 253 

New  York  Stock  Exchange  listings,  transactions,  average  price  per 

share '. 243 

Prices  and  earnings  leading  stocks  compared 88,96, 123,  U8 

Prices  stocks  six  leading  roads  compared 48 

Philadelphia  securities,  high  and  low  monthly 269 

Tonnage  of  United  States  production  In  18'.15 208 

Sales  daily  and  weekly,  high  and  low  dally,  with  comparisons  of  70 

stocks,  with  capital  and  dividend  record Last  page  each  Letter 

Sales  of  214  stocks  In  1895 229 

Stone:    Production  (Including clay  and  products)  and  value 306 

Storace:    Capacity  and  rates  for  grain,  underneath  each  Grain  Ex- 
change picture See  Exchanges 

Straits:    Datesof  opening 76 

Suear :  World's  production  and  European  crop 71,  349 

Cost  per  pound  lu  foreign  countries,  consumption  per  capita  lu 

United  States,  exports,  imports  and  stocks 132,  147, 349 

Sliippinir:    Tonnage,  production  and  value 306.  353 

Salt:  Production  and  value 306 

Tea:  Value  of  Importations  into  the  United  States 349 

Souvenir  Book  1893— 1894:  Extra  editions 

Press  notices  of See  flrst  page  of  Lettsr* 


Textile  Manulacturcs:  Value  of  production SO* 

Tobacco:  Acreage,  yield,  and  crop 306 

Union  Stock  Yards,  Clilcneo:  Receipts  and  shipments 317 

United  States:  Commerce,  debt  and  money 355,  356 

Population,  debt,  wealth.  Industries  and  other  items 

28,  32,  36,  52,  59,  71,  87, 101,  111,  128,  132, 160, 175,  215 

Immigrants,  tonnage 333 

Production  and  value .' 306 

States  having  half  the  wealth  of 84— Edition  1894 

Treasurer's  opinion  as  to  redemption  of  silver  certificates 191 

and  53  of  1S94  edition 
Vessels,  tonnage,  cargoes,  percentage  of  Imports,  exports  and  per- 
centage of  total  trade  with  countries  named 220— 1894  edition 

United  Kingdom  Items  44,56,81,  147, 160, 168, 175,  R3, 227 

Values:  Animals  and  products  named,  on  farm 314 

Animals  atid  prod  uct s,  as  exported 317 

Vesetables:  Value  of  production 306 

Vienna  Grain  Congress 301 

Visible  Supplies:  Cotton '286 

Grain  und  lard 313 

Sugar 319 

WeiKhtn  and  Meaiiarcs:  Foreign  and  domestic.  States  and  countries 

named 31iS.  .304 

When  t :    Argentine,  Ru.sslan  and  Indian  shipments.  .Last  page  of  all  Letters 
Acreage,  27  countries,  with  yield,  consumption,  imports,  exports.  .69,  157 

Beerbohm's  world's  crop  estimate 65 

Cash  price  at  Chicago,  monthly SIS 

Cash  price  March  1st.    (See  World's  Crop  Letter) 63 

Condition,  winter  and   spring,   acreage,  high   and   low  prices   In 

Ch  ic.igo 76 

Cost  of  raising 1891  Edition    93 

Condition,  winter,  spring,  a:id  acreage 76, 129,  185 

Condition,  winter,  spring,  acreage  and  yield,  each 129 

Yield,  comparison,  condition  and  report  of  statisticans 

89,  109,  113, 117, 141, 149,  213 
Crop,  condition,  acreage,  and  yield  of  winter  wheat,  with  compar- 
isons    97 

Crop  report  of  December,  acreage,  quantity  never  came  In  sight, 

visible,  exports,  primary  receipts,  high  and  low,  export  iirice...  141 

Clapp's  prediction 3.3,  37,  41,  45,  49,  W,  61,  77 

Disposed  of  prior  to  March  Ist jk 60 

Equivalent  foreign  fluctuations,  Measures,  first  arrivals  of,  and  first 

wheat  sown  lu  U.  S 303 

Exports  of,  monthly 209,  2ii,  311 

Farmers'  lands  July  1st  and  March  1st,  various  reports  compared.. S7, 1*25 

Farm  price 67 

Government  reports,  wheat,  corn,  oats  and  cotton  about  the  10th  of 

each  month See  L<'t ler.« 

High  and  low  prices,  Chicago 76,  315 

High  and  low  prices.  New  York  and  Chicago  dally,  and  months 

compared Last  page  all  Letters 

Harvest  season,  yield  per  acre,  measurements,  U.  S.  e'lulvalent, 

other  Information 60,  157 

London  prices,  years  named .104 

On  patsage  to  Europe,  and  Black  Sea,  Argentine,  Australian  ship- 
ments ;  ludlan  shipments 302 

Movement,  &c 161 

Primary  receipts,  exports,  visible  supply 25,  311 

Percentage  lu  farmers'  hands  and  .shipped  out  of  country  where 

grown  prior  to  March  1st 305 

Primary  receipts 25,  311,  317 

Production  and  value 306 

Primary  receipts,  monthly,  calendar  years,  and  6  months  ending 
Dec.  31st  and  June  30  crop,  percentage   delivered,    exports, 

visible 209,  2-25 

Stocks  In  Chicago,  visible  supply,  export  distribution,  percentage  of 

crop  exported 31S 

Stocks  afloat  New  York  and  Chicago  weekly  and  comparisons 

Last  page  Letters 

Visible  supply  each  week  and  comparison La.st  page  Letters 

World's  crop  letters.  U.  S.  acreage,  yleid  per  acre,  crop  In  bu.    Farm 

value  per  bushel  and  acre,  crop  value,  weight 68,  69,  ISfi,  137 

Winter,  spring,  production.  Trade  Bulletin  and  other  statisticians' 

estimates 113 

Wool:    Number  sheep  anil  clip  by  States,  number  In  world  by  countries, 

sales  In  leading  cities 297 

Number  of  new  textile  plants  and  spindles  by  divisions 297 

Production  and  value 306 

Sales  lu  l>ondon  and  foreign  and  domestic  In  Boston,  Importations, 

percentage  of  consume<l  in  U.  S 297 

World's  production,  years  named '297 

World:    Area  and  population  by  grand  divisions,  etc 1894  edlton  148 

Cereal  crops See  World's  crop  letters— 68. 156 

Cotton  crop See  Cotton  Letters  of  Oct.  24th-lS8, 189 

Gold  and  silver 115 

Production,  coffee,  sugar  and  wool 115, 297, 349 

Pig  iron  and  steeL ••••• •■•■•••••••••• 108 

Railways K>  1^5 


960 


